# EDGAR Filing Document

**Accession Number:** 0001326390
**File Stem:** 0001193125-23-024415
**Filing Date:** 2023-2
**Character Count:** 325254
**Document Hash:** 108ddb2b1eb0e766ca6c8a7fb7b20afb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-024415.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001193125-23-024415

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Macquarie Global Infrastructure Total Return Fund Inc.
- **CENTRAL INDEX KEY:** 0001326390
- **IRS NUMBER:** 342045907

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21765
- **FILM NUMBER:** 23587643

**BUSINESS ADDRESS:**
- **STREET 1:** MACQUARIE CAPITAL INVESTMENT MANAGEMENT
- **STREET 2:** 125 WEST 55TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 303-623-2577

**MAIL ADDRESS:**
- **STREET 1:** MACQUARIE CAPITAL INVESTMENT MANAGEMENT
- **STREET 2:** 125 WEST 55TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number <u>811-21765</u>

<u>Macquarie Global Infrastructure Total Return Fund Inc.</u>

(Exact name of registrant as specified in charter)

<u>125 West 55<sup>th</sup> Street, New York, NY 10019</u>

(Address of principal executive offices) (Zip code)

Macquarie Global Infrastructure Total Return Fund Inc.

 <u>125 West 55</u><u><sup>th</sup></u> <u>Street, New York, NY 10019</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1 (866) 567-4771</u>

Date of fiscal year end: <u>November</u> <u>30</u> 

Date of reporting period: <u>November</u> <u>30, 2022</u>

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, 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. § 3507.

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**Item 1. Reports to Stockholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Report to Shareholders is attached herewith.

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![](g458114imgf99e776d1.gif)

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#### Table of contents

---

| | |
|:---|:---|
| [Annual commentary](#xx_d067d623-f3ea-4215-876d-988edbb82177_1)<br>| **3** |
| [Performance summary](#xx_46f3f459-cc00-408d-ab5f-a47f0096f995_1)<br>| **10** |
| [Security type / country and sector allocations](#xx_29e1f3e6-3328-4485-a828-1d071884fea4_1)<br>| **15** |
| [Schedule of investments](#xx_3cc3c712-5d28-48f1-a327-e8164af2c09f_1)<br>| **16** |
| [Statement of assets and liabilities](#xx_42fbb856-9830-48bc-8b63-ae21c474fca5_1)<br>| **19** |
| [Statement of operations](#xx_42fbb856-9830-48bc-8b63-ae21c474fca5_2)<br>| **20** |
| [Statements of changes in net assets](#xx_42fbb856-9830-48bc-8b63-ae21c474fca5_3)<br>| **21** |
| [Statement of cash flows](#xx_42fbb856-9830-48bc-8b63-ae21c474fca5_4)<br>| **22** |
| [Financial highlights](#xx_49a4f682-5e1c-402d-b646-7a7e50f33918_2)<br>| **24** |
| [Notes to financial statements](#xx_c041386b-2354-4a03-82cc-e6324f5d4d2d_1)<br>| **26** |
| [Report of independent registered public accounting firm](#xx_5f09156a-fbca-4c34-a916-c456ecfcda69_1)<br>| **38** |
| [Additional information](#xx_2ea650bf-a794-4d7e-bf11-b00a622ed4ee_1)<br>| **39** |
| [Directors and officers](#xx_484ea299-7517-4d13-9c55-c26b4e6a25dc_1)<br>| **54** |

---

Unless otherwise noted, views expressed herein are current as of November 30, 2022, and subject to change for events occurring after such date.

**Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

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Section 19(b) disclosure

---

| | |
|:---|:---|
| Macquarie Global Infrastructure Total Return Fund Inc. | November 30, 2022 (Unaudited) |

---

Macquarie Global Infrastructure Total Return Fund Inc. (Fund), acting pursuant to a Securities and Exchange Commission (SEC) exemptive order and with the approval of the Fund's Board of Directors (Board), has adopted a plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (Plan). In accordance with the Plan, the Fund paid a monthly dividend of $0.10 per share from December 2021 through April 2022. Beginning May 2022, the Fund paid a monthly dividend of $0.13 per share.

The fixed amount distributed per share is subject to change at the discretion of the Fund's Board. Under the Plan, the Fund will distribute all available investment income to its shareholders, consistent with its primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (Code). If sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases or decreases to enable the Fund to comply with the distribution requirements imposed by the Code.

Shareholders should not draw any conclusions about the Fund's investment performance from the amount of these distributions or from the terms of the Plan. The Fund's total investment return on net asset value is presented in its financial highlights table.

The Board may amend, suspend or terminate the Fund's Plan without prior notice if it deems such action to be in the best interest of the Fund or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Fund's stock is trading at or above net asset value) or widening an existing trading discount. The Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, increased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to the Fund's prospectus for a more complete description of its risks.

A cumulative summary of the Section 19(a) notices for the Fund's current fiscal period, if applicable, is included in Additional Information. Section 19(a) notices for the Fund, as applicable, are available on the Fund's website at macquarieim.com/mgu.

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Caution regarding forward-looking statements and past performance

This Annual Report contains certain<br> forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and its respective representatives, taking into account the information available to them as of the financial reporting period. Forward-looking statements include all statements that do not relate solely to current or historical facts. For example, forward-looking statements may include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Fund's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. **Past performance is not a reliable indication of future performance.** When evaluating the information included in this Annual Report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of DMC and its respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

Capitalized terms used but not defined herein have the meaning assigned to them in the<br> Fund's prospectus.

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Annual commentary

---

| | |
|:---|:---|
| Macquarie Global Infrastructure Total Return Fund Inc. | November 30, 2022 (Unaudited) |

---

#### Introduction
We are pleased to present this annual report to the shareholders of the Fund for the 12 months ended November 30, 2022 ("the period"). The Fund commenced operations and began trading on the New York Stock Exchange on August 26, 2005.

#### Performance and portfolio review
The fiscal year began with concerns around the COVID-19 Omicron variant, which proved to be more infectious than the Delta variant. Later in the period, however, investors took consolation that the Omicron variant also appeared to be far less virulent.

The first quarter of fiscal 2022 saw major changes in the macroeconomic environment, driven by geopolitical factors. Equity markets reacted negatively as inflation increased, conflict broke out in Eastern Europe, and commodity prices spiked. Oil and natural gas prices rose significantly, fueling expectations for higher inflation, a positive macroeconomic variable for infrastructure assets. Bond yields also rose significantly during this quarter, with 10-year US Treasury yields starting the period at 1.51% and finishing at 2.34%, driven by a rapid escalation in expectations regarding the US Federal Reserve's approach to increasing interest rates.

The infrastructure sector significantly outperformed broader equity markets during the first quarter of fiscal 2022, as the S&P Global Infrastructure Index (net) rose 7.3%, as rising inflation, lower growth expectations, and a flight toward more stable and predictable investments combined. Broader equity markets staged a recovery later in the quarter but ended the quarter down 5.2%, as measured by the MSCI World Index (net).

The second quarter of fiscal 2022 failed to provide the catalyst that markets awaited.

Central banks continued to grapple with inflation, but they were now even more conscious of rising growth risks, which remained higher in Europe than the US. Labor markets remained tight but with real wage growth in negative territory, the squeeze on consumers remained.

Central banks' commitment to bring inflation under control, despite the inherent risks to the growth outlook, shook both equity and bond markets in the third quarter of fiscal 2022. The focus was increasingly on growth risks and asset markets paid note to sentiment surveys where the significant concerns consumers expressed were increasingly reflected by businesses. While the summer brought historical droughts and heatwaves to many parts of the world, the global economy nevertheless continued to cool down. Most of the economic data published, such as the global composite Purchasing Managers' Index (PMI), which dropped to a 22-month low of 50.8 in July 2022, continued to illustrate the slowing of the global economy. (The Purchasing Managers' Index (PMI) is an indicator of the economic health of the manufacturing sector.)

Toward the end of the reporting period, ongoing concerns about inflation and further central bank tightening measures were at the forefront of investors' minds. Central banks did deliver another round of steep policy interest rate hikes. The Fed and the Bank of England (BoE) raised policy rates by 0.75% to 4.0% and 3.0%, respectively. However, despite headwinds from tighter monetary policy, investor sentiment improved significantly after the release of US inflation numbers for October 2022. The 7.7% year-on-year increase was below consensus expectations, fueling the market's hopes that US inflation had now peaked and could prove less sticky than initially feared. The idea that falling

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Annual commentary

Macquarie Global Infrastructure Total Return Fund Inc.

inflation could mean that the end to the rate hiking cycle was not far off, gave both stocks and bonds a boost.

Inflation has emerged as a threat to economies around the world. The significant outperformance of the listed infrastructure sector relative to global equities can be attributed to the inflation-linked nature of infrastructure asset cash flows. Many infrastructure assets have direct revenue links to inflation stated in their regulation, concessions, or contracts. The level and form of inflation protection in infrastructure varies by individual asset. Analysis of a range of factors is required to identify those listed infrastructure stocks with superior inflation protection attributes over the long term. In general, sub-sectors that have explicit inflation linkage mechanisms in revenues and/or asset values, such as concession-based toll roads and regulated utilities in jurisdictions with reliable and transparent regulation, can offer the strongest form of inflation protection, in our opinion. Identifying the listed infrastructure companies with the strongest inflation attributes requires detailed analysis of pricing power and direct inflation linkages in regulation, concessions, and contracts, a task undertaken by our dedicated listed infrastructure investment team.

Source: Bloomberg.

