UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21496

Macquarie/First Trust Global Infrastructure/Util Div & Inc Fund
(Exact name of registrant as specified in charter)

120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)

Registrant's telephone number, including area code: 630-765-8000

Date of fiscal year end: November 30

Date of reporting period: May 31, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

Macquarie/First Trust

Global Infrastructure/Utilities
Dividend & Income Fund (MFD)

Semi-Annual Report

For the Six Months Ended

May 31, 2024

Table of Contents

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

Semi-Annual Report

May 31, 2024

Shareholder Letter	1
At a Glance	2
Portfolio Commentary	3
Portfolio of Investments	7
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Statement of Cash Flows	14
Financial Highlights	15
Notes to Financial Statements	16
Additional Information	23

Caution Regarding Forward-Looking Statements

This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. (“First Trust” or the “Advisor”) and/or Delaware Investments Fund Advisers (“DIFA” or the “Sub-Advisor”) and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would” or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (the “Fund”) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub-Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

Performance and Risk Disclosure

There is no assurance that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund’s shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See “Principal Risks” in the Additional Information section of this report for a discussion of certain other risks of investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns, net asset value and common share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

The Advisor may also periodically provide additional information on Fund performance on the Fund’s web page at www.ftportfolios.com.

How to Read This Report

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund’s performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund’s performance. The statistical information that follows may help you understand the Fund’s performance compared to that of a relevant market benchmark.

It is important to keep in mind that the opinions expressed by personnel of First Trust and DIFA are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, this report and other Fund regulatory filings.

DIFA and the Fund are not deposit taking institutions for the purposes of the Banking Act of 1959 (Commonwealth of Australia) and their obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of DIFA or the Fund.

Shareholder Letter

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

Semi-Annual Letter from the Chairman and CEO

May 31, 2024

Dear Shareholders,

First Trust is pleased to provide you with the semi-annual report for the Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (the “Fund”), which contains detailed information about the Fund for the six months ended May 31, 2024.

As we enter the month of June, one question that remains at the forefront of many economic discussions is whether U.S. monetary policy is appropriately positioned to slow the pace of inflation without stifling economic growth. It is a difficult question, especially since the answer can only be known in hindsight. In late 2023, the Federal Reserve (the “Fed”) stated that it expected to enact up to three interest rate cuts totaling 75 basis points in 2024. Following its meeting on June 11-12, 2024, however, the Fed revealed that current economic conditions lend support to just one interest rate cut during the year. The news came on the same day that the U.S. Bureau of Labor Statistics reported that the 12-month rate of change on the Consumer Price Index stood at 3.3% in May 2024, up 0.3 percentage points from its most recent low of 3.0% at the end of June 2023. As if stubborn inflation was not enough of a hurdle, it appears as though the pace of economic growth is slowing. U.S. gross domestic product rose at a tepid 1.3% annual rate in the first quarter of 2024, down from 3.4% in the fourth quarter of 2023. While one quarter does not indicate a trend, it is concerning to see such a rapid decline in the pace of U.S. productivity.

I’d like to take a moment to talk about the U.S. consumer. Stubbornly high inflation coupled with increasing consumer debt and rising delinquencies may be a signal that the consumer is weakening. In May 2024, the University of Michigan’s Consumer Sentiment Index fell by 10.5% month-over-month, settling at a five-month low. Data on credit card debt and delinquency rates show deterioration as well. The Federal Reserve Bank of New York reported that total U.S. credit card debt stood at $1.12 trillion in the first quarter of 2024. Despite the figure representing a decline of $14 billion on a quarter-over-quarter basis, delinquency rates are rising. The delinquency rate on credit cards issued by all U.S. commercial banks stood at 3.16%, up from 2.45% in the first quarter of 2023 and well-above the pre-COVID-19 low of 2.11% set in the first quarter of 2015. Small businesses are struggling to pay their bills as well. In April 2024, 43% of small business renters were unable to pay their rent on time and in full.

