UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM N-Q

        QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

                  Investment Company Act file number 811-21496
                                                     ---------------------------

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

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

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

        Registrant's telephone number, including area code: 630-241-4141
                                                            ------------

                     Date of fiscal year end: MAY 31, 2004
                                              ------------

                    Date of reporting period: AUGUST 31, 2004
                                              ---------------

Form N-Q is to be used by  management  investment  companies,  other  than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters,  pursuant to rule 30b1-5 under
the Investment  Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may use
the  information  provided  on Form N-Q in its  regulatory,  disclosure  review,
inspection, and policymaking roles.

A registrant is required to disclose the information  specified by Form N-Q, and
the Commission will make this  information  public. A registrant is not required
to respond to the  collection  of  information  contained in Form N-Q 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 the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609.  The OMB has reviewed this  collection of  information  under the
clearance requirements of 44 U.S.C. ss. 3507.




ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is attached herewith.

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund
Portfolio of Investments
August 31, 2004 (Unaudited)



                                                                            MARKET
      SHARES                           DESCRIPTION                           VALUE
   ------------     -----------------------------------------------      ------------
                                                                  

                  COMMON STOCKS - 65.8%
                  AUSTRALIA - 6.4%
       330,015    Australian Pipeline Trust                         $        652,511
    12,040,788    Envestra Ltd.                                            9,267,824
       997,154    GasNet Australia Group                                   1,619,520
                                                                    --------------------
                                                                          11,539,855
                                                                    --------------------
                  ITALY - 8.3%
     1,950,000    Enel SPA                                                15,048,491
                                                                    --------------------
                  UNITED KINGDOM - 37.5%
     1,323,275    AWG plc                                                 15,092,397
   439,327,300    AWG plc, Redeemable*                                       766,617
     1,761,381    Kelda Group plc                                         16,714,547
     1,000,000    National Grid Transco plc                                8,342,626
       955,000    Severn Trent plc                                        14,877,848
     1,197,999    United Utilities plc                                    11,799,387
                                                                    --------------------
                                                                          67,593,422
                                                                    --------------------
                  UNITED STATES - 13.6%
       265,000    Ameren Corp.                                            12,399,350
       285,000    Consolidated Edison, Inc.                               12,027,000
                                                                    --------------------
                                                                          24,426,350
                                                                    --------------------

                  TOTAL COMMON STOCKS                                    118,608,118
                                                                    --------------------
                  (Cost $115,513,553)
                  CANADIAN INCOME TRUSTS - 27.8%
     1,723,300    Northland Power Income Fund                             14,910,155
     1,672,800    Pembina Pipeline Income Fund                            15,095,319
     1,390,300    The Consumer's Waterheater Income Fund                  14,698,603
       629,200    UE Waterheater Income Fund                               5,396,144
                                                                    --------------------

                  TOTAL CANADIAN INCOME TRUSTS                            50,100,221
                                                                    --------------------
                  (Cost $46,434,805)
    PRINCIPAL                                                               MARKET
      VALUE                            DESCRIPTION                           VALUE
   ------------     -----------------------------------------------      ------------
                  SENIOR FLOATING RATE INTERESTS - 41.1%
                  BROADCAST MEDIA - 1.7%
  $  1,000,000    Bragg Communications, Inc., Term Loan, 8/31/11           1,007,500
                  Cablecom
     1,000,000      Term Loan B, 4/15/12                                     997,500
     1,000,000      Term Loan C, 4/15/13                                     997,500
                                                                    --------------------
                                                                           3,002,500
                                                                    --------------------
                  CABLE TELEVISION - 3.2%
     3,000,000    Century Cable Holdings, LLC,
                       Term Loan, 6/30/09                                  2,920,713
     3,000,000    Charter Communications Operating, LLC,
                       Term Loan A, 4/27/10                                2,924,658
                                                                    --------------------
                                                                           5,845,371
                                                                    --------------------
                  COAL - 0.6%
     1,000,000    Foundation PA Coal Company,
                       Term Loan B, 7/30/11                                1,009,250
                                                                    --------------------



                                       1

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund -
(Continued)
Portfolio of Investments
August 31, 2004 (Unaudited)




    PRINCIPAL                                                               MARKET
      VALUE                            DESCRIPTION                           VALUE
   ------------     -----------------------------------------------      ------------
                                                                  