---

| | |
|:---|:---|
| **For the 12-month period ended<br> November 30, 2022<sup>1</sup>** | **Total Return<br> (%)<sup>2</sup>** |
| Macquarie Global Infrastructure Total Return Fund Inc. - Net Asset Value | 17.50 |
| Macquarie Global Infrastructure Total Return Fund Inc. - Market Price | 13.84 |
| S&P Global Infrastructure Index (net)<sup>3</sup> | 7.97 |
| MSCI World Index (net)<sup>4</sup> | -10.86 |

---

Unless otherwise indicated, all references to currency are to US dollars.<br> <sup>1</sup> Calculated on a total return basis, adjusting for distributions and assuming dividend reinvestment.<br> <sup>2</sup> Source: ALPS Fund Services Inc., Bloomberg L.P.<br> <sup>3</sup> The S&P Global Infrastructure Index is composed of 75 of the largest publicly listed companies in the global infrastructure industry. The index has balanced weights across three distinct infrastructure clusters: energy, transportation, and utilities. The "net total return" index reinvests regular cash dividends after the deduction of applicable withholding taxes.<br> <sup>4</sup> The MSCI World Index represents large- and mid-cap stocks across 23 developed market countries worldwide. The index covers approximately 85% of the free float-adjusted market capitalization in each country. Index "net" return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

The Fund, which is not managed against any benchmark, outperformed the reference benchmark, the S&P Global Infrastructure Index (net) and the MSCI World Index (net) during the 12-month period ended November 30, 2022.

Let's look at these reasons in further detail.

#### Rail
Stock selection in the rail sector, led by the Fund's exposure to Japanese rail companies, was the largest contributor to performance. **East Japan Railway ADR** and **West Japan Railway ADR** both outperformed when the Japanese market was encouraged by loosening of restrictions around foreign visitors. Our patience was rewarded as we had continued to seek attractive relative value in these names earlier in the fiscal year and expected the market to become more

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favorable on the outlook for these companies when travel opened up in Japan.

#### Energy infrastructure
The energy infrastructure sector was another significant contributor. Relative to the benchmark, the Fund's overweight position in **Cheniere Energy Inc.**, a US energy infrastructure company, added to performance. Cheniere Energy is one of the largest liquified natural gas (LNG) exporters in the world and has benefited tremendously from rising global LNG prices. Additionally, the stock has benefited more recently as a hedge against the current geopolitical tensions between Ukraine, Russia, and NATO. We expect the LNG market to remain tight over the near term. We think there could be further upside potential to international LNG prices due to the increasing risk by Russia to use energy as a weapon against the EU. As such, we think LNG is positioned to continue generating significant excess cash flow and returning it to shareholder via share repurchases and/or higher dividends while reducing their debt leverage to investment grade levels. We believe more attractive and higher-quality opportunities lie within the more defensive constituents of the energy infrastructure universe.

#### Water
Stocks in the water sector detracted during the fiscal period. **Severn Trent ADR** and **American Water Works Company Inc.** were the biggest detractors. Severn Trent fell amid concerns of higher UK interest rates and near-term cost pressures. American Water Works, a longer duration asset, underperformed in a rising rate environment.

#### Electricity transmission
Positions within the electricity transmission sector also detracted from performance led by

**Terna SpA. While regulation adjusts returns for cost of capital volatility, rising Italian sovereign yields acted as a near-term headwind, given Terna's relatively stable near-term cash flows.**

#### Derivatives
We periodically examine the contribution of derivatives to the Fund's performance. The Fund's use of foreign exchange (FX) currency positions had a limited material effect during the fiscal year. Overall, derivatives were immaterial to the Fund's performance during the fiscal year.

#### Leverage
As of November 30, 2022, the Fund had $134 million (US dollar) in leverage outstanding. At period end, the Fund's leverage was 27.6% of its total assets, which is within the limit outlined in the Fund's prospectus. To avoid magnifying the US dollar exposure due to leverage, the Fund also borrows in euro to help offset the currency exposure of the investments with the currency of the borrowings.

In determining the leverage level for the Fund, we balance the cost of leverage against the longer-term potential for enhanced yield and capital returns.

#### Performance relative to reference benchmarks
The Fund, which is not managed against any benchmark, outperformed the reference benchmark, the S&P Global Infrastructure Index (net) and underperformed the MSCI World Index (net) during the 12-month period ended November 30, 2022.

#### Fund diversification by country and sector
As of November 30, 2022, the Fund's core component was well diversified across 44 global infrastructure stocks, representing

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

Annual commentary

Macquarie Global Infrastructure Total Return Fund Inc.

13 countries and 10 sectors. During the 12-month period, the primary increases in the Fund's sector weightings were within the electricity and gas distribution and airports sectors. The largest declines in sector

weightings were within the energy infrastructure and water sectors. Sector changes were driven principally by our bottom-up (stock-by-stock) investment process.

The table below shows the top 10 holdings in the Fund as November 30, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rank** | **Stock** | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Infrastructure Sector<sup>5</sup>** | &nbsp;&nbsp;**% <sup>6</sup>** |
| 1 | Aena SME | &nbsp;&nbsp;Spain | &nbsp;&nbsp;Airports | &nbsp;&nbsp;5.3 |
| 2 | NextEra Energy | &nbsp;&nbsp;United States | &nbsp;&nbsp;Electric utility | &nbsp;&nbsp;5.2 |
| 3 | Transurban Group | &nbsp;&nbsp;Australia | &nbsp;&nbsp;Toll roads | &nbsp;&nbsp;5.1 |
| 4 | Enbridge | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;Energy infrastructure | &nbsp;&nbsp;4.8 |
| 5 | American Electric Power Company | &nbsp;&nbsp;United States | &nbsp;&nbsp;Electric utility | &nbsp;&nbsp;4.0 |
| 6 | Enav | &nbsp;&nbsp;Italy | &nbsp;&nbsp;Airports | &nbsp;&nbsp;3.8 |
| 7 | ALEATICA | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;Toll roads | &nbsp;&nbsp;3.4 |
| 8 | National Grid | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;Electricity and gas distribution | &nbsp;&nbsp;3.3 |
| 9 | East Japan Railway ADR | &nbsp;&nbsp;Japan | &nbsp;&nbsp;Rail / other transportation | &nbsp;&nbsp;3.2 |
| 10 | Severn Trent ADR | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;Water | &nbsp;&nbsp;3.1 |

---

<sup>5</sup> Industry segments are based on the manager's own evaluation of issuers and industries, and do not necessarily track any standard industry or segment classification. Classifications are made by the investment team and based on the primary business segment of the issuer.

<sup>6</sup> Based on Total Assets defined as follows: "Total Assets" of the Fund, for the purpose of this calculation, include the aggregate of the Fund's average daily net assets plus proceeds from any outstanding borrowings used for leverage.

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The tables below show the structure of the portfolio by country and sector.

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| | | | |
|:---|:---|:---|:---|
| Country | % of Fund on <br> November 30, 2022<sup>7</sup> | &nbsp;&nbsp;% Point Change<br> over Period | &nbsp;&nbsp;% of Fund on <br> November 30, 2021<sup>7</sup> |
| United States | 39.2 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;30.9 |
| Canada | 10.2 | &nbsp;&nbsp;(4.0) | &nbsp;&nbsp;14.2 |
| United Kingdom | 8.2 | &nbsp;&nbsp;(1.3) | &nbsp;&nbsp;9.5 |
| Italy | 7.4 | &nbsp;&nbsp;(2.1) | &nbsp;&nbsp;9.5 |
| Australia | 7.3 | &nbsp;&nbsp;(3.8) | &nbsp;&nbsp;11.1 |
| Spain | 6.3 | &nbsp;&nbsp;(0.9) | &nbsp;&nbsp;7.2 |
| Mexico | 4.3 | &nbsp;&nbsp;(0.3) | &nbsp;&nbsp;4.6 |
| Japan | 3.5 | &nbsp;&nbsp;(0.4) | &nbsp;&nbsp;3.9 |
| France | 2.6 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;2.4 |
| Brazil | 2.1 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;0 |
| New Zealand | 1.6 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1.1 |
| China | 1 | &nbsp;&nbsp;(0.7) | &nbsp;&nbsp;1.7 |
| Germany | 1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;1 |
| Netherlands | 0.5 | &nbsp;&nbsp;(0.5) | &nbsp;&nbsp;1 |
| Switzerland | 0 | &nbsp;&nbsp;(0.6) | &nbsp;&nbsp;0.6 |
| Other Assets in Excess of Other Liabilities | 4.7 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;1.3 |

---

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| | | | |
|:---|:---|:---|:---|
| Infrastructure Sector<sup>8</sup> | % of Fund on <br> November 30, 2022<sup>7</sup> | &nbsp;&nbsp;% Point Change<br> over Period | &nbsp;&nbsp;% of Fund on <br> November 30, 2021<sup>7</sup> |
| Electric Utility | 27.7 | &nbsp;&nbsp;(2.3) | &nbsp;&nbsp;30.0 |
| Energy Infrastructure | 23.3 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;21.2 |
| Toll Roads | 14.9 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;14.2 |
| Airports | 9.4 | &nbsp;&nbsp;(4.1) | &nbsp;&nbsp;13.5 |
| Water | 4.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;4.1 |
| Electricity and Gas Distribution | 4.5 | &nbsp;&nbsp;(2.6) | &nbsp;&nbsp;7.1 |
| Communications Infrastructure | 4.0 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;1.0 |
| Rail / Other Transportation | 3.6 | &nbsp;&nbsp;(0.3) | &nbsp;&nbsp;3.9 |
| Electricity Transmission | 2.5 | &nbsp;&nbsp;(0.1) | &nbsp;&nbsp;2.6 |
| Seaports | 0.5 | &nbsp;&nbsp;(0.5) | &nbsp;&nbsp;1.0 |
| Other Assets in Excess of Other Liabilities | 4.8 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;1.4 |

---

*<sup>7</sup>Based on Total Assets as defined in the prospectus.*

*<sup>8</sup>Industry sectors are based on the Manager's own evaluation of issuers and industries, and do not necessarily track any standard industry or sector classification. Classifications are made by the investment team and based on the primary business sector of the issuer.*

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Annual commentary

Macquarie Global Infrastructure Total Return Fund Inc.

