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: 811-21765
Macquarie Global Infrastructure Total Return Fund Inc.
(Exact name of registrant as specified in charter)
125 West 55th Street, New York, NY 10019
(Address of principal executive offices) (Zip code)
JoEllen L. Legg, Esq.
ALPS Fund Services, Inc.
1290 Broadway, Suite 1100
Denver, Colorado 80203
(Name and address of agent for service)
Registrants telephone number, including area code: (303) 623-2577
Date of fiscal year end: November 30
Date of reporting period: December 1, 2012 - May 31, 2013
Item 1. Reports to Stockholders.
CAUTION REGARDING FORWARD-LOOKING
STATEMENTS AND PAST PERFORMANCE
|
1 |
Stockholder Letter
MAY 31, 2013 (unaudited)
2 |
|
Unless otherwise indicated, all references to currency are to USD.
(1) | Calculated on a total return basis, adjusting for distributions and assuming dividend reinvestment. |
(2) | Source: ALPS Fund Services Inc., Bloomberg L.P. |
(3) | The S&P Global Infrastructure Index (Net Total Return) consists of approximately 75 infrastructure/utilities stocks and is selected by Standard & Poors Financial Services LLC. |
(4) | The Macquarie Global Infrastructure Index consists of approximately 250 infrastructure/utilities stocks in the FTSE Global All-Cap Index. |
(5) | The MSCI World Index is a stock market index of 1600 world stocks maintained by MSCI Inc. The index includes a collection of stocks of all the developed markets in the world, as defined by MSCI. |
|
3 |
Stockholder Letter
MAY 31, 2013 (unaudited)
4 |
|
Fund Diversification by Country & Sector
At the end of the Period, the Fund held positions in 51 global infrastructure stocks representing 16 countries and 12 infrastructure sectors.
The table below shows the top ten holdings in the Fund as of May 31, 2013.
Rank | Stock | Country | Infrastructure Sector(7) | %(8) | ||||
1 | Transurban | Australia | Toll Roads | 4.9 | ||||
2 | National Grid | United Kingdom | Electricity Transmission | 3.9 | ||||
3 | Southern Co. | United States | Electric Utility | 3.8 | ||||
4 | Asciano | Australia | Seaports | 3.7 | ||||
5 | Groupe Eurotunnel | France | Rail/Other Transportation | 3.0 | ||||
6 | GDF Suez | France | Electric Utility | 3.0 | ||||
7 | American Water Works | United States | Water | 2.9 | ||||
8 | ITC | United States | Electricity Transmission | 2.9 | ||||
9 | TransCanada | Canada | Pipelines | 2.8 | ||||
10 | Enbridge Inc. | Canada | Pipelines | 2.8 |
(6) | Source: Bloomberg L.P. |
(7) | Industry segments are based on the Managers own evaluation of issuers and industries, and do not necessarily track any standard industry or segment classification. |
(8) | Based on Total Assets as defined in the Prospectus. |
|
5 |
Stockholder Letter
MAY 31, 2013 (unaudited)
The tables below show the structure of the portfolio by country and sector.
Country | % of Fund on November 30, 2012(7) |
% Point Change over Period |
% of Fund on May 31, 2013(7) | |||
United States |
31.5 | -1.6 | 29.9 | |||
France |
8.5 | 2.3 | 10.8 | |||
United Kingdom |
9.7 | 0.8 | 10.5 | |||
Australia |
12.2 | -3.6 | 8.6 | |||
China |
7.2 | 0.4 | 7.6 | |||
Canada |
5.6 | 0.0 | 5.6 | |||
Germany |
4.4 | 0.3 | 4.7 | |||
Spain |
5.4 | -1.9 | 3.5 | |||
Brazil |
3.5 | -0.2 | 3.3 | |||
Japan |
3.9 | -0.8 | 3.1 | |||
Switzerland |
1.7 | 1.0 | 2.7 | |||
Italy |
2.5 | -0.6 | 1.9 | |||
Netherlands |
| 1.7 | 1.7 | |||
Luxembourg |
| 1.1 | 1.1 | |||
India |
| 0.5 | 0.5 | |||
Mexico |
1.0 | -0.6 | 0.4 | |||
Other Net Assets |
2.9 | 1.2 | 4.1 | |||
Infrastructure Sector(6) |
% of Fund on November 30, 2012(7) |
% Point Change over Period |
% of Fund on May 31, 2013(7) | |||
Pipelines |
20.6 | -2.1 | 18.5 | |||
Electric Utility |
13.1 | 1.7 | 14.8 | |||
Seaports |
8.9 | 3.7 | 12.6 | |||
Toll Roads |
16.6 | -5.1 | 11.5 | |||
Electricity Transmission |
7.5 | 1.1 | 8.6 | |||
Airports |
9.3 | -1.9 | 7.4 | |||
Electricity And Gas Distribution |
6.0 | 0.2 | 6.2 | |||
Water |
6.7 | -1.5 | 5.2 | |||
Rail/Other Transportation |
1.4 | 2.6 | 4.0 | |||
Communications |
2.9 | 0.8 | 3.7 | |||
Diversified |
2.6 | -0.6 | 2.0 | |||
Social Infrastructure |
1.5 | -0.1 | 1.4 | |||
Other Net Assets |
2.9 | 1.2 | 4.1 |
(6) | Source: Bloomberg L.P. |
