FAQs & factsheets

Factsheets

2008
September 30, 2008 (pdf 126KB)
October 1, 2008 - Special Interim Report  (pdf 79KB)
August 31, 2008 (pdf 141KB)
July 31, 2008 (pdf 90KB)
June 30, 2008 (pdf 85KB)
May 31, 2008 (pdf 90KB)
May 2008 (pdf 636KB)
April 2008 (pdf 85KB)
March 2008 (pdf 82KB)
February 2008 (pdf 85KB)
January 2008 (pdf 81KB)

2007
December 2007 (pdf 332KB)
November 2007 (pdf 77KB)
October 2007 (pdf 257KB)
September 2007 (pdf 284KB)
August 2007 (pdf 72KB)
July 2007 (pdf 641KB)
June 2007 (pdf 629 KB)
May 2007 (pdf 608 KB)
April 2007 (pdf 394 KB)
March 2007 (pdf 123 KB)
February 2007 (pdf 123 KB)
January 2007 (pdf 112 KB)

2006
December 2006 (pdf 114 KB)
November 2006 (pdf 101 KB)
October 2006 (pdf 112 KB)
September 2006 (pdf 105 KB)
August 2006 (pdf 112 KB)
July 2006 (pdf 112 KB)
June 2006 (pdf 99 KB)
May 2006 (pdf 99 KB)
April 2006 (pdf 107 KB)
March 2006 (pdf 90 KB)
February 2006 (pdf 90 KB)
January 2006 (pdf 147 KB)

2005
December 2005 (pdf 108 KB)
November 2005 (pdf 146 KB)
October 2005 (pdf 100 KB)

Frequently asked questions

What is the MGU ticker?
When did MGU list on the NYSE?
How much in gross proceeds were raised from the Funds initial public offering?
How do I invest in MGU?
Who is the Fund’s advisor?
Does MCIML advise any other funds?
What is the difference between MGU and MFD?
Who is the Macquarie group?
How does the Fund seek to achieve its investment objective?
What is the Fund’s portfolio comprised of?
Does the Fund apply leverage?
Why invest in infrastructure?
What are the risks?

What is the MGU ticker?
The Macquarie Global Infrastructure Total Return Fund is listed on the New York Stock Exchange (“NYSE”) and traded under the ticker MGU.

When did MGU list on the NYSE?
MGU listed on the NYSE on August 26, 2005.

How much in gross proceeds were raised from the Fund's initial public offering?
Gross proceeds of $425,000,000 were raised at an initial price of $25 per share and 17,000,000 Common Shares were issued.

How do I invest in MGU?
As MGU is listed on the NYSE, MGU shares can be purchased through any registered broker. Please contact your broker or financial advisor who can help determine if an investment in the Fund is suitable for you.

Who is the Fund’s advisor?
Macquarie Capital Investment Management, LLC (“MCIML”, an SEC Registered Investment Advisor) is the investment adviser to MGU and is responsible for determining the Fund’s overall investment strategy and overseeing implementation through day-to-day portfolio management, subject to the general supervision of the Fund’s Board of Directors. MCIML is a member of the Macquarie group of companies.

Does MCIML advise any other funds?
In addition to advising MGU, MCIML also acts as sub-adviser to Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD).

What is the difference between MGU and MFD?
In general, MGU is growth orientated with a focus on high total return (consisting of dividends and other income, and capital appreciation) and MFD is focused on stable current yield. For example, MGU is able to invest in non-OECD countries (such as China and India), whereas MFD invests in primarily in OECD countries. MGU is also able to apply its leverage to investments in equity stocks, whereas MFD is restricted to investing its leverage into floating rate loans.

There is also a difference in the way the two portfolios are managed. The MGU portfolio is more actively managed to optimize total returns, whereas the MFD portfolio employs a lower turnover, buy-and-hold strategy.

Please refer to the prospectus for each fund for a full description of its respective investment objectives and parameters. Please consult with your financial advisor to determine if either fund would be a suitable investment for you.

Who is the Macquarie group?
The Macquarie group is a diversified international provider of financial and investment banking services, with over 7,600 staff in 23 countries. The Macquarie group has experience in the assessment and valuation of Infrastructure Assets and experience with the operational and regulatory risks faced by Infrastructure Issuers. As of September 30, 2005 the Macquarie group had approximately $70.6 billion of total assets under management.

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How does the Fund seek to achieve its investment objective?
MGU aims to provide investors with a high level of total return consisting of dividends and other income, and capital appreciation by investing at least 80% of its total assets in equity and equity like securities issued by US and non-US issuers that primarily own or operate infrastructure assets (“Infrastructure Issuers”).