Distributions

The Fund paid a monthly dividend of $0.10 per share from December 2021 through April 2022. From May 2022 through November 2022, the Fund paid a monthly dividend of $0.13 per share. Altogether, the Fund paid $1.572 per share during this period.

A portion of the distributions may be treated as paid from sources other than net income, including, but not limited to, short-term capital gain, long-term capital gain, and return of capital. The final determination of the source of all distributions in 2022, including the percentage of qualified dividend income, will be made by the Fund after December 31, 2022.

#### Outlook
We ended fiscal 2022 in a very different place than where we ended fiscal 2021. During the period, global vaccine rollouts and strong global fiscal and monetary stimulus led to substantial recoveries in economies and mobility. The challenge now facing global economies is the pervasive inflation that has led to substantial central bank tightening in most economies. We expect meaningful impact from this tightening and recessions to occur throughout much of the world. This slowdown is further exacerbated by the ongoing conflict in the Ukraine, which has led to an energy crisis in Europe. We look to 2023 with a cautious eye when considering multiple opportunities and risks within the Fund.

Transportation infrastructure – After a large disruption throughout the COVID-19 pandemic, we have now seen a substantial recovery in mobility with toll road traffic broadly above 2019 levels. While air travel has shown more mixed results, it is still substantially ahead of 2020 and 2021 levels. We think the key question around future developments will

be to what extent Chinese travel fully recovers, assuming a relaxing of COVID-era policies and how this will relate to the impacts of a slowing economy, particularly in Europe.

Utilities and renewables – We continue to see further growth of wind and solar generation around the world as global utilities embrace these lower carbon-intensive options and the economics of such have become much more competitive. Investments in renewables and supporting network infrastructure offer the potential for relatively low risk and growing regulated cash flows. Listed infrastructure companies are the largest investors globally in renewables and, due to their scale and experience, are best positioned to continue to negotiate favorable contracts or regulation for ongoing and increased investment, in our view.

New clean technology – We continue to observe considerable research efforts globally toward carbon elimination from our economies. Hydrogen has re-emerged as a leading contender to help in the reduction of carbon emissions, especially from energy intensive applications such as transport and heavy industry. It is also a meaningful contender as an alternate form of energy storage, with sustainably produced energy used to produce hydrogen, which can subsequently be used to produce electricity, when needed. When burnt or passed through a fuel cell, hydrogen generates water as a by-product. We think the infrastructure sector could be a key beneficiary of a transition toward hydrogen over the coming decades. Existing gas infrastructure can be, in some cases, repurposed or upgraded to transport hydrogen.

Infrastructure spending as stimulus – While the recession caused by COVID-19 required

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extraordinary fiscal and monetary stimulus, we now face substantial monetary tightening. Certain global governments, particularly in the US and Europe, have seen the opportunity of investing in economies through "green investment" to support jobs, reduce the carbon intensity of communities, and deliver economic growth.

We continue to believe that a thoughtful active management approach is required in the current environment. A vigilant and continuous assessment of the opportunity set across our global research platform offers opportunities to take advantage of market dislocations and achieve what we view as attractive risk-adjusted returns for our clients.

#### Conclusion
The Fund's investment strategy is to invest in the listed securities of companies globally that<br> own or operate infrastructure assets that we believe provide essential services, have strong strategic positions, and are well positioned to potentially generate sustainable and growing cash flow streams for shareholders from their infrastructure assets.

We believe the Fund provides investors with an attractive vehicle to access the broad global universe of listed infrastructure securities and appreciate your investment in the Fund.

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Performance summary (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

**The performance quoted represents past performance and does not guarantee future results. Investment return, principal value, and market value of an investment will fluctuate so that shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please obtain the most recent performance data by calling 866 587-4518.**

---

| | | | |
|:---|:---|:---|:---|
| **Fund and benchmark performance** |  |  |  |
| Average annual total returns through November 30, 2022 | 1 year | &nbsp;&nbsp;5 year | &nbsp;&nbsp;10 year |
| At market price (inception date August 26, 2005) | +13.84% | &nbsp;&nbsp;+5.84% | &nbsp;&nbsp;+9.30% |
| At net asset value (inception date August 26, 2005) | +17.50% | &nbsp;&nbsp;+6.63% | &nbsp;&nbsp;+9.67% |
| S&P Global Infrastructure Index (net) | +7.97% | &nbsp;&nbsp;+3.27% | &nbsp;&nbsp;+6.08% |
| S&P Global Infrastructure Index (gross) | +8.83% | &nbsp;&nbsp;+4.16% | &nbsp;&nbsp;+6.99% |
| MSCI World Index (net) | -10.86% | &nbsp;&nbsp;+7.35% | &nbsp;&nbsp;+9.53% |
| MSCI World Index (gross) | -10.42% | &nbsp;&nbsp;+7.90% | &nbsp;&nbsp;+10.12% |

---

Diversification may not protect against market risk.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counter parties' ability to fulfill their contractual obligations. This is the risk associated with securities or practices (for example, borrowing and the use of certain derivatives) and investment in certain types of derivatives that multiply small index or market movements into larger changes in value. Use of derivative instruments may involve leverage. Leverage magnifies the potential for gain and the risk of loss. As a result, a relatively small decline in the value of the underlying investments could result in a relatively large loss.

Although the Fund will seek to manage the Fund's risk from the leverage associated with derivative investments by closely monitoring the volatility of such investments, the Fund may not be successful in this respect.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Investment strategies that hold securities issued by companies principally engaged in the infrastructure industry have greater exposure to the potential adverse economic, regulatory, political, and other changes affecting such entities.

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund's ability to achieve its investment objective and the value of the Fund's investments.

The Fund is not intended to be a complete investment program. An investment in the Fund involves risks, and the Fund may or may not be able to achieve its investment objective for a variety of reasons. The following summarizes some of the Fund's risks but does not purport to be a complete listing of all of the risks. Investors should carefully review the Fund's prospectus and consult their own advisers.

Closed-end fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation or any other government agency. Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a onetime-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities from total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment. NAV, market price, and premium or discount will fluctuate with change in market conditions.

The Fund may be required to make higher distributions of ordinary income and capital gains at calendar year end. Those distributions may temporarily cause extraordinarily high yields. There is no assurance that a Fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The "Fund performance" table and the "Performance of a $10,000 investment" graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Returns reflect the reinvestment of all distributions. Dividends and distributions, if any, are assumed, for the purpose of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment policy. Shares of the Fund were initially offered with a sales charge of 6%. Performance since inception does not include the sales charge or any other brokerage commission for purchases made since inception.

#### Past performance does not guarantee future results.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

Performance summary (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

---

| | |
|:---|:---|
| **Fund basics** |  |
| As of November 30, 2022 |  |
| **Fund objectives** | **Fund start date** |
| The primary investment objective of the Fund is to provide investors<br> with a high level of total return consisting of dividends and other income,<br> and capital appreciation. | August 26, 2005 |
| **Total net assets** | **NYSE symbol** |
| $350.1 million | XMGUX |
| **Number of holdings** |  |
| 43 |  |

---

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

#### Market price versus net asset value (see notes on next page)
*For the period November 30, 2021 through November 30, 2022*

![](g458114imgdb28ee292.gif)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | &nbsp;&nbsp;**Ending value** |
| ![](g458114img9bbde51c3.gif) | Macquarie Global Infrastructure Total Return Fund Inc.<br> @ NAV | &nbsp;&nbsp;$25.86 | &nbsp;&nbsp;$28.45 |
| ![](g458114imgaa52f66c4.gif) | Macquarie Global Infrastructure Total Return Fund Inc.<br> @ market price | &nbsp;&nbsp;$22.76 | &nbsp;&nbsp;$24.25 |

---

#### Past performance does not guarantee future results.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

Performance summary (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

#### Performance of a $10,000 investment
*For the period November 30, 2012 through November 30, 2022*

![](g458114img0abf079c5.gif)

---

| | | | |
|:---|:---|:---|:---|
| | | **Starting value** | &nbsp;&nbsp;**Ending value** |
| ![](g458114img8963cd166.gif) | Macquarie Global Infrastructure Total Return Fund Inc.<br> @ NAV | &nbsp;&nbsp;$10000 | &nbsp;&nbsp;$25177 |
| ![](g458114imgaa52f66c4.gif) | MSCI World Index (net) | &nbsp;&nbsp;$10000 | &nbsp;&nbsp;$24852 |
| ![](g458114img9bbde51c3.gif) | Macquarie Global Infrastructure Total Return Fund Inc.<br> @ market price | &nbsp;&nbsp;$10000 | &nbsp;&nbsp;$24340 |
| ![](g458114img5899e8f17.gif) | S&P Global Infrastructure Index (net) | &nbsp;&nbsp;$10000 | &nbsp;&nbsp;$18051 |

---

The "Performance of a $10,000 investment" graph assumes $10,000 invested in the Fund on November 30, 2012, and includes the reinvestment of all distributions at market value. The graph also assumes $10,000 invested in the S&P Global Infrastructure Index and the MSCI World Index on November 30, 2012.

Performance of the Fund at market value is based on market performance during the period. Performance of the Fund at NAV is based on the fluctuations in NAV during the period. Macquarie Global Infrastructure Total Return Fund Inc. was initially offered with a sales charge of 6%. For market price, performance shown in both graphs above does not include fees, the initial sales charge, or any brokerage commissions on purchases. For NAV, performance shown in both graphs above includes fees, but does not include the initial sales charge or any brokerage commissions for purchases.

Investments in the Fund are not available at NAV.

Market price is the price an investor would pay for shares of the Fund on the secondary market.

NAV is the total value of one fund share, generally equal to a fund's net assets divided by the number of shares outstanding.

#### Past performance does not guarantee future results.

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

Security type / country and sector allocations

---

| | |
|:---|:---|
| Macquarie Global Infrastructure Total Return Fund Inc. | As of November 30, 2022 (Unaudited) |

---

Sector designations may be different from the sector designations presented in other Fund materials.

