W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)
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. § 3507.
Item 1. Reports to Stockholders.
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.
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.
Macquarie/First Trust Global Infrastructure/Utilities
Dividend & Income Fund (“Registrant”) has adopted a code of ethics that applies to the Registrant’s principal executive
officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Code
of Ethics”). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there
were no waivers from the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions.
A copy of the currently effective Code of Ethics will be filed with
the Registrant’s annual Form N-CSR.
Not applicable to semi-annual reports on Form N-CSR.
Not applicable to semi-annual reports on Form N-CSR.
(a) Not applicable to the Registrant.
(b) Not applicable to the Registrant.
Not applicable to the Registrant.
Not applicable to the Registrant.
Not applicable to the Registrant.
There were no approvals of an investment
advisory contract during the Registrant’s most recent fiscal half-year.
Not applicable to semi-annual reports on Form N-CSR.
No reportable purchases for the period covered by this report.
There have been no material changes to the
procedures by which the shareholders may recommend nominees to the Registrant’s board of directors, 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.
I, James M. Dykas, certify that:
I, Derek D. Maltbie, certify that::
I, James M. Dykas, President and Chief Executive Officer
of Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (the “Registrant”), certify that:
I, Derek D. Maltbie, Treasurer, Chief Financial Officer
and Chief Accounting Officer of Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (the “Registrant”),
certify that:
N-2
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6 Months Ended |
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May 31, 2024
$ / shares
shares
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| Cover [Abstract] |
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| Entity Central Index Key |
0001276469
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| Amendment Flag |
false
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| Entity Inv Company Type |
N-2
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| Document Type |
N-CSRS
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| Entity Registrant Name |
Macquarie/First Trust Global Infrastructure/Util
Div & Inc Fund
|
| General Description of Registrant [Abstract] |
|
| Investment Objectives and Practices [Text Block] |
The Fund seeks to provide a high level of current return consisting of dividends,
interest and other similar income while attempting to preserve capital. The Fund seeks to achieve its investment objective by investing
predominantly in the securities of companies that are involved in the management, ownership, and/or operation of infrastructure and utilities
assets, and are expected to offer reasonably predictable income and attractive yields. The Fund also invests in senior secured
loans generally considered to be high-yield securities. There can be no assurance that the Fund will achieve its investment objective. The
Fund may not be appropriate for all investors.
|
| Risk Factors [Table Text Block] |
Principal Risks
The Fund is a closed-end management investment company designed primarily as a long-term
investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty
inherent in all investments, there can be no assurance that the Fund will achieve its investment objective. The following discussion
summarizes the principal risks associated with investing in the Fund, which includes the risk that you could lose some or all of
your investment in the Fund. The Fund is subject to the informational requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940 and, in accordance therewith, files reports, proxy statements and other information that is available
for review.
Canada Risk. The Fund invests in securities of Canadian issuers and is therefore subject to certain
risks specifically associated with investments in the securities of Canadian issuers. The Canadian economy is heavily
dependent on the demand for natural resources and agricultural products. Canada is a major producer of commodities such as forest products,
metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Accordingly, a change in the
supply and demand of these resources, both domestically and internationally, can have a significant effect on Canadian market
performance. Canada is a top producer of zinc and uranium and a global source of many other natural resources, such as gold, nickel,
aluminum, and lead. Conditions that weaken demand for such products worldwide could have a negative impact on the Canadian economy
as a whole. Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is Canada’s largest trading partner and foreign investor. These and other factors could have a negative impact on the Fund and its investments
in Canada.
Credit Agency Risk. Credit ratings are determined by credit rating agencies and are only the opinions
of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not
evaluate market risk or the liquidity of securities. Any shortcomings or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or such credit rating agency’s ability to evaluate creditworthiness and, as a result, may adversely affect those securities’ perceived or actual credit risk.
Credit and Below-Investment Grade Securities Risk. Credit risk is the risk that the issuer or other obligated party of a debt security
in the Fund’s portfolio will fail to pay, or it is perceived that it will fail to pay, dividends or interest and/or repay principal, when due. Below-investment grade instruments, including instruments that are not rated but judged
to be of comparable quality, are commonly referred to as high-yield securities or “junk” bonds and are considered speculative with respect to the issuer’s capacity to pay dividends or interest and repay principal and are more susceptible to default or decline in
market value than investment grade securities due to adverse economic and business developments. High-yield securities are often unsecured
and subordinated to other creditors of the issuer. The market values for high-yield securities tend to be very volatile, and
these securities are generally less liquid than investment grade securities. For these reasons, an investment in the Fund is subject to the following
specific risks: (i) increased price sensitivity to changing interest rates and to a deteriorating economic environment; (ii) greater
risk of loss due to default or declining credit quality; (iii) adverse company specific events more likely to render the issuer unable to make
dividend, interest and/or principal payments; (iv) negative perception of the high-yield market which may depress the price and
liquidity of high-yield securities; (v) volatility; and (vi) liquidity.
Current Market Conditions Risk. Current market conditions risk is the risk that a particular investment, or shares
of the Fund in general, may fall in value due to current market conditions. As a means to fight inflation,
which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to
continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S.
regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. Recent and
potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence
in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing
adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may
continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad
may affect investor and consumer confidence
and may adversely impact financial markets and the broader economy. For example, ongoing
armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle
East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe,
the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue
to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United
States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other
matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government
is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the
United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical
conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by
governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets,
negatively impacting global growth prospects. While vaccines have been developed, there is no guarantee that vaccines will be effective
against emerging future variants of the disease. As this global pandemic illustrated, such events may affect certain geographic
regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets
and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development
and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could result in disruptions in the trading markets.
