Edgar Filing: MACQUARIE/FIRST TRUST GLOBAL INFRASTR/UTIL DIV & INC FUND

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
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MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
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(Exact name of registrant as specified in charter)

1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Address of principal executive offices) (Zip code)

W. Scott Jardine
First Trust Portfolios, LP
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Name and address of agent for service)

registrant's telephone number, including area code: 630-241-4141
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Date of fiscal year end: NOVEMBER 30
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Date of reporting period: MAY 31, 2007
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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. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

SEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED MAY 31, 2007

MACQUARIE/FIRST TRUST
GLOBAL INFRASTRUCTURE/
UTILITIES DIVIDEND &
INCOME FUND

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TABLE OF CONTENTS
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MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND
& INCOME FUND (MFD)
SEMI-ANNUAL REPORT
MAY 31, 2007

Shareholder Letter....................................................... 1
Portfolio Commentary..................................................... 2
Portfolio of Investments................................................. 6
Statement of Assets and Liabilities...................................... 10
Statement of Operations.................................................. 11
Statements of Changes in Net Assets...................................... 12
Statement of Cash Flows.................................................. 13
Financial Highlights..................................................... 14
Notes to Financial Statements............................................ 15
Additional Information................................................... 20
Dividend Reinvestment Plan
Proxy Voting Policies and Procedures
Portfolio Holdings
NYSE Certification Information
By-Law Amendments
Submission of Matters to a Vote of Shareholders
Advisory and Sub-Advisory Agreements
Privacy Policy

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933. Forward-looking statements include
statements regarding the goals, beliefs, plans or current expectations of First
Trust Advisors L.P. (the "Advisor") and/or Macquarie Fund Adviser, LLC ("MFA" or
"Sub-Advisor") and/or Four Corners Capital Management, LLC ("Four Corners" or
"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 the 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 MFA and/or Four Corners 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 shares may therefore be less than what you paid for them. Accordingly, you
can lose money 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
ftportfolios.com or speak with your financial advisor. Investment returns, net
asset value and common share price will fluctuate and Fund shares may be worth
more or less than their original cost.

HOW TO READ THIS REPORT

This report contains information that may help you evaluate your
investment. 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 letter from the Fund's President, James A. Bowen, together
with the portfolio commentary by Jon Fitch, Co-Portfolio Manager of the core
component of the Fund and Michael P. McAdams and Robert I. Bernstein,
Co-Portfolio Managers of the Senior Loan component 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 relevant market benchmarks.
It is important to keep in mind that the opinions expressed by Mr. Bowen,
MFA and Four Corners 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. Of course, the risks of
investing in the Fund are spelled out in the prospectus.~
INVESTMENTS IN THE FUND ARE NOT DEPOSITS WITH OR OTHER LIABILITIES OF
MACQUARIE BANK LIMITED ACN 008 583 542, OR ANY ENTITY IN THE MACQUARIE BANK
GROUP, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE DELAYS IN
REPAYMENT AND LOSS OF INCOME AND CAPITAL INVESTED. NONE OF MACQUARIE BANK
LIMITED, MACQUARIE FUND ADVISER, LLC, FOUR CORNERS CAPITAL MANAGEMENT, LLC, AND
ANY MEMBER COMPANY OF THE MACQUARIE BANK GROUP GUARANTEES ANY PARTICULAR RATE OF
RETURN OR THE PERFORMANCE OF THE FUND, NOR DO THEY GUARANTEE THE REPAYMENT OF
CAPITAL FROM THE FUND OR ANY TAX TREATMENT OF ANY DISTRIBUTION BY THE FUND.

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SHAREHOLDER LETTER
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MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND
& INCOME FUND (MFD)
SEMI-ANNUAL REPORT
MAY 31, 2007

Dear Shareholders:

We believe investment opportunities abound, both here and abroad, affording the
potential for exceptional returns for investors. At First Trust Advisors L.P.
("First Trust"), we realize that we must be mindful of the complexities of the
global economy and at the same time address the needs of our customers through
the types of investments we bring to market.

We are single-minded about providing a range of investment products, including
our family of closed-end funds, to help First Trust meet the challenge of
maximizing our customers' financial opportunities. Translating investment ideas
into products which can deliver performance over the long term while continuing
to support our current product line remains a focus for First Trust as we head
into the future.

The report you hold will give you detailed information about your investment in
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund
over the six-month period ended May 31, 2007. I encourage you to read this
report and discuss it with your financial advisor.

First Trust is pleased to be a part of your financial portfolio and we will
continue to offer you current information about your investment, as well as new
opportunities in the financial marketplace, through your financial advisor. We
value our relationship with you and appreciate the opportunity to assist you in
achieving your financial goals.

Sincerely,

/S/ JAMES A. BOWEN
James A. Bowen
President of Macquarie/First Trust Global Infrastructure/Utilities Dividend
& Income Fund
July 13, 2007

Page 1

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PORTFOLIO COMMENTARY
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JON FITCH
CHIEF EXECUTIVE OFFICER, MACQUARIE FUND ADVISER, LLC
CO-PORTFOLIO MANAGER, MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES
DIVIDEND & INCOME FUND (MFD)

Mr. Fitch has been active in the analysis of infrastructure and utilities stocks
since 1997 and has over eighteen years of business experience encompassing
business management, equity analysis, strategic consulting and banking.

Mr. Fitch is the portfolio manager for the "Core Component" of MFD, which
consists primarily of equity securities and equity-like securities issued by
infrastructure issuers. Mr. Fitch is also the portfolio manager for ten
additional infrastructure funds: another U.S. closed-end fund and nine global
infrastructure funds with similar strategies. In addition to these funds, Mr.
Fitch is also the portfolio manager for a MFA proprietary trading account.

From 1997 to 2000, Mr. Fitch led the equity research coverage of the
infrastructure and utilities sector in Australia for Macquarie Securities
Limited ("MSL"), a wholly owned subsidiary of Macquarie Bank Limited ("MBL").
From 2001 to 2003, Mr. Fitch was located in Hong Kong, where he was responsible
for establishing a Hong Kong-based equity research team and research coverage
for a number of Asian infrastructure and utility companies. Mr. Fitch returned
to Australia in mid-2003, where he was responsible for coverage of Australian
utilities and energy stocks for MSL. In February 2004, Mr. Fitch was named Chief
Executive Officer for the Macquarie Fund Adviser, LLC.

Mr. Fitch has a Bachelor of Commerce in Marketing from the University of NSW
Sydney, a Masters of Business in Accounting and Finance from the University of
Technology Sydney and a Graduate Diploma in Applied Finance and Investment from
the Securities Institute of Australia. Mr. Fitch is also a Fellow of the
Financial Services Institute of Australasia.

MICHAEL P. MCADAMS
PRESIDENT AND CHIEF EXECUTIVE OFFICER, FOUR CORNERS CAPITAL MANAGEMENT, LLC
CO-PORTFOLIO MANAGER, MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES
DIVIDEND & INCOME FUND (MFD)

Mr. McAdams is responsible for overseeing the investment and distribution
activities of Four Corners Capital Management, LLC ("Four Corners") and is
co-portfolio manager for the "Senior Loan Component" of MFD. He has in excess of
29 years of experience in investment management and banking, all of which has
been spent in leveraged finance.

Prior to founding Four Corners, Mr. McAdams was with ING Capital Advisors, LLC
("ICA"), from 1995 to 2001. Mr. McAdams was a founder of ICA and held the titles
of President, Chief Executive Officer and Chief Investment Officer. Under his
leadership, ICA completed over one dozen structured transactions and had over $7
billion in assets under management. Prior to ICA, Mr. McAdams was founding
portfolio manager of the first retail senior floating-rate loan fund, the
Pilgrim Prime Rate Trust (NYSE: PPR), which he managed from its inception in
1988 through 1995. Mr. McAdams was previously employed by National Bank of
Canada, where he was a member of one of the first teams to manage a
non-originated U.S. corporate loan portfolio. Mr. McAdams began his banking
career at Manufacturers Hanover Trust Company in New York.

Mr. McAdams received an MBA in Finance/Accounting from the University of
California Los Angeles and dual BAs in Finance/Accounting and Eastern European
Studies from California State University at Fullerton. Mr. McAdams has been an
active member of the Loan Syndication and Trading Association and was its
Chairman in 2001, its Vice Chairman in 2002 and has been a Board Member and/or
served on committees reporting to the Board since 1998. Mr. McAdams received the
2006 Credit Investment News Outstanding Contribution award in the U.S. Loan
Market.

ROBERT I. BERNSTEIN
CHIEF INVESTMENT OFFICER, FOUR CORNERS CAPITAL MANAGEMENT, LLC
CO-PORTFOLIO MANAGER, MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES
DIVIDEND & INCOME FUND (MFD)

Mr. Bernstein is responsible for managing the investment process of Four Corners
and is co-portfolio manager for the "Senior Loan Component" of MFD. He has over
16 years of experience in leveraged finance including senior secured loans,
high-yield bonds and private equity investments.

Mr. Bernstein was most recently a partner of The Yucaipa Companies, a Los
Angeles-based private equity firm, where he completed merger and acquisition
transactions and leveraged financings valued in excess of $4 billion.
Previously, Mr. Bernstein was a Vice President in Bankers Trust's leveraged
finance group, where he arranged senior loan and high-yield bond financings for
financial sponsors and corporate issuers. Mr. Bernstein also worked in GE
Capital's restructuring group, where he focused primarily on asset-based loans
to distressed borrowers.

Page 2

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PORTFOLIO COMMENTARY - (CONTINUED)
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Mr. Bernstein received an MBA in Finance from the University of Chicago and a
BBA in Finance magna cum laude from Hofstra University. He has earned the
Chartered Financial Analyst designation. Mr. Bernstein also served as an
infantry officer in the U.S. Marine Corps.

MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND

The investment objective of the Macquarie/First Trust Global
Infrastructure/Utilities Dividend & Income Fund ("MFD" or the "Fund") is to seek
a high level of current return consisting of dividends, interest and other
similar income while attempting to preserve capital. In pursuit of this
objective, the Fund seeks to manage its investments and expenses so that a
significant portion of the Fund's distributions to common shareholders will
qualify as tax-advantaged dividends, subject to the continued availability of
favorable tax treatment for such qualifying dividends.

FUND RECAP

The Fund recorded a market price total return of 28.1% for the six months ended
May 31, 2007. The Fund's net asset value ("NAV") total return was 20.8% over the
same period.

During the six-month period ended May 31, 2007, the Fund declared regular
distributions totaling $0.85 per share, representing an annualized yield of 5.6%
based on the Fund's NAV and annualized yield of 5.7% based on the Fund's market
price, each as of May 31, 2007.

INVESTMENT STRATEGY

The Fund is composed of two components: the "core component," consisting
primarily of equity and equity-like securities issued by infrastructure issuers;
and the "Senior Loan component," composed of infrastructure Senior Loans. The
"core component" is funded by the Fund's issuance of equity, while the "Senior
Loan component" is funded by a commercial paper facility. This provides a unique
leverage structure for the Fund, whereby the floating-rate nature of the
commercial paper facility has been matched to the floating-rate nature of the
Senior Loans. This is intended to help protect the Fund against rising interest
rates.

The primary investment objective of MFD is to seek a high level of current
return consisting of dividends, interest and other similar income while
attempting to preserve capital. In pursuing this objective, MFD's investments
will focus predominantly on securities of companies that are involved in the
management, ownership and/or operation of infrastructure and utility assets and
that, we believe, offer reasonably predictable income and attractive yields.

Under normal market conditions, MFD will seek to invest more than 50% of the
Fund's total assets outside of the U.S. These investments will focus on
developed economies. The Sub-Advisors believe that international diversity has
two major benefits for investors:

o It gives investors exposure to the fundamentals of different
economies, providing diversity against U.S. domiciled investments;
and

o By investing in select developed economies, MFD should be able to
provide investors with exposure to a much broader range of
infrastructure/utility businesses.

PERFORMANCE ANALYSIS

MFD produced a strong period of performance for the six months ended May 31,
2007, with an NAV total return of 20.8% and a market price total return of
28.1%. These returns compare favorably to the 16.0% gain posted by the S&P U.S.
Utilities Accumulation Index (in U.S. dollars) for the same period.

Over the period, MFD benefited from a favorable climate for global equities in
general and for global infrastructure/utilities companies in particular. Share
prices of global equities were driven higher by steady economic growth.
Infrastructure/utility companies continued to benefit from growing demand for
their products and services, initiatives to privatize government holdings,
announced mergers and acquisitions, and capital restructuring programs.

Consistent with the overall investment strategy of the Fund, the Sub-Advisors
remained focused on securities of infrastructure/utilities issuers believed to
have strong strategic positions in their respective businesses and able to
generate sustainable and growing cash flow streams. The core component of the
Fund maintained its geographic focus on Australia, the United Kingdom and
Canada, which represented 50% of MFD's total investments (as of May 31, 2007).
Additionally, MFD's investments were well diversified among industrial sectors
with the greatest exposures in Water (15.8%) and Pipeline (14.7%).

Key performers during the six-month period came from the Fund's holdings in
Canada. In particular, positions in Canadian waterheater rental businesses
generated strong gains. The share price of UE Waterheater Income Fund was up
82.3% during the period and The Consumer's Waterheater Income Fund was up 31.5%.
UE Waterheater, which represented a sizeable holding for MFD's core component
during the

Page 3

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PORTFOLIO COMMENTARY - (CONTINUED)
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period, gained after receiving a takeover offer from Alinda Capital Partners
(investment company) at an approximate 50% premium to market. This announcement
subsequently had a positive effect on shares of Consumer's Waterheater as the
company came under strong takeover speculation.

The Fund also benefited from strong performance from its European holdings. The
share price of Aeroports de Paris was up 65.7%, Iberdrola was up 28.1%, Biffa
was up 25.7%, and Pennon was up 25.0% during the period. Aeroports de Paris
advanced strongly following the French Presidential election based on
privatization speculation. Other key contributors to Fund performance came from
Duncan Energy Partners (shares up 29.8% since its initial public offering in
January 2007), Challenger Infrastructure Fund (shares up 27.7%), and Auckland
International Airport (shares up 26.5%). US-based Duncan Energy posted solid
share price gains following continued strong investor demand for energy
infrastructure companies.

The weakest performing position in MFD was Enagas, whose share price decreased
0.6% during the period. This was the Fund's only holding to decline in value
over the six-month period.

During the six-month period this report covers, the Fund established positions
in Challenger Infrastructure Fund and Duncan Energy Partners while exiting its
positions in AWG (following the completion of its takeover) and Biffa.

MFD performance continued to benefit from relative weakness in the U.S. dollar
against the Canadian dollar and Australian dollar, two of the Fund's larger
foreign currency exposures. For the six-month period ended May 31, 2007, the
U.S. dollar declined roughly 6.3% against the Canadian dollar and 4.7% against
the Australian dollar.

SENIOR LOANS ANALYSIS

Fiscal 2007 continued to be a positive environment for senior, secured,
floating-rate loan ("Senior Loan") investing. Due to a benign credit environment
(thanks to a strong U.S. economy), market-wide default rates were at very low
levels. Additionally, continued strong investor demand for the Senior Loan asset
class (due to its appealing risk-adjusted returns) kept secondary prices firm
across the Senior Loan market, and a robust merger and acquisition environment
created a steady supply of new Senior Loans.

NEW LEVEL DISTRIBUTION POLICY

On December 11, 2006, the Fund's Board of Trustees approved a new level
distribution policy that increased MFD's quarterly payout level by 28.8% to
$0.425 per share (from $0.33 per share). The level distribution policy became
effective with the February 2007 quarterly distribution.

Under the new policy, distributions are based on net investment income,
supplemented by short- and/or long-term gains and, if necessary, return of
capital in order to sustain a stable level of distribution to shareholders. The
Sub-Advisors believe this policy will assist in reducing MFD's share price
discount.

PORTFOLIO COMPOSITION:

As of May 31, 2007, the core component represented 74.4% of the Fund's total
investments, the Senior Loan component 24.7%, and cash and cash equivalents
0.9%. With respect to the core component, the Fund had investments in 29
equity/equity-like securities as of May 31, 2007, providing both geographic and
industry diversity. With respect to the Senior Loan component, the Fund had
invested in 42 senior secured loan facilities spread across a number of
infrastructure-related industries. The portfolio components of the Fund as of
May 31, 2007 are summarized in the charts below.

INDUSTRY DIVERSIFICATION (A)

[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS

Water-Utilities 15.8%
Electric-Utilities 12.1%
Diversified Consumer Services 9.1%
Multi-Utilities 7.7%
Gas-Pipelines 14.7%
Power Generation 3.6%
Gas-Utilities 4.0%
Transportation Infrastructure 7.3%
Senior Floating Rate Interests 24.8%
Cash Equivalents 0.9%

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PORTFOLIO COMMENTARY - (CONTINUED)
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COUNTRY DIVERSIFICATION (A)

[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS

Australia 20.2%
Italy 6.5%
New Zealand 3.7%
Spain 5.0%
United Kingdom 15.8%
United States 8.7%
France 0.3%
Canada 14.1%
Cash Equivalents 0.9%
Senior Secured Loans 24.8%

(a) Percentages are based on total investments. Please note that the
percentages shown on the Portfolio of Investments are based on net assets.
(b) The Senior-Secured Loans are composed of 24.8% United States loans.

SUB-ADVISOR Q&A

WHAT IS THE OVERALL OUTLOOK FOR MFD?

While interest rate concerns have resurfaced across global markets, the
Sub-Advisors remain optimistic about the outlook for the sector, due to a number
of ongoing themes underpinning investment opportunities for MFD. These include:

o PRIVATIZATIONS - The Sub-Advisors believe that the ongoing trend in
government privatization of publicly-held infrastructure assets will
continue in 2007. For example, in France, the newly-elected
President is widely viewed as supportive of privatization
initiatives.

o INITIAL PUBLIC OFFERINGS - The trend for asset divestitures through
initial public offerings continues to provide the Fund with
attractive investment opportunities. This has been evident in the
U.S., with the recent initial public offering of Duncan Energy
Partners and a number of companies in discussions or announcing
plans to create a master limited partnership.

o MERGERS & ACQUISITIONS - Infrastructure companies remain attractive
targets for merger and acquisition activity. Investment companies
and pension funds, in particular, have continued to establish
positions within the sector, announcing takeovers for several listed
companies (e.g., Alinda Capital Partners' acquisition of UE
Waterheater). The Sub-Advisors expect these investment companies and
pension funds to remain active for the remainder of 2007 as they
continue to invest large amounts of capital raised over the past
twelve months.