---

| | |
|:---|:---|
| Security type / country | Percentage of net assets |
| **Common Stocks by Country** | **130.84%** |
| Australia | &nbsp;&nbsp;10.11% |
| Brazil | &nbsp;&nbsp;&nbsp;1.44% |
| Canada | &nbsp;&nbsp;15.50% |
| China/Hong Kong | &nbsp;&nbsp;&nbsp;1.43% |
| France | &nbsp;&nbsp;&nbsp;3.66% |
| Germany | &nbsp;&nbsp;&nbsp;1.37% |
| Italy | &nbsp;&nbsp;10.22% |
| Japan | &nbsp;&nbsp;&nbsp;4.89% |
| Mexico | &nbsp;&nbsp;&nbsp;5.91% |
| Netherlands | &nbsp;&nbsp;&nbsp;0.74% |
| New Zealand | &nbsp;&nbsp;&nbsp;2.27% |
| Spain | &nbsp;&nbsp;&nbsp;8.70% |
| United Kingdom | &nbsp;&nbsp;11.37% |
| United States | &nbsp;&nbsp;53.23% |
| **Master Limited Partnerships** | &nbsp;&nbsp;&nbsp;**0.93%** |
| **Total Value of Securities** | **131.77%** |
| **Leverage** | **(37.28%)** |
| **Receivables and Other Assets Net of Liabilities** | &nbsp;&nbsp;&nbsp;**5.51%** |
| **Total Net Assets** | **100.00%** |

---

---

| | |
|:---|:---|
| Common stock and master limited partnerships by sector | Percentage of net assets |
| Airports | &nbsp;&nbsp;13.00% |
| Communications Infrastructure | &nbsp;&nbsp;&nbsp;5.53% |
| Electric Utility | &nbsp;&nbsp;39.82% |
| Electricity and Gas Distribution | &nbsp;&nbsp;&nbsp;6.28% |
| Electricity Transmission | &nbsp;&nbsp;&nbsp;3.42% |
| Energy Infrastructure | &nbsp;&nbsp;32.33% |
| Rail & Other Transportation | &nbsp;&nbsp;&nbsp;4.89% |
| Seaports | &nbsp;&nbsp;&nbsp;0.74% |
| Toll Roads | &nbsp;&nbsp;19.16% |
| Water | &nbsp;&nbsp;&nbsp;6.60% |
| **Total** | **131.77%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

Schedule of investments

---

| | |
|:---|:---|
| Macquarie Global Infrastructure Total Return Fund Inc. | November 30, 2022 |

---

---

| | | |
|:---|:---|:---|
|  | Number of<br> shares | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Common Stocks – 130.84%Δ** | &nbsp;&nbsp;**Common Stocks – 130.84%Δ** | &nbsp;&nbsp;**Common Stocks – 130.84%Δ** |
| &nbsp;&nbsp;Australia - 10.11% | &nbsp;&nbsp;Australia - 10.11% | &nbsp;&nbsp;Australia - 10.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Arteria << | 1876767 | &nbsp;&nbsp;$9034431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transurban Group << | 2695064 | &nbsp;&nbsp;&nbsp;&nbsp; 26348708 |
|  |  | &nbsp;&nbsp;&nbsp; 35383139 |
| &nbsp;&nbsp;Brazil - 1.44% | &nbsp;&nbsp;Brazil - 1.44% | &nbsp;&nbsp;Brazil - 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCR | 2221979 | &nbsp;&nbsp;&nbsp;&nbsp; 5035404 |
|  |  | &nbsp;&nbsp;&nbsp; 5035404 |
| &nbsp;&nbsp;Canada - 15.50% | &nbsp;&nbsp;Canada - 15.50% | &nbsp;&nbsp;Canada - 15.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge << | &nbsp;&nbsp;&nbsp;&nbsp;608134 | &nbsp;&nbsp;&nbsp;&nbsp; 25113812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibson Energy << | &nbsp;&nbsp;&nbsp;&nbsp;499039 | &nbsp;&nbsp;&nbsp;&nbsp; 9055899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hydro One 144A #, << | &nbsp;&nbsp;&nbsp;&nbsp;182842 | &nbsp;&nbsp;&nbsp;&nbsp; 5113568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy << | &nbsp;&nbsp;&nbsp;&nbsp;338020 | &nbsp;&nbsp;&nbsp;&nbsp; 14976762 |
|  |  | &nbsp;&nbsp;&nbsp; 54260041 |
| &nbsp;&nbsp;China/Hong Kong - 1.43% | &nbsp;&nbsp;China/Hong Kong - 1.43% | &nbsp;&nbsp;China/Hong Kong - 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Tower Class H 144A #, << | 46124000 | &nbsp;&nbsp;&nbsp;&nbsp; 4988433 |
|  |  | &nbsp;&nbsp;&nbsp; 4988433 |
| &nbsp;&nbsp;France - 3.66% | &nbsp;&nbsp;France - 3.66% | &nbsp;&nbsp;France - 3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci << | &nbsp;&nbsp;&nbsp;&nbsp;126823 | &nbsp;&nbsp;&nbsp;&nbsp; 12804786 |
|  |  | &nbsp;&nbsp;&nbsp; 12804786 |
| &nbsp;&nbsp;Germany - 1.37% | &nbsp;&nbsp;Germany - 1.37% | &nbsp;&nbsp;Germany - 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantage Towers << | &nbsp;&nbsp;&nbsp;&nbsp;140085 | &nbsp;&nbsp;&nbsp;&nbsp; 4802989 |
|  |  | &nbsp;&nbsp;&nbsp; 4802989 |
| &nbsp;&nbsp;Italy - 10.22% | &nbsp;&nbsp;Italy - 10.22% | &nbsp;&nbsp;Italy - 10.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enav 144A #, << | 3947202 | &nbsp;&nbsp;&nbsp;&nbsp; 17461545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snam << | 1243660 | &nbsp;&nbsp;&nbsp;&nbsp; 6348525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale << | 1564371 | &nbsp;&nbsp;&nbsp;&nbsp; 11982996 |
|  |  | &nbsp;&nbsp;&nbsp; 35793066 |
| &nbsp;&nbsp;Japan - 4.89% | &nbsp;&nbsp;Japan - 4.89% | &nbsp;&nbsp;Japan - 4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Japan Railway << | &nbsp;&nbsp;&nbsp;&nbsp;169600 | &nbsp;&nbsp;&nbsp;&nbsp; 9615635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Japan Railway << | &nbsp;&nbsp;&nbsp;&nbsp;176200 | &nbsp;&nbsp;&nbsp;&nbsp; 7506063 |
|  |  | &nbsp;&nbsp;&nbsp; 17121698 |
| &nbsp;&nbsp;Mexico - 5.91% | &nbsp;&nbsp;Mexico - 5.91% | &nbsp;&nbsp;Mexico - 5.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALEATICA <<, † | 5684616 | &nbsp;&nbsp;&nbsp;&nbsp; 10142682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte << | 1215279 | &nbsp;&nbsp;&nbsp;&nbsp; 10549760 |
|  |  | &nbsp;&nbsp;&nbsp; 20692442 |
| &nbsp;&nbsp;Netherlands - 0.74% | &nbsp;&nbsp;Netherlands - 0.74% | &nbsp;&nbsp;Netherlands - 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Vopak << | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87393 | &nbsp;&nbsp;&nbsp;&nbsp; 2593887 |
|  |  | &nbsp;&nbsp;&nbsp; 2593887 |

---

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

---

| | | |
|:---|:---|:---|
|  | Number of<br> shares | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** | &nbsp;&nbsp;**Common StocksΔ (continued)** |
| &nbsp;&nbsp;New Zealand - 2.27% | &nbsp;&nbsp;New Zealand - 2.27% | &nbsp;&nbsp;New Zealand - 2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auckland International Airport <<, † | 1559539 | &nbsp;&nbsp;$7948069 |
|  |  | &nbsp;&nbsp;&nbsp; 7948069 |
| &nbsp;&nbsp;Spain - 8.70% | &nbsp;&nbsp;Spain - 8.70% | &nbsp;&nbsp;Spain - 8.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aena 144A #, <<, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74007 | &nbsp;&nbsp;&nbsp;&nbsp; 9549383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cellnex Telecom 144A #, << | &nbsp;&nbsp;&nbsp;&nbsp;278001 | &nbsp;&nbsp;&nbsp;&nbsp; 9560050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iberdrola << | &nbsp;&nbsp;&nbsp;&nbsp;676741 | &nbsp;&nbsp;&nbsp;&nbsp; 7645431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sacyr << | 1330211 | &nbsp;&nbsp;&nbsp;&nbsp; 3697910 |
|  |  | &nbsp;&nbsp;&nbsp; 30452774 |
| &nbsp;&nbsp;United Kingdom - 11.37% | &nbsp;&nbsp;United Kingdom - 11.37% | &nbsp;&nbsp;United Kingdom - 11.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Grid << | &nbsp;&nbsp;&nbsp;&nbsp;707762 | &nbsp;&nbsp;&nbsp;&nbsp; 8706236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severn Trent << | &nbsp;&nbsp;&nbsp;&nbsp;292929 | &nbsp;&nbsp;&nbsp;&nbsp; 9640950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSE << | &nbsp;&nbsp;&nbsp;&nbsp;684302 | &nbsp;&nbsp;&nbsp;&nbsp; 14192804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Utilities Group << | &nbsp;&nbsp;&nbsp;&nbsp;585857 | &nbsp;&nbsp;&nbsp;&nbsp; 7266924 |
|  |  | &nbsp;&nbsp;&nbsp; 39806914 |
| &nbsp;&nbsp;United States - 53.23% | &nbsp;&nbsp;United States - 53.23% | &nbsp;&nbsp;United States - 53.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren << | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95307 | &nbsp;&nbsp;&nbsp;&nbsp; 8512821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power << | &nbsp;&nbsp;&nbsp;&nbsp;227464 | &nbsp;&nbsp;&nbsp;&nbsp; 22018515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archaea Energy <<, † | &nbsp;&nbsp;&nbsp;&nbsp;549674 | &nbsp;&nbsp;&nbsp;&nbsp; 14258544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy << | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91362 | &nbsp;&nbsp;&nbsp;&nbsp; 16021240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy << | &nbsp;&nbsp;&nbsp;&nbsp;137570 | &nbsp;&nbsp;&nbsp;&nbsp; 8401400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities << | &nbsp;&nbsp;&nbsp;&nbsp;128703 | &nbsp;&nbsp;&nbsp;&nbsp; 6208633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy << | &nbsp;&nbsp;&nbsp;&nbsp;139719 | &nbsp;&nbsp;&nbsp;&nbsp; 11577116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan << | &nbsp;&nbsp;&nbsp;&nbsp;821675 | &nbsp;&nbsp;&nbsp;&nbsp; 15710426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy << | &nbsp;&nbsp;&nbsp;&nbsp;308437 | &nbsp;&nbsp;&nbsp;&nbsp; 26124614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource << | &nbsp;&nbsp;&nbsp;&nbsp;191511 | &nbsp;&nbsp;&nbsp;&nbsp; 5350817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK << | &nbsp;&nbsp;&nbsp;&nbsp;126519 | &nbsp;&nbsp;&nbsp;&nbsp; 8466652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL << | &nbsp;&nbsp;&nbsp;&nbsp;545717 | &nbsp;&nbsp;&nbsp;&nbsp; 16109566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy << | &nbsp;&nbsp;&nbsp;&nbsp;100017 | &nbsp;&nbsp;&nbsp;&nbsp; 16621825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy << | &nbsp;&nbsp;&nbsp;&nbsp;156378 | &nbsp;&nbsp;&nbsp;&nbsp; 10980863 |
|  |  | &nbsp;&nbsp;&nbsp;186363032 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $416,458,537)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks (cost $416,458,537)** | &nbsp;&nbsp;&nbsp;**458046674** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