Cyber Security Risk. The Fund is susceptible to potential operational risks through breaches in cyber security.
A breach in cyber security refers to both intentional and unintentional events that may cause the Fund
to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur
regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.
Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding, but may also result from outside attacks such as denial-of-service attacks through efforts to make network
services unavailable to intended users. In addition, cyber security breaches of the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the Fund invests, can also subject
the Fund to many of the same risks associated with direct cyber security breaches. The Fund has established risk management systems designed
to reduce the risks associated with cyber security. However, there is no guarantee that such efforts will succeed, especially
because the Fund does not directly control the cyber security systems of issuers or third party service providers. Substantial costs may
be incurred by the Fund in order to resolve or prevent cyber incidents in the future.
Equity Securities Risk. The value of the Fund’s shares will fluctuate with changes in the value of the equity securities in which the Fund invests. Prices of equity securities fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such
as market volatility, or when political or economic events affecting the issuers occur. Common stock prices may be particularly sensitive
to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price
over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular
country, company, industry or sector of the market.
Illiquid Securities Risk. The Fund may invest in securities that are considered to be illiquid securities. Illiquid
securities may be difficult to dispose of at a fair price at the times when the Fund believes it is
desirable to do so. The market price of illiquid securities generally is more volatile than that of more liquid securities, which may adversely
affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid securities are also more difficult to value,
especially in challenging markets.
Although the resale or secondary market for senior loans is growing, it is currently
limited. There is no organized exchange or board of trade on which senior loans are traded. Instead, the secondary market for senior loans
is an unregulated inter-dealer or inter-bank resale market. In addition, the senior loans in which the Fund invests may require the consent
of the borrower and/or agent prior to the settlement of the sale or assignment. These consent requirements can delay or impede the Fund’s ability to settle the sale of senior loans. Depending on market conditions, the Fund may have difficulty disposing its
senior loans, which may adversely impact its ability to obtain cash to repay debt, to pay dividends, to pay expenses or to take advantage
of new investment opportunities.
Inflation Risk. Certain of the Fund’s investments are subject to inflation risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the
value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline. This risk is more prevalent with respect to debt securities. Inflation rates may change frequently and drastically as a result of various factors, including unexpected
shifts in the domestic or global economy, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund investors.
Infrastructure and Industry Concentration Risk. Given the Fund’s concentration in the infrastructure industry, the Fund is 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, increased regulation and other
factors.
In addition, infrastructure assets can have a substantial environmental impact. Ordinary
operation or an accident with respect to such assets could cause major environmental damage which could cause the owner of such
assets significant financial distress. Community and environmental groups may protest about the development or operation of infrastructure
assets, and these protests may induce government action to the detriment of the owner of the infrastructure asset.
Interest Rate Risk. Interest rate risk is the risk that securities will decline in value because of changes
in market interest rates. The yield on the Fund’s common shares will tend to rise or fall as market interest rates rise and fall, as senior loans pay interest at rates which float in response to changes in market rates. Changes in prevailing interest
rates can be expected to cause some fluctuation in the Fund’s net asset value. Similarly, a sudden and significant increase in market interest rates may cause a decline in the Fund’s net asset value.
Leverage Risk. The use of leverage by the Fund can magnify the effect of any losses. If the income
and gains from the securities and investments purchased with leverage proceeds do not cover the cost of leverage, the
return to the common shares will be less than if leverage had not been used. Leverage involves risks and special considerations for
common shareholders including: (i) the likelihood of greater volatility of net asset value and market price of the common shares than
a comparable portfolio without leverage; (ii) the risk that fluctuations in interest rates on borrowings will reduce the return to the
common shareholders or will result in fluctuations in the dividends paid on the common shares; (iii) in a declining market, the use of leverage
is likely to cause a greater decline in the net asset value of the common shares than if the Fund was not leveraged, which may result
in a greater decline in the market price of the common shares; and (iv) when the Fund uses certain types of leverage, the investment
advisory fee payable to the Advisor and by the Advisor to the Sub-Advisor will be higher than if the Fund did not use leverage.
LIBOR Risk. As of June 30, 2023, nearly all LIBOR publications ceased. While some LIBOR rates
will continue to be published for a short period of time after June 30, 2023, it is only on an unrepresentative synthetic
basis. Transitioning to a new reference rate may affect the value, liquidity or return on certain Fund investments and may result in
costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away
from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending
on a variety of factors. In the United States, the Secured Overnight Financing Rate (“SOFR”) has been identified as the preferred alternative to LIBOR. There is no assurance that the composition or characteristics of SOFR, or any alternative reference rate, will be
similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same
volume or liquidity.
Management Risk and Reliance on Key Personnel. The implementation of the Fund’s investment strategy depends upon the continued contributions of certain key employees of the Advisor and Sub-Advisor, some
of whom have unique talents and experience and would be difficult to replace. The loss or interruption of the services of a key
member of the portfolio management team could have a negative impact on the Fund.
Market Discount from Net Asset Value. Shares of closed-end investment companies such as the Fund frequently trade at a
discount from their net asset value. The Fund cannot predict whether its common shares will
trade at, below or above net asset value.
Market Risk. Investments held by the Fund, as well as shares of the Fund itself, are subject to
market fluctuations caused by real or perceived adverse economic conditions, political events, regulatory factors or market
developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or
underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or
global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political
changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases
or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Any
of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may fluctuate.