(7) | Industry segments are based on the Managers own evaluation of issuers and industries, and do not necessarily track any standard industry or segment classification. |
(8) | Based on Total Assets as defined in the Prospectus. |
6 |
|
|
7 |
Stockholder Letter
MAY 31, 2013 (unaudited)
8 |
|
Schedule of Investments
MAY 31, 2013 (unaudited)
(Expressed in U.S. Dollars)
Description | Shares | Value $ | ||||||
COMMON STOCKS - 126.15% |
||||||||
Australia - 12.28% |
||||||||
Asciano, Ltd.(1) |
3,286,728 | $ | 15,749,444 | |||||
Transurban Group(1) |
3,116,134 | 20,554,534 | ||||||
36,303,978 | ||||||||
Brazil - 4.75% |
||||||||
EDP Energias do Brasil SA(1) |
1,292,700 | 7,466,009 | ||||||
LLX Logistica SA - Ordinary Shares(1)(2) |
3,040,900 | 2,399,440 | ||||||
Transmissora Alianca |
383,700 | 4,172,366 | ||||||
14,037,815 | ||||||||
Canada - 7.99% |
||||||||
Enbridge, Inc. |
271,797 | 11,789,449 | ||||||
TransCanada Corp. |
257,703 | 11,821,900 | ||||||
23,611,349 | ||||||||
China - 10.84% |
||||||||
Beijing Enterprises Holdings, Ltd.(1) |
1,050,500 | 8,552,450 | ||||||
China Merchants Holdings International Co., Ltd. |
2,544,000 | 8,386,373 | ||||||
CLP Holdings, Ltd. |
495,500 | 4,175,462 | ||||||
COSCO Pacific, Ltd. |
4,706,000 | 6,854,018 | ||||||
Dalian Port (PDA) Co., Ltd. - H Shares |
18,046,000 | 4,073,322 | ||||||
32,041,625 | ||||||||
France - 15.44% |
||||||||
Aeroports de Paris(1) |
96,732 | 8,836,713 | ||||||
Eutelsat Communications SA |
67,133 | 2,083,890 | ||||||
GDF Suez |
618,121 | 12,606,066 | ||||||
Groupe Eurotunnel SA |
1,576,112 | 12,684,063 | ||||||
Vinci SA |
183,939 | 9,433,272 | ||||||
45,644,004 | ||||||||
Germany - 6.69% |
||||||||
Fraport AG Frankfurt Airport Services Worldwide(3) |
188,140 | 11,071,707 | ||||||
Hamburger Hafen und Logistik AG |
358,241 | 8,703,500 | ||||||
19,775,207 | ||||||||
India - 0.68% |
||||||||
Power Grid Corp. of India, Ltd. |
1,011,985 | 2,025,859 | ||||||
|
||||||||
Italy - 2.72% |
||||||||
Atlantia SpA(1) |
472,104 | 8,039,375 | ||||||
|
||||||||
Japan - 4.46% |
||||||||
Osaka Gas Co., Ltd.(1) |
903,000 | 3,646,299 | ||||||
Tokyo Gas Co., Ltd.(1) |
1,030,473 | 5,540,752 | ||||||
West Japan Railway Co.(1) |
95,936 | 3,989,924 | ||||||
13,176,975 |
See Notes to Financial Statements.
|
9 |
Schedule of Investments
MAY 31, 2013 (unaudited)
(Expressed in U.S. Dollars)
Description | Shares | Value $ | ||||||
Luxembourg - 1.52% |
||||||||
Intelsat SA(2) |
184,456 | $ | 4,495,193 | |||||
|
||||||||
Mexico - 0.56% |
||||||||
Promotora y Operador(2) |
182,605 | 1,666,249 | ||||||
|
||||||||
Netherlands - 2.35% |
||||||||
Koninklijke Vopak NV |
115,399 | 6,963,127 | ||||||
|
||||||||
Spain - 5.02% |
||||||||
Abertis Infraestructuras SA(1) |
498,938 | 8,940,409 | ||||||
Enagas SA(1) |
176,596 | 4,414,611 | ||||||
Red Electrica Corp.(1) |
27,922 | 1,484,606 | ||||||
14,839,626 | ||||||||
Switzerland - 3.78% |
||||||||
Flughafen Zuerich AG(1) |
22,713 | 11,162,168 | ||||||
|
||||||||
United Kingdom - 14.96% |
||||||||
Centrica Plc(1) |
1,841,955 | 10,592,606 | ||||||
National Grid Plc(1) |
1,370,452 | 16,295,360 | ||||||
Pennon Group Plc |
266,597 | 2,754,116 | ||||||
Scottish & Southern Energy Plc(1) |
338,833 | 7,953,402 | ||||||
Severn Trent Plc(1) |
213,358 | 6,625,005 | ||||||
44,220,489 | ||||||||
United States - 32.11% |
||||||||
American Water Works Co., Inc.(1) |
311,200 | 12,429,328 | ||||||
Corrections Corp. of America(1) |
165,157 | 5,805,269 | ||||||
Crown Castle International Corp.(1)(2) |
126,890 | 9,040,913 | ||||||
Duke Energy Corp.(1) |
58,800 | 3,935,484 | ||||||
ITC Holdings Corp.(1) |
143,420 | 12,415,869 | ||||||
PG&E Corp.(1) |
226,500 | 10,172,115 | ||||||
Sempra Energy |
79,800 | 6,487,740 | ||||||
Southern Co.(1) |
361,900 | 15,887,410 | ||||||
Spectra Energy Corp.(1) |
349,300 | 10,678,101 | ||||||
The Williams Cos., Inc.(1) |
230,000 | 8,091,400 | ||||||
94,943,629 | ||||||||
Total Common Stocks |
372,946,668 | |||||||
(Cost $384,340,621) |
||||||||
MASTER LIMITED PARTNERSHIPS - 10.60% |
||||||||
United States - 10.60% |
||||||||
El Paso Pipeline Partners LP(1) |
193,736 | 7,960,612 | ||||||
Enbridge Energy Partners LP(1) |
139,800 | 4,125,498 |
See Notes to Financial Statements.
