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Closed End Funds

Macquarie Global Infrastructure Income Fund March 31, 2017

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Macquarie Global Infrastructure Income Fund (the “Fund”) is a closed-end investment trust listed on the TSX under the symbol MQI.UN.  The Fund was established to take advantage of the attractive yields and growth potential of global listed infrastructure stocks. The Fund is expected to benefit from the infrastructure expertise of Macquarie Group, as Macquarie Capital Investment Management LLC, a global leader in the listed infrastructure sector, will act as the portfolio manager of the Fund.

Investment Objectives:

The Fund’s investment objectives are to: (a) provide holders of Units with quarterly cash distributions; (b) maximize total return for Unitholders, consisting of distributions and capital appreciation; and (c) preserve capital.

To achieve the Fund’s investment objectives, the net proceeds of the Offering will be invested in a portfolio consisting of equity securities issued by global infrastructure companies that own and/or operate infrastructure assets.

The Portfolio Manager believes that the Fund will provide investors with an opportunity to:  (a) take advantage of the global expertise of MFG, the world’s largest infrastructure manager with approximately $107 billion in unlisted and listed infrastructure assets under management (inaggregate across its global affiliates) and one of the largest investment teams focused on listed infrastructure securities;  (b) access a portfolio of infrastructure stocks from around the world, broadly diversified by country  and sector across developed and emerging markets; and (c) access global infrastructure stocks that offer an attractive mix of income and capital growth potential.

For daily prices, click here.

Performance Review

Performance (%) – Class A

As OfCurrent QuarterYTD1 Yr2 Yr3 Yr4 Yr5 yrIncep.
03/31/201711.711.717.60.86.1--7.9

Portfolio Review

Top 10 Holdings

 % of Portfolio
Enbridge Inc.5.7
Transurban Group5.5
Sempra Energy5.0
Abertis Infraestructuras S.A.4.4
TransCanada Corp.4.3
NextEra Energy Inc.4.2
Kinder Morgan Inc.3.8
Cheniere Energy Inc.3.5
Groupe Eurotunnel S.A.3.4
Enav S.p.A.3.2

Sector Breakdown

 % of Portfolio
Oil & Gas Storage & Transportation23.0
Highways & Railtracks17.2
Electric Utilities15.2
Multi-Utilities14.1
Air Transport9.4
Marine Ports & Services5.9
Mobile Communications4.1
Cash4.1
Gas Utilities3.7
Water Utlities1.7
Independant Power Producer1.7

Geographic Breakdown

 % of Portfolio
United States32.1
Canada11.5
Australia9.8
Spain8.9
Italy8.3
China6.6
Cash (CAD)4.1
United Kingdom3.8
France3.4
Mexico2.9
Brazil2.6
Switzerland2.0
Singapore1.5
Germany1.5
Japan0.7
Netherlands0.5

Fund Facts

Class A Units ((March 31, 2017)

TSX Symbol:MQI.UN
Yield:7.0%
Closing Price:$8.58
Net Asset Value Per Unit:$8.90
Net Asset Value:$21.4 million
Total Holdings:50
Inception Date:Oct. 22, 2013

Investments in Macquarie Global Infrastructure Income Fund (the “Fund”) are not deposits with or other liabilities of Macquarie Bank Limited ABN 46 008 583 542, or any of its affiliates (collectively, the “Macquarie Group”) and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees any particular rate of return or the performance of the Fund, the repayment of capital from the Fund or any tax treatment of any distribution from the Fund. You should refer to the prospectus dated January 26, 2011 (the “Prospectus”) of the Fund and other documents filed by the Fund with Canadian securities regulatory authorities, available at www.sedar.com, for further information regarding the Fund. All statements in this update, other than statements of historical fact, and including statements regarding the future economic effects of events, are “forward-looking statements”. These forward-looking statements reflect the current beliefs of the Fund’s portfolio manager and are based on information available to the Fund as of the date of this update. Actual results may differ materially as they are subject to a number of significant risks and uncertainties, including those discussed under “Risk Factors” and elsewhere in the Prospectus. The Fund has no obligation to update or revise the forward-looking statements in this update. Past performance is not a reliable indicator of future results.

Please correct the following errors:

Minimum Investment Requirements

The AHF Credit Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $125,000 or $25,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $25,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the AHF Credit Opportunities Fund.


Disclaimer: Information pertaining to AHF Credit Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the AHF Credit Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

Minimum Investment Requirements

The Aston Hill Opportunities Fund is generally available to investors that can meet a certain minimum amount of money to invest. The minimum initial investment for residents in any province or territory in accordance with applicable securities laws is set out below:

All provinces and territories $150,000 or $5,000(1)
BC, NB, NS and NL Only: $5,000(2)

Notes:

(1) A minimum purchase of $5,000 is available to residents who meet certain requirements.
(2) A minimum purchase of $5,000 is available to residents who meet certain requirements and reside in BC, NB, NS and NL by way of the prescribed OM.
Investors should contact their investment dealer or Financial Advisor for more information.

If you can comfortably invest the minimum dollar amount required in your province or territory, please accept the disclaimer below to learn more about the Aston Hill Opportunities Fund.


Disclaimer: Information pertaining to Aston Hill Opportunities Fund is not to be construed as a public offering of securities in any jurisdiction of Canada. The offering of units in the Aston Hill Opportunities Fund is made pursuant to its offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing.

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