In pursuit of its investment objective, MGU will also seek to manage its investment so that at least 25% of its distributions may qualify as tax-advantaged “qualified dividend income” for U.S. federal tax income purposes.

For important information on tax (on this website), click here.

What is the Fund’s portfolio comprised of?
Under normal market conditions, the Fund intends to apply the following portfolio guidelines with respect to the Fund’s total assets:

• up to 5% may be invested in securities issued by any single Infrastructure Issuer;
• up to 30% may be invested in any country that is a member of the Organization for Economic Co-operation and Development (OECD), excluding the U.S. (which may be up to 50%);
• up to 10% may be invested in any one non-OECD country; and
• up to 30% may be invested in all non-OECD countries combined.

Does the Fund apply leverage?
The Fund has the ability to leverage the portfolio up to 38%, after taking into account the leverage, in order to seek a higher return for investors (see important information on leverage risk below).

Why invest in infrastructure?
Infrastructure assets typically provide the necessities of everyday life, such as: fresh water, roads, airports, gas, power, district heating and cooling, hospitals, schools and other social services. They are an important underlying foundation of basic services, facilities and institutions upon which the growth and development of a community depends.

For more information on the potential benefits of investing in infrastructure, click here to read an ‘Introduction to infrastructure’ on this website.

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What are the risks?
Investing in the Fund involves risks, and the Fund may not be able to achieve its investment objective for a variety of reasons. The following discussion summarizes some of the risks that an investor should consider before deciding whether to invest in the Fund. For additional information about the risks associated with investing in the Fund, see “Additional Information About the Fund’s Investments and Investment Risk” in the Prospectus and SAI.