10 |
|
Description | Shares | Value $ | ||||||
United States (continued) |
||||||||
Energy Transfer Equity LP(1) |
64,020 | $ | 3,659,383 | |||||
Enterprise Products Partners LP(1) |
134,878 | 8,010,405 | ||||||
Magellan Midstream Partners LP(1) |
145,734 | 7,576,711 | ||||||
31,332,609 | ||||||||
Total Master Limited Partnerships |
31,332,609 | |||||||
(Cost $23,974,599) |
||||||||
INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED - 3.95% |
||||||||
Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 0.020% 7-Day Yield(4) |
11,678,377 | 11,678,377 | ||||||
Total Investments Purchased with Cash Collateral From Securities Loaned |
||||||||
(Cost $11,678,377) |
11,678,377 | |||||||
Total Investments - 140.70% |
415,957,654 | |||||||
(Cost $419,993,597) |
||||||||
Other Assets in Excess of Liabilities - 1.92% |
5,672,510 | |||||||
Leverage Facility - (42.62)%(5)
|
(125,994,957 | ) | ||||||
Total Net Assets - 100.00% |
$ | 295,635,207 |
(1) | All or a portion of the security is available to serve as collateral on the outstanding leverage. The aggregate market value of the collateralized securities totals $268,196,017 as of May 31, 2013. |
(2) | Non-Income Producing Security. |
(3) | All or a portion of the security is on loan as of May 31, 2013. |
(4) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrowers return of the securities loaned. (Note 7) |
(5) | Leverage facility expressed as a percentage of net assets. However, leverage limitations are calculated based on Total Assets as defined in the Funds Prospectus. (Note 6) |
Common Abbreviations:
AG | Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders. | |
Co. | Company. | |
Corp. | Corporation. | |
Cos. | Companies. | |
Inc. | Incorporated. | |
LP | Limited Partnership. | |
Ltd. | Limited. | |
NV | Naamloze Vennootschap is the Dutch term for a public limited liability corporation. | |
Plc | Public Limited Company. | |
SA | Generally designates corporations in various countries, mostly those employing the civil law. | |
SpA | Societeta Per Azioni is an Italian shared company. |
See Notes to Financial Statements.
|
11 |
Statement of Assets and Liabilities
MAY 31, 2013 (unaudited)
(Expressed in U.S. Dollars)
ASSETS: |
||||
Investments, at value (Cost $419,993,597)* |
$ | 415,957,654 | ||
Cash |
15,066,253 | |||
Dividends receivable |
2,031,062 | |||
Tax reclaim receivable |
628,320 | |||
Securities lending interest receivable |
20,107 | |||
Receivable for investment securities sold |
2,005,768 | |||
Reimbursement due from advisor |
356,130 | |||
Other assets |
16,049 | |||
Total Assets |
436,081,343 | |||
LIABILITIES: |
||||
Payable for investment securities purchased |
674,706 | |||
Payable to foreign custodian (Cost $726,317) |
725,269 | |||
Payable for collateral upon return of securities loaned (Note 7) |
11,678,377 | |||
Loans payable, at value (Cost $126,507,755) (Note 6) |
125,994,957 | |||
Accrued investment advisory expense |
1,049,417 | |||
Accrued legal expense |
97,030 | |||
Accrued directors expense |
51,809 | |||
Accrued administration expense |
33,973 | |||
Accrued interest on loans payable |
6,715 | |||
Other payables and accrued expenses |
133,883 | |||
Total Liabilities |
140,446,136 | |||
|
|
|||
Net Assets |
$ | 295,635,207 | ||
COMPOSITION OF NET ASSETS: |
||||
Paid-in capital |
$ | 318,526,258 | ||
Accumulated net investment income |
3,081,714 | |||
Accumulated net realized loss on investments |
(22,379,808) | |||
Net unrealized depreciation on investments and foreign currency translation |
(3,592,957) | |||
Net Assets |
$ | 295,635,207 | ||
Shares of common stock outstanding at $0.001 par value, 100,000,000 shares authorized |
12,468,293 | |||
Net Asset Value Per Share |
$ | 23.71 |
* | At May 31, 2013, securities with a market value of $10,960,955 were on loan to brokers. |
See Notes to Financial Statements.
12 |
|
Statement of Operations
FOR THE SIX MONTHS ENDED MAY 31, 2013 (unaudited)
(Expressed in U.S. Dollars)
INVESTMENT INCOME: |
||||
Dividends (net of foreign withholding tax $784,959) |
$ | 11,542,627 | ||
Securities lending income |
102,963 | |||
Interest |
30 | |||
Total Investment Income |
11,645,620 | |||
EXPENSES: |
||||
Investment advisory |
2,048,822 | |||
Interest on loan |
561,223 | |||
Administration |
199,452 | |||
Legal |
126,232 | |||
Printing |
115,611 | |||
Directors |
89,887 | |||
Audit & tax services |
68,642 | |||
Custody |
46,808 | |||
Insurance |
45,802 | |||
Transfer agent |
13,243 | |||
Miscellaneous |
71,764 | |||
Total expenses before reimbursement |
3,387,486 | |||
|
|
|||
Less reimbursement from Advisor (Note 5) |
(356,130) | |||
|
|
|||
Net Expenses |
3,031,356 | |||
|
|
|||
Net Investment Income |
8,614,264 | |||
Net realized gain/loss on: |
||||
Investment securities |
19,489,492 | |||
Foreign currency transactions |
(326,761) | |||
Net change in unrealized appreciation/depreciation on: |
||||
Investment securities |
10,197,903 | |||
Translation of assets and liabilities denominated in foreign currencies |
(57,339) | |||
Net Realized and Unrealized Gain on Investments |
29,303,295 | |||
|
|
|||
Net Increase in Net Assets From Operations |
$ | 37,917,559 |
See Notes to Financial Statements.