Non-U.S. Securities and Currency Risk. Investing in non-U.S. securities involves certain risks not involved in domestic
investments, including, but not limited to: fluctuations in currency exchange rates; future foreign
economic, financial, political and social
developments; different legal systems; the possible imposition of exchange controls
or other foreign governmental laws or restrictions; lower trading volume; withholding taxes; greater price volatility and illiquidity;
different trading and settlement practices; less governmental supervision; high and volatile rates of inflation; fluctuating interest
rates; less publicly available information; and different accounting, auditing and financial recordkeeping standards and requirements.
Because the Fund may invest in securities denominated or quoted in non-U.S. currencies, changes in the non-U.S. currency/United
States dollar exchange rate may affect the value of the Fund’s securities and the unrealized appreciation or depreciation of investments.
There may be very limited regulatory oversight of certain non-U.S. banks or securities
depositories that hold non-U.S. securities and non-U.S. currency and the laws of certain countries may limit the ability to recover
such assets if a non-U.S. bank or depository or their agents go bankrupt. There may also be an increased risk of loss of portfolio securities.
Investing in non-U.S. securities may also involve a greater risk for excessive trading due to “time-zone arbitrage.” If an event occurring after the close of a non-U.S. market, but before the time the Fund computes its current
net asset value, causes a change in the price of the non-U.S. securities and such price is not reflected in the Fund’s current net asset value, investors may attempt to take advantage of anticipated price movements in securities held by the Fund based on such pricing discrepancies.
Operational Risk. The Fund is subject to risks arising from various operational factors, including,
but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for
a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Advisor seek to reduce these operational risks through controls
and procedures, there is no way to completely protect against such risks.
Portfolio Turnover Risk. The Fund may engage in portfolio trading to accomplish its investment objective.
The investment policies of the Fund may lead to frequent changes in investments, particularly in periods of rapidly
fluctuating interest or currency exchange rates. There are no limits on the rate of portfolio turnover and investments may be sold without regard to length of time held when the Fund’s investment strategy so dictates. A higher portfolio turnover rate results in correspondingly
greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result
in the realization of net short-term capital gains by the Fund which, when distributed to shareholders, will be taxable as ordinary income.
Potential Conflicts of Interest Risk. First Trust, DIFA and the portfolio managers have interests which may conflict with
the interests of the Fund. In particular, First Trust and DIFA currently manage and may in the future
manage and/or advise other investment funds or accounts with the same or substantially similar investment objective and strategies
as the Fund. In addition, while the Fund is using leverage, the amount of the fees paid to First Trust (and by First Trust to DIFA)
for investment advisory and management services are higher than if the Fund did not use leverage because the fees paid are calculated
based on managed assets. Therefore, First Trust and DIFA have a financial incentive to leverage the Fund.
Prepayment Risk. Loans are subject to prepayment risk. Prepayment risk is the risk that a borrower
repays principal prior to the scheduled maturity date. The degree to which borrowers prepay loans, whether as a
contractual requirement or at their election, may be affected by general business conditions, interest rates, the financial condition of
the borrower and competitive conditions among loan investors, among others. As such, prepayments cannot be predicted with accuracy. Upon
a prepayment, either in part or in full, the actual outstanding debt on which the Fund derives interest income will be reduced.
The Fund may not be able to reinvest the proceeds received on terms as favorable as the prepaid loan.
Qualified Dividend Income Tax Risk. There can be no assurance as to what portion of the distributions paid to the Fund’s common shareholders will consist of tax-advantaged qualified dividend income. Certain distributions
designated by the Fund as derived from qualified dividend income will be taxed in the hands of non-corporate common shareholders
at the rates applicable to long-term capital gains, provided certain holding period and other requirements are satisfied
by both the Fund and the common shareholders. Additional requirements apply in determining whether distributions by foreign issuers
should be regarded as qualified dividend income. Certain investment strategies of the Fund will limit the Fund’s ability to meet these requirements and consequently will limit the amount of qualified dividend income received and distributed by the Fund. A change
in the favorable provisions of the federal tax laws with respect to qualified dividends may result in a widespread reduction in announced
dividends and may adversely impact the valuation of the shares of dividend-paying companies.
Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called instruments at market interest rates that are below the Fund’s portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, level of distributions or the overall return of the Fund.
Reorganization Risk. The Board of Trustees of the Fund has approved the reorganization of the Fund into
ASGI. If approved by shareholders, the transaction is anticipated to be consummated during 2024, subject
to the satisfaction of applicable regulatory
requirements and approvals and customary closing conditions. There is no assurance
when or whether such approvals, or any other approvals required for the transaction, will be obtained. Under the terms of the proposed
transaction, shareholders of the Fund would receive shares of ASGI, which has its own investment strategies, and thereafter cease
to be a shareholder of the Fund. More information on the proposed transaction, including the risks and considerations associated
with the transaction as well as the risks of investing in ASGI, is contained in registration statement/proxy materials. Shareholders
should refer to such registration statement/proxy materials, which are available at https://www.ftportfolios.com/LoadContent/gohdcqj3gy3o.
Restricted Securities Risk. The Fund may invest in restricted securities. The term “restricted securities” refers to securities that are unregistered or are held by control persons of the issuer and securities that are
subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have
difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security,
the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between
the time the decision is made to sell the security and the time the security is registered so that the Fund could sell it. Contractual
restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer
and acquirer of the securities. The Fund would, in either case, bear market risks during that period.