Page 5

MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2007 (UNAUDITED)

MARKET
SHARES DESCRIPTION (A) VALUE
------------- --------------------------------------------------------- --------------

COMMON STOCKS - 68.7%

AUSTRALIA - 26.9%
330,015 Australian Pipeline Trust....................................................... $ 1,188,716
6,450,961 Babcock & Brown Infrastructure Group............................................ 9,695,195
487,500 Challenger Infrastructure Fund, Class A......................................... 1,691,392
14,906,607 Envestra Ltd.................................................................... 14,565,196
588,148 Hastings Diversified Utilities Fund............................................. 1,665,590
12,765,101 SP AusNet....................................................................... 16,119,428
10,490,000 Spark Infrastructure Group...................................................... 16,938,136
1,713,447 Transurban Group................................................................ 11,903,870
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73,767,523
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FRANCE - 0.4%
9,810 Aeroports de Paris (b).......................................................... 1,170,167
--------------

ITALY - 8.7%
750,000 Enel SPA........................................................................ 8,532,475
1,613,728 Snam Rete Gas SPA............................................................... 9,928,512
1,400,000 Terna SPA....................................................................... 5,364,039
--------------
23,825,026
--------------

NEW ZEALAND - 5.0%
7,000,000 Auckland International Airport, Ltd............................................. 13,679,353
--------------

SPAIN - 6.6%
147,000 Enagas SA....................................................................... 3,718,565
60,000 Iberdrola SA.................................................................... 3,463,448
225,000 Red Electrica de Espana......................................................... 11,007,952
--------------
18,189,965
--------------

UNITED KINGDOM - 21.1%
575,000 Kelda Group plc................................................................. 11,636,175
1,106,329 Pennon Group plc................................................................ 14,808,889
470,099 Severn Trent plc................................................................ 14,623,702
1,098,994 United Utilities plc............................................................ 16,788,920
--------------
57,857,686
--------------

TOTAL COMMON STOCKS............................................................. 188,489,720
--------------
(Cost $134,981,476)

MASTER LIMITED PARTNERSHIPS - 11.7%

UNITED STATES - 11.7%
174,700 Amerigas Partners, L.P.......................................................... 6,622,877
44,760 Duncan Energy Partners, L.P..................................................... 1,219,710
150,200 Enbridge Energy Partners, L.P................................................... 8,381,160
125,000 Kinder Morgan Energy Partners, L.P.............................................. 6,900,000
190,000 Magellan Midstream Partners, L.P................................................ 8,810,300
--------------
TOTAL MASTER LIMITED PARTNERSHIPS............................................... 31,934,047
--------------
(Cost $22,895,735)

Page 6 See Notes to Financial Statements.

MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MAY 31, 2007 (UNAUDITED)

MARKET
SHARES DESCRIPTION (A) VALUE
------------- --------------------------------------------------------- --------------

CANADIAN INCOME TRUSTS - 18.8%

1,000,300 Northland Power Income Fund..................................................... $ 13,354,791
850,300 Pembina Pipeline Income Fund.................................................... 13,466,793
691,800 The Consumer's Waterheater Income Fund.......................................... 11,448,074
629,200 UE Waterheater Income Fund...................................................... 13,424,031
--------------

TOTAL CANADIAN INCOME TRUSTS.................................................... 51,693,689
--------------
(Cost $27,018,551)

PRINCIPAL RATINGS (C) STATED MARKET
VALUE DESCRIPTION (A) MOODY'S S&P COUPON MATURITY (D) VALUE
------------ --------------------------------- -------------- ------ ------------ --------------

SENIOR FLOATING-RATE TERM LOAN INTERESTS (E) - 33.0%

BROADCASTING & CABLE TV - 2.9%
$ 972,500 Bragg Communications, Inc........ NR (f) NR 7.11% 8/31/11 973,716
1,000,000 Charter Communications
Operating, LLC ................ B1 B+ 7.35% 3/06/14 999,938
2,972,481 CSC Holdings, Inc. .............. Ba2 BB 7.07% 3/29/13 2,976,815
3,000,000 UPC Distribution Holding B.V. . Ba3 B 7.08% 12/31/14 3,000,000
--------------
7,950,469
--------------

ELECTRIC UTILITIES - 5.2%
1,000,000 Astoria Generating Company
Acquisitions, LLC (g) ......... B3 B 9.10% 8/23/13 1,008,333
3,000,000 Calpine Corporation (h) ......... NR (f) NR (f) 7.59% 3/29/09 3,013,437
558,832 Cogentrix Delaware
Holdings, Inc. ................ Ba2 BB+ 6.85% 4/14/12 559,414
4,000,000 Covanta Energy Corp. ............ Ba2 BB- 6.84%-6.88% 2/09/14 4,002,500
800,076 Mirant North America, LLC ....... Ba3 BB- 7.07% 1/03/13 801,076
3,000,000 NRG Energy, Inc. ................ Ba1 BB- 7.35% 2/01/13 3,002,217
1,055,913 Riverside Energy Center, LLC .... B1 B 9.59% 6/24/11 1,075,712
757,259 Rocky Mountain Energy
Center, LLC ................... B1 B 9.59%-9.61% 6/24/11 771,457
--------------
14,234,146
--------------

ENVIRONMENTAL & FACILITIES SERVICES - 1.3%
510,350 EnergySolutions, LLC ............ NR (f) NR (f) 7.57%-7.63% 6/07/13 514,495
1,641,509 EnergySolutions, LLC ............ NR (f) NR (f) 7.57% 8/09/13 1,654,847
1,500,000 EnviroSolutions Real Property
Holdings, Inc. ................ B1 B- 8.87%-8.89% 7/07/12 1,511,250
--------------
3,680,592
--------------

HEALTH CARE FACILITIES - 4.2%
2,992,500 HCA Inc. ........................ Ba3 BB 7.60% 11/17/13 3,023,479
3,000,000 Health Management Associates,
Inc. .......................... Ba2 B+ 7.10% 2/28/14 3,012,084
2,721,680 Lifepoint Hospitals, Inc. ....... Ba2 BB- 6.99% 4/15/12 2,709,772
2,940,000 Select Medical Corp. ............ Ba2 B+ 7.35%-9.25% 2/24/12 2,925,967
--------------
11,671,302
--------------

See Notes to Financial Statements. Page 7

MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MAY 31, 2007 (UNAUDITED)

PRINCIPAL RATINGS (C) STATED MARKET
VALUE DESCRIPTION (A) MOODY'S S&P COUPON MATURITY (D) VALUE
------------ --------------------------------- -------------- ------ ------------ --------------

SENIOR FLOATING-RATE TERM LOAN INTERESTS (E) - (CONTINUED)

HEALTH CARE SERVICES - 1.4%
$ 2,942,366 CHS/Community Health Systems,
Inc. .......................... Ba3 BB- 7.07%-7.11% 8/19/11 $ 2,946,965
995,000 CHS/Community Health Systems,
Inc. .......................... Ba3 BB- 7.10% 2/29/12 996,555
--------------
3,943,520
--------------

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 5.1%
1,500,000 Broadway Gen Funding, LLC ....... B1 BB- 6.82% 5/01/14 1,501,875
974,597 Coleto Creek Power, L.P. ........ B1 B+ 8.10% 6/28/13 977,845
3,000,000 Dynegy Holdings, Inc. ........... Ba1 BB- 7.32% 4/12/13 2,998,500
2,992,500 HCP Acquisition, Inc. ........... B1 B- 7.60% 2/13/14 2,999,981
1,066,667 Longview Power, LLC ............. Ba3 BB- 7.63% 2/28/14 1,073,333
933,333 Longview Power, LLC (i).......... Ba3 BB- 0.75% (k) 2/28/14 939,167
900,000 NE Energy, Inc................... B1 B+ 7.85% 11/01/13 906,300
2,500,000 Northern Star Holdings II, LLC... Ba2 BB 6.86% 6/15/14 2,500,000
--------------
13,897,001
--------------

MANAGED HEALTH CARE - 1.8%
1,523,052 IASIS Healthcare Corp. .......... Ba2 B 7.32%-7.36% 3/15/14 1,528,288
476,948 IASIS Healthcare Corp. (i)....... Ba2 B 1.00% (k) 3/15/14 478,587
2,972,600 Vanguard Health Systems, Inc. ... Ba3 B 7.60% 9/23/11 2,991,803
--------------
4,998,678
--------------

MULTI-UTILITIES - 1.1%
3,000,000 KGEN, LLC ....................... Ba3 BB- 7.13% 2/08/14 3,003,750
--------------

OIL & GAS EQUIPMENT & SERVICES - 0.7%
1,975,806 Targa Resources, Inc. ........... B1 B+ 7.35%-7.36% 10/31/12 1,988,774
--------------

OIL & GAS EXPLORATION & PRODUCTION - 1.6%
1,804,085 Plains Resources, Inc. .......... Ba2 BB 6.86% 8/12/11 1,805,212
1,122,914 SemCrude, L.P. .................. Ba2 B+ 7.32% 10/18/12 1,127,827
1,492,923 SemCrude, L.P. .................. Ba2 B+ 7.57%-7.60% 3/16/11 1,499,456
--------------
4,432,495
--------------

OIL & GAS REFINING, MARKETING & TRANSPORTATION - 3.0%
1,968,741 Eagle Rock Gas Gathering &
Processing, Ltd. .............. NR NR 8.10% 12/03/12 1,968,741
3,000,000 El Paso Corp. ................... Ba3 B+ 7.12% 7/31/11 3,011,250
3,000,000 Energy Transfer Equity, L.P. .... Ba2 NR 7.11% 2/08/12 3,017,679
166,667 Regency Gas Service, LLC ........ Ba1 B+ 7.82% 8/15/13 167,125
--------------
8,164,795
--------------

OIL & GAS STORAGE & TRANSPORTATION - 1.5%
1,000,000 IFM (US) Colonial Pipeline 2,
LLC ........................... Ba3 BB+ 7.32%-7.36% 2/27/12 1,010,000
3,000,000 Kinder Morgan, Inc. ............. Ba2 BB- 7.32% 5/30/14 3,015,000
--------------
4,025,000
--------------

PUBLISHING - 0.4%
987,500 Quebecor Media, Inc. .......... B1 B 7.36% 1/17/13 993,672
--------------

Page 8 See Notes to Financial Statements.

MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MAY 31, 2007 (UNAUDITED)

PRINCIPAL RATINGS (C) STATED MARKET
VALUE DESCRIPTION (A) MOODY'S S&P COUPON MATURITY (D) VALUE
------------ --------------------------------- -------------- ------ ------------ --------------

SENIOR FLOATING-RATE TERM LOAN INTERESTS (E) - (CONTINUED)

RAILROADS - 1.1%
$ 3,000,000 Railamerica Transportation Corp. NR NR 7.61% 8/14/08 $ 3,001,875
--------------

WIRELESS TELECOMMUNICATION SERVICES - 1.7%
2,500,000 Crown Castle Operating Company .. Ba3 BB+ 6.82%-6.90% 1/09/14 2,504,490
2,100,000 Windstream Corp. .............. Ba1 BBB- 6.86% 7/17/13 2,112,188
--------------
4,616,678
--------------

TOTAL SENIOR FLOATING-RATE TERM LOAN INTERESTS.................................. 90,602,747
--------------
(Cost $90,332,691)

PRINCIPAL MARKET
VALUE DESCRIPTION (A) VALUE
------------ ------------------------------------------- -------------

REPURCHASE AGREEMENT - 1.2%
(Cost $3,200,000)

3,200,000 Agreement with Wachovia Capital Markets, LLC, 5.22% dated 05/31/07 to be
repurchased at $3,200,464 on 06/01/07, collateralized by $3,454,000
Federal Home Loan Bank, 5.80% due 06/15/08 (Value $3,263,768) ............... 3,200,000
--------------

TOTAL INVESTMENTS - 133.4%...................................................... 365,920,203
(Cost $278,428,453) (j)

NET OTHER ASSETS AND LIABILITIES - (1.3)%....................................... (3,476,259)
LOAN OUTSTANDING - (32.1)%...................................................... (88,000,000)
--------------
NET ASSETS - 100.0%............................................................. $ 274,443,944
==============

----------------------------------------------------
(a) All percentages shown in the Portfolio of Investments are based on
net assets.
(b) As of May 31, 2007, this security has not paid a distribution to the
Fund.
(c) Ratings below Baa3 by Moody's Investors Service, Inc. or BBB- by
Standard & Poor's Ratings Group are considered to be below investment
grade.
(d) Senior Loans generally are subject to mandatory and/or optional
prepayment. Prepayment of Senior Loans may occur because of the
mandatory prepayment conditions and because there may be significant
economic incentives for a borrower to optionally prepay. As a result,
the actual remaining maturity of Senior Loans may be substantially
less than the stated maturities shown. Senior Loans generally have
maturities that range from five to eight years; however, the Fund
estimates that refinancing and prepayments result in an average
maturity of the Senior Loans held in its portfolio to be
approximately 18-30 months.
(e) Senior Loans in which the Fund invests generally 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 London Inter-Bank Offered Rate ("LIBOR"), (ii) the prime
rate offered by one or more major United States banks or (iii) the
certificate of deposit rate.
(f) This Senior Loan Interest was privately rated upon issuance. The
rating agency does not provide ongoing surveillance on the rating.
(g) This issue is secured by a second lien on the issuer's assets.
(h) This borrower has filed for protection in federal bankruptcy court.
(i) Delayed draw loan.
(j) Aggregate cost for federal income tax and financial reporting
purposes.
(k) Represents commitment fee rate on delayed draw loans.
NR Not Rated

See Notes to Financial Statements. Page 9

MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2007 (UNAUDITED)

ASSETS:
Investments, at value
Cost ($278,428,453)............................................................................. $ 365,920,203
Cash............................................................................................... 439,065
Prepaid expenses................................................................................... 22,758
Receivables:
Investment securities sold...................................................................... 3,665,902
Dividends....................................................................................... 1,545,273
Interest........................................................................................ 808,562
-------------
Total Assets.................................................................................. 372,401,763
-------------

LIABILITIES:
Payables:
Outstanding loan................................................................................ 88,000,000
Investment securities purchased................................................................. 8,533,195
Investment advisory fees........................................................................ 861,655
Interest and fees on outstanding loan payable................................................... 439,758
Printing fees................................................................................... 44,584
Administrative fees............................................................................. 27,746
Audit and legal fees............................................................................ 27,743
Custodian fees.................................................................................. 7,835
Transfer agent fees............................................................................. 3,532
Trustees' fees and expenses..................................................................... 3,358
Accrued expenses and other liabilities............................................................. 8,413
-------------
Total Liabilities............................................................................. 97,957,819
-------------
NET ASSETS......................................................................................... $ 274,443,944
=============

NET ASSETS CONSIST OF:
Accumulated net investment income (loss)........................................................... $ (2,585,312)
Accumulated net realized gain (loss) on investments sold and foreign currency transactions......... 17,551,538
Net unrealized appreciation (depreciation) on investments and foreign currency transactions........ 87,561,022
Par value.......................................................................................... 90,109
Paid-in capital.................................................................................... 171,826,587
-------------
Net Assets.................................................................................... 274,443,944
=============
NET ASSET VALUE, per Common Share (par value $0.01 per Common Share)............................... $ 30.46
=============
Number of Common Shares outstanding (unlimited number of Common Shares has been authorized)........ 9,010,915
=============

Page 10 See Notes to Financial Statements.

MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2007 (UNAUDITED)

INVESTMENT INCOME:
Dividends (net of foreign withholding tax of $312,688)............................................ $ 4,771,689
Interest.......................................................................................... 3,343,703
Other............................................................................................. 18,808
-------------
Total investment income....................................................................... 8,134,200
-------------

EXPENSES:
Interest and fees on outstanding loan payable..................................................... 2,375,823
Investment advisory fees.......................................................................... 1,643,666
Administration fees............................................................................... 152,293
Custodian fees.................................................................................... 61,312
Audit and legal fees.............................................................................. 53,146
Printing fees..................................................................................... 29,681
Transfer agent fees............................................................................... 19,294
Trustees' fees and expenses....................................................................... 14,034
Other............................................................................................. 307,018
-------------
Total expenses................................................................................ 4,656,267
-------------
NET INVESTMENT INCOME............................................................................. 3,477,933
-------------

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments................................................................................... 17,565,151
Foreign currency transactions................................................................. (45,696)
-------------
Net realized gain (loss).......................................................................... 17,519,455
-------------
Net change in unrealized appreciation (depreciation) on:
Investments................................................................................... 26,892,974
Foreign currency transactions................................................................. (3,595)
-------------
Net change in unrealized appreciation (depreciation).............................................. 26,889,379
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS)........................................................... 44,408,834
-------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................... $ 47,886,767
=============

See Notes to Financial Statements. Page 11

MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS

SIX MONTHS
ENDED SIX MONTHS YEAR
05/31/2007 ENDED ENDED
(UNAUDITED) 11/30/2006 (A) 05/31/2006

OPERATIONS:
Net investment income................................................. $ 3,477,933 $ 8,060,747 $ 14,428,145
Net realized gain (loss).............................................. 17,519,455 1,291,630 17,756,825
Net change in unrealized appreciation (depreciation).................. 26,889,379 29,179,215 (6,236,726)
-------------- ------------- -------------
Net increase (decrease) in net assets resulting from operations....... 47,886,767 38,531,592 25,948,244
-------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................................. (7,646,239) (5,926,956) (14,817,389)
Net realized gain..................................................... -- (15,086,796) (5,657,549)
-------------- ------------- -------------
Total distributions to shareholders................................... (7,646,239) (21,013,752) (20,474,938)
-------------- ------------- -------------
CAPITAL TRANSACTIONS:
Proceeds from 30,679 Common Shares reinvested......................... 824,641 -- --
-------------- ------------- -------------
Total capital transactions............................................ 824,641 -- --
-------------- ------------- -------------
Net increase in net assets............................................ 41,065,169 17,517,840 5,473,306

NET ASSETS:
Beginning of period................................................... 233,378,775 215,860,935 210,387,629
-------------- ------------- -------------
End of period......................................................... $ 274,443,944 $ 233,378,775 $ 215,860,935
============== ============= =============
Accumulated net investment income (loss) at end of period............. $ (2,585,312) $ 1,582,994 $ (1,162,035)
============== ============= =============

-----------------------------------------------------------------------
(a) The Fund's fiscal year-end was changed from May 31 to November 30.

Page 12 See Notes to Financial Statements.

MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED MAY 31, 2007 (UNAUDITED)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations.................... $ 47,886,767
Adjustments to reconcile net investment income to net cash used for
operating activities
Changes in assets and liabilities:
Increase in investments, at value (a)................................. (36,565,058)
Decrease in dividends receivable (b).................................. 546,979
Decrease in interest receivable....................................... 4,034
Increase in prepaid expenses.......................................... (1,739)
Increase in receivable for investment securities sold................. (3,615,892)
Increase in payable for investment securities purchased............... 8,533,195
Decrease in interest and fees due on outstanding loan payable......... (10,713)
Decrease in distributions payable..................................... (14,413,279)
Increase in investment advisory fees payable.......................... 45,992
Decrease in audit and legal fees payable.............................. (49,082)
Decrease in printing fees payable..................................... (1,447)
Increase in transfer agent fees payable............................... 3,532
Increase in administrative fees payable............................... 3,359
Decrease in custodian fees payable.................................... (2,213)
Increase in Trustees' fees and expenses payable....................... 588
Decrease in accrued expenses and other liabilities.................... (21,368)
-----------------
CASH PROVIDED BY OPERATING ACTIVITIES ................................... $ 2,343,655

CASH FLOW FROM FINANCING ACTIVITIES:
Increase from shares reinvested.......................................... 824,641
Distributions to Common Shareholders from net investment income ......... (7,646,239)
Issuance of loan......................................................... 34,000,000
Repayment of loan........................................................ (29,500,000)
-----------------
CASH USED IN FINANCING ACTIVITIES ....................................... (2,321,598)
-----------------
Increase in cash......................................................... 22,057
Cash at beginning of period.............................................. 417,008
-----------------
Cash at end of period.................................................... $ 439,065
=================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest................................. $ 2,386,536

-----------------------------------------------------------------------
(a) Includes net change in unrealized appreciation (depreciation) on investments
of $26,892,974.
(b) Includes net change in unrealized appreciation (depreciation) on foreign
currency of $(3,595).