|
13 |
Statements of Changes in Net Assets
(Expressed in U.S. Dollars)
For the Six Months Ended May 31, 2013 (unaudited) |
For the Year Ended November 30, 2012 |
|||||||
FROM OPERATIONS: |
||||||||
Net investment income |
$ | 8,614,264 | $ | 14,687,552 | ||||
Net realized gain/loss on: |
||||||||
Investment securities |
19,489,492 | 21,847,809 | ||||||
Foreign currency transactions |
(326,761 | ) | (627,483 | ) | ||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translation |
10,140,564 | 16,414,163 | ||||||
Net Increase in Net Assets From Operations |
37,917,559 | 52,322,041 | ||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS: |
||||||||
From net investment income |
(8,866,342 | ) | (16,624,391 | ) | ||||
Total Distributions |
(8,866,342 | ) | (16,624,391 | ) | ||||
CAPITAL SHARE TRANSACTIONS: |
||||||||
Payments for shares redeemed in connection with tender offer (Note 3) |
(29,605,271 | ) | (67,501,959 | ) | ||||
Total Capital Share Transactions |
(29,605,271 | ) | (67,501,959 | ) | ||||
|
||||||||
Net Decrease in Net Assets |
(554,054 | ) | (31,804,309 | ) | ||||
NET ASSETS: |
||||||||
Beginning of period |
$ | 296,189,261 | $ | 327,993,570 | ||||
End of period* |
$ | 295,635,207 | $ | 296,189,261 | ||||
*Includes Accumulated Net Investment Income of: |
$ | 3,081,714 | $ | 3,333,792 |
See Notes to Financial Statements.
14 |
|
Statement of Cash Flows
FOR THE SIX MONTHS ENDED MAY 31, 2013 (unaudited)
(Expressed in U.S. Dollars)
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||
Net increase in net assets from operations |
$ | 37,917,559 | ||
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |
||||
Purchase of investment securities |
(165,676,527 | ) | ||
Proceeds from disposition of investment securities |
181,574,717 | |||
Net realized gain on investments |
(19,162,731 | ) | ||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies |
(10,140,564 | ) | ||
Increase in dividends receivable |
(1,099,574 | ) | ||
Increase in tax reclaim receivable |
(191,521 | ) | ||
Decrease in securities lending interest receivable |
9,490 | |||
Increase in reimbursement due from advisor |
(356,130 | ) | ||
Decrease in other assets |
45,068 | |||
Increase in payable to foreign custodian |
725,269 | |||
Increase in accrued interest on loan payable |
790 | |||
Decrease in accrued investment advisory expense |
(74,881 | ) | ||
Increase in accrued administration expense |
1,186 | |||
Decrease in accrued legal expense |
(108,488 | ) | ||
Decrease in accrued directors expense |
(4,858 | ) | ||
Decrease in other payables and accrued expenses |
(423,861 | ) | ||
Net Cash Provided by Operating Activities |
23,034,944 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||
Drawdown bank borrowing |
17,184,110 | |||
Cash distributions paid |
(8,866,342 | ) | ||
Payout for shares redeemed via tender offer |
(29,605,271 | ) | ||
Net Cash Used in Financing Activities |
(21,287,503 | ) | ||
Effect of exchange rates on cash |
(384,098 | ) | ||
Net increase in cash |
1,363,343 | |||
Cash and foreign currency, beginning balance |
$ | 13,702,910 | ||
Cash and foreign currency, ending balance |
$ | 15,066,253 | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
||||
Cash paid during the period for interest on bank borrowing: |
$ | 560,433 |
See Notes to Financial Statements.