Despite these issues, we remain optimistic regarding the ability of Americans to develop innovative solutions to complex problems. For example, consider the dramatic developments brought on by Artificial Intelligence and other technologies such as hybrid and electric vehicles, small modular reactors, innovative treatments for diseases, and vertical farming; the list goes on and on. American ingenuity knows no bounds. As such, we continue to caution investors against taking an overly myopic viewpoint when it comes to their allocations. Over time, the U.S. has a proven track record of innovation and growth. As such, we look forward to what the future holds.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.

Sincerely,

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

Page 1

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

“AT A GLANCE”

As of May 31, 2024 (Unaudited)

Fund Statistics
Symbol on New York Stock Exchange	MFD
Common Share Price	$7.39
Common Share Net Asset Value (“NAV”)	$8.41
Premium (Discount) to NAV	(12.13 )%
Net Assets Applicable to Common Shares	$71,852,470
Current Quarterly Distribution per Common Share(1)	$0.2000
Current Annualized Distribution per Common Share	$0.8000
Current Distribution Rate on Common Share Price(2)	10.83 %
Current Distribution Rate on NAV(2)	9.51 %

Common Share Price & NAV (weekly closing price)

Performance
			Average Annual Total Returns
	6 Months Ended 5/31/24	1 Year Ended 5/31/24	5 Years Ended 5/31/24	10 Years Ended 5/31/24	Inception (3/25/04) to 5/31/24
Fund Performance(3)
NAV	1.18 %	4.24 %	3.91 %	1.56 %	6.01 %
Market Value	0.76 %	7.87 %	3.17 %	0.81 %	5.09 %
Index Performance
S&P 500® Utilities Total Return Index	18.04 %	15.99 %	8.02 %	9.12 %	9.59 %

Industry Classification	% of Total Investments
Electric Utilities	27.4%
Oil, Gas & Consumable Fuels	18.5
Water Utilities	13.6
Multi-Utilities	10.3
Specialized REITs	6.2
Gas Utilities	4.4
Diversified Telecommunication Services	3.7
Media	3.4
Wireless Telecommunication Services	2.5
Independent Power & Renewable Electricity Producers	1.7
Ground Transportation	1.6
Passenger Airlines	1.6
Industrial Conglomerates	1.5
Transportation Infrastructure	1.4
Chemicals	1.1
Aerospace & Defense	0.8
Financial Services	0.3
Total	100.0%

Top 10 Issuers	% of Total Investments
National Grid PLC	5.7%
Crown Castle, Inc.	5.3
Severn Trent PLC	4.9
United Utilities Group PLC	4.6
Sempra Energy	4.5
CLP Holdings, Ltd.	4.5
Enbridge, Inc.	4.5
Eversource Energy	4.4
Snam S.p.A.	4.2
Pennon Group PLC	4.1
Total	46.7%

Country Allocation	% of Total Investments
United States	41.5%
United Kingdom	21.5
Canada	14.4
Italy	10.8
Hong Kong	4.5
Luxembourg	2.0
Spain	1.7
Japan	1.6
Ireland	0.8
Cayman Islands	0.7
Greece	0.5
Total	100.0%

(1)

Most recent distribution paid through May 31, 2024. Subject to change in the future.

(2)

Distribution rates are calculated by annualizing the most recent distribution paid through the report date and then dividing by Common Share Price or NAV, as applicable, as of May 31, 2024. Subject to change in the future.

(3)

Total return is based on the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results.

Page 2

Portfolio Commentary

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

Semi-Annual Report

May 31, 2024 (Unaudited)

Proposed Reorganization

The Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (the “Fund”) called a special meeting of shareholders to consider reorganizing the Fund into abrdn Global Infrastructure Income Fund (“ASGI”), which is managed by abrdn Inc. and sub-advised by abrdn Investments Limited (formerly, Aberdeen Asset Managers Limited). The special meeting of shareholders was initially convened on March 7, 2024 but a quorum was not achieved. The meeting was adjourned several times as a quorum is sought, and the most recent adjournment re-scheduled the meeting for July 25, 2024. More information on the proposed transaction, including the risks and considerations associated with the proposed transaction, is contained in registration statement/proxy materials which are available at https://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=4abc7449-93e1-4e79-b1c8-95f2d0c033a7. This note is not intended to solicit a proxy from any shareholder of the Fund and is not intended to, and shall not, constitute an offer to purchase or sell shares of the Fund or ASGI.

Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”) serves as the investment advisor to the Fund. First Trust is responsible for the ongoing monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the Fund.

Sub-Advisor

Delaware Investments Fund Advisers (“DIFA”) is the sub-advisor of the Fund. DIFA is a wholly owned subsidiary of Macquarie Investment Management Business Trust, and is a wholly owned, indirect subsidiary of Macquarie Group Limited.

The Fund’s Core Component, which consists primarily of equity securities and equity-like securities issued by infrastructure issuers, is managed by the Macquarie Global Listed Infrastructure team within DIFA. The Macquarie Global Listed Infrastructure team managed approximately $2.4 billion of assets as of May 31, 2024. The Fund’s Senior Loan Component is managed by the Macquarie High Yield Fixed Income team within DIFA. The Macquarie High Yield Fixed Income team managed over $1.3 billion of assets as of May 31, 2024, with an emphasis on Senior Loans.

Portfolio Management Team

Anthony Felton, CFA

Portfolio Manager, MFD Core Component

Portfolio Manager, DIFA

Adam H. Brown, CFA

Portfolio Manager, MFD Senior Loan Component

Senior Vice President, Co-Head of High Yield, Senior Portfolio Manager, DIFA

Commentary

Investment Objective

The investment objective of the Fund is to seek a high level of current return consisting of dividends, interest, and other similar income while attempting to preserve capital. The Fund seeks to achieve its investment objective by investing predominantly in the securities of companies that are involved in the management, ownership, and/or operation of infrastructure and utility assets and, are expected to offer reasonably predictable income and attractive yields.

A typical profile of an infrastructure business would be one whose assets provide essential public services which are difficult to replace, have a strategic competitive advantage, demonstrate inelastic demand, and have low sensitivity to cyclical volatility, courtesy of their essential nature and high margins.

There can be no assurance that the Fund’s investment objective will be achieved. The Fund may not be appropriate for all investors.

Market Recap

The first quarter of 2024 saw a continuation of many of the same storylines as 2023. Inflation and the responding interest rate hiking cycle continued to exert pressure on certain pockets of the global economy and financial markets, but none with enough severity to tip the overall economy into recession.

Inflation continued along a slow and bumpy descent from its highs, but questions remained about the “last mile.” The Federal Reserve (the “Fed”) kept interest rates unchanged in the first quarter of 2024, with the target range currently at 5.25% to 5.5%. Bond yields

Page 3

Portfolio Commentary (Continued)

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

Semi-Annual Report

May 31, 2024 (Unaudited)

generally rose throughout the first quarter. Other central banks have moved to an easing stance as well, including the European Central Bank. One major exception is the Bank of Japan, which raised short-term interest rates for the first time in 17 years and abandoned its negative interest rate policy as wage growth and inflation continue to rise. Separately, China continued to gradually ease both fiscal and monetary policy.

Labor markets remained historically strong and economic growth continued near long-term trends. Interest rates drifted higher as solid growth delayed projections for the beginning of an interest rate-cutting cycle. Despite higher interest rates, enthusiasm about the mere prospects for cuts, without the recession that typically accompanies them, fueled gains as equity markets continued their ‘risk on’ trade.

April 2024 was a tough month for both equity and fixed income investors, as expectations for interest rate cuts were pushed into the future or revised away completely. The progress on disinflation appeared to have stalled in many markets in the first quarter of 2024, while private demand remained resilient, fueling fears of “higher for longer” or even a need to raise interest rates again.

The economic data released in May 2024 tempered concerns of overheating in the U.S. economy and showed signs of a rebalancing in economic momentum. Corporate fundamentals remain in good health, and the markets seemed convinced that the next move for interest rates in the West is still likely to be lower.