Schedule of investments

Macquarie Global Infrastructure Total Return Fund Inc.

---

| | | |
|:---|:---|:---|
|  | Number of<br> shares | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Master Limited Partnerships – 0.93%** | &nbsp;&nbsp;**Master Limited Partnerships – 0.93%** | &nbsp;&nbsp;**Master Limited Partnerships – 0.93%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magellan Midstream Partners << | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61501 | &nbsp;&nbsp;$3241103 |
| &nbsp;&nbsp;&nbsp;**Total Master Limited Partnerships<br> (cost $3,010,837)** | &nbsp;&nbsp;&nbsp;**Total Master Limited Partnerships<br> (cost $3,010,837)** | &nbsp;&nbsp;&nbsp; **3241103** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities-131.77%<br> (cost $419,469,374)** |  | &nbsp;&nbsp;**$461287777** |

---

---

| |
|:---|
| Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 15 in "Security type / country and sector allocations." |
| Fully or partially pledged as collateral for borrowing transactions. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2022, the aggregate value of Rule 144A securities was $46,672,979, which represents 13.33% of the Fund's net assets. See Note 11 in "Notes to financial statements." |
| Non-income producing security. |

---

The following foreign currency exchange contracts were outstanding at November 30, 2022:<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** | **Foreign Currency Exchange Contracts** |  |  |
| Counterparty | &nbsp;&nbsp;&nbsp;Currency to<br> Receive (Deliver) | &nbsp;&nbsp;&nbsp;Currency to<br> Receive (Deliver) | &nbsp;&nbsp;&nbsp;In Exchange For | &nbsp;&nbsp;&nbsp;In Exchange For | &nbsp;&nbsp;&nbsp;Settlement <br> Date | &nbsp;&nbsp;&nbsp;Unrealized <br> Depreciation |
| BNYM | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1538259 | &nbsp;&nbsp;USD | &nbsp;&nbsp;(1584891) | &nbsp;&nbsp;12/2/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(810) |
| BNYM | &nbsp;&nbsp;JPY | &nbsp;&nbsp;(10471500) | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74947 | &nbsp;&nbsp;12/1/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(891) |
| Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | Total Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(1701) |

---

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.

<sup>1</sup> See Note 7 in "Notes to financial statements."

---

| |
|:---|
| **Summary of abbreviations:** |
| BNYM – Bank of New York Mellon |

---

---

| |
|:---|
| **Summary of currencies:** |
| EUR – European Monetary Unit |
| JPY – Japanese Yen |
| USD – US Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

Statement of assets and liabilities

---

| | |
|:---|:---|
| Macquarie Global Infrastructure Total Return Fund Inc. | November 30, 2022 |

---

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | &nbsp;&nbsp;&nbsp;&nbsp;$461287777 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18914460 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value<sup>Δ</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184541 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052588 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956092 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530326 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147364 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484073148 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Loans payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130524000 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600713 |
| &nbsp;&nbsp;&nbsp;Investment advisory expense payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099868 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543271 |
| &nbsp;&nbsp;&nbsp;Interest on loans payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226951 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133996504 |
| **Total Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$350076644 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$306596758 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43479886 |
| **Total Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$350076644 |
| **Common Shares:** |  |
| Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$350076644 |
| Shares of common stock outstanding at $0.001 par value, 100,000,000 shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12303293 |
| Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.45 |
| <br>\*Investments, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$419469374 |
| <sup>Δ</sup>Foreign currencies, at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182440 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19

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Statement of operations

Macquarie Global Infrastructure Total Return Fund Inc. Year ended November 30, 2022

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16732935 |
| &nbsp;&nbsp;&nbsp;Foreign tax withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1220413) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15512522 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4689753 |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078946 |
| &nbsp;&nbsp;&nbsp;Administration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290359 |
| &nbsp;&nbsp;&nbsp;Directors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284050 |
| &nbsp;&nbsp;&nbsp;Custody | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282919 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206556 |
| &nbsp;&nbsp;&nbsp;Printing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141073 |
| &nbsp;&nbsp;&nbsp;Transfer agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89684 |
| &nbsp;&nbsp;&nbsp;Audit and tax services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78043 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39814 |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417983 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8599180 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6913342 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7519332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87616) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857213 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33696135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1701) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37415437 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44272650 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51185992 |

---

See accompanying notes, which are an integral part of the financial statements.

------

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Statements of changes in net assets

Macquarie Global Infrastructure Total Return Fund Inc.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;11/30/22 | &nbsp;&nbsp;11/30/21 |
| **Increase in Net Assets Resulting from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6913342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5434467 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8401862 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37415437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20156266 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51185992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33992595 |
| **Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15798866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12429082) |
| &nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3588238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19387104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12429082) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1736818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2175413) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1736818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2175413) |
| **Net Increase in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30062070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19388100 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320014574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300626474 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;$350076644 | &nbsp;&nbsp;&nbsp;&nbsp;$320014574 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

Statement of cash flows

Macquarie Global Infrastructure Total Return Fund Inc.

Year ended November 30, 2022

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$51185992 |
| Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of investment securities | &nbsp;&nbsp;&nbsp;(208830121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of investment securities | &nbsp;&nbsp;&nbsp;&nbsp;246902087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7519332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;(33696135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation of foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3721003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation of foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash adjustments for dividend income return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable for securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2052588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in foreign tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid arrangement fees on loan outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;(11023797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest on loans payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in investment advisory expense payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in administration expense payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in Directors' expense payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other payables and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274099 |
| &nbsp;&nbsp;&nbsp;Total adjustments | &nbsp;&nbsp;&nbsp;&nbsp;(19480310) |
| Net cash provided by (used for) operating activities | &nbsp;&nbsp;&nbsp;&nbsp;31705682 |
| **CASH FLOW FROM FINANCING ACTIVITIES:** |  |
| Cash received from borrowings | &nbsp;&nbsp;&nbsp;&nbsp;15000000 |
| Cash payments to reduce borrowings | &nbsp;&nbsp;&nbsp;&nbsp;(26000000) |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1736818) |
| Cash distributions paid | &nbsp;&nbsp;&nbsp;&nbsp;(19387104) |
| Net cash provided by financing activities | &nbsp;&nbsp;&nbsp;&nbsp;(32123922) |
| **Effect of exchange rates on cash** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18996) |
| **Net increase (decrease) in cash** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437236) |
| **Cash and foreign currencies beginning balance** | &nbsp;&nbsp;&nbsp;&nbsp;19536237 |
| **Cash and foreign currencies ending balance** | &nbsp;&nbsp;$19099001 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |
| Cash paid during the period for interest expense from borrowings | &nbsp;&nbsp;&nbsp;&nbsp;$1975675 |
| The following table provides a reconciliation of cash and foreign currencies reported within the statement of financial position that sum to the total of the same amounts shown above at November 30, 2022: |  |
| Cash | &nbsp;&nbsp;$18914460 |
| Foreign currencies, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184541 |
| Total cash and foreign currencies at end of year | &nbsp;&nbsp;$19099001 |

---

See accompanying notes, which are an integral part of the financial statements.

------

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

Financial highlights

Macquarie Global Infrastructure Total Return Fund Inc.

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| |
|:---|
| **Net asset value, beginning of period<br>**  |
| **Income (loss) from investment operations** |
| Net investment income<sup>1</sup><br>|
| Net realized and unrealized gain (loss)<br>|
| Total from investment operations<br>|
| **Less dividends and distributions from:** |
| Net investment income<br>|
| Return of capital<br>|
| Total dividends and distributions<br>|
| **Net asset value, end of period<br>**  |
| **Market value, end of period<br>**  |
| **Total return based on:<sup>2</sup>** |
| Net asset value<br>|
| Market value<br>|
| **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted) <br>|
| Ratio of expenses to average net assets<sup>3</sup><br>|
| Ratio of expenses to average net assets prior to interest expenses reimbursed<br>|
| Ratio of expenses to average net assets excluding interest expenses<br>|
| Ratio of net investment income to average net assets<br>|
| Ratio of net investment income to average net assets prior to interest expenses reimbursed<br>|
| Portfolio turnover<br>|
| **Leverage analysis:** |
| Debt outstanding at end of period (000 omitted)<br>|
| Asset coverage ratio to total assets<sup>4</sup><br>|

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is calculated assuming a purchase of a common share at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total returns exclude brokerage commissions on buying and selling of Fund shares, but do include commissions on buying and selling the underlying portfolio securities. Past performance is not a guarantee of future results.