|
15 |
Financial Highlights
(Expressed in U.S. Dollars)
For the Six Months Ended May 31, 2013 (Unaudited) |
||||||||||
PER COMMON SHARE OPERATING PERFORMANCE: |
||||||||||
Net asset value - beginning of period |
$ | 21.38 | ||||||||
Income from investment operations: |
||||||||||
Net investment income |
0.65 | |||||||||
Net realized and unrealized gain/loss on investments |
2.32 | (1) | ||||||||
Total from Investment Operations |
2.97 | |||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM: |
||||||||||
Net investment income |
(0.64 | ) | ||||||||
Net realized gains on investments |
| |||||||||
Total Distributions |
(0.64 | ) | ||||||||
Net asset value - end of period |
$ | 23.71 | ||||||||
Market Price - end of period |
$ | 21.16 | ||||||||
Total Investment Return - Net Asset Value(3) |
14.45% | |||||||||
Total Investment Return - Market Price(3) |
15.85% | |||||||||
RATIOS AND SUPPLEMENTAL DATA: |
||||||||||
Net assets attributable to common shares, at end of period (000s) |
$ | 295,635 | ||||||||
Ratios to average net assets attributable to common shareholders: |
||||||||||
Expenses(4) |
2.20% | (5)(6) | ||||||||
Expenses excluding interest expense |
1.84% | (5)(7) | ||||||||
Net investment income |
5.36% | (5)(8) | ||||||||
Portfolio turnover rate |
39% | |||||||||
BORROWINGS AT END OF PERIOD: |
||||||||||
Aggregate Amount Outstanding (000s) |
$ | 125,995 | ||||||||
Asset Coverage Ratio to Total Assets(9) |
335% |
(1) | Includes accretive effect of tender offer of $0.21. As shares of common stock were tendered at a price less than NAV (92%), there is an accretive impact to shares remaining in the Fund. Also see Note 3. |
(2) | Includes accretive effect of tender offer of $0.26. As shares of common stock were tendered at a price less than NAV (95%), there is an accretive impact to shares remaining in the Fund. |
(3) | Total investment return is calculated assuming a purchase of a common share at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Funds dividend reinvestment plan. Total investment returns exclude brokerage commissions on buying and selling of MGU shares, but do include commissions on buying and selling the underlying portfolio securities. Past performance is not a guarantee of future results. |
(4) | For the six months ended May 31, 2013 and the years ended November 30, 2012, 2011, 2010, 2009 and 2008, the annualized ratios to Total Assets were 1.61% (unaudited; excludes reimbursement from advisor), 2.08%, 1.62%, 1.68%, 1.72% and 2.00%, respectively. The prospectus for the Fund defines Total Assets as Total Net Assets plus leverage. |
(5) | Annualized. |
(6) | Excludes reimbursement from advisor. The expense ratio, had the reimbursement been included, would have been 1.97%. (See Note 5) |
(7) | Excludes reimbursement from advisor. The expense ratio, had the reimbursement been included, would have been 1.61%. (See Note 5) |
(8) | Excludes reimbursement from advisor. The net investment income ratio, had the reimbursement been included, would have been 5.59%. (See Note 5) |
(9) | Asset coverage ratios are calculated based on Total Assets as defined in the Funds Prospectus. (See Note 6) |
See Notes to Financial Statements.
16 |
|
For the Years Ended November 30, | ||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||
$ | 18.94 | $ | 19.31 | $ | 18.38 | $ | 14.31 | $ | 35.35 | |||||||||
0.97 | 0.76 | 0.54 | 0.69 | 1.40 | ||||||||||||||
2.43 | (2) | (0.41) | 1.43 | 4.11 | (16.86) | |||||||||||||
3.40 | 0.35 | 1.97 | 4.80 | (15.46) | ||||||||||||||
(0.96) | (0.72) | (1.04) | (0.73) | (1.60) | ||||||||||||||
| | | | (3.98) | ||||||||||||||
(0.96) | (0.72) | (1.04) | (0.73) | (5.58) | ||||||||||||||
$ | 21.38 | $ | 18.94 | $ | 19.31 | $ | 18.38 | $ | 14.31 | |||||||||
$ | 18.85 | $ | 16.16 | $ | 16.44 | $ | 14.99 | $ | 10.18 | |||||||||
18.89% | 2.24% | 12.05% | 36.18% | (50.69)% | ||||||||||||||
22.85% | 2.46% | 16.98% | 56.12% | (60.57)% | ||||||||||||||
$ | 296,189 | $ | 327,994 | $ | 334,371 | $ | 318,299 | $ | 247,759 | |||||||||
2.40% | 2.11% | 2.19% | 2.63% | 3.14% | ||||||||||||||
1.98% | 1.61% | 1.69% | 1.76% | 1.69% | ||||||||||||||
4.19% | 3.96% | 2.89% | 4.56% | 5.42% | ||||||||||||||
71% | 53% | 85% | 71% | 34% | ||||||||||||||
$ | 108,811 | $ | 109,682 | $ | 83,692 | $ | 82,000 | $ | 90,000 | |||||||||
372% | 399% | 500% | 488% | 375% |
|
17 |
Notes to Financial Statements
MAY 31, 2013 (unaudited)
18 |
|
|
19 |
Notes to Financial Statements
MAY 31, 2013 (unaudited)
20 |
|
|
21 |
Notes to Financial Statements
MAY 31, 2013 (unaudited)
The following is a summary of the inputs used as of May 31, 2013 in valuing the Funds investments carried at value:
Investments in Securities at Value* | Valuation Inputs |
|||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks |
||||||||||||||||
Australia |
$ | | $ | 36,303,978 | $ | | $ | 36,303,978 | ||||||||
Brazil |
14,037,815 | | | 14,037,815 | ||||||||||||
Canada |
23,611,349 | | | 23,611,349 | ||||||||||||
China |
| 32,041,625 | | 32,041,625 | ||||||||||||
France |
| 45,644,004 | | 45,644,004 | ||||||||||||
Germany |
| 19,775,207 | | 19,775,207 | ||||||||||||
India |
| 2,025,859 | | 2,025,859 | ||||||||||||
Italy |
| 8,039,375 | | 8,039,375 | ||||||||||||
Japan |
| 13,176,975 | | 13,176,975 | ||||||||||||
Luxembourg |
4,495,193 | | | 4,495,193 | ||||||||||||
Mexico |
1,666,249 | | | 1,666,249 | ||||||||||||
Netherlands |
| 6,963,127 | | 6,963,127 | ||||||||||||
Spain |
| 14,839,626 | | 14,839,626 | ||||||||||||
Switzerland |
| 11,162,168 | | 11,162,168 | ||||||||||||
United Kingdom |
| 44,220,489 | | 44,220,489 | ||||||||||||
United States |
94,943,629 | | | 94,943,629 | ||||||||||||
Master Limited Partnerships |
31,332,609 | | | 31,332,609 | ||||||||||||
Investments Purchased with Cash Collateral from Securities Loaned |
11,678,377 | | | 11,678,377 | ||||||||||||
Total |
$ | 181,765,221 | $ | 234,192,433 | $ | | $ | 415,957,654 | ||||||||
* For detailed country descriptions, see accompanying Schedule of Investments. |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Units |