See Notes to Financial Statements. Page 13

MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
FINANCIAL HIGHLIGHTS
FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD

SIX MONTHS
ENDED SIX MONTHS YEAR YEAR PERIOD
5/31/2007 ENDED ENDED ENDED ENDED
(UNAUDITED) 11/30/2006 (G) 5/31/2006 5/31/2005 5/31/2004 (A)
----------- ----------- ----------- ----------- -----------

Net asset value, beginning of year.... $ 25.99 $ 24.04 $ 23.43 $ 19.24 $ 19.10 (b)
------------ ------------ ----------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................. 0.39 0.90 1.61 1.23 0.11
Net realized and unrealized gain (loss) 4.93 3.39 1.28 4.65 0.07
------------ ------------ ----------- ----------- -----------
Total from investment operations...... 5.32 4.29 2.89 5.88 0.18
------------ ------------ ----------- ----------- -----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income................. (0.85) (0.66) (1.65) (1.69) --
Net realized gain..................... -- (1.68) (0.63) -- --
------------ ------------ ----------- ----------- -----------
Total from distributions.............. (0.85) (2.34) (2.28) (1.69) --
------------ ------------ ----------- ----------- -----------
Common shares offering costs charged to
paid-in capital ...................... -- -- -- -- (0.04)
------------ ------------ ----------- ----------- -----------
Net asset value, end of period....... $ 30.46 $ 25.99 $ 24.04 $ 23.43 $ 19.24
============ ============ =========== =========== ===========
Market value, end of period.......... $ 29.73 $ 23.93 $ 21.04 $ 20.87 $ 17.70
============ ============ =========== =========== ===========
TOTAL RETURN BASED ON NET ASSET VALUE (C)(D) 20.80% 18.22% 13.50% 32.15% 0.73%
============ ============ =========== =========== ===========
TOTAL RETURN BASED ON MARKET VALUE (D)(E) 28.05% 24.37% 11.52% 27.96% (11.50)%
============ ============ =========== =========== ===========
--------------------------------------------------

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) . $ 274,444 $ 233,379 $ 215,861 $ 210,388 $ 172,799
Ratio of total expenses to average net assets 3.72%(f) 3.97%(f) 3.59% 2.78% 1.47%(f)
Ratio of total expenses to average net assets
excluding interest expense and fees 1.82%(f) 1.73%(f) 1.79% 1.78% 1.47%(f)
Ratio of net investment income to
average net assets ................. 2.78%(f) 6.94%(f) 6.73% 5.65% 3.14%(f)
Portfolio turnover rate............... 23% 14% 60% 43% 0%

DEBT:
Loan outstanding (in 000's) ......... $ 88,000 $ 83,500 $ 83,000 $ 75,000 N/A
Asset coverage per $1,000 of
indebtedness (h) .................... $ 4,119 $ 3,795 $ 3,601 $ 3,805 N/A

--------------------------------------------------
(a) Initial seed date of March 16, 2004. The Fund commenced operations on March
25, 2004.
(b) Net of sales load of $0.90 per Common Share on initial offering.
(c) Total return based on net asset value is the combination of reinvested
dividend distributions and reinvested capital gains distributions, if any,
at prices obtained by the Dividend Reinvestment Plan, and changes in net
asset value per share and does not reflect sales load.
(d) Total return is not annualized for periods less than one year.
(e) Total return based on market value is the combination of reinvested
dividend distributions and reinvested capital gains distributions, if any,
at prices obtained by the Dividend Reinvestment Plan, and changes in Common
Share market price per share, all based on Common Share market price per
share.
(f) Annualized.
(g) The Fund's fiscal year-end was changed from May 31 to November 30.
(h) Calculated by subtracting the Fund's total liabilities (not including the
loan outstanding) from the Fund's total assets, and dividing by the
outstanding loan balance.
N/A Not applicable.

Page 14 See Notes to Financial Statements.

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
MAY 31, 2007 (UNAUDITED)

1. FUND DESCRIPTION

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund
(the "Fund") is a non-diversified, closed-end management investment company
organized as a Massachusetts business trust on January 21, 2004 and is
registered with the Securities and Exchange Commission ("SEC") under the
Investment Company Act of 1940, as amended (the "1940 Act"). The Fund trades
under the ticker symbol MFD on the New York Stock Exchange ("NYSE").

The Fund's primary investment objective is to seek a high level of current
return consisting of dividends, interest and other similar income while
attempting to preserve capital. In pursuit of this objective, the Fund seeks to
manage its investments and expenses so that a significant portion of its
distributions to the Fund's Common Shareholders will qualify as tax-advantaged
dividends, subject to the continued availability of favorable tax treatment for
such qualifying dividends. The Fund seeks to achieve its investment objective by
investing in a non-diversified portfolio of equity, debt, preferred or
convertible securities and other instruments (for instance, other instruments
could include Canadian income trusts and Australian stapled securities) issued
by U.S. and non-U.S. issuers that have as their primary focus (in terms of
income and/or assets) the management, ownership and/or operation of
infrastructure and utilities assets in a select group of countries.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts and disclosures in
the financial statements. Actual results could differ from those estimates.

A. PORTFOLIO VALUATION:

The net asset value ("NAV") of the Common Shares of the Fund is computed based
upon the value of the Fund's portfolio and other assets. The NAV is determined
as of the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time,
on each day the NYSE is open for trading. Domestic debt securities and foreign
securities are priced using data reflecting the earlier closing of the principal
markets for those securities. The NAV is computed by dividing the value of all
assets of the Fund (including accrued interest and dividends), less all
liabilities (including accrued expenses and dividends declared but unpaid), by
the total number of Common Shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of
market value with respect to any portfolio securities, at fair value in
accordance with valuation procedures adopted by the Fund's Board of Trustees. A
majority of the Fund's assets are valued using market information supplied by
third parties. In the event that market quotations are not readily available,
the pricing service does not provide a valuation for a particular asset, or the
valuations are deemed unreliable, or if events occurring after the close of the
principal markets for particular securities (e.g., domestic debt and foreign
securities), but before the Fund values its assets, would materially affect NAV,
First Trust Advisors L.P. ("First Trust") may use a fair value method to value
the Fund's securities and investments. The use of fair value pricing by the Fund
is governed by valuation procedures adopted by the Fund's Board of Trustees, and
in accordance with the provisions of the 1940 Act.

Foreign securities traded outside the United States are generally valued as of
the time their trading is complete, which is usually different from the close of
the NYSE. Occasionally, events affecting the value of such securities may occur
between such times and the close of the NYSE that will not always be reflected
in the computation of the value of such securities. If events materially
affecting the value of such securities occur during such period, these
securities will be valued at their fair value according to procedures adopted by
the Fund's Board of Trustees. All securities and other assets of the Fund
initially expressed in foreign currencies will be converted to U.S. dollars
using exchange rates in effect at the time of valuation.

The Senior Loans in which the Fund invests are not listed on any securities
exchange or board of trade. Senior Loans are typically bought and sold by
institutional investors in individually negotiated private transactions that
function in many respects like an over-the-counter secondary market, although
typically no formal market-makers exist. This market, while having grown
substantially in the past several years, generally has fewer trades and less
liquidity than the secondary market for other types of securities. Some Senior
Loans have few or no trades, or trade infrequently, and information regarding a
specific Senior Loan may not be widely available or may be incomplete.
Accordingly, determinations of the market value of Senior Loans may be based on
infrequent and dated information. Because there is less

Page 15

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
--------------------------------------------------------------------------------
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
MAY 31, 2007 (UNAUDITED)

reliable, objective data available, elements of judgment may play a greater role
in valuation of Senior Loans than for other types of securities. Typically,
Senior Loans are valued using information provided by an independent third party
pricing service. If the pricing service cannot or does not provide a valuation
for a particular Senior Loan or such valuation is deemed unreliable, First Trust
may value such Senior Loan at a fair value according to procedures adopted by
the Fund's Board of Trustees, and in accordance with the provisions of the 1940
Act.

Portfolio securities listed on any exchange other than the NASDAQ National
Market ("NASDAQ") are valued at the last sale price on the business day as of
which such value is being determined. If there has been no sale on such day, the
securities are valued at the mean of the most recent bid and asked prices on
such day. Securities traded on the NASDAQ are valued at the NASDAQ Official
Closing Price as determined by NASDAQ. Portfolio securities traded on more than
one securities exchange are valued at the last sale price on the business day as
of which such value is being determined at the close of the exchange
representing the principal market for such securities. Portfolio securities
traded in the over-the-counter market, but excluding securities traded on the
NASDAQ, are valued at the closing bid prices. Short-term investments that mature
in less than 60 days are valued at amortized cost.

B. REPURCHASE AGREEMENTS:

The Fund engages in repurchase agreement transactions. Under the terms of a
typical repurchase agreement, the Fund takes possession of an underlying debt
obligation subject to an obligation of the seller to repurchase, and the Fund to
resell, the obligation at an agreed-upon price and time, thereby determining the
yield during the Fund's holding period. This arrangement results in a fixed rate
of return that is not subject to market fluctuations during the Fund's holding
period. The value of the collateral is at all times at least equal to the total
amount of the repurchase obligation, including interest. In the event of
counterparty default, the Fund has the right to use the collateral to offset
losses incurred. There is potential loss to the Fund in the event the Fund is
delayed or prevented from exercising its rights to dispose of the collateral
securities, including the risk of a possible decline in the value of the
underlying securities during the period while the Fund seeks to assert its
rights. The Fund reviews the value of the collateral and the creditworthiness of
those banks and dealers with which the Fund enters into repurchase agreements to
evaluate potential risks.

C. SECURITIES TRANSACTIONS AND INVESTMENT INCOME:

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Dividend income is recorded on the ex-dividend date. Interest income is recorded
on the accrual basis. Market premiums and discounts are amortized over the
expected life of each respective borrowing.

Distributions received from the Fund's investments in Master Limited
Partnerships ("MLP") generally are comprised of return of capital from the MLP
to the extent of the cost basis of such MLP investments. Cumulative
distributions received in excess of the Fund's cost basis in a MLP generally are
recorded as dividend income.

Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date; interest income on such securities
is not accrued until settlement date. The Fund maintains liquid assets with a
current value at least equal to the amount of its when-issued or
delayed-delivery purchase commitments. At May 31, 2007, the Fund had no
when-issued or delayed-delivery purchase commitments.

D. UNFUNDED LOAN COMMITMENTS:

The Fund may enter into certain credit agreements, all or a portion of which may
be unfunded. The Fund had unfunded delayed draw loan commitments of
approximately $1,410,281 as of May 31, 2007. The Fund is obligated to fund these
loan commitments at the borrower's discretion.

E. FOREIGN CURRENCY:

The books and records of the Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investment securities and items of income and expense are
translated on the respective dates of such transactions. Unrealized gains and
losses which result from changes in foreign currency exchange rates have been
included in "Net change in unrealized appreciation (depreciation) on foreign
currency transactions" on the Statement of Operations. Net realized foreign
currency gains and losses include the effect of changes in exchange

Page 16

rates between trade date and settlement date on investment security
transactions, foreign currency transactions and interest and dividends received.
The portion of foreign currency gains and losses related to fluctuation in
exchange rates between the initial purchase trade date and subsequent sale trade
date is included in "Net realized gain (loss) on foreign currency transactions"
on the Statement of Operations. Unrealized appreciation of $69,272 from
dividends receivable in foreign currencies is included in "Dividends receivable"
on the Statement of Assets and Liabilities.

F. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

Dividends from net investment income of the Fund are declared and paid quarterly
or as the Board of Trustees may determine from time to time. On December 11,
2006, the Fund's Board of Trustees adopted a level distribution plan for the
Fund. Distributions of any net capital gains earned by the Fund are distributed
at least annually. Distributions will automatically be reinvested into
additional Common Shares pursuant to the Fund's Dividend Reinvestment Plan
unless cash distributions are elected by the shareholder.

Distributions from income and capital gains are determined in accordance with
income tax regulations, which may differ from accounting principles generally
accepted in the United States of America. These differences are primarily due to
differing treatments of income and gains on various investment securities held
by the Fund, timing differences and differing characterization of distributions
made by the Fund.

The tax character of distributions paid during the fiscal year ended November
30, 2006 is as follows:

Distributions paid from:
Ordinary Income................................ $ 18,319,681
Long-Term Capital Gain......................... 17,242,053

As of November 30, 2006, the components of distributable earnings on a tax basis
were as follows:

Undistributed Ordinary Income.................. $ 3,183,282
Undistributed Long-Term Capital Gains.......... 32,081
Net Unrealized Appreciation.................... 59,071,350

G. INCOME TAXES:

The Fund intends to continue to qualify as a regulated investment company by
complying with the requirements under Subchapter M of the Internal Revenue Code
of 1986, as amended, and by distributing substantially all of its net investment
income and net realized gains to shareholders. Accordingly, no provision has
been made for federal or state income taxes.

H. EXPENSES:

The Fund will pay all expenses directly related to its operations.

I. ACCOUNTING PRONOUNCEMENTS:

In July 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes."
This pronouncement provides guidance on the recognition, measurement,
classification, and disclosures related to uncertain tax positions, along with
any related interest and penalties. FIN 48 is effective for fiscal years
beginning after December 15, 2006. At this time, management is evaluating the
implications of FIN 48 and its impact on the financial statements has not yet
been determined.

In addition, in September 2006, Statement of Financial Accounting Standards No.
157 Fair Value Measurements ("SFAS 157") was issued by the FASB and is effective
for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements. Management is currently evaluating the impact the
adoption of SFAS 157 will have on the Fund's financial statement disclosures.

Page 17

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

First Trust is a limited partnership with one limited partner, Grace Partners of
DuPage L.P., and one general partner, The Charger Corporation. First Trust
serves as investment advisor to the Fund pursuant to an Investment Management
Agreement. First Trust is responsible for the ongoing monitoring of the Fund's
investment portfolio, managing the Fund's business affairs and certain
administrative services necessary for the management of the Fund. For these
services, First Trust is entitled to a quarterly fee calculated at an annual
rate of 0.40% of the Fund's Total Assets up to and including $250 million and
0.35% of the Fund's Total Assets over $250 million. Total Assets are generally
defined as average daily gross assets (including any principal amount of any
borrowings) minus the Fund's accrued liabilities (excluding the principal amount
of any borrowings or indebtedness incurred).

Macquarie Fund Adviser, LLC ("MFA") and Four Corners Capital Management, LLC
("Four Corners") serve as the Fund's sub-advisors and manage the Fund's
portfolio subject to First Trust's supervision. MFA manages the Core Component
and, for its portfolio management services, MFA is entitled to a quarterly fee
calculated at an annual rate of 0.60% for that portion of the Fund's Total
Assets allocated to MFA. If the Fund's Total Assets are greater than $250
million, MFA receives an annual portfolio management fee of 0.65% for that
portion of the Fund's Total Assets over $250 million. In addition, to the extent
that MFA invests a portion of the Core Component in unlisted securities ("Core
Unlisted Instruments"), MFA is entitled to receive a supplemental fee of 0.60%
of that portion of the Fund's Total Assets invested in Core Unlisted
Instruments. Four Corners manages the Senior Loan Component and, for its
portfolio management services, Four Corners is entitled to a quarterly fee
calculated at an annual rate of 0.60% for that portion of the Fund's Total
Assets allocated to Four Corners.

PFPC Inc. ("PFPC"), an indirect, majority-owned subsidiary of The PNC Financial
Services Group, Inc., serves as the Fund's Administrator and Transfer Agent in
accordance with certain fee arrangements. PFPC Trust Company, an indirect,
majority-owned subsidiary of The PNC Financial Services Group, Inc., serves as
the Fund's Custodian in accordance with certain fee arrangements.

Effective January 1, 2007, the Trustees approved a revised compensation plan.
Under the revised plan, each Trustee who is not an officer or employee of First
Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is
paid an annual retainer of $10,000 per investment company for the first 14
investment companies of the First Trust Fund Complex and an annual retainer of
$7,500 per investment company of each subsequent investment company added to the
First Trust Fund Complex. The annual retainer is allocated equally among each of
the investment companies. No additional meeting fees are paid in connection with
board or committee meetings.

Additionally, Thomas R. Kadlec is paid $10,000 annually to serve as the Lead
Trustee and Niel B. Nielson is paid $5,000 annually to serve as the chairman of
the Audit Committee, with such compensation paid by the funds in the First Trust
Fund Complex and divided among those funds. Independent Trustees are also
reimbursed by the investment companies in the First Trust Fund Complex for
travel and out-of-pocket expenses in connection with all meetings. The Trustees
adopted the revised plan because the increase in the number of funds in the
First Trust Fund Complex had the effect of rapidly increasing their compensation
under the previous arrangements. Prior to January 1, 2007, the Fund paid each
Independent Trustee an annual retainer of $10,000, which included compensation
for all board and committee meetings.

4. PURCHASES AND SALES OF SECURITIES

Cost of purchases and proceeds from sales of investment securities, excluding
short-term investments, for the six months ended May 31, 2007, were $76,236,764,
and $84,755,341, respectively.

As of May 31, 2007, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $87,534,390
and the aggregate gross unrealized depreciation for all securities in which
there was an excess of tax cost over value was $42,640.

Page 18

5. COMMON SHARES

As of May 31, 2007, 9,010,915 of $0.01 par value Common Shares were issued and
outstanding. An unlimited number of Common Shares has been authorized under the
Fund's Dividend Reinvestment Plan.

COMMON SHARE TRANSACTIONS WERE AS FOLLOWS:

SIX MONTHS ENDED YEAR ENDED
MAY 31, 2007 NOVEMBER 30, 2006
SHARES AMOUNT SHARES AMOUNT

Issued as reinvestment of dividends under the
Dividend Reinvestment Plan .............................. 30,679 $ 824,641 -- $ --
--------- ---------- ------- --------
30,679 $ 824,641 -- $ --
========= ========== ======= ========

6. REVOLVING CREDIT AND SECURITY AGREEMENT

The Fund entered into a Revolving Credit and Security Agreement with CRC
Funding, LLC, as conduit lender, and Citigroup North America, Inc., as secondary
lender, which provides for a revolving credit facility to be used as leverage
for the Fund. The credit facility provides for a secured line of credit for the
Fund, where Fund assets are pledged against advances made to the Fund. Under the
requirements of the 1940 Act, the Fund, immediately after any such borrowings,
must have an "asset coverage" of at least 300% (33-1/3% of the Fund's total
assets after borrowings). The total commitment under the Revolving Credit and
Security Agreement is $95,000,000. For the six months ended May 31, 2007, the
average amount outstanding was $80,848,901. The high and low annual interest
rates during the six months ended May 31, 2007, were 5.29% and 5.26%,
respectively, and the weighted average interest rate was 5.27%. The annual
interest rate in effect at May 31, 2007 was 5.27%. Until May 21, 2007, the Fund
paid additional borrowing costs, which included an administration fee of 0.02%,
a program fee of 0.35% and a liquidity fee of 0.14% per year. Effective May 21,
2007, the Fund pays no administration fee, the program fee is 0.23% and the
liquidity fee is 0.10%. Such expenses are included in "Interest and fees on
outstanding loan payable" on the Statement of Operations.

7. CONCENTRATION OF RISK

The Fund intends to invest up to 100% of its Total Assets in the securities and
instruments of Infrastructure Issuers. Given this industry concentration, the
Fund will be more susceptible to adverse economic or regulatory occurrences
affecting that industry than an investment company that is not concentrated in a
single industry. Infrastructure Issuers, including utilities and companies
involved in infrastructure projects, may be subject to a variety of factors that
may adversely affect their business or operations, including high interest costs
in connection with capital construction programs, high leverage, costs
associated with environmental and other regulations, the effects of economic
slowdown, surplus capacity, increased competition from other providers of
services, uncertainties concerning the availability of fuel at reasonable
prices, the effects of energy conservation policies and other factors.