• No Operating History The Fund is a newly organized, non-diversified, closed-end management investment company and has no previous operating or trading history upon which a potential investor can evaluate the Fund’s performance.
• Adviser Risk MCIML is a recently organized investment adviser, with limited investment history or track record. MCIML is a member of the Macquarie group (“Macquarie”). Macquarie has experience in the assessment and valuation of infrastructure assets and experience with the operational and regulatory risks faced by infrastructure issuers. There can be no assurance that a suitable replacement could be found for Macquarie in the event that its resources become unavailable to MCIML. The Fund is also subject to risk because it is an actively managed portfolio. MCIML will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.
• Industry Concentration and Infrastructure Industry Risk Under normal circumstances, the Fund will seek to invest at least 80% of its total assets in equity securities and securities and instruments with equity characteristics that are issued by infrastructure issuers. Given the concentration of the Fund’s assets in the infrastructure industry, 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 are typically subject to a variety of factors that my adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdowns and surplus capacity, increased competition from other providers of services, uncertainties concerning the cost of energy and the effects of energy conservation policies. Infrastructure issuers may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, service interruption due to environmental, operational or other mishaps, the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.
• Non-U.S. Investment Risk The Fund may invest up to 100% of its total assets in the securities and instruments of non-U.S. issuers. Investments in the securities and instruments of non-U.S. issuers involve certain considerations and risks not ordinarily associated with investments in securities and instruments of U.S. issuers.
  Non-U.S. companies are not necessarily subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. Non-U.S. securities exchanges, brokers and listed companies may be subject to less government supervision and regulation than exists in the United States. Dividend and interest income may be subject to non-U.S. withholding and other taxes, which may adversely affect the net return on such investments.
• Emerging Market Risk The Fund may invest in countries that are considered emerging market countries at the time of purchase. The Fund’s investments in emerging markets are subject to all of the risks described in “Non-US Investments Risk” and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets.
• Foreign (non-U.S.) Currency Risk The Fund’s common shares are priced in U.S. Foreign (non-U.S.) Currency Risk dollars and the distributions paid by the Fund are paid in U.S. dollars. However, a significant portion of the Fund’s assets may be denominated in foreign (non-U.S.) currencies. There is the risk that the value of such assets and/or the value of any distributions from such assets may decrease if the currency in which such assets are priced or in which they make distributions falls in relation to the value of the U.S. dollar.
• Market Disruption and Geopolitical Risk The aftermath of the war with Iraq, the continuing occupation of Iraq, instability in the Middle East and terrorist attacks in the United States and around the world have had a substantial impact on the U.S. and world economies and securities markets. The nature, scope and duration of the war and the occupation cannot be predicted with any certainty. These risks could also adversely affect individual issuers and securities markets, interest rates, secondary trading, rating, investor psychology, credit risk inflation and other factors relating to the common shares and the investments made by the Fund.
• New Project Risk Where the Fund invests in new infrastructure projects, it is likely to retain some residual risk that the project will not be completed within budget, within the agreed time frame and to the agreed specification.
• Investment and Market Risk An investment in the Fund’s common shares is subject to investment risk, including the possible loss of the entire amount invested. An investment in common shares represents an indirect investment in the securities and instruments owned by the Fund, of which a large proportion will be traded on national securities exchanges or in the over-the-counter markets. The Fund’s share price will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then-current net asset value. The Fund cannot predict whether its shares will trade at a price at, above or below its net asset value.
• Equity Risk The NAV of the Fund’s common shares will change as the prices of its portfolio investments go up or down. Equity securities face market, issuer and other risks, and their prices may go up or down, sometimes rapidly and unpredictably.
• Interest Rate Risk Preferred, Hybrid and Debt Securities. Interest rate risk includes the risk that debt securities and securities with debt-like characteristics, including preferred and hybrid securities, will decline in value because of changes in market interest rates.
  Equity Securities. The income and profits of many of the issuers in which the Fund might invest may be sensitive to interest rate fluctuations and therefore changes in the level of interest rates may have a direct bearing on the issuers’ ability to pay dividends or make distributions.
  Infrastructure Assets. Infrastructure assets can be highly leveraged. As such, movements in the level of interest rates may affect the returns from these assets more significantly than other assets in some instances.
• Debt Securities Risk The Fund may invest up to 20% of its total assets in debt securities, which are subject to interest rate risk. See “Risks—Interest Rate Risk.” They also carry the risk that the issuer or the guarantor of a security will be unable or unwilling to make timely principal and/or interest payments, or otherwise to honor its obligations. This risk is particularly pronounced for lower-quality, high yielding debt securities. There is no minimum credit rating for the debt securities in which the Fund may invest.
• Risk of Hedging and use of Derivatives Derivatives can be illiquid, may disproportionately increase losses, and may have a potentially large impact on the Fund’s performance. Certain of the investment techniques that the Fund may employ for hedging or, under certain circumstances, to increase income or total return will expose the Fund to additional risks.
• Illiquid and Unlisted Securities Risk Under normal market conditions, the Fund may invest up to 15% of its total assets in unlisted securities and other instruments of infrastructure issuers. Such securities and instruments are generally not publicly traded. In the United States, such securities and instruments are generally unregistered for securities law purposes and can generally be resold only in privately negotiated transactions with a limited number of purchasers or in a public offering registered under the Securities Act. Outside the United States, similar restrictions may apply.
• Leverage Risk The Fund may utilize leverage through the issuance of leverage instruments. In the event the Fund utilizes leverage, there can be no assurance that the Fund’s leverage strategy will be successful. Leverage involves risks and special considerations for investors including:
  • the likelihood of greater volatility of NAV and market price of the common shares than a comparable portfolio without leverage;
  • the risk that fluctuations in interest rates or dividend rates on leverage instruments issued by the Fund will reduce the return to the investors or will result in fluctuations in the dividends paid on the common shares;
  • the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the Fund (and the market price of the common shares) than if the Fund were not leveraged; and
  • when the Fund uses leverage instruments, the investment advisory fees payable to the Adviser will be higher than if the Fund did not use leverage.
• Dependence on Key Personnel The Fund is dependent upon the expertise of Mr. Jon Fitch, the Fund’s portfolio manager. If MCIML were to lose the services of Mr. Fitch, the Fund could be adversely affected. There can be no assurance that a suitable replacement could be found for Mr. Fitch in the event of his death, resignation, retirement or inability to act on behalf of MCIML.
• Non-Diversified Status The Fund is classified as a “non-diversified” investment company under the 1940 Act, which means the Fund is not limited by the 1940 Act in the proportion of its assets that may be invested in the securities and instruments of a single issuer. As a nondiversified investment company, the Fund may invest in the securities and instruments of individual issuers to a greater degree than a diversified investment company. As a result, the Fund may be more vulnerable to events affecting a single issuer and, therefore, subject to greater volatility than a fund that is more broadly diversified.
• Temporary Defensive Strategies Risk When the Adviser anticipates unusual market or other conditions, the Fund may temporarily depart from its principal investment strategies as a defensive measure. To the extent that the Fund invests defensively, it likely will not achieve its investment objectives.
• Anti-Takeover Provisions The Maryland General Corporation Law and the Fund’s charter and bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund, to convert the Fund to open-end status, or to change the composition of the Fund’s board of directors. These provisions, as well as other provisions of Maryland law and the Fund’s charter and bylaws, could have the effect of discouraging, delaying, deferring or preventing a transaction or a change in control that might otherwise be in the best interests of stockholders.
• Certain Other Risks An Investment in the Fund is subject to certain other risks described in the Fund’s Prospectus and SAI.

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