|||||||||||||||
Transfers In | Transfers (Out) | Transfers In | Transfers (Out) | |||||||||||||
Common Stocks |
$ | | $ | (198,735,788 | ) | $ | 198,735,788 | $ | | |||||||
Total |
$ | | $ | (198,735,788 | ) | $ | 198,735,788 | $ | |
22 |
|
|
23 |
Notes to Financial Statements
MAY 31, 2013 (unaudited)
24 |
|
3. Capital Transactions
For the Six Months Ended May 31, 2013 |
For the Year Ended November 30, 2012 |
|||||||
Shares | Shares | |||||||
Common shares outstanding - beginning of period |
13,853,659 | 17,317,074 | ||||||
Common shares reinvested |
| | ||||||
Tender offer shares redeemed |
(1,385,366 | ) | (3,463,415 | ) | ||||
Common shares outstanding - end of period |
12,468,293 | 13,853,659 |
|
25 |
Notes to Financial Statements
MAY 31, 2013 (unaudited)
26 |
|
|
27 |
Notes to Financial Statements
MAY 31, 2013 (unaudited)
28 |
|
|
29 |
Additional Information
MAY 31, 2013 (unaudited)
30 |
|
|
31 |
Additional Information
MAY 31, 2013 (unaudited)
32 |
|
PAGE INTENTIONALLY LEFT BLANK
|
33 |
Directors & Officers
MAY 31, 2013 (unaudited)
Certain biographical and other information relating to the Directors and Executive Officers of the Fund is set out below, including their year of birth, their principal occupations for at least the last five years, the length of time served, the total number of portfolios overseen in the complex of funds advised by the Manager (MCIM-Affiliate Advised Funds), and other public company directorships.
Biographical Information of the Non-Interested Directors of the Fund
Name, Birth Year and Address(1) of Director |
Position(s) Held with the Fund |
Term of Office and Length of Time Served(2) | ||
Gordon A. Baird* | Class I Director | Since July 2005 | ||
Birth Year: 1968
|
||||
Thomas W. Hunersen* | Class II Director | Since July 2005 | ||
Birth Year: 1958
|
||||
Chris LaVictoire Mahai* | Class III Director | Since July 2005 | ||
Birth Year: 1955
|
||||
Biographical Information of the Interested Directors of the Fund
| ||||
Name, Birth Year and Address(1) of Director |
Position(s) Held with the Fund |
Term of Office and Length of Time Served(2) | ||
Brad Frishberg | Class III Director | Since January 2011 | ||
Birth Year: 1967
|
(1) | Each Director may be contacted by writing to the Director, c/o Macquarie Global Infrastructure Total Return Fund, 1290 Broadway, Suite 1100, Denver, CO 80203. |
(2) | Each Directors term of office extends until the next stockholder meeting called for the purpose of electing Directors in the relevant class and until the election and qualification of a successor, or until such Director dies, resigns or is removed as provided in the governing documents of the Fund. |
* | Member of the Audit Committee. |
34 |
|
Principal Occupation(s) During Past Five Years |
Number of MCIM-Affiliate Advised Funds Overseen |
Other Public Company Directorships | ||||
Mr. Baird has been the Chief Executive Officer of Independence Bancshares, Inc. since 2012. Previously, Mr. Baird had been an advisor to Thomas H. Lee Partners L.P., a Boston-based private equity firm. Prior to his involvement with Thomas H. Lee Partners L.P., from 2003 to 2011, Mr. Baird had been the Chief Executive Officer and Member of the Board of Directors of Paramax Capital Partners LLC, an asset management firm specializing exclusively in the financial services industry. Prior to this, Mr. Baird worked as a private equity analyst in the investment management group at State Street Bank and Trust Company and the ABS securitization group at State Street Capital Corporation. Additionally, Mr. Baird is a member of the New York Securities Analyst Society and the Association for Investment Management and Research and is a Chartered Financial Analyst. | 1 | None | ||||
Mr. Hunersen is former Group Executive Corporate & Institutional Recovery at Irish Bank Resolution Corporation, Dublin, Republic of Ireland, 2013, Head of Strategy Projects - North America Bank of Ireland, Greenwich, Connecticut, 2004; Chief Executive Officer, Slingshot Game Technology Inc., Natick, Massachusetts, 2001 2003; and EVP and Global Head of Energy & Utilities, National Australia Bank Limited, Melbourne, London and New York, 1987 2001. | 1 | None | ||||
Ms. Mahai has been Owner/Managing Member/Partner of Aveus, LLC (general management consulting) since 1999. | 1 | None | ||||
Principal Occupation(s) During Past Five Years |
Number of MCIM-Affiliate Advised Funds Overseen |
Other Public Directorships | ||||
Mr. Frishberg has been Managing Director and Chief Investment Officer of Infrastructure Securities of Macquarie Funds Group since December 2009. Previously, he was Managing Director and U.S. Equity Portfolio Manager of JP Morgan Asset Management from 2000 2008. | 1 | None |
|
35 |
Directors & Officers
MAY 31, 2013 (unaudited)
Biographical Information of the Executive Officers of the Fund
| ||||
Name, Birth Year and Address of Officer |
Position(s) Held with the Fund |
Term of Office and Length of Time Served(1) | ||
Brad Frishberg Birth Year: 1967 125 West 55th Street New York, NY 10019 |
Chief Executive Officer and President | Since May 31, 2010 | ||
James Blake | Chief Compliance Officer | Since February 14, 2011 | ||
Birth Year: 1963 | ||||
125 West 55th Street | ||||
New York, NY 10019 | ||||
John H. Kim | Chief Legal Officer and | Since February 1, 2011 | ||
Birth Year: 1971 | Secretary | |||
125 West 55th Street | ||||
New York, NY 10019 | ||||
Meredith Meyer Birth Year: 1973 125 West 55th Street New York, NY 10019 |
Chief Financial Officer and Treasurer | Since February 1, 2011 |
(1) | Each officer serves an indefinite term. |
36 |
|
Principal Occupation(s) During Past Five Years |
Mr. Frishberg has been Managing Director and Chief Investment Officer of Infrastructure Securities of Macquarie Funds Group since December 2009. Previously, he was Managing Director and U.S. Equity Portfolio Manager of JP Morgan Asset Management from 2000 2008.
