MFD Macquarie First Trust Global Infrastructure Util Div Inc Fund

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

Portfolio of Investments

August 31, 2023 (Unaudited)

Shares		Description		Value
COMMON STOCKS (a) – 85.3%
		Australia – 1.8%
156,912		Transurban Group (b)		$1,348,159
		Canada – 20.0%
112,315		Enbridge, Inc. (b)		3,943,327
199,939		Gibson Energy, Inc. (b)		3,006,780
110,886		Hydro One Ltd. (b) (c) (d)		2,882,117
46,450		Pembina Pipeline Corp. (b)		1,443,828
94,560		TC Energy Corp. (b)		3,415,133
				14,691,185
		Hong Kong – 7.0%
653,500		CLP Holdings, Ltd. (b)		5,124,771
		Italy – 13.8%
220,601		Enav S.p.A. (b) (c) (d)		890,813
352,111		Enel S.p.A. (b)		2,371,050
809,284		Snam S.p.A. (b)		4,180,634
324,186		Terna-Rete Elettrica Nazionale S.p.A. (b)		2,678,667
				10,121,164
		Japan – 2.2%
37,000		West Japan Railway Co. (b)		1,603,134
		United Kingdom – 26.3%
472,954		National Grid PLC (b)		5,932,666
398,650		Pennon Group PLC (b)		3,257,313
136,302		Severn Trent PLC (b)		4,144,017
96,727		SSE PLC (b)		1,993,012
328,214		United Utilities Group PLC (b)		3,937,451
				19,264,459
		United States – 14.2%
57,313		Eversource Energy (b)		3,657,716
145,974		Kinder Morgan, Inc. (b)		2,513,672
60,106		Sempra (b)		4,220,643
				10,392,031
		Total Common Stocks		62,544,903
		(Cost $68,004,434)
REAL ESTATE INVESTMENT TRUSTS (a) – 4.1%
		United States – 4.1%
29,843		Crown Castle, Inc.		2,999,222
		(Cost $3,237,673)

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

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Units		Description		Value
MASTER LIMITED PARTNERSHIPS (a) – 2.3%
		United States – 2.3%
63,048		Enterprise Products Partners, L.P. (b)		1,677,707
		(Cost $981,597)

    

Principal Value		Description		Rate (e)		Stated Maturity (f)		Value
SENIOR FLOATING-RATE LOAN INTERESTS – 37.7%
		Canada – 0.3%
$247,500		Air Canada, Term Loan B, 3 Mo. CME Term SOFR + 3.50%, 0.75% Floor		9.13%		08/11/28		248,096
		Cayman Islands – 1.3%
475,000		AAdvantage Loyalty IP Ltd., Initial Term Loan, 1 Mo. CME Term SOFR + CSA + 4.75%, 0.75% Floor		10.34%		04/20/28		493,964
425,000		SkyMiles IP Ltd., Initial Term Loan, 1 Mo. CME Term SOFR + 3.75%, 1.00% Floor		9.08%		10/20/27		442,559
								936,523
		Ireland – 1.2%
567,776		Castlelake Aviation One DAC, Initial Term Loans, 3 Mo. LIBOR + 2.75%, 0.50% Floor		8.30%		10/22/26		567,933
300,000		Setanta Aircraft Leasing DAC, Term Loan, 3 Mo. LIBOR + 2.00%, 0.50% Floor		7.54%		11/05/28		300,375
								868,308
		Luxembourg – 2.7%
1,972,212		Connect Finco SARL, Term Loan B, 1 Mo. CME Term SOFR + 3.50%, 1.00% Floor		8.82%		12/11/26		1,970,831
		United States – 32.2%
452,759		Calpine Construction Finance Co., L.P. Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor		7.57%		07/19/30		450,253
429,330		Calpine Corp., Term Loan B5, 1 Mo. CME Term SOFR + 2.50%, 0.00% Floor		7.95%		12/16/27		429,383
670,061		Calpine Corp., Term Loan B9, 1 Mo. CME Term SOFR + 2.00%, 0.00% Floor		7.45%		04/05/26		670,298
2,093,405		Charter Communications Operating LLC, Term Loan B2, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor		7.08%-7.12%		02/01/27		2,086,612
372,093		Covanta Holding Corp, Term Loan B, 1 Mo. CME Term SOFR + 3.00%, 0.50% Floor		8.31%		11/30/28		372,714
27,907		Covanta Holding Corp, Term Loan C, 1 Mo. CME Term SOFR + 3.00%, 0.50% Floor		8.31%		11/30/28		27,954
198,969		CSC Holdings LLC, Term Loan B5, 1 Mo. LIBOR + 2.50%, 0.00% Floor		7.93%		04/15/27		180,316
788,593		CSC Holdings LLC, Term Loan B6, 1 Mo. CME Term SOFR + 4.50%, 0.00% Floor		9.81%		01/18/28		744,893
639,937		Cumulus Media New Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR + 3.75%, 1.00% Floor		9.23%		03/31/26		515,150
1,053,125		Directv Financing LLC, Term Loan, 1 Mo. CME Term SOFR + 5.00%, 0.75% Floor		10.45%		08/02/27		1,042,415
1,441,812		Frontier Communications Holdings LLC, Term Loan B-Exit, 1 Mo. CME Term SOFR + 3.75%, 0.75% Floor		9.20%		10/08/27		1,407,764
500,000		Generation Bridge Northeast LLC, Term Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.00% Floor		9.56%		08/07/29		500,625
1,606,435		Hamilton Projects Acquiror LLC, Term Loan B, 3 Mo. CME Term SOFR + 4.50%, 0.75% Floor		9.95%		06/17/27		1,595,560