LEVERAGE RISK: The use of leverage results in additional risks and can magnify
the effect of any losses. The funds borrowed pursuant to a leverage borrowing
program, or obtained through the issuance of Preferred Shares, constitute a
substantial lien and burden by reason of their prior claim against the income of
the Fund and against the net assets of the Fund in liquidation. The rights of
lenders to receive payments of interest on and repayments of principal on any
borrowings made by the Fund under a leverage borrowing program are senior to the
rights of holders of Common Shares and the holders of Preferred Shares, with
respect to the payment of dividends or upon liquidation. The Fund may not be
permitted to declare dividends or other distributions, including dividends and
distributions with respect to Common Shares or Preferred Shares or purchase
Common Shares or Preferred Shares.

Page 19

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ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
MAY 31, 2007 (UNAUDITED)

DIVIDEND REINVESTMENT PLAN

If your Common Shares are registered directly with the Fund or if you hold your
Common Shares with a brokerage firm that participates in the Fund's Dividend
Reinvestment Plan (the "Plan"), unless you elect, by written notice to the Fund,
to receive cash distributions, all dividends, including any capital gain
distributions, on your Common Shares will be automatically reinvested by PFPC
Inc. (the "Plan Agent"), in additional Common Shares under the Plan. If you
elect to receive cash distributions, you will receive all distributions in cash
paid by check mailed directly to you by PFPC Inc., as the dividend paying agent.

If you decide to participate in the Plan, the number of Common Shares you will
receive will be determined as follows:

(1) If Common Shares are trading at or above NAV at the time of
valuation, the Fund will issue new shares at a price equal to the
greater of (i) NAV per Common Share on that date or (ii) 95% of
the market price on that date.

(2) If Common Shares are trading below NAV at the time of valuation,
the Plan Agent will receive the dividend or distribution in cash
and will purchase Common Shares in the open market, on the NYSE or
elsewhere, for the participants' accounts. It is possible that the
market price for the Common Shares may increase before the Plan
Agent has completed its purchases. Therefore, the average purchase
price per share paid by the Plan Agent may exceed the market price
at the time of valuation, resulting in the purchase of fewer
shares than if the dividend or distribution had been paid in
Common Shares issued by the Fund. The Plan Agent will use all
dividends and distributions received in cash to purchase Common
Shares in the open market within 30 days of the valuation date
except where temporary curtailment or suspension of purchases is
necessary to comply with federal securities laws. Interest will
not be paid on any uninvested cash payments.

You may elect to opt-out of or withdraw from the Plan at any time by giving
written notice to the Plan Agent, or by telephone at (800) 331-1710 in
accordance with such reasonable requirements as the Plan Agent and Fund may
agree upon. If you withdraw or the Plan is terminated, you will receive a
certificate for each whole share in your account under the Plan, and you will
receive a cash payment for any fraction of a share in your account. If you wish,
the Plan Agent will sell your shares and send you the proceeds, minus brokerage
commissions.

The Plan Agent maintains all Common Shareholders' accounts in the Plan and gives
written confirmation of all transactions in the accounts, including information
you may need for tax records. Common Shares in your account will be held by the
Plan Agent in non-certificated form. The Plan Agent will forward to each
participant any proxy solicitation material and will vote any shares so held
only in accordance with proxies returned to the Fund. Any proxy you receive will
include all Common Shares you have received under the Plan.

There is no brokerage charge for reinvestment of your dividends or distributions
in Common Shares. However, all participants will pay a pro rata share of
brokerage commissions incurred by the Plan Agent when it makes open market
purchases.

Automatically reinvesting dividends and distributions does not mean that you do
not have to pay income taxes due upon receiving dividends and distributions.
Capital gains and income are realized, although cash is not received by you.
Consult your financial advisor for more information.

If you hold your Common Shares with a brokerage firm that does not participate
in the Plan, you will not be able to participate in the Plan and any dividend
reinvestment may be effected on different terms than those described above.

The Fund reserves the right to amend or terminate the Plan if in the judgment of
the Board of Trustees the change is warranted. There is no direct service charge
to participants in the Plan; however, the Fund reserves the right to amend the
Plan to include a service charge payable by the participants. Additional
information about the Plan may be obtained by writing PFPC Inc., 301 Bellevue
Parkway, Wilmington, Delaware 19809.

--------------------------------------------------------------------------------
PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Fund uses to determine how
to vote proxies and information on how the Fund voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on
the Fund's website located at http://www.ftportfolios.com; and (3) on the
Securities and Exchange Commission's website located at http://www.sec.gov.

Page 20

--------------------------------------------------------------------------------
ADDITIONAL INFORMATION - (CONTINUED)
--------------------------------------------------------------------------------
MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND & INCOME FUND
MAY 31, 2007 (UNAUDITED)

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities
and Exchange Commission ("SEC") for the first and third quarters of each fiscal
year on Form N-Q. The Fund's Forms N-Q are available (1) by calling (800)
988-5891; (2) on the Fund's website located at http://www.ftportfolios.com; (3)
on the SEC's website at http://www.sec.gov; and (4) for review and copying at
the SEC's Public Reference Room ("PRR") in Washington, DC. Information regarding
the operation of the PRR may be obtained by calling (800) SEC-0330.

NYSE CERTIFICATION INFORMATION

In accordance with Section 303A-12 of the New York Stock Exchange ("NYSE")
Listed Company Manual, the Fund's President has certified to the NYSE that, as
of May 10, 2007, he was not aware of any violation by the Fund of NYSE corporate
governance listing standards. In addition, the Fund's reports to the SEC on
Forms N-CSR, N-CSRS and N-Q contain certifications by the Fund's principal
executive officer and principal financial officer that relate to the Fund's
public disclosure in such reports and are required by Rule 30a-2 under the 1940
Act.

BY-LAW AMENDMENTS

On June 12, 2006 and December 11, 2006, the Board of Trustees approved certain
changes to the By-Laws of the Fund which may have the effect of delaying or
preventing a change in control of the Fund, including the implementation of a
staggered Board of Trustees. The changes were not required to be, and were not,
approved by the Fund's shareholders. To receive a copy of the amended By-Laws,
investors may call the Fund at (800) 988-5891.

SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS

The Joint Annual Meeting of Shareholders of the Common Shares of Macquarie/First
Trust Global Infrastructure/Utilities Dividend & Income Fund, Energy Income and
Growth Fund, First Trust/Fiduciary Asset Management Covered Call Fund, First
Trust/Aberdeen Global Opportunity Income Fund, First Trust/FIDAC Mortgage Income
Fund, First Trust Strategic High Income Fund, First Trust Strategic High Income
Fund II, First Trust Tax-Advantaged Preferred Income Fund and First
Trust/Aberdeen Emerging Opportunity Fund was held on April 16, 2007. At the
Annual Meeting, Trustee Keith was elected for a one-year term; Trustees Erickson
and Kadlec were elected for two-year terms; and Trustees Bowen and Nielson were
elected for three-year terms. The number of votes cast in favor of James A.
Bowen was 6,225,052, the number of votes withheld was 46,270 and the number of
abstentions was 2,708,914. The number of votes cast in favor of Niel B. Nielson
was 6,217,170, the number of votes withheld was 54,152 and the number of
abstentions was 2,708,914. The number of votes cast in favor of Richard E.
Erickson was 6,219,657, the number of votes withheld was 51,665 and the number
of abstentions was 2,708,914. The number of votes cast in favor of Thomas R.
Kadlec was 6,220,130, the number of votes withheld was 51,192 and the number of
abstentions was 2,708,914. The number of votes cast in favor of Robert F. Keith
was 6,217,874, the number of votes withheld was 53,448 and the number of
abstentions was 2,708,914.

ADVISORY AND SUB-ADVISORY AGREEMENTS

BOARD CONSIDERATIONS REGARDING CONTINUATION OF INVESTMENT
MANAGEMENT AND SUB-ADVISORY CONTRACTS

The Board of Trustees of the Fund, including the Independent Trustees,
unanimously approved the continuation of the Investment Management Agreement
(the "Advisory Agreement") between the Fund and First Trust Advisors L.P. (the
"Advisor"), the Investment Sub-Advisory Agreement (the "Macquarie Sub-Advisory
Agreement") among the Fund, the Advisor and Macquarie Fund Adviser, LLC
("Macquarie") and the Investment Sub-Advisory Agreement (the "Four Corners
Sub-Advisory Agreement" and together with the Macquarie Sub-Advisory Agreement,
the "Sub-Advisory Agreements") among the Fund, the Advisor and Four Corners
Capital Management, LLC ("Four Corners"), at a meeting held on March 12, 2007.
Macquarie and Four Corners are each referred to herein as a "Sub-Advisor" and
collectively as the "Sub-Advisors." The Sub-Advisory Agreements are referred to
herein together with the Advisory Agreement as the "Agreements." The Board
determined that the terms of the Agreements are fair and reasonable and that the
Agreements continue to be in the best interests of the Fund.

To reach this determination, the Board considered its duties under the
Investment Company Act of 1940, as amended (the "1940 Act"), as well as under
the general principles of state law in reviewing and approving advisory
contracts; the requirements of the 1940 Act in such matters; the fiduciary duty
of investment advisors with respect to advisory agreements and compensation; the
standards used by courts in determining whether investment company boards have
fulfilled their duties; and the factors to be considered by the Board in voting
on such agreements. To assist the Board in its evaluation of the Agreements, the
Independent Trustees received a separate report from each of the Advisor and the
Sub-Advisors in advance of the Board meeting responding to a request for
information from counsel to the

Page 21

Independent Trustees. The reports, among other things, outlined the services
provided by the Advisor and the Sub-Advisors (including the relevant personnel
responsible for these services and their experience); the advisory and
sub-advisory fees for the Fund as compared to fees charged by investment
advisors and sub-advisors to comparable funds and as compared to fees charged to
other clients of the Advisor and the Sub-Advisors; expenses of the Fund as
compared to expense ratios of comparable funds; the nature of expenses incurred
in providing services to the Fund and the potential for economies of scale, if
any; financial data on the Advisor and the Sub-Advisors; any fall-out benefits
to the Advisor and the Sub-Advisors; and information on the Advisor's and the
Sub-Advisors' compliance programs. The Independent Trustees also met separately
with their independent legal counsel to discuss the information provided by the
Advisor and the Sub-Advisors. The Board applied its business judgment to
determine whether the arrangements between the Fund and the Advisor and among
the Fund, the Advisor and the Sub-Advisors are reasonable business arrangements
from the Fund's perspective as well as from the perspective of shareholders.