|
Mr. Blake is an Associate Director for Macquarie Bank Limited (February 2011 present); previously, he was a Senior Compliance Officer for Delaware Management Business Trust, a subsidiary of Macquarie Group Limited (August 2001 January 2011).
|
Mr. Kim is Managing Director and U.S. General Counsel of Macquarie Funds Group (June 2009 present); previously, he was Head of U.S. Alternatives Legal within the Asset Management Division of Deutsche Bank AG (April 2001 June 2009).
|
Ms. Meyer is an Associate Director and Chief Operating Officer of MCIM (2009 present). She has been with Macquarie Funds Group since 2007. Previously, she was Vice President at Marsh & McLennan Companies from 2003 to 2006. |
|
37 |
Item 2. | Code of Ethics. |
Not applicable to this report.
Item 3. | Audit Committee Financial Expert. |
Not applicable to this report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable to this report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this report.
Item 6. | Investments. |
The Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
The following is a copy of the Registrants policies and procedures:
Registrants (MGU) Proxy Voting Procedures
Macquarie Capital Investment Manager LLC (MCIM) is the adviser of MGU and is responsible for voting proxies on its behalf. MCIM has adopted the following policies and procedures designed to ensure that all such votes are in the best interest of MGU.
a) MCIMs policy is to vote on all proxies for securities held by MGU consistently and in the best interest of MGU and its shareholders, considered as a group rather than individually, unless it determines that abstaining from the vote would be in the best interest of MGU. For this purpose, best interest means in the best economic interest of MGU and its shareholders, as investors (hereafter, collectively, MGU), without regard to any self-interest which MCIM, its management or affiliates might have in a particular voting matter or any interest which MGU shareholders may have other than their economic interest, in common, as MGU investors.
b) MCIM has engaged the services of ISS to make recommendations to MCIM with respect to voting proxies related to securities managed by MCIM on behalf of MGU. ISS recommendations will be based on ISS pre-established voting guidelines.
c) MCIM will review each ISS recommendation and will generally vote in accordance with such recommendation unless it determines that the recommendation is not in the best interest of MGU.
d) In the event that MCIM determines that it is not in the best interest of MGU to vote, or to vote in accordance with an ISS recommendation, regarding a particular voting matter, MCIM will document its reasons for such determinations.
e) In the event that MCIM manages the assets of a company or its pension plan and the Fund holds securities issued by that company, MCIM will vote proxies relating to that companys securities in accordance with ISS recommendations to avoid any actual or apparent conflict of interest in the matter.
f) In the event, apart from the situation described in e) immediately above, that MCIM determines it has an actual, potential or apparent conflict of interest regarding a particular voting matter, it will generally follow the ISS recommendation to ensure that such conflict is avoided. Should MCIM determine that a vote according to ISS recommendation regarding such a matter would not be in the best interest of MGU, MCIM will promptly escalate the matter so that voting instructions may be obtained from the MGU Board of Directors upon the advice, if sought, of legal counsel or other advisers to the Fund and/or its independent directors.