SENIOR FLOATING RATE INTERESTS - CONTINUED
                  DIVERSIFIED/CONGLOMERATE SERVICES - 1.1%
  $  1,864,140    The Kansas City Southern Railway Company, Term
                    Loan B, 3/31/08                                 $      1,882,004
                                                                    --------------------
                  ENTERTAINMENT - 1.1%
     2,000,000    NTL Investment Holdings Ltd.,
                     Term Loan, 5/10/12                                    1,973,334
                                                                    --------------------
                  ENVIRONMENTAL SERVICES - 2.5%
     1,739,130    Duratek, Inc., Term Loan, 12/16/09                       1,733,696
                  Envirosolutions Holdings, Inc.
     2,407,105      Term Loan, 3/01/09+                                    2,401,087
       384,797      Term Loan DD, 3/01/09+                                   383,835
                                                                    --------------------
                                                                           4,518,618
                                                                    --------------------
                  HEALTHCARE (PROVIDERS & SERVICES) - 7.8%
     2,000,000    Ardent Health Services LLC,
                     Term Loan B, 8/12/11                                  2,000,000
     2,000,000    Community Health Systems, Inc.,
                     Term Loan, 8/19/11                                    1,999,286
     2,000,000    Genesis Healthcare Corp.,
                     Term Loan B, 12/01/10                                 2,024,166
     2,000,000    Iasis Healthcare Corp., Term Loan B, 6/22/11             2,021,876
     2,000,000    MedCath Holdings Corp., Term Loan, 6/30/11               2,023,750
                  Skilled Healthcare Group, Inc.
     1,000,000       Term Loan, 1/31/11                                    1,020,000
     1,000,000       Term Loan, 7/31/10                                    1,006,250
     2,000,000    Vanguard Health Systems, Inc.,
                     Term Loan, 5/18/11                                    1,997,500
                                                                    --------------------
                                                                          14,092,828
                                                                    --------------------
                  OIL & GAS - 4.2%
     2,000,000    La Grange Acquisition, LP, Term Loan, 1/18/08            2,025,000
                  Quest Cherokee, LLC
       284,444      L of C, 12/31/08***                                      285,867
     2,275,556      Term Loan, 7/22/10                                     2,286,933
     1,000,000    SemCrude, L.P., Term Loan, 8/27/10                       1,008,750
     1,000,000    Transwestern Pipeline Company,
                     Term Loan B, 4/30/09                                  1,006,667
     1,000,000    Vulcan Energy Corp., Term Loan, 7/23/10                  1,012,500
                                                                    --------------------
                                                                           7,625,717
                                                                    --------------------
                  TELECOMMUNICATIONS (WIRELESS) - 2.8%
     2,000,000    AAT Communications Corp.,
                     Term Loan B, 1/16/12                                  2,019,166
     2,000,000    American Tower Corp., Term Loan B, 8/31/11               2,025,626
     1,000,000    GCI Holdings, Inc., Term Loan, 10/31/07                  1,006,250
                                                                    --------------------
                                                                           5,051,042
                                                                    --------------------
                  UTILITY (ELECTRIC) - 16.1%
     1,995,000    Allegheny Energy Supply Company,
                     Term Loan B, 3/08/11                                  2,021,434
     2,000,000    Astoria Energy LLC, Term Loan, 4/16/12                   2,023,334



                                       2

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund -
(Continued)
Portfolio of Investments
August 31, 2004 (Unaudited)




    PRINCIPAL                                                               MARKET
      VALUE                            DESCRIPTION                           VALUE
   ------------     -----------------------------------------------      ------------
                                                                  
SENIOR FLOATING RATE INTERESTS - CONTINUED
                  UTILITY (ELECTRIC) - CONTINUED
                  CenterPoint Energy, Inc.
  $  2,000,000      Revolving Credit, 10/07/06+                     $      1,991,666
     1,994,565      Term Loan, 10/07/06+                                   1,999,552
     1,995,000    Cogentrix Delaware Holdings, Inc.,
                    Term Loan, 2/25/09                                     2,023,678
     2,000,000    Coleto Creek WLE, LP, Term Loan C, 6/30/12               2,028,334
     1,995,000    Midwest Generation, LLC, Term Loan, 4/27/11              2,016,197
     2,000,000    Mission Energy Holdings International,  LLC,
                    Term Loan, 12/11/06                                    2,003,750
     2,000,000    Nevada Power Company, L of C, 5/04/09***                 2,010,000
                  NRG Energy, Inc.
       719,674      Credit Link, 12/23/10                                    740,905
     1,275,313      Term Loan, 6/23/10                                     1,312,935
     2,436,590    Reliant Resources, Inc., Term Loan, 3/15/07              2,433,544
     1,201,361    Riverside Energy Center, LLC,
                    Term Loan, 6/24/11                                     1,210,371
                  Rocky Mountain Energy Center, LLC,
       127,438      L of C, 6/24/11***                                       128,393
     1,671,202      Term Loan, 6/24/11                                     1,683,736
     2,500,000    Saguaro Utility Group I Corp. (Unisource),
                    Term Loan DD, 3/25/11+                                 2,467,187
     1,000,000    Sierra Pacific Power Company,
                    L of C, 5/04/08***                                     1,005,000
                                                                    --------------------
                                                                          29,100,016
                                                                    --------------------

                  TOTAL SENIOR FLOATING RATE INTERESTS                    74,100,680
                                                                    --------------------
                  (Cost $70,302,401)
                  REPURCHASE AGREEMENT - 6.4%
                  (Cost $11,600,000)
    11,600,000    Agreement with Wachovia Capital Markets, LLC,
                    1.470% dated 8/31/04, to be repurchased at
                    $11,600,474 on 9/01/04, collateralized by
                    $10,695,000 U.S. Treasury Bond, 6.500% due
                    10/15/06 (Value $11,831,996)                          11,600,000
                                                                    --------------------