Performance
		Average Annual Total Returns
	6 Months Ended 5/31/24	1 Year Ended 5/31/24	5 Years Ended 5/31/24	10 Years Ended 5/31/24	Inception (3/25/04) to 5/31/24
Fund Performance(1)
NAV	1.18 %	4.24 %	3.91 %	1.56 %	6.01 %
Market Value	0.76 %	7.87 %	3.17 %	0.81 %	5.09 %
Index Performance
S&P 500® Utilities Total Return Index	18.04 %	15.99 %	8.02 %	9.12 %	9.59 %

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund’s past performance does not predict future performance.

Page 4

Portfolio Commentary (Continued)

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

Semi-Annual Report

May 31, 2024 (Unaudited)

Performance Analysis – Core Component

The Fund’s net asset value (“NAV”) total return(1) for the six-month period ended May 31, 2024 was 1.18%, underperforming the 18.04% return of the S&P 500® Utilities Total Return Index (the “Index”). Although the Fund is not managed toward any benchmark and invests in a global portfolio of infrastructure stocks in a range of currencies and senior secured loans, we believe that this Index offers a general point of reference.

In our view, there were several factors driving the Core Component’s contribution to the Fund’s NAV total return during the period.

The largest positive contributors to absolute performance were the Fund’s exposure to the Energy Infrastructure and Electricity and Gas Distribution sectors. Positions in the Water and Communications Infrastructure sectors detracted from the Fund’s performance.

At a stock level, Gibson Energy, Inc., Enbridge, Inc. and Kinder Morgan, Inc. were among the strong performers. Crown Castle, Inc., Pennon Group PLC and National Grid PLC detracted from performance during the period.

Portfolio Composition – Core Component

As of May 31, 2024, the Fund’s Core Component was well diversified across 24 positions in global infrastructure stocks, representing eight countries and eight sectors. During the six-month period ended May 31, 2024, the main changes in the Fund’s weightings were a decrease in the Electric Utilities sector and an increase in the Electricity Transmission sector. Sector changes were driven by bottom-up stock selection.

Performance Analysis – Senior Loan Component

The Senior Loan Component of the Fund invests in infrastructure businesses and therefore the loans tend to have significant asset collateral and loan ratings generally higher than the Morningstar® LSTA® Leveraged Loan Index (“LSTA Index”). The average rating in the Senior Loan Component is Ba3/BB- versus the average LSTA Index loan rating between B+ and BB-.

The LSTA Index returned 5.8% during the six-month period ended May 31, 2024 as high coupons and reduced volatility continued to contribute to historically strong total returns for the asset class. Overall, CCC-rated loans outperformed during the period, with an 8.6% total return versus total returns of 6.1% for B-rated loans and 4.8% for BB-rated loans.

The Senior Loan component underperformed the LSTA Index by returning 3.8% during the period. Leverage was accretive during the period. Contributors to performance during the period included the Fund’s power and utility loans, such as the Fund’s positions in Parkway Generation LLC and Terraform Power Operating, as the higher coupons on these loans drove strong total returns. Radio operator Cumulus Media New Holding, Inc. detracted as the company’s loan traded off when the company released disappointing earnings and the company offered to tender its term loan at a discount. Cablevision Systems Corporation’s loan was also a detractor. That loan traded off after a different entity under its parent Altice USA, Inc.’s umbrella (“SFR”) unnerved debt markets with an announcement of a liability management exercise that would negatively impact loan and bond holders. The Fund did not have exposure to SFR.

Technicals strengthened during the period as retail loan fund inflows of over $7 billion combined with collateralized loan obligation (“CLO”) issuance of $95 billion during the period.

Fundamentals showed resiliency during the period. For public filers within the LSTA Index, the fourth quarter 2023 interest, taxes, depreciation and amortization (EBITDA) increased 3% year-over-year, which is a slight increase from 2% growth rates during the two previous quarters. Revenue growth was also 3%, which implies issuers aren’t experiencing the level of margin deterioration as had been seen in previous readings. The LSTA Index default rate finished the period at 1.1%, compared with the historical average of 3%.