g) MCIM will follow any specific voting procedures adopted by MGU, unless it determines that it is unable to do so. In the event that MCIM is unable, for any reason, to follow specific procedures adopted by MGU, it will document the reasons for its determination and promptly so notify the Board of Directors of MGU or their appointed delegate.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
(a) | Not applicable to this report. |
(b) | Not applicable. |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Period
|
Total Number of Shares (Or Units) Purchased
|
Average price Paid per Share (or Unit)(1)
|
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet
be Plans or Program
| ||||
Dec. 1 Dec. 31, 2012 |
0 | 0 | 0 | 0 | ||||
Jan. 1 Jan., 31, 2013 |
0 | 0 | 0 | 0 | ||||
Feb. 1 Feb. 28, 2013 |
0 | 0 | 0 | 0 | ||||
Mar. 1 Mar. 31, 2013 |
0 | 0 | 0 | 0 | ||||
Apr. 1 Apr. 30, 2013 |
1,385,366 | $21.37 | 1,385,366 | 0 | ||||
May 1 May 31, 2013 |
0 | 0 | 0 | 0 |
(1) | On March 6, 2013, the Fund commenced a tender offer to purchase for cash up to 1,385,366 (representing approximately 10%) of its issued and outstanding shares of common stock, par value $0.001 per share, at a price equal to 92% of the NAV per share, determined as of the business day immediately following the day the tender offer was to expire. The tender offer subsequently expired on April 3, 2013 and as a result, the Fund redeemed 1,385,366 shares of common stock, at a price equal to $21.37 per share, which represented 92% of the Funds NAV per share as of the close of regular trading session of the NYSE on April 4, 2013. |
Period
|
Total Number of Shares (Or Units) Purchased
|
Average price Paid per Share (or Unit)(1)
|
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet be Purchased Under the Plans or Program
| ||||
Dec. 1 Dec. 31, 2011 |
0 | 0 | 0 | 0 | ||||
Jan. 1 Jan., 31, 2012 |
0 | 0 | 0 | 0 | ||||
Feb. 1 Feb. 29, 2012 |
0 | 0 | 0 | 0 | ||||
Mar. 1 Mar. 31, 2012 |
0 | 0 | 0 | 0 | ||||
Apr. 1 Apr. 30, 2012 |
0 | 0 | 0 | 0 | ||||
May 1 May. 31, 2012 |
0 | 0 | 0 | 0 | ||||
June 1 June 30, 2012 |
0 | 0 | 0 | 0 | ||||
July 1 July 31, 2012 |
0 | 0 | 0 | 0 | ||||
Aug. 1 Aug. 31, 2012 |
0 | 0 | 0 | 0 | ||||
Sept. 1 Sept. 30, 2012 |
0 | 0 | 0 | 0 | ||||
Oct. 1, Oct. 31, 2012 |
0 | 0 | 0 | 0 | ||||
Nov. 1, Nov. 30, 2012 |
3,463,415 | $19.49 | 3,463,415 | 0 |
(1) | On October 18, 2012, the Fund commenced a cash tender offer to purchase for cash up to 3,463,415 (representing approximately 20%) of its issued and outstanding shares of common stock, par value $0.001 per share, at a price equal to 95% of the NAV per share, determined as of the business day immediately following the day the tender offer was to expire. The tender offer subsequently expired on November 16, 2012 and as a result, the Fund redeemed 3,463,415 shares of common stock, at a price equal to $19.49 per share, which represented 95% of the Funds NAV per share as of the close of regular trading session of the |
NYSE on November 19, 2012. This information was previously disclosed in (i) a press release issued by the Fund on November 20, 2012 and filed as an exhibit to the Funds Amendment No. 3 to Schedule TO filed with the Securities and Exchange Commission (the SEC) on November 20, 2012 and (ii) the Funds 2012 Annual Report for the fiscal year ended November 30, 2012 included in the Form N-CSR filed with the SEC on February 4, 2013 (the 2012 Form N-CSR) but was inadvertently omitted from Item 9 of the 2012 Form N-CSR. |
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrants Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2) of Regulation S-K, or this Item.
Item 11. | Controls and Procedures. |
(a) | The Registrants principal executive officer and principal financial officer have evaluated the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrants disclosure controls and procedures were effective, as of that date. |
(b) | There was no change in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting. |
Item 12. | Exhibits. |
(a)(1) | Not applicable to this report. |
(a)(2) | The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002, are attached hereto as Ex99.Cert. |
(a)(3) | Not applicable. |
(b) | The certifications by the Registrants principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002, are attached hereto as Ex99.906Cert. |
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.
Macquarie Global Infrastructure Total Return Fund Inc.
By: | /s/ Brad Frishberg |
|||
Brad Frishberg | ||||
Chief Executive Officer (Principal Executive Officer) | ||||
Date: | August 2, 2013 |
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.
By: | /s/ Brad Frishberg |
|||
Brad Frishberg | ||||
Chief Executive Officer (Principal Executive Officer) | ||||
Date: | August 2, 2013 | |||
By: | /s/ Meredith Meyer |
|||
Meredith Meyer | ||||
Chief Financial Officer (Principal Financial Officer) | ||||
Date: | August 2, 2013 |
Ex. 99.Cert
I, Brad Frishberg, Chief Executive Officer of Macquarie Global Infrastructure Total Return Fund Inc., certify that:
1. | I have reviewed this report on Form N-CSR of Macquarie Global Infrastructure Total Return Fund Inc. (the registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: | /s/ Brad Frishberg |
|||||
Brad Frishberg | ||||||
Chief Executive Officer (Principal Executive Officer) | ||||||
Date: | August 2, 2013 |
I, Meredith Meyer, Chief Financial Officer of Macquarie Global Infrastructure Total Return Fund Inc., certify that:
1. | I have reviewed this report on Form N-CSR of Macquarie Global Infrastructure Total Return Fund Inc. (the registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: |
/s/ Meredith Meyer |
|||||
Meredith Meyer | ||||||
Chief Financial Officer (Principal Financial Officer) | ||||||
Date: |
August 2, 2013 |
Exhibit 99.906Cert
This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended May 31, 2013 of Macquarie Global Infrastructure Total Return Fund Inc. (the Company).
I, Brad Frishberg, the Chief Executive Officer of the Company, certify that:
(i) | the Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(ii) | the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | August 2, 2013 | |||||
By: | /s/ Brad Frishberg |
|||||
Brad Frishberg | ||||||
Chief Executive Officer (Principal Executive Officer) |
This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended May 31, 2013 of Macquarie Global Infrastructure Total Return Fund Inc. (the Company).
I, Meredith Meyer, Chief Financial Officer of the Company, certify that:
(i) | the Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(ii) | the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | August 2, 2013 | |||||
By: | /s/ Meredith Meyer |
|||||
Meredith Meyer | ||||||
Chief Financial Officer (Principal Financial Officer) |
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