Risks Associated with an Investment in Initial Public Offerings. Securities purchased in initial public offerings (“IPOs”) are often subject to the general risks associated with investments in companies with small market
capitalizations, and typically to a heightened degree. Securities issued in IPOs have no trading history, and information about the
companies may be available for very limited periods. In addition, the prices of securities sold in an IPO may be highly volatile.
At any particular time or from time to time, the Fund may not be able to invest in IPOs, or to invest to the extent desired, because,
for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, under
certain market conditions, a relatively small number of companies may issue securities in IPOs. The Fund’s investment performance during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. IPO securities
may be volatile, and the Fund cannot predict whether investments in IPOs will be successful.
Senior Loan Risk. The Fund invests in senior loans and therefore is subject to the risks associated
therewith. Investments in senior loans are subject to the same risks as investments in other types of debt securities,
including credit risk, interest rate risk, liquidity risk and valuation risk (which may be heightened because of the limited public information
available regarding senior loans and because loan borrowers may be leveraged and tend to be more adversely affected by changes
in market or economic conditions). Further, no active trading market may exist for certain senior loans, which may impair the ability
of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Senior loans may not be considered “securities” and the Fund may not be entitled to rely on the anti-fraud protections of the federal
securities laws.
In the event a borrower fails to pay scheduled interest or principal payments on a
senior loan held by the Fund, the Fund will experience a reduction in its income and a decline in the value of the senior loan,
which will likely reduce dividends and lead to a decline in the net asset value of the Fund’s common shares. If the Fund acquires a senior loan from another lender, for example, by acquiring a participation, the Fund may also be subject to credit risks with respect
to that lender. Although senior loans may be secured by specific collateral, the value of the collateral may not equal the Fund’s investment when the senior loan is acquired or may decline below the principal amount of the senior loan subsequent to the Fund’s investment. Also, to the extent that collateral consists of stock of the borrower or its subsidiaries or affiliates, the Fund bears the risk that the
stock may decline in value, be relatively illiquid, and/or may lose all or substantially all of its value, causing the senior loan to be under
collateralized. Therefore, the liquidation of the collateral underlying a senior loan may not satisfy the issuer’s obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be readily liquidated.
The senior loan market has seen a significant increase in loans with weaker lender
protections including, but not limited to, limited financial maintenance covenants or, in some cases, no financial maintenance covenants (i.e., “covenant-lite loans”) that would typically be included in a traditional loan agreement and general weakening of other
restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of
junior debt or restrictions on dividends and distributions. Weaker lender protections such as the absence of financial maintenance
covenants in a loan agreement and the inclusion of “borrower-favorable” terms may impact recovery values and/or trading levels of senior loans in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not
be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or
changes in market or economic conditions.
Tax Risk. Changes in tax laws or regulations, or interpretations thereof in the future, could
adversely affect the Fund or the MLPs, MLP-related entities and other energy sector and energy utility companies in which
the Fund invests. A change in current tax law, a change in the business of a given MLP, or a change in the types of income earned by
a given MLP could result in an MLP being
treated as a corporation for United States federal income tax purposes, which would
result in such MLP being required to pay United States federal income tax on its taxable income. Recent events have caused
some MLPs to be reclassified or restructured as corporations. The classification of an MLP as a corporation for United States federal
income tax purposes has the effect of reducing the amount of cash available for distribution by the MLP and causing any such distributions
received by the Fund to be taxed as dividend income to the extent of the MLP’s current or accumulated earnings and profits.
A reduction in the percentage of the income offset by tax deductions or an increase in sales of the Fund’s MLP holdings that result in capital gains will reduce that portion of the Fund’s distribution from an MLP treated as a return of capital and increase that portion treated as income, and may result in lower after-tax distributions to the Fund’s common shareholders. On the other hand, to the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in the amount of income or gain
or decrease in the amount of loss that will be recognized by the Fund for tax purposes upon the sale of any such interests.
United Kingdom Risk. The Fund is subject to certain risks specifically associated with investments in
the securities of United Kingdom issuers. Investments in issuers located in the United Kingdom may subject
the Fund to regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has
one of the largest economies in Europe, and the United States, China and other European countries are substantial trading partners
of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States, China
and other European countries. The United Kingdom’s official departure from the European Union (commonly referred to as “Brexit”) led to volatility in global financial markets, in particular those of the United Kingdom and across Europe, and the weakening
in political, regulatory, consumer, corporate and financial confidence in the United Kingdom and Europe. Given the size and importance of the United Kingdom’s economy, uncertainty or unpredictability about its legal, political and/or economic relationships
with Europe has been, and may continue to be, a source of instability and could lead to significant currency fluctuations and other
adverse effects on international markets and international trade even under the post-Brexit trade guidelines. The negative impact
of Brexit on not only the United Kingdom and European economies, but the broader global economy, could be significant, potentially
resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on Europe for their
business activities and revenues. It is not currently possible to determine the extent of the impact that Brexit may have on the Fund’s investments and this uncertainty could negatively impact current and future economic conditions in the United Kingdom and
other countries, which could negatively impact the value of the Fund’s investments.
Utilities Risk. Utility companies include companies producing or providing gas, electricity or water.
These companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation,
the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations
and increased costs and delays attributable to environmental considerations and the capital market’s ability to absorb utility debt. In addition, in many regions, including the United States, the utility industry is experiencing increasing competitive pressures,
primarily in wholesale markets, as a result of consumer demand, technological advances, greater availability of natural gas with
respect to electric utility companies and other factors. Taxes, government regulation, international politics, price and supply fluctuations,
volatile interest rates and energy conservation also may negatively affect utility companies.