Performance Relative to the Index

The Index is a broad barometer of the performance of utility stocks only (but does not include a broad range of infrastructure sectors) solely in the U.S. By comparison, the Fund is not managed toward any benchmark and invests in a global portfolio of infrastructure stocks in a range of currencies and senior secured loans.

Leverage

One of the factors impacting the return of the Fund relative to its Index was the Fund’s use of financial leverage through the bank borrowings. The Fund uses leverage because we believe that, over time, leverage provides opportunities for additional income and total

(1)

Total return is based on the combination of reinvested dividend, capital gain and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share price for market value returns. Total returns do not reflect sales load and are not annualized for periods less than one year.

Page 5

Portfolio Commentary (Continued)

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

Semi-Annual Report

May 31, 2024 (Unaudited)

return for shareholders. However, the use of leverage can also expose common shareholders to additional volatility. For example, if the prices of securities held by the Fund decline, the negative impact of valuation changes on NAV and shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance share returns during periods when the prices of securities held by the Fund generally are rising. Leverage had a positive impact on the performance of the Fund over this reporting period.

Distributions

During the six-month period ended May 31, 2024, the Fund announced two regularly scheduled quarterly distributions, the first and second both at $0.20 per share. In accordance with the Fund’s level distribution policy, distributions are expected to be comprised of net investment income, realized short-term capital gains and non-taxable return of capital distributions (which generally are expected to represent unrealized capital appreciation) in order to sustain a stable level of distributions to shareholders. Net long-term capital gain distributions, if any, are expected to be made annually.

The Fund’s level distribution policy seeks to maintain a relatively stable quarterly distribution. The practice has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. However, the Advisor believes the practice helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV. The quarterly distribution rate began and ended the period at $0.20 per share. Based on the $0.20 per share quarterly distribution, the annualized distribution rate at May 31, 2024 was 9.51% at NAV and 10.83% at market price. The final determination of the source and tax status of all distributions will be made after the end of 2024 and will be provided on Form 1099-DIV. The foregoing is not to be construed as tax advice. Please consult your tax advisor for further information regarding tax matters.

Market and Fund Outlook – Core Component

Going into the second quarter of 2024, the major theme in the U.S. is about a step down in economic activity. The first quarter of 2024 ended with growth revised lower with the gross domestic product growth for the first quarter of 2024 down to 1.3% from 1.6%, itself a step down from the average 3% to 4% in 2023. Household incomes and spending stepped down as well, as inflation-adjusted growth rates came in at or below expectations.

Taking a longer-term view, current valuations in listed Infrastructure remain attractive. Fundamentals are exceeding expectations overall, and the growth outlook appears exceptionally strong, with factors such as lagged inflation capture, increased grid spending, and the ongoing energy transition playing significant roles.

We continue to notice that many investors in listed infrastructure markets overemphasize near-term observations of activity, whereas our process seeks to value assets over at least 10 years. We believe a thoughtful, active management approach is needed given today’s increased political, economic, and market uncertainty.

Despite the prevailing negative sentiment towards the defensive infrastructure sectors, we firmly believe that the current disparity between fundamentals and share prices cannot persist indefinitely. The anticipated start of the interest rate cutting cycle, though delayed, should serve as a positive catalyst for the sector. In our view, vigilant and continuous assessment of the current market environment may offer opportunities to take advantage of market dislocations and has the potential to achieve attractive risk-adjusted returns for investors with a keen focus on sustainable, steady growth in capital and income over time.