In reviewing the Agreements, the Board considered the nature, quality and extent
of services provided by the Advisor and the Sub-Advisors under the Agreements.
With respect to the Advisory Agreement, the Board considered that the Advisor is
responsible for the overall management and administration of the Fund, including
the oversight of the Sub-Advisors. The Board noted the compliance program that
had been developed by the Advisor and considered that the compliance program
includes policies and procedures for monitoring the Sub-Advisors' compliance
with the 1940 Act and the Fund's investment objectives and policies. With
respect to the Sub-Advisory Agreements, the Board received a presentation from
representatives of both Macquarie and Four Corners discussing the services that
the Sub-Advisor provides to the Fund and how the Sub-Advisor meets the Fund's
investment objectives. In light of the information presented and the
considerations made, the Board concluded that the nature, quality and extent of
services provided to the Fund by the Advisor and the Sub-Advisors under the
Agreements have been and are expected to remain satisfactory and that each
Sub-Advisor has managed the Fund consistent with its investment objectives and
policies.

The Board considered the advisory and sub-advisory fees paid under the
Agreements. The Board reviewed data prepared by Lipper Inc. ("Lipper"), an
independent source, showing the management fees and expense ratios of the Fund
as compared to the management fees and expense ratios of one peer group selected
by Lipper and a second peer group selected by the Advisor. The Board discussed
with representatives of the Advisor the differences between the two peer groups
and the limitations in creating a relevant peer group for the Fund, including
the difficulties in comparing funds using different types of leverage. Based on
the information provided, the Board noted that the Fund's management fees were
in the fifth quintile of both the Lipper peer group and the Advisor peer group
and that the Fund's expense ratio was in the fifth quintile of both the Lipper
peer group and the Advisor peer group. The Board also considered the
sub-advisory fee rates under each of the Macquarie Sub-Advisory Agreement and
the Four Corners Sub-Advisory Agreement and how they related to the overall
management fee structure of the Fund. Finally, the Board considered the advisory
fees paid to the Advisor by similar funds, and noted that the Advisor does not
provide advisory services to clients with investment objectives and policies
similar to the Fund's other than to two closed-end funds. The Board also
considered information provided by each Sub-Advisor as to the fees it charges to
other clients.

The Board also considered the Fund's performance for the one- and two-year
periods ended December 31, 2006, as applicable, as compared to the performance
of a relevant benchmark index and to a performance universe selected by Lipper.
The Board noted that the Fund's performance was in the first quintile of the
performance universe for both periods and that the Fund outperformed its
benchmark for the one-year period. The Board also considered performance data
provided by the Advisor for the one-year and since-inception periods, and
considered an analysis prepared by the Advisor on benefits provided by the
Fund's leverage. In addition, the Board considered the market price and net
asset value performance of the Fund since inception, and compared the Fund's
premium/discount to the average and median premium/discount of the Lipper peer
group, noting that the Fund's premium/discount was generally indicative of the
asset class. The Board concluded that the Fund's performance was satisfactory.

On the basis of all the information provided on the fees, expenses and
performance of the Fund, the Board concluded that the advisory and sub-advisory
fees were reasonable and appropriate in light of the nature, quality and extent
of services provided by the Advisor and Sub-Advisors under the Agreements.

The Board noted that the Advisor has continued to invest in personnel and
infrastructure but had not identified any economies of scale realized by the
Fund and had indicated that, because the Fund is a closed-end fund that is not
issuing more shares other than pursuant to its dividend reinvestment plan, the
Advisor believed that any discussion of economies of scale was not meaningful.
The Board concluded that the management fee reflects an appropriate level of
sharing of any economies of scale. The Board also considered the costs of the
services provided and profits realized by the Advisor from serving as investment
manager to closed-end funds for the twelve months ended December 31, 2006, as
set forth in the materials provided to the Board. The Board noted the inherent
limitations in the profitability analysis, and concluded that the Advisor's
profitability appeared to be not unreasonable in light of the services provided
to

Page 22

the Fund. In addition, the Board considered and discussed any ancillary benefits
derived by the Advisor from its relationship with the Fund and noted that the
typical fall-out benefits to the Advisor such as soft dollars are not present.
The Board concluded that any other fall-out benefits received by the Advisor or
its affiliates would appear to be attenuated.

The Board considered that Macquarie's investment services expenses are primarily
fixed, and that Macquarie had added personnel and systems since the Fund's
inception to maintain an appropriate level of infrastructure and staffing and
that Macquarie regularly reviews its resource requirements. The Board considered
that the sub-advisory fee rate was negotiated at arm's length between the
Advisor and Macquarie, an unaffiliated third party. The Board also considered
data provided by Macquarie as to its overall profitability, noting that
Macquarie does not calculate its profitability with respect to the Fund
separately. The Board noted the inherent limitations in this profitability
analysis and concluded that the profitability analysis for the Advisor was more
relevant, although the profitability of Macquarie appeared to be not
unreasonable in light of the services provided to the Fund. The Board considered
the fall-out benefits realized by Macquarie from its relationship with the Fund,
including soft-dollar arrangements, and considered a summary of such
arrangements.

The Board considered that Four Corners' investment services expenses are
primarily fixed, and that Four Corners had added personnel in the past year to
improve the quality and consistency of services and anticipated continued
investments in personnel and systems. The Board considered that the sub-advisory
fee rate was negotiated at arm's length between the Advisor and Four Corners, an
unaffiliated third party. The Board also considered data provided by Four
Corners as to the profitability of the Four Corners Sub-Advisory Agreement to
Four Corners, noting that the method used to allocate expenses was not a typical
practice of Four Corners. The Board noted the inherent limitations in this
profitability analysis and concluded that the profitability analysis for the
Advisor was more relevant, although the profitability of the Four Corners
Sub-Advisory Agreement appeared to be not unreasonable in light of the services
provided to the Fund. The Board noted that Four Corners does not maintain any
soft-dollar arrangements and that Four Corners indicated that it does not
receive any material fall-out benefits from its relationship to the Fund.

Based on all of the information considered and the conclusions reached, the
Board, including the Independent Trustees, determined that the terms of the
Agreements continue to be fair and reasonable and that the continuation of the
Agreements is in the best interests of the Fund. No single factor was
determinative in the Board's analysis.

The open-end and closed-end funds advised by First Trust Advisors L.P. (each a
"FUND") consider your privacy an important priority in maintaining our
relationship. We are committed to protecting the security and confidentiality of
your personal information.

SOURCES OF INFORMATION

We may collect nonpublic personal information about you from the following
sources:

o Information we receive from you or your broker-dealer, investment advisor or
financial representative through interviews, applications, agreements or
other forms;

o Information about your transactions with us, our affiliates or others;

o Information we receive from your inquiries by mail, e-mail or telephone; and

o Information we collect on our website through the use of "cookies." For
example, we may identify the pages on our website that your browser requests
or visits.

INFORMATION COLLECTED

The type of data we collect may include your name, address, social security
number, age, financial status, assets, income, tax information, retirement and
estate plan information, transaction history, account balance, payment history,
investment objectives, marital status, family relationships and other personal
information.

Page 23

DISCLOSURE OF INFORMATION

We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except as permitted by law. The permitted uses
include the disclosure of such information to unaffiliated companies for the
following reasons:

o In order to provide you with products and services and to effect transactions
that you request or authorize, we may disclose your personal information as
described above to unaffiliated financial service providers and other
companies that perform administrative or other services on our behalf, such
as transfer agents, custodians and trustees, or that assist us in the
distribution of investor materials such as trustees, banks, financial
representatives and printers.

o We may release information we have about you if you direct us to do so, if we
are compelled by law to do so, or in other legally limited circumstances (for
example to protect your account from fraud).

In addition, in order to alert you to our other financial products and services,
we may share your personal information with affiliates of the Fund. Please note,
however, that the California Financial Information Privacy Act contains an "opt
out" mechanism that California consumers may use to prevent us from sharing
nonpublic personal information with affiliates.

CONFIDENTIALITY AND SECURITY

With regard to our internal security procedures, the Fund restricts access to
your nonpublic personal information to those individuals who need to know that
information to provide products or services to you. We maintain physical,
electronic and procedural safeguards to protect your nonpublic personal
information.

POLICY UPDATES AND INQUIRIES

As required by federal law, we will notify you of our privacy policy annually.
We reserve the right to modify this policy at any time; however, if we do change
it, we will tell you promptly.

For questions about our policy, or for additional copies of this notice, please
contact us at (800) 621-1675.

Page 24

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) Not Applicable.

(b) There has been no change, as of the date of this filing, in any of the
portfolio managers identified in response to paragraph (a)(1) of this Item in
the registrant's most recently filed annual report on Form N-CSR.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of trustees, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),
or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) MACQUARIE/FIRST TRUST GLOBAL INFRASTRUCTURE/UTILITIES DIVIDEND &
INCOME FUND

By (Signature and Title)* /S/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)

Date AUGUST 6, 2007
----------------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

Date AUGUST 6, 2007
----------------------------------------------------------------------------

By (Signature and Title)* /S/ MARK R. BRADLEY
-------------------------------------------------------
Mark R. Bradley, Treasurer, Controller, Chief Financial
Officer and Chief Accounting Officer
(principal financial officer)

Date AUGUST 6, 2007
----------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.