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

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Rate (e)		Stated Maturity (f)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
		United States (Continued)
$329,004		Lackawanna Energy Center LLC, Term Loan B2, 1 Mo. CME Term SOFR + 5.00%, 0.50% Floor		10.32%		08/04/29		$322,150
70,996		Lackawanna Energy Center LLC, Term Loan C, 1 Mo. CME Term SOFR + 5.00%, 0.50% Floor		10.32%		08/04/29		69,516
1,000,000		Mileage Plus Holdings LLC, Term Loan B, 3 Mo. LIBOR + 5.25%, 1.00% Floor		10.76%		06/21/27		1,043,750
748,087		Northwest Fiber LLC, Term Loan B, 1 Mo. CME Term SOFR + 3.75%, 0.00% Floor		9.18%		04/30/27		729,538
985,000		Olympus Water US Holding Corp., Term Loan B, 3 Mo. CME Term SOFR + 3.75%, 0.50% Floor		9.25%		11/09/28		973,613
1,876,602		Parkway Generation LLC, Term Loan B, 1 Mo. CME Term SOFR + 4.75%, 0.75% Floor		10.20%		02/18/29		1,867,050
247,401		Parkway Generation LLC, Term Loan C, 1 Mo. CME Term SOFR + 4.75%, 0.75% Floor		10.20%		02/18/29		246,142
2,217,002		PG&E Corp., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor		8.45%		06/23/25		2,218,698
1,353,075		Standard Industries Inc./NJ, Initial Term Loan, 1 Mo. CME Term SOFR + 2.25%, 0.50% Floor		7.93%		09/22/28		1,356,316
1,485,000		Terraform Power Operating, Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.50% Floor		7.74%		05/21/29		1,474,330
395,934		United Airlines, Inc., Class B Term Loan, 3 Mo. LIBOR + 3.75%, 0.75% Floor		9.29%		04/21/28		397,567
2,478,722		Viasat, Inc., Term Loan B, 1 Mo. CME Term SOFR + 4.50%, 0.50% Floor		9.83%		03/04/29		2,431,316
492,979		Vistra Operations Co., LLC, 2018 Incremental Term Loan, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor		7.20%		12/31/25		493,107
								23,647,030
		Total Senior Floating-Rate Loan Interests						27,670,788
		(Cost $27,626,710)

    

	Total Investments – 129.4%	94,892,620
	(Cost $99,850,414)
	Outstanding Loan – (37.6)%	(27,550,000)
	Net Other Assets and Liabilities – 8.2%	5,962,481
	Net Assets – 100.0%	$73,305,101

    

(a)	Portfolio securities are categorized based upon their country of incorporation.
(b)	All or a portion of this security serves as collateral on the outstanding loan. At August 31, 2023, the segregated value of these securities amounts to $64,222,610.
(c)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”).
(d)	This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.
(e)	Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the SOFR obtained from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (iii) the prime rate offered by one or more United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR or SOFR floor that establishes a minimum LIBOR or SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR or SOFR period, spread and floor, but different LIBOR or SOFR reset dates.
(f)	Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans may be substantially less than the stated maturities shown.

    

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

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Abbreviations throughout the Portfolio of Investments:
CME	Chicago Mercantile Exchange
CSA	Credit Spread Adjustment
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

    

Currency Exposure Diversification	% of Total Investments
United States Dollar	45.0%
British Pound Sterling	20.3
Canadian Dollar	15.5
Euro	10.7
Hong Kong Dollar	5.4
Japanese Yen	1.7
Australian Dollar	1.4
Total	100.0%

Valuation Inputs

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

•	Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
•	Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
•	Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

A summary of the inputs used to value the Fund’s investments as of August 31, 2023 is as follows:

	Total Value at 8/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Common Stocks*	$ 62,544,903	$ 62,544,903	$ —	$ —
Real Estate Investment Trusts*	2,999,222	2,999,222	—	—
Master Limited Partnerships*	1,677,707	1,677,707	—	—
Senior Floating-Rate Loan Interests*	27,670,788	—	27,670,788	—
Total Investments	$ 94,892,620	$ 67,221,832	$ 27,670,788	$—

    

*	See Portfolio of Investments for country breakout.