Market Outlook - Senior Loan Component

While risks to loan market issuers have increased with tightening credit standards, rising interest rates, inflationary pressures, and elevated geopolitical risks, we believe fundamentals should generally continue to be constructive for most issuers, as years of issuer-friendly capital markets have allowed for robust levels of refinancing activity. As a result, balance sheets are healthy and default expectations remain below historical averages. However, credit selection will likely be critical to navigating an environment in which there will be winners and losers. Default rate expectations are in a range of 2-3% over the next 12 months. By credit quality, we prefer the BB-rated sector, with a preference for more economically defensive industries. We believe this approach to positioning allows an investor to carry a competitive yield while also somewhat protecting against fundamental volatility from the changing economic environment.

Page 6

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

Portfolio of Investments

May 31, 2024 (Unaudited)

Shares	Description	Value
COMMON STOCKS (a) – 94.8%
	Canada – 18.5%
112,315	Enbridge, Inc. (CAD) (b)	$4,106,282
181,837	Gibson Energy, Inc. (CAD) (b)	3,039,177
35,525	Hydro One Ltd. (CAD) (b) (c) (d)	1,023,304
41,470	Pembina Pipeline Corp. (CAD) (b)	1,540,501
92,056	TC Energy Corp. (CAD) (b)	3,549,993
		13,259,257
	Greece – 0.6%
46,747	Athens International Airport S.A. (EUR) (b) (e)	419,362
	Hong Kong – 5.7%
519,000	CLP Holdings, Ltd. (HKD) (b) (e)	4,112,329
	Italy – 13.7%
220,601	Enav S.p.A. (EUR) (b) (c) (d) (e)	906,993
352,111	Enel S.p.A. (EUR) (b) (e)	2,556,578
809,284	Snam S.p.A. (EUR) (b) (e)	3,839,833
304,502	Terna-Rete Elettrica Nazionale S.p.A. (EUR) (b) (e)	2,562,839
		9,866,243
	Japan – 2.1%
74,000	West Japan Railway Co. (JPY) (b) (e)	1,476,342
	Spain – 2.2%
88,069	Redeia Corp. S.A. (EUR) (e)	1,587,151
	United Kingdom – 27.0%
435,820	National Grid PLC (GBP) (b) (e)	4,937,837
470,557	Pennon Group PLC (GBP) (b) (e)	3,740,676
149,110	Severn Trent PLC (GBP) (b) (e)	4,556,318
89,066	SSE PLC (GBP) (b) (e)	2,003,643
321,973	United Utilities Group PLC (GBP) (b) (e)	4,193,958
		19,432,432
	United States – 25.0%
47,304	Crown Castle, Inc. (b)	4,848,660
68,043	Eversource Energy (b)	4,030,187
62,328	Exelon Corp. (b)	2,340,416
133,886	Kinder Morgan, Inc. (b)	2,609,438
54,058	Sempra (b)	4,164,088
		17,992,789
	Total Common Stocks	68,145,905
	(Cost $71,713,997)
RIGHTS (a) – 0.5%
	United Kingdom – 0.5%
127,114	National Grid PLC, expiring 6/10/24 (GBP) (b) (f)	317,552
	(Cost $0)

Principal Value	Description	Rate (g)	Stated Maturity (h)	Value
SENIOR FLOATING-RATE LOAN INTERESTS – 32.4%
	Cayman Islands – 0.9%
$400,000	AAdvantage Loyalty IP Ltd., Initial Term Loan, 3 Mo. CME Term SOFR + CSA + 4.75%, 0.75% Floor	10.34 %	04/20/28	416,188

See Notes to Financial Statements

Page 7

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

Portfolio of Investments (Continued)

May 31, 2024 (Unaudited)