                  UNFUNDED LOAN COMMITMENT - (2.1)%                       (3,824,161)
                                                                    --------------------

                  TOTAL INVESTMENTS - 139.0%                             250,584,858
                  (Cost $243,850,759)**

                  PAYABLE FOR INVESTMENTS PURCHASED - (7.3)%              (9,355,990)

                  NET OTHER ASSETS AND LIABILITIES - (31.7)%             (60,974,900)
                                                                    --------------------
                  NET ASSETS - 100.0%                               $    180,253,968
                                                                    ====================

--------------------------------------------------------------------------------------------
                 +    Unfunded Loan Commitment.
                 *    Non-income producing security.
                **    Aggregate cost for federal tax purposes.
               ***    L of C - Letter of Credit



                                       3

Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund -
(Continued)
Portfolio of Investments
August 31, 2004 (Unaudited)

INDUSTRY DIVERSIFICATION AS A PERCENTAGE OF NET ASSETS:

                  Common Stocks and Canadian Income Trusts:
                  Water-Utilities                                      26.3%
                  Electric-Utilities                                   21.9
                  Heating/Energy Services                              11.2
                  Multi-Utilities                                      11.2
                  Gas-Pipelines                                         9.6
                  Power Generation                                      8.3
                  Gas-Utilities                                         5.1
                                                                 -----------
                      Total Common Stocks                              93.6
                  Senior Floating Rate Interests                       41.1
                  Repurchase Agreement                                  6.4
                  Payable for Investments Purchased                    (7.3)
                  Unfunded Loan Commitments                            (2.1)
                  Net Other Assets and Liabilities                    (31.7)
                                                                 -----------
                                                                      100.0%
                                                                 -----------

                                       4


                   Notes to Quarterly Portfolio of Investments
                           August 31, 2004 (Unaudited)

1.       VALUATION AND INVESTMENT PRACTICES

PORTFOLIO VALUATION:

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

The Fund's investments are valued daily at market value, or in the absence of
market value, with respect to any portfolio securities, at fair value in
accordance with valuation procedures adopted by the Board of Trustees. A
majority of the Fund's assets are valued using market information supplied by
third parties. In the event that market quotations are not readily available,
the pricing service does not provide a valuation for a particular asset, or the
valuations are deemed unreliable, or if events occurring after the close of the
principal markets for particular securities (e.g., domestic debt and foreign
securities), but before the Fund values its assets, would materially affect NAV,
First Trust Advisors L.P. ("First Trust") may use a fair value method in good
faith to value the Fund's securities and investments. The use of fair value
pricing by the Fund is governed by valuation procedures approved by the Fund's
Board of Trustees, and in accordance with the provisions of the 1940 Act.
Foreign securities traded outside the United States are generally valued as of
the time their trading is complete, which is usually different from the close of
the NYSE. Occasionally, events affecting the value of such securities may occur
between such times and the close of the NYSE that will not be reflected in the
computation of a Fund's NAV. If events materially affecting the value of such
securities occur during such period, these securities will be valued at their
fair value according to procedures decided upon in good faith by the Fund's
Board of Trustees. All securities and other assets of the Fund initially
expressed in foreign currencies will be converted to U.S. dollars using exchange
rates in effect at the time of valuation.

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

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

                                       5

                   Notes to Quarterly Portfolio of Investments
                     August 31, 2004 (Continued) (Unaudited)

party pricing service. If the pricing service cannot or does not provide a
valuation for a particular Senior Loan or such valuation is deemed unreliable,
First Trust may value such Senior Loan at a fair value as determined in good
faith under procedures approved by the Fund's Board of Trustees, and in
accordance with the provisions of the 1940 Act.

REPURCHASE AGREEMENT:

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

SECURITIES TRANSACTIONS:

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.

Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date; interest income is not accrued
until settlement date. The Fund instructs the custodian to segregate assets of
the Fund with a current value at least equal to the amount of its when-issued
purchase commitments.

UNFUNDED LOAN COMMITMENTS:

The Fund may enter into certain credit agreements, all or a portion of which may
be unfunded. The Fund is obligated to fund these loan commitments at the
borrower's discretion. These commitments are disclosed in the accompanying
Portfolio of Investments.

2.       UNREALIZED APPRECIATION/(DEPRECIATION)

On August 31, 2004, net unrealized appreciation for Federal tax purposes was
$6,734,099, consisting of $8,656,607 aggregate gross unrealized appreciation for
all securities in which there is an excess of value over tax cost and $1,922,508
aggregate gross unrealized depreciation for all securities in which there is an
excess of tax cost over value.

                                       6



ITEM 2. CONTROLS AND PROCEDURES.

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

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

ITEM 3. EXHIBITS.

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





                                   SIGNATURES

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

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

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

Date   OCTOBER 28, 2004
    ----------------------------------------------------------------------------


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 (Signature and Title)*  /S/ JAMES A. BOWEN
                         -------------------------------------------------------
                           James A. Bowen, Chief Executive Officer
                           (principal executive officer)

Date   OCTOBER 28, 2004
    ----------------------------------------------------------------------------


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

Date   OCTOBER 28, 2004
    ----------------------------------------------------------------------------



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