Valuation Risk. The valuation of senior loans may carry more risk than that of common stock. Because
the secondary market for senior loans is limited, it may be difficult to value the loans held by the Fund.
Market quotations may not be readily available for some senior loans and valuation may require more research than for liquid securities. In
addition, elements of judgment may play a greater role in the valuation of senior loans than for securities with a secondary market,
because there is less reliable objective data available. These difficulties may lead to inaccurate asset pricing.
|
| Share Price |
$ 7.39
|
| NAV Per Share |
$ 8.41
|
| Latest Premium (Discount) to NAV [Percent] |
(12.13%)
|
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
| Outstanding Security, Title [Text Block] |
Common Shares outstanding (unlimited number of Common Shares has been authorized)
|
| Outstanding Security, Held [Shares] | shares |
8,547,442
|
| Document Period End Date |
May 31, 2024
|
| Canada Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Canada Risk. The Fund invests in securities of Canadian issuers and is therefore subject to certain
risks specifically associated with investments in the securities of Canadian issuers. The Canadian economy is heavily
dependent on the demand for natural resources and agricultural products. Canada is a major producer of commodities such as forest products,
metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Accordingly, a change in the
supply and demand of these resources, both domestically and internationally, can have a significant effect on Canadian market
performance. Canada is a top producer of zinc and uranium and a global source of many other natural resources, such as gold, nickel,
aluminum, and lead. Conditions that weaken demand for such products worldwide could have a negative impact on the Canadian economy
as a whole. Changes to the U.S. economy may significantly affect the Canadian economy because the U.S. is Canada’s largest trading partner and foreign investor. These and other factors could have a negative impact on the Fund and its investments
in Canada.
|
| Credit Agency Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Credit Agency Risk. Credit ratings are determined by credit rating agencies and are only the opinions
of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not
evaluate market risk or the liquidity of securities. Any shortcomings or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or such credit rating agency’s ability to evaluate creditworthiness and, as a result, may adversely affect those securities’ perceived or actual credit risk.
|
| Credit And Below Investment Grade Securities Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Credit and Below-Investment Grade Securities Risk. Credit risk is the risk that the issuer or other obligated party of a debt security
in the Fund’s portfolio will fail to pay, or it is perceived that it will fail to pay, dividends or interest and/or repay principal, when due. Below-investment grade instruments, including instruments that are not rated but judged
to be of comparable quality, are commonly referred to as high-yield securities or “junk” bonds and are considered speculative with respect to the issuer’s capacity to pay dividends or interest and repay principal and are more susceptible to default or decline in
market value than investment grade securities due to adverse economic and business developments. High-yield securities are often unsecured
and subordinated to other creditors of the issuer. The market values for high-yield securities tend to be very volatile, and
these securities are generally less liquid than investment grade securities. For these reasons, an investment in the Fund is subject to the following
specific risks: (i) increased price sensitivity to changing interest rates and to a deteriorating economic environment; (ii) greater
risk of loss due to default or declining credit quality; (iii) adverse company specific events more likely to render the issuer unable to make
dividend, interest and/or principal payments; (iv) negative perception of the high-yield market which may depress the price and
liquidity of high-yield securities; (v) volatility; and (vi) liquidity.
|
| Current Market Conditions Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Current Market Conditions Risk. Current market conditions risk is the risk that a particular investment, or shares
of the Fund in general, may fall in value due to current market conditions. As a means to fight inflation,
which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to
continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S.
regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. Recent and
potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence
in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing
adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may
continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad
may affect investor and consumer confidence
and may adversely impact financial markets and the broader economy. For example, ongoing
armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle
East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe,
the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue
to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United
States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other
matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government
is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the
United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical
conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by
governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets,
negatively impacting global growth prospects. While vaccines have been developed, there is no guarantee that vaccines will be effective
against emerging future variants of the disease. As this global pandemic illustrated, such events may affect certain geographic
regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets
and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development
and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could result in disruptions in the trading markets.
|
| Cyber Security Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Cyber Security Risk. The Fund is susceptible to potential operational risks through breaches in cyber security.
A breach in cyber security refers to both intentional and unintentional events that may cause the Fund
to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur
regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.
Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding, but may also result from outside attacks such as denial-of-service attacks through efforts to make network
services unavailable to intended users. In addition, cyber security breaches of the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the Fund invests, can also subject
the Fund to many of the same risks associated with direct cyber security breaches. The Fund has established risk management systems designed
to reduce the risks associated with cyber security. However, there is no guarantee that such efforts will succeed, especially
because the Fund does not directly control the cyber security systems of issuers or third party service providers. Substantial costs may
be incurred by the Fund in order to resolve or prevent cyber incidents in the future.
|
| Equity Securities Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Equity Securities Risk. The value of the Fund’s shares will fluctuate with changes in the value of the equity securities in which the Fund invests. Prices of equity securities fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such
as market volatility, or when political or economic events affecting the issuers occur. Common stock prices may be particularly sensitive
to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price
over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular
country, company, industry or sector of the market.
|
| Illiquid Securities Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Illiquid Securities Risk. The Fund may invest in securities that are considered to be illiquid securities. Illiquid
securities may be difficult to dispose of at a fair price at the times when the Fund believes it is
desirable to do so. The market price of illiquid securities generally is more volatile than that of more liquid securities, which may adversely
affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid securities are also more difficult to value,
especially in challenging markets.