Principal Value	Description	Rate (g)	Stated Maturity (h)	Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
	Cayman Islands (Continued)
$214,638	SkyMiles IP Ltd., Initial Term Loan, 3 Mo. CME Term SOFR + 3.75%, 1.00% Floor	9.07 %	10/20/27	$221,418
				637,606
	Ireland – 1.0%
563,442	Castlelake Aviation One DAC, Term Loan B, 1 Mo. CME Term SOFR + 2.50%, 0.00% Floor	7.83 %	10/22/26	565,347
150,000	Setanta Aircraft Leasing DAC, Term Loan B, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor	7.07 %	11/06/28	150,773
				716,120
	Luxembourg – 2.6%
1,962,019	Connect Finco SARL, Term Loan B, 1 Mo. CME Term SOFR + 4.50%, 0.50% Floor	9.82 %	09/28/29	1,883,539
	United States – 27.9%
450,495	Calpine Construction Finance Co., L.P., Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor	7.58 %	07/19/30	451,653
429,330	Calpine Corp., Term Loan B5, 1 Mo. CME Term SOFR + 2.00%, 0.00% Floor	7.33 %	12/16/27	430,783
666,571	Calpine Corp., Term Loan B9, 1 Mo. CME Term SOFR + 2.00%, 0.00% Floor	7.33 %	01/31/31	668,624
1,828,395	Charter Communications Operating LLC, Term Loan B2, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor	7.05 %	02/01/27	1,829,227
200,000	Coral-US Co-Borrower LLC, Term Loan B6, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor	8.43 %	10/15/29	199,472
639,937	Cumulus Media New Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 5.00%, 0.00% Floor	10.59 %	05/02/29	335,967
974,445	Directv Financing LLC, Term Loan EXT, 1 Mo. CME Term SOFR + CSA + 5.25%, 0.75% Floor	10.69 %	08/02/29	978,197
1,281,136	Frontier Communications Holdings LLC, Term Loan B-Exit, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.75% Floor	9.18 %	10/08/27	1,282,967
488,987	Generation Bridge Northeast LLC, Term Loan B, 1 Mo. CME Term SOFR + 3.50%, 0.00% Floor	8.83 %	08/22/29	494,080
324,187	GIP Pilot Acquisition Partners, L.P., Term Loan B, 1 Mo. CME Term SOFR + 2.50%, 0.00% Floor	7.83 %	10/04/30	326,295
847,875	Iron Mountain, Inc., Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor	7.58 %	01/31/31	848,583
326,537	Lackawanna Energy Center LLC, Term Loan B2, 1 Mo. CME Term SOFR + 5.00%, 0.50% Floor	10.32 %	08/04/29	327,660
70,996	Lackawanna Energy Center LLC, Term Loan C, 1 Mo. CME Term SOFR + 5.00%, 0.50% Floor	10.32 %	08/04/29	71,240
812,500	Mileage Plus Holdings LLC, Term Loan B, 3 Mo. CME Term SOFR + CSA + 5.25%, 1.00% Floor	10.73 %	06/21/27	832,073
250,000	NGL Energy Operating LLC, Term Loan B, 1 Mo. CME Term SOFR + 4.50%, 0.00% Floor	9.83 %	02/03/31	252,231
977,500	Olympus Water US Holding Corp., Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.75%, 0.50% Floor	9.32 %	11/09/28	982,940
1,862,349	Parkway Generation LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.75%, 0.75% Floor	10.34 %	02/18/29	1,863,280
247,401	Parkway Generation LLC, Term Loan C, 1 Mo. CME Term SOFR + CSA + 4.75%, 0.75% Floor	10.34 %	02/18/29	247,525
400,000	PG&E Corp, Term Loan B, 1 Mo. CME Term SOFR + 2.50%, 0.50% Floor	7.83 %	06/23/27	402,376

See Notes to Financial Statements

Page 8

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

Portfolio of Investments (Continued)

May 31, 2024 (Unaudited)

Principal Value	Description	Rate (g)	Stated Maturity (h)	Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
	United States (Continued)
$1,336,844	Standard Industries Inc./NJ, Initial Term Loan, 1 Mo. CME Term SOFR + CSA + 2.25%, 0.50% Floor	7.69 %	09/22/28	$1,342,051
1,353,750	Terraform Power Operating, Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.50% Floor	7.90 %	05/21/29	1,360,519
2,459,944	Viasat, Inc., Term Loan B, 1 Mo. CME Term SOFR + 4.50%, 0.50% Floor	9.83 %	03/04/29	2,269,298

SEC Form N-CSRS filed by Macquarie First Trust Global