<sup>3</sup> For the years ended November 2022, 2021, 2020, 2019 and 2018, the annualized ratios to Total Assets were 1.82%, 1.70%, 1.58%, 1.69%, and 1.92%, respectively. The prospectus for the Fund defines Total Assets as Total Net Assets plus leverage.

<sup>4</sup> Asset coverage ratios are calculated based on Total Assets. "Total Assets" of the Fund, for the purpose of this calculation, include the aggregate of the Fund's average daily net assets plus proceeds from any outstanding borrowings used for leverage. (See Note 8)

See accompanying notes, which are an integral part of the financial statements.

------

[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | 11/30/18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.86 | &nbsp;&nbsp;&nbsp;$24.11 | &nbsp;&nbsp;&nbsp;$26.92 | &nbsp;&nbsp;&nbsp;$23.92 | &nbsp;&nbsp;&nbsp;&nbsp;$28.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.45 | &nbsp;&nbsp;&nbsp;$25.86 | &nbsp;&nbsp;&nbsp;$24.11 | &nbsp;&nbsp;&nbsp;$26.92 | &nbsp;&nbsp;&nbsp;&nbsp;$23.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.25 | &nbsp;&nbsp;&nbsp;$22.76 | &nbsp;&nbsp;&nbsp;$20.63 | &nbsp;&nbsp;&nbsp;$24.35 | &nbsp;&nbsp;&nbsp;&nbsp;$20.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.50% | &nbsp;&nbsp;&nbsp;12.07% | &nbsp;&nbsp;&nbsp;&nbsp;(4.14%) | &nbsp;&nbsp;&nbsp;21.40% | &nbsp;&nbsp;&nbsp;(10.10%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.84% | &nbsp;&nbsp;&nbsp;15.28% | &nbsp;&nbsp;&nbsp;&nbsp;(9.31%) | &nbsp;&nbsp;&nbsp;27.07% | &nbsp;&nbsp;&nbsp;(12.18%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$350077 | $320015 | $300626 | $335674 | $298271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;4.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;4.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$130524 | $145264 | $132614 | $142072 | $138284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368% | &nbsp;&nbsp;&nbsp;&nbsp;320% | &nbsp;&nbsp;&nbsp;&nbsp;327% | &nbsp;&nbsp;&nbsp;&nbsp;336% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316% |

---

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Notes to financial statements

---

| | |
|:---|:---|
| Macquarie Global Infrastructure Total Return Fund Inc. | November 30, 2022 |

---

Macquarie Global Infrastructure Total Return Fund Inc. (Fund) is a diversified, closed-end investment management company registered under the Investment Company Act of 1940 (1940 Act), as amended, and organized under the laws of the State of Maryland. The Fund's shares of common stock are listed on the New York Stock Exchange (NYSE) under the ticker "MGU."

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.

**Security Valuation — The net asset value (NAV) of the Fund's shares of common stock will be computed based upon the value of the securities and other assets and liabilities held by the Fund. The NAV is determined as of the close of regular trading on the NYSE (normally 4:00pm ET) on each day the NYSE is open for trading. US debt securities and non-US securities will normally be priced using data reflecting the earlier closing of the principal markets for those securities. Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the NYSE on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. US equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the Nasdaq National Market, are valued at the closing bid prices. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund's valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Fund's Board of Directors (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities that are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities and private placements are valued at fair value.**

**Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended,**

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and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken or expected to be taken on the Fund's federal/state income tax returns through the year ended November 30, 2022, and for all open federal income tax years (years ended<br> November 30, 2019–November 30, 2021) and all open state income tax years (years ended<br> November 30, 2016–November 30, 2021), and has concluded that no provision for federal income tax is required in the Fund's financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of the Fund. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in "Other expenses" on the "Statement of operations." During the year ended November 30, 2022, the Fund did not incur any interest or tax penalties.

#### Cash and Cash Equivalents — Cash equivalents are funds (proceeds) temporarily invested in original maturities of 90 days or less.

#### Restricted Cash — As of November 30, 2022, the Fund did not classify any funds (proceeds) as restricted.
**Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. These gains and losses are included on the "Statement of operations" under "Net realized gain (loss) on investments." The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.**

**Derivative Financial Instruments — The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based**

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Notes to financial statements

Macquarie Global Infrastructure Total Return Fund Inc.

1. Significant Accounting Policies (continued)

on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

**Segregation and Collateralizations — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Funds may deliver collateral in connection with certain investments (e.g., futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged/received to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the "Statement of assets and liabilities" as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the "Schedule of investments."**

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Distributions to Shareholders — The Fund intends to distribute to holders of its common shares monthly distributions of all or a portion of its net income and/or realized gains after payment of interest in connection with any leverage used by the Fund. Distributions to shareholders are recorded by the Fund on the ex-dividend date.**

The Fund has received approval from the Securities Exchange Commission (SEC) for exemption from Section 19(b) of the 1940 Act, and Rule 19b-1 thereunder permitting the Fund to make periodic distributions of long-term capital gains more frequently than otherwise permitted by the 1940 Act, provided that the Fund adheres to the distribution policy that requires the Fund to make level distributions each month to shareholders of common stock after payment of interest on any outstanding borrowings.

**Other — Expenses directly attributable to the Fund are charged directly to the Fund. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the<br> ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date,**

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subject to reclassification upon notice of the character of such distributions by the issuer. Distributions received from Master Limited Partnerships are recorded as return on capital on the<br> ex-dividend date. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates.

2. Investment Advisory and Management Agreement, Affiliated Transactions and Administration Agreements

DMC, a series of Macquarie Investment Management Business Trust (MIMBT), is also responsible for managing the Fund's business affairs, overseeing other service providers and providing management services. As compensation for its services to the Fund, and in accordance with the terms of its investment management agreement with the Fund, DMC receives an annual management fee, payable on a quarterly basis, equal to the annual rate of 1.00% of the Fund's Total Assets (as defined below) up to and including $300 million, 0.90% of the Fund's Total Assets over $300 million up to and including $500 million, and 0.65% of the Fund's Total Assets over $500 million. Total Assets of the Fund, for the purpose of this calculation, include the aggregate of the Fund's average daily net assets plus proceeds from any outstanding borrowings used for leverage. On July 19, 2022, the Board approved the renewal of the Fund's Advisory Agreement, pursuant to which MIMBT, through its DMC series, serves as the Fund's investment manager.

The Fund may place a portion of its portfolio transactions with a brokerage firm which is an affiliate of MIMBT. There were no commissions paid to the affiliated firm for the year ended November 30, 2022.

Computershare Trust Company, N.A. (Computershare) serves as the Fund's Transfer Agent,<br> dividend-paying agent, and registrar. As compensation for Computershare's services, the Fund pays Computershare a monthly fee plus certain out-of-pocket expenses.

3. Investments

For the year ended November 30, 2022, the Fund made purchases and sales of investment securities other than US government securities and short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$208830121 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246902087 |

---

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to

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Notes to financial statements

Macquarie Global Infrastructure Total Return Fund Inc.

3. Investments (continued)

shareholders. At November 30, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;$421239987 |
| Aggregate unrealized appreciation of investments and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;$43019772 |
| Aggregate unrealized depreciation of investments and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2973683) |
| Net unrealized appreciation of investments and derivatives | &nbsp;&nbsp;&nbsp;&nbsp;$40046089 |

---

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund's investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 - Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 - Significant unobservable inputs, including the Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is

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received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| | Level 1 | Level 2 | Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$35383139 | &nbsp;&nbsp;$35383139 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035404 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;54260041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;54260041 |
| &nbsp;&nbsp;&nbsp;China/Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988433 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12804786 | &nbsp;&nbsp;&nbsp;&nbsp;12804786 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4802989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4802989 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35793066 | &nbsp;&nbsp;&nbsp;&nbsp;35793066 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17121698 | &nbsp;&nbsp;&nbsp;&nbsp;17121698 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;20692442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20692442 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593887 |
| &nbsp;&nbsp;&nbsp;New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948069 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30452774 | &nbsp;&nbsp;&nbsp;&nbsp;30452774 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39806914 | &nbsp;&nbsp;&nbsp;&nbsp;39806914 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;186363032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;186363032 |
| Master Limited Partnerships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241103 |
| Total Value of Securities | $269592022 | $191695755 | $461287777 |
| Derivatives <sup>1</sup> |  |  |  |
| Liabilities: |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1701) |

---

<sup>1</sup>Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

During the year ended November 30, 2022, there were no transfers into or out of Level 3 investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund's net assets. During the year ended November 30, 2022, there were no Level 3 investments.

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Notes to financial statements

Macquarie Global Infrastructure Total Return Fund Inc.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended November 30, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Year ended | &nbsp;&nbsp;&nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;&nbsp;&nbsp;11/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;11/30/21 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$8443677 | &nbsp;&nbsp;&nbsp;&nbsp;$12429082 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7355189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;$19387104 | &nbsp;&nbsp;&nbsp;&nbsp;$12429082 |

---

5. Components of Net Assets on a Tax Basis

As of November 30, 2022, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp;$306596758 |
| Unrealized appreciation on investments and foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43479886 |
| Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$350076644 |

---

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and the tax treatment of partnerships.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of partnerships. Results of operations and net assets were not affected by these reclassifications. For the year ended November 30, 2022, the Fund recorded the following reclassifications:

---

| | |
|:---|:---|
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$(1013) |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 |

---

6. Capital Transactions

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 11/30/22 | 11/30/21 |
| Shares: | Shares: | Shares: |
| &nbsp;&nbsp;&nbsp;Common Shares Outstanding - beginning of year | 12373293 | 12468293 |
| &nbsp;&nbsp;&nbsp;Common Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(70000) | &nbsp;&nbsp;&nbsp;&nbsp;(95000) |
| &nbsp;&nbsp;&nbsp;Common Shares Outstanding - end of year | 12303293 | 12373293 |

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7. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity's results of operations and financial position.

**Foreign Currency Exchange Contracts — The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Fund may also use these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.**

The use of foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the year ended November 30, 2022, the Fund entered into foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

During the year ended November 30, 2022, the Fund experienced net realized gains or losses attributable to foreign currency holdings, which is disclosed as on the "Statement of assets and liabilities" and "Statement of operations."

The table below summarizes the average daily balance of derivative holdings by the Fund during the year ended November 30, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Long Derivative<br> Volume | &nbsp;&nbsp;Short Derivative<br> Volume |
| Foreign currency exchange contracts (average notional value) | $&nbsp;&nbsp;399977 | $&nbsp;&nbsp;367740 |

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Notes to financial statements

Macquarie Global Infrastructure Total Return Fund Inc.

8. Leverage

The Fund has entered into a Committed Facility Agreement with BNP Paribas Prime Brokerage International Ltd. (the BNP Paribas Facility or the Agreement), which provides for a committed credit facility to be used as leverage for the Fund. The BNP Paribas Facility provides for secured, committed lines of credit for the Fund, where selected Fund assets are pledged against advances made to the Fund. Under the 1940 Act, the Fund, after any such borrowings, must have asset coverage of at least 300% (33 1/3% of the Fund's Total Assets after borrowings). Under the current terms, the total amount of loans that may be outstanding at any one time, or the Maximum Commitment Financing (MCF), under the BNP Paribas Facility is $120,000,000 and euro 40,000,000. The Fund may reduce the MCF by a total aggregate amount of up to $20,000,000 upon one business day's prior notice (no more than one time per calendar month). The Fund pays 0.55% per annum above 3-month LIBOR for the US dollar line and 0.55% above the 3-month EURIBOR for the euro line.

Effective August 26, 2019, $60,000,000 of the US dollar line was fixed and euro 25,000,000 for the euro line for a five-year period. At the end of the five-year period, following business day conventions, the fixed financing will be reduced to zero and the floating rate financing will be increased by the same amount, unless the parties agree in writing to amend or extend the term of the relevant fixed rate periods. The Fund paid an arrangement fee of 0.25% on the fixed rate borrowing.

Effective November 8, 2021, the reference rate changed to the Secured Overnight Financing Rate for the US dollar line and Euro Short Term Rate for the euro line. As of November 30, 2022, the Fund had $28,900,000 and euro 15,000,000 in leverage outstanding on the variable lines, and $60,000,000 outstanding and euro 25,000,000 on the fixed line. The carrying values of the loan approximate fair values. The daily average amounts outstanding over the period on the variable line was $45,310,959, with an average rate on the borrowing of 1.713%, and euro 15,000,000 with the average rate on borrowing of 0.355%.

The unused amount under the BNP Paribas Facility was $31,100,000 of the US dollar variable line. The loan payable is carried at value, and the euro line is adjusted daily for foreign currency translation. At November 30, 2022, the Fund maintained an asset coverage of 368%, and the market value of the securities pledged as collateral for the BNP Paribas Facility totaled $456,252,373.

9. Soft Dollar Arrangement

DMC maintains commission sharing arrangements with various executing brokers in which a portion of total commissions paid by the Fund is allocated to a pool of "credits" maintained by a broker. These credits may be used to pay for a portion of DMC's permitted investment research services.

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10. Compensation of Directors

Effective January 1, 2020, the Chair of the Board receives an annual retainer of $58,750, paid quarterly, for his services to the Fund, and each other non-interested Director of the Fund received an annual retainer of $50,000, paid quarterly, for his or her services to the Fund. Non-interested Directors and the Chair also receive an additional $2,500 for each meeting attended, and $1,500 for each telephonic meeting. Additional out-of-pocket expenses are paid as incurred.

11. Credit and Market Risk

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day

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Notes to financial statements

Macquarie Global Infrastructure Total Return Fund Inc.

11. Credit and Market Risk (continued)

functions of determining whether individual securities are liquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the "Schedule of investments."

12. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

13. Share Repurchase Program

The Board approved the share repurchase program on January 20, 2021. On January 26, 2021, the Fund announced the adoption of an open-market share repurchase program pursuant to which the Fund may purchase, from time to time, up to 10% of its common shares in open-market transactions, at the discretion of management in an effort to reduce the Fund's market price discount to net asset value. Subject to the 10% limitation, the timing and amount of repurchases will be in the discretion of the Fund's management. In exercising their discretion, management will take into account various other factors, including, but not limited to, the level of the discount, the Fund's performance, portfolio holdings, dividend history, market conditions, cash on hand, the availability of other attractive investments, and whether the sale of certain portfolio securities would be undesirable because of liquidity concerns or because the sale might subject the Fund to adverse tax consequences. Any repurchases would be made on a national securities exchange at the prevailing market price, subject to exchange requirements, federal securities laws and rules that restrict repurchases, and the terms of any outstanding leverage or borrowing of the Fund.

The Fund intends to repurchase its common shares, at such times and in such amounts as is deemed advisable and in accordance with applicable law, subject to various factors, including the limitations imposed by the federal securities laws governing the repurchase of an issuer's shares by the issuer.

For the year ended November 30, 2022 the Fund repurchased 70,000 common shares at an average price of $24.79 per share (including brokerage commissions) and at a weighted average discount of 16.78%. These repurchases had a total cost of $1,736,818 (including brokerage commissions).

14. Subsequent Events

On August 11, 2022, the Board of the Fund approved the reorganization of the Fund into abrdn Global Infrastructure Income Fund ("Acquiring Fund"). On November 9, 2022, Fund shareholders voted to approve the reorganization of the Fund into the Acquiring Fund. It is currently expected

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that the reorganization will occur on or about March 10, 2023, subject to the satisfaction of customary closing conditions.

Management has determined that no other material events or transactions occurred subsequent to November 30, 2022, that would require recognition or disclosure in the Fund's financial statements.

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Report of independent registered public accounting firm

To the Board of Directors and Shareholders of Macquarie Global Infrastructure Total Return Fund Inc.

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Macquarie Global Infrastructure Total Return Fund Inc. (the "Fund") as of November 30, 2022, the related statements of operations and cash flows for the year ended November 30, 2022, the statements of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion..

/s/PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania<br> January 27, 2023

We have served as the auditor of the Macquarie Global Infrastructure Total Return Fund Inc. since 2005.

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Additional information (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

#### Dividend Reinvestment Plan
Unless a stockholder of the Fund (Stockholder) elects to receive cash distributions, all dividends, including any capital gain dividends, on the Stockholder's Common Shares will be automatically reinvested by the Plan Agent, Computershare, in additional Common Shares under the Dividend Reinvestment Plan. If a Stockholder elects to receive cash distributions, the Stockholder will receive all distributions in cash paid by check mailed directly to the Stockholder by Computershare, as dividend paying agent.

If a Stockholder decides to participate in the Plan, the number of Common Shares the Stockholder will receive will be determined as follows:

• If Common Shares are trading at or above Net Asset Value (NAV) at the time of valuation, the Fund will issue new shares at a price equal to the greater of (i) NAV per Common Share on that date or (ii) 95% of the market price on that date.

• If Common Shares are trading below NAV at the time of valuation, the Plan Agent will receive the dividend or distribution in cash and will purchase Common Shares in the open market, on the New York Stock Exchange or elsewhere, for the participants' accounts. It is possible that the market price for the Common Shares may increase before the Plan Agent has completed its purchases. Therefore, the average purchase price per share paid by the Plan Agent may exceed the market price at the time of valuation, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in Common Shares issued by the Fund. The Plan Agent will use all dividends and distributions received in cash to purchase Common Shares in the open market within 30 days of the valuation date except where temporary curtailment or suspension of purchases is necessary to comply with federal securities laws. Interest will not be paid on any uninvested cash payments.

A Stockholder may withdraw from the Plan at any time by giving written notice to the Plan Agent, or by telephone in accordance with such reasonable requirements as the Plan Agent and Fund may agree upon. If a Stockholder withdraws or the Plan is terminated, the Stockholder will receive a certificate for each whole share in its account under the Plan and the Stockholder will receive a cash payment for any fraction of a share in its account. If the Stockholder wishes, the Plan Agent will sell the Stockholder's shares and send the proceeds, minus brokerage commissions, if any, to the Stockholder.

The Plan Agent maintains all Stockholders' accounts in the Plan and gives written confirmation of all transactions in the accounts, including information a Stockholder may need for tax records. Common Shares in an account will be held by the Plan Agent in non-certificated form. The Plan Agent will forward to each participant any proxy solicitation material and will vote any shares so held only in accordance with proxies returned to the Fund. Any proxy a Stockholder receives will include all Common Shares received under the Plan.

There is no brokerage charge for reinvestment of a Stockholder's dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases.

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Additional information (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

#### Dividend Reinvestment Plan (continued)
Automatically reinvesting dividends and distributions does not mean that a Stockholder does not have to pay income taxes due upon receiving dividends and distributions.

If a Stockholder holds Common Shares with a brokerage firm that does not participate in the Plan, the Stockholder will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above. Stockholders should consult their financial adviser for more information.

The Fund reserves the right to amend or terminate the Plan if in the judgment of the Board of Directors the change is warranted. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare, PO Box 43078, Providence, RI 02940-3078 or Computershare, 150 Royall St., Suite 101, Canton, MA 02021 (for overnight courier), 866 587-4518.

#### Fund Proxy Voting Policies and Procedures
Policies and procedures used in determining how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, are available without a charge, upon request, by contacting the Fund at 866 587-4518 or on the Fund's website at macquarieim.com/mgu and on the Securities Exchange Commission (SEC)'s website at sec.gov.

#### Portfolio Holdings
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Forms N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 866 587-4518; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund's most recent Form N-PORT are available without charge on the Fund's website at macquarieim.com/mgu.

#### Tax Information
The information set forth below is for the Fund's fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of the information.

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All disclosures are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended November 30, 2022, the Fund reported distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Long-Term Capital Gains Distributions (Tax Basis) | &nbsp;&nbsp;&nbsp;37.94% |
| (B) Ordinary Income Distributions (Tax Basis)\* | &nbsp;&nbsp;&nbsp;43.55% |
| (C) Return of Capital (Tax Basis) | &nbsp;&nbsp;&nbsp;18.51% |
| Total Distributions (Tax Basis) | &nbsp;&nbsp;100.00% |
| (D) Qualifying Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;48.90% |

---

------

(A), (B), and (C) are based on a percentage of the Fund's total distributions.

(D) is based on the Fund's ordinary income distributions.

<sup>1</sup>Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

\*For the fiscal year ended November 30, 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The percentages of dividends paid by the Fund from ordinary income reported as qualified income is 100%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

The Fund intends to pass through foreign tax credits in the maximum amount of $1,057,461. The gross foreign source income earned during fiscal year 2022 was $12,153,109. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

#### Notice
Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Fund may purchase at market prices from time to time shares of its common stock in the open market.

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Additional information (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

#### Decision to opt into Maryland Control Share Acquisition Act
On May 3, 2022, the Fund announced that the Fund's Board has unanimously approved the Fund's election to be subject to the Maryland Control Share Acquisition Act (MCSAA), effective as of April 27, 2022. The objective of the MCSAA is to protect the interests of all shareholders of a Maryland corporation. It achieves this by limiting the voting power of a large investor or group acting in concert on newly acquired shares above various threshold levels that start at 10%. Those shares can be voted only if two-thirds of the shares held by the other shareholders agree to grant voting rights to these "control" shares.

Application of the MCSAA seeks to limit the ability of an acquiring person to achieve a short-term gain at the expense of long-term value for the rest of the Fund's shareholders. The MCSAA will only apply to "control shares" acquired after April 27, 2022, the date that the Fund elected to be subject to the MCSAA. The above description of the MCSAA is only a high-level summary and investors should refer to the actual provisions of the MCSAA for more information.

#### Section 19(a) Notices
The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the 1940 Act, as amended, and the related rules adopted there under. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain, and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the fiscal<br> year-to-date cumulative distribution amount per share for the Fund.

The amounts and sources of distributions reported in these 19(a) notices are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Cumulative Distributions<br> for the year ended<br> November 30, 2022** | **Total Cumulative Distributions<br> for the year ended<br> November 30, 2022** | **Total Cumulative Distributions<br> for the year ended<br> November 30, 2022** | **Total Cumulative Distributions<br> for the year ended<br> November 30, 2022** | **Total Cumulative Distributions<br> for the year ended<br> November 30, 2022** |
| **Net <br> Investment<br> Income** | **Net <br> Realized<br> Short-<br> Term<br> Capital<br> Gains** | **Net <br> Realized<br> Long-<br> Term<br> Capital<br> Gains** | **Return <br> of<br> Capital** | **Total <br> Per<br> Common<br> Share** |
| $0.5998 | $0.4024 | $0.5698 | $— | $1.5720 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Percentage Breakdown of the<br> Total Cumulative Distributions<br> for the year ended<br> November 30, 2022** | **Percentage Breakdown of the<br> Total Cumulative Distributions<br> for the year ended<br> November 30, 2022** | **Percentage Breakdown of the<br> Total Cumulative Distributions<br> for the year ended<br> November 30, 2022** | **Percentage Breakdown of the<br> Total Cumulative Distributions<br> for the year ended<br> November 30, 2022** | **Percentage Breakdown of the<br> Total Cumulative Distributions<br> for the year ended<br> November 30, 2022** |
| **Net <br> Investment<br> Income** | **Net <br> Realized<br> Short-<br> Term<br> Capital<br> Gains** | **Net <br> Realized<br> Long-<br> Term<br> Capital<br> Gains** | **Return <br> of<br> Capital** | **Total <br> Per<br> Common<br> Share** |
| 38.15% | 25.60% | 36.25% | 0.00% | 100.00% |

---

The Fund's distribution policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month. The Fund's current accumulated but undistributed net investment income, if any, is disclosed in the Statement of assets and liabilities, which comprises part of the financial information included in this report.

#### Proxy results
The Fund held its Annual Meeting of Stockholders (the "Annual Meeting") on August 10, 2022. The results of the voting at the meeting were as follows:

---

| | | |
|:---|:---|:---|
| **Nominee** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares voted for** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares against/withheld** |
| Thomas W. Hunersen | &nbsp;&nbsp;&nbsp;&nbsp;5,033,258 | &nbsp;&nbsp;&nbsp;&nbsp;5,323,470 |

---

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Additional information (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

#### Board Approval of Investment Advisory and Management Agreement
The Directors, including all of the non-interested Directors, met on July 19, 2022 and considered the continuation of the Investment Advisory and Management Agreement (the "Advisory Agreement") with Delaware Management Company ("DMC"), a series of Macquarie Investment Management Business Trust, for a one-year term. In their consideration, the Directors took into account a memorandum from DMC regarding the services rendered to the Fund by DMC, relevant information provided and discussed during the meeting, the experience of the portfolio manager, as well as the broader portfolio management team, the organizational structure and key personnel of DMC's securities business and DMC's financial statements and information relating to its profitability (collectively, the "Renewal Materials"). The Directors noted that they found the Renewal Materials provided by DMC and its affiliated entities to be responsive to the request for information from the Board of Directors ("Board"). The Directors also considered information prepared by Broadridge Financial Solutions, Inc. ("Broadridge") comparing the Fund's fee rate for management services, expenses and performance characteristics to those of other similar funds.

The Directors considered, among other factors, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *The nature, extent and quality of services provided by the Adviser.* The Directors considered the services that DMC provides to the Fund, DMC's reputation as a manager of infrastructure assets, and the information in the Renewal Materials, including information regarding (i) Macquarie's position as a global market leading infrastructure manager, (ii) Macquarie's global infrastructure network, (iii) the extent of DMC's team and its ability to leverage Macquarie's global infrastructure capabilities, (iv) DMC's strong portfolio construction and risk management process, and (v) the Fund's performance in light of current economic conditions. Based on this presentation, the Directors concluded that the nature, extent and quality of services provided to the Fund by DMC under the Advisory Agreement supported the Board's re-approval of the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Management fee, expense ratio and investment performance of the Fund, including a comparison of fees paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients.* Consistent with the process followed in previous years, the Directors were provided with two sets of comparisons prepared by Broadridge that compared the Fund's performance, management fees and expenses to other closed-end sector equity funds, including the other closed-end infrastructure fund sub-advised by DMC. One set of funds was selected by Broadridge and the other set selected by DMC based on disclosed criteria. The Renewal Materials provided further detail on the comparison groups, limitations of the Broadridge data and analysis of the comparisons.

The Directors considered information prepared by Broadridge comparing the Fund's management fee rate and expenses to those of other funds and noted that the Fund's management fee rate was close to the median for both the DMC-selected comparison group and the Broadridge-selected comparison group for contractual management fees at a common asset level, defined as a fund's most recent total net assets rounded up to the nearest $25 million, and the Fund's expense ratio was higher than the median of the DMC-selected and Broadridge-selected comparison groups for actual total expenses – common and leveraged assets, which

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are computed from the combined assets of common and leveraged shares for the subject fund and the Closed-End Expense Group using each fund's most recent fiscal period. The Directors noted DMC's explanation that certain of the expenses that contribute to the Fund having higher expenses than the median of the comparison group include investment-related expenses, which are attributed to the Fund's leverage, and certain non-management expenses.

The Directors considered the performance information prepared by Broadridge comparing the Fund's performance to the Fund's Broadridge-selected comparison group.

Based on these considerations and the other factors considered at the meeting, the Directors concluded that the Fund's management fee rate, expense level and performance supported the re-approval of the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Cost of the services to be provided and profits realized by DMC from the relationship with the Fund.* The Directors considered the pro forma income statement relating to the cost of the services provided by DMC and the profits realized by DMC from its relationship with the Fund. It was noted that affiliates of DMC did not derive any additional material direct or indirect economic benefits from DMC's relationship with the Fund, other than through commissions received by an affiliated broker/dealer. On a quarterly basis, the Board is provided with Rule 17e-1 transaction reports showing that the transactions executed with the affiliated broker-dealer were reasonable and fair compared to the commissions received by unaffiliated brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time. After reviewing this information, the Directors concluded that the profitability of DMC attributable to the Fund did not suggest that the investment advisory fee was so disproportionately large that it could not have been the product of arms' length bargaining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *The extent to which economies of scale are realized as the Fund grows and whether fee levels reflect such economies of scale.* The Directors considered that economies of scale should be predicated on increasing assets and that, because the Fund is a closed-end fund without daily inflows and outflows of capital, there were not at this time significant economies of scale to be realized by DMC in managing the Fund's assets.

*Conclusion.* No single factor was determinative to the decision of the Directors. In addition, the Directors' consideration of the advisory fee arrangements had the benefit of, and was informed in part by reference to, a number of years of reviews during which lengthy discussions took place between the Directors and DMC representatives. Certain aspects of the arrangements may have received greater scrutiny in some years than in others, and the Directors' conclusions may be based, in part, on information considered in prior years or learned throughout the period of their service. Based on the foregoing and such other matters as were deemed relevant, the Board of Directors, including the Independent Directors, unanimously approved the continuation of Advisory Agreement. It was noted that the Independent Directors were represented by independent legal counsel who assisted them in their deliberations.

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Additional information (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

#### The Fund's Investment Objective, Principal Investment Strategies and Risks

#### What is the Fund's investment objective?
The Fund's investment objective is to provide