Although the resale or secondary market for senior loans is growing, it is currently
limited. There is no organized exchange or board of trade on which senior loans are traded. Instead, the secondary market for senior loans
is an unregulated inter-dealer or inter-bank resale market. In addition, the senior loans in which the Fund invests may require the consent
of the borrower and/or agent prior to the settlement of the sale or assignment. These consent requirements can delay or impede the Fund’s ability to settle the sale of senior loans. Depending on market conditions, the Fund may have difficulty disposing its
senior loans, which may adversely impact its ability to obtain cash to repay debt, to pay dividends, to pay expenses or to take advantage
of new investment opportunities.
|
| Inflation Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Inflation Risk. Certain of the Fund’s investments are subject to inflation risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the
value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline. This risk is more prevalent with respect to debt securities. Inflation rates may change frequently and drastically as a result of various factors, including unexpected
shifts in the domestic or global economy, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund investors.
|
| Infrastructure And Industry Concentration Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Infrastructure and Industry Concentration Risk. Given the Fund’s concentration in the infrastructure industry, the Fund is 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, increased regulation and other
factors.
In addition, infrastructure assets can have a substantial environmental impact. Ordinary
operation or an accident with respect to such assets could cause major environmental damage which could cause the owner of such
assets significant financial distress. Community and environmental groups may protest about the development or operation of infrastructure
assets, and these protests may induce government action to the detriment of the owner of the infrastructure asset.
|
| Interest Rate Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Interest Rate Risk. Interest rate risk is the risk that securities will decline in value because of changes
in market interest rates. The yield on the Fund’s common shares will tend to rise or fall as market interest rates rise and fall, as senior loans pay interest at rates which float in response to changes in market rates. Changes in prevailing interest
rates can be expected to cause some fluctuation in the Fund’s net asset value. Similarly, a sudden and significant increase in market interest rates may cause a decline in the Fund’s net asset value.
|
| Leverage Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Leverage Risk. The use of leverage by the Fund can magnify the effect of any losses. If the income
and gains from the securities and investments purchased with leverage proceeds do not cover the cost of leverage, the
return to the common shares will be less than if leverage had not been used. Leverage involves risks and special considerations for
common shareholders including: (i) the likelihood of greater volatility of net asset value and market price of the common shares than
a comparable portfolio without leverage; (ii) the risk that fluctuations in interest rates on borrowings will reduce the return to the
common shareholders or will result in fluctuations in the dividends paid on the common shares; (iii) in a declining market, the use of leverage
is likely to cause a greater decline in the net asset value of the common shares than if the Fund was not leveraged, which may result
in a greater decline in the market price of the common shares; and (iv) when the Fund uses certain types of leverage, the investment
advisory fee payable to the Advisor and by the Advisor to the Sub-Advisor will be higher than if the Fund did not use leverage.
|
| L I B O R Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
LIBOR Risk. As of June 30, 2023, nearly all LIBOR publications ceased. While some LIBOR rates
will continue to be published for a short period of time after June 30, 2023, it is only on an unrepresentative synthetic
basis. Transitioning to a new reference rate may affect the value, liquidity or return on certain Fund investments and may result in
costs incurred in connection with closing out positions and entering into new trades. Any potential effects of the transition away
from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending
on a variety of factors. In the United States, the Secured Overnight Financing Rate (“SOFR”) has been identified as the preferred alternative to LIBOR. There is no assurance that the composition or characteristics of SOFR, or any alternative reference rate, will be
similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same
volume or liquidity.
|
| Management Risk And Reliance On Key Personnel [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Management Risk and Reliance on Key Personnel. The implementation of the Fund’s investment strategy depends upon the continued contributions of certain key employees of the Advisor and Sub-Advisor, some
of whom have unique talents and experience and would be difficult to replace. The loss or interruption of the services of a key
member of the portfolio management team could have a negative impact on the Fund.
|
| Market Discount From Net Asset Value [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Market Discount from Net Asset Value. Shares of closed-end investment companies such as the Fund frequently trade at a
discount from their net asset value. The Fund cannot predict whether its common shares will
trade at, below or above net asset value.
|
| Market Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Market Risk. Investments held by the Fund, as well as shares of the Fund itself, are subject to
market fluctuations caused by real or perceived adverse economic conditions, political events, regulatory factors or market
developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or
underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or
global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political
changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases
or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Any
of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may fluctuate.
|
| Non U S Securities And Currency Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Non-U.S. Securities and Currency Risk. Investing in non-U.S. securities involves certain risks not involved in domestic
investments, including, but not limited to: fluctuations in currency exchange rates; future foreign
economic, financial, political and social
developments; different legal systems; the possible imposition of exchange controls
or other foreign governmental laws or restrictions; lower trading volume; withholding taxes; greater price volatility and illiquidity;
different trading and settlement practices; less governmental supervision; high and volatile rates of inflation; fluctuating interest
rates; less publicly available information; and different accounting, auditing and financial recordkeeping standards and requirements.
Because the Fund may invest in securities denominated or quoted in non-U.S. currencies, changes in the non-U.S. currency/United
States dollar exchange rate may affect the value of the Fund’s securities and the unrealized appreciation or depreciation of investments.
There may be very limited regulatory oversight of certain non-U.S. banks or securities
depositories that hold non-U.S. securities and non-U.S. currency and the laws of certain countries may limit the ability to recover
such assets if a non-U.S. bank or depository or their agents go bankrupt. There may also be an increased risk of loss of portfolio securities.
Investing in non-U.S. securities may also involve a greater risk for excessive trading due to “time-zone arbitrage.” If an event occurring after the close of a non-U.S. market, but before the time the Fund computes its current
net asset value, causes a change in the price of the non-U.S. securities and such price is not reflected in the Fund’s current net asset value, investors may attempt to take advantage of anticipated price movements in securities held by the Fund based on such pricing discrepancies.
|
| Operational Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Operational Risk. The Fund is subject to risks arising from various operational factors, including,
but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for
a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Advisor seek to reduce these operational risks through controls
and procedures, there is no way to completely protect against such risks.
|
| Portfolio Turnover Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Portfolio Turnover Risk. The Fund may engage in portfolio trading to accomplish its investment objective.
The investment policies of the Fund may lead to frequent changes in investments, particularly in periods of rapidly
fluctuating interest or currency exchange rates. There are no limits on the rate of portfolio turnover and investments may be sold without regard to length of time held when the Fund’s investment strategy so dictates. A higher portfolio turnover rate results in correspondingly
greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result
in the realization of net short-term capital gains by the Fund which, when distributed to shareholders, will be taxable as ordinary income.
|
| Potential Conflicts Of Interest Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Potential Conflicts of Interest Risk. First Trust, DIFA and the portfolio managers have interests which may conflict with
the interests of the Fund. In particular, First Trust and DIFA currently manage and may in the future
manage and/or advise other investment funds or accounts with the same or substantially similar investment objective and strategies
as the Fund. In addition, while the Fund is using leverage, the amount of the fees paid to First Trust (and by First Trust to DIFA)
for investment advisory and management services are higher than if the Fund did not use leverage because the fees paid are calculated
based on managed assets. Therefore, First Trust and DIFA have a financial incentive to leverage the Fund.
|
| Prepayment Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Prepayment Risk. Loans are subject to prepayment risk. Prepayment risk is the risk that a borrower
repays principal prior to the scheduled maturity date. The degree to which borrowers prepay loans, whether as a
contractual requirement or at their election, may be affected by general business conditions, interest rates, the financial condition of
the borrower and competitive conditions among loan investors, among others. As such, prepayments cannot be predicted with accuracy. Upon
a prepayment, either in part or in full, the actual outstanding debt on which the Fund derives interest income will be reduced.
The Fund may not be able to reinvest the proceeds received on terms as favorable as the prepaid loan.
|
| Qualified Dividend Income Tax Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Qualified Dividend Income Tax Risk. There can be no assurance as to what portion of the distributions paid to the Fund’s common shareholders will consist of tax-advantaged qualified dividend income. Certain distributions
designated by the Fund as derived from qualified dividend income will be taxed in the hands of non-corporate common shareholders
at the rates applicable to long-term capital gains, provided certain holding period and other requirements are satisfied
by both the Fund and the common shareholders. Additional requirements apply in determining whether distributions by foreign issuers
should be regarded as qualified dividend income. Certain investment strategies of the Fund will limit the Fund’s ability to meet these requirements and consequently will limit the amount of qualified dividend income received and distributed by the Fund. A change
in the favorable provisions of the federal tax laws with respect to qualified dividends may result in a widespread reduction in announced
dividends and may adversely impact the valuation of the shares of dividend-paying companies.
|
| Reinvestment Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called instruments at market interest rates that are below the Fund’s portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, level of distributions or the overall return of the Fund.
|
| Reorganization Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Reorganization Risk. The Board of Trustees of the Fund has approved the reorganization of the Fund into
ASGI. If approved by shareholders, the transaction is anticipated to be consummated during 2024, subject
to the satisfaction of applicable regulatory
requirements and approvals and customary closing conditions. There is no assurance
when or whether such approvals, or any other approvals required for the transaction, will be obtained. Under the terms of the proposed
transaction, shareholders of the Fund would receive shares of ASGI, which has its own investment strategies, and thereafter cease
to be a shareholder of the Fund. More information on the proposed transaction, including the risks and considerations associated
with the transaction as well as the risks of investing in ASGI, is contained in registration statement/proxy materials. Shareholders
should refer to such registration statement/proxy materials, which are available at https://www.ftportfolios.com/LoadContent/gohdcqj3gy3o.
|
| Restricted Securities Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Restricted Securities Risk. The Fund may invest in restricted securities. The term “restricted securities” refers to securities that are unregistered or are held by control persons of the issuer and securities that are
subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have
difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security,
the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between
the time the decision is made to sell the security and the time the security is registered so that the Fund could sell it. Contractual
restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer
and acquirer of the securities. The Fund would, in either case, bear market risks during that period.
|
| Risks Associated With An Investment In Initial Public Offerings [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Risks Associated with an Investment in Initial Public Offerings. Securities purchased in initial public offerings (“IPOs”) are often subject to the general risks associated with investments in companies with small market
capitalizations, and typically to a heightened degree. Securities issued in IPOs have no trading history, and information about the
companies may be available for very limited periods. In addition, the prices of securities sold in an IPO may be highly volatile.
At any particular time or from time to time, the Fund may not be able to invest in IPOs, or to invest to the extent desired, because,
for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, under
certain market conditions, a relatively small number of companies may issue securities in IPOs. The Fund’s investment performance during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. IPO securities
may be volatile, and the Fund cannot predict whether investments in IPOs will be successful.
|
| Senior Loan Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Senior Loan Risk. The Fund invests in senior loans and therefore is subject to the risks associated
therewith. Investments in senior loans are subject to the same risks as investments in other types of debt securities,
including credit risk, interest rate risk, liquidity risk and valuation risk (which may be heightened because of the limited public information
available regarding senior loans and because loan borrowers may be leveraged and tend to be more adversely affected by changes
in market or economic conditions). Further, no active trading market may exist for certain senior loans, which may impair the ability
of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Senior loans may not be considered “securities” and the Fund may not be entitled to rely on the anti-fraud protections of the federal
securities laws.
In the event a borrower fails to pay scheduled interest or principal payments on a
senior loan held by the Fund, the Fund will experience a reduction in its income and a decline in the value of the senior loan,
which will likely reduce dividends and lead to a decline in the net asset value of the Fund’s common shares. If the Fund acquires a senior loan from another lender, for example, by acquiring a participation, the Fund may also be subject to credit risks with respect
to that lender. Although senior loans may be secured by specific collateral, the value of the collateral may not equal the Fund’s investment when the senior loan is acquired or may decline below the principal amount of the senior loan subsequent to the Fund’s investment. Also, to the extent that collateral consists of stock of the borrower or its subsidiaries or affiliates, the Fund bears the risk that the
stock may decline in value, be relatively illiquid, and/or may lose all or substantially all of its value, causing the senior loan to be under
collateralized. Therefore, the liquidation of the collateral underlying a senior loan may not satisfy the issuer’s obligation to the Fund in the event of non-payment of scheduled interest or principal, and the collateral may not be readily liquidated.
The senior loan market has seen a significant increase in loans with weaker lender
protections including, but not limited to, limited financial maintenance covenants or, in some cases, no financial maintenance covenants (i.e., “covenant-lite loans”) that would typically be included in a traditional loan agreement and general weakening of other
restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of
junior debt or restrictions on dividends and distributions. Weaker lender protections such as the absence of financial maintenance
covenants in a loan agreement and the inclusion of “borrower-favorable” terms may impact recovery values and/or trading levels of senior loans in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not
be able to declare a default if financial performance deteriorates. This may hinder the Fund’s ability to reprice credit risk associated with a particular borrower and reduce the Fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or
changes in market or economic conditions.
|
| Tax Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Tax Risk. Changes in tax laws or regulations, or interpretations thereof in the future, could
adversely affect the Fund or the MLPs, MLP-related entities and other energy sector and energy utility companies in which
the Fund invests. A change in current tax law, a change in the business of a given MLP, or a change in the types of income earned by
a given MLP could result in an MLP being
treated as a corporation for United States federal income tax purposes, which would
result in such MLP being required to pay United States federal income tax on its taxable income. Recent events have caused
some MLPs to be reclassified or restructured as corporations. The classification of an MLP as a corporation for United States federal
income tax purposes has the effect of reducing the amount of cash available for distribution by the MLP and causing any such distributions
received by the Fund to be taxed as dividend income to the extent of the MLP’s current or accumulated earnings and profits.
A reduction in the percentage of the income offset by tax deductions or an increase in sales of the Fund’s MLP holdings that result in capital gains will reduce that portion of the Fund’s distribution from an MLP treated as a return of capital and increase that portion treated as income, and may result in lower after-tax distributions to the Fund’s common shareholders. On the other hand, to the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in the amount of income or gain
or decrease in the amount of loss that will be recognized by the Fund for tax purposes upon the sale of any such interests.
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| United Kingdom Risk [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
United Kingdom Risk. The Fund is subject to certain risks specifically associated with investments in
the securities of United Kingdom issuers. Investments in issuers located in the United Kingdom may subject
the Fund to regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has
one of the largest economies in Europe, and the United States, China and other European countries are substantial trading partners
of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States, China
and other European countries. The United Kingdom’s official departure from the European Union (commonly referred to as “Brexit”) led to volatility in global financial markets, in particular those of the United Kingdom and across Europe, and the weakening
in political, regulatory, consumer, corporate and financial confidence in the United Kingdom and Europe. Given the size and importance of the United Kingdom’s economy, uncertainty or unpredictability about its legal, political and/or economic relationships
with Europe has been, and may continue to be, a source of instability and could lead to significant currency fluctuations and other
adverse effects on international markets and international trade even under the post-Brexit trade guidelines. The negative impact
of Brexit on not only the United Kingdom and European economies, but the broader global economy, could be significant, potentially
resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on Europe for their
business activities and revenues. It is not currently possible to determine the extent of the impact that Brexit may have on the Fund’s investments and this uncertainty could negatively impact current and future economic conditions in the United Kingdom and
other countries, which could negatively impact the value of the Fund’s investments.
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| Utilities Risk [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Utilities Risk. Utility companies include companies producing or providing gas, electricity or water.
These companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation,
the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations
and increased costs and delays attributable to environmental considerations and the capital market’s ability to absorb utility debt. In addition, in many regions, including the United States, the utility industry is experiencing increasing competitive pressures,
primarily in wholesale markets, as a result of consumer demand, technological advances, greater availability of natural gas with
respect to electric utility companies and other factors. Taxes, government regulation, international politics, price and supply fluctuations,
volatile interest rates and energy conservation also may negatively affect utility companies.
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| Valuation Risk [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Valuation Risk. The valuation of senior loans may carry more risk than that of common stock. Because
the secondary market for senior loans is limited, it may be difficult to value the loans held by the Fund.
Market quotations may not be readily available for some senior loans and valuation may require more research than for liquid securities. In
addition, elements of judgment may play a greater role in the valuation of senior loans than for securities with a secondary market,
because there is less reliable objective data available. These difficulties may lead to inaccurate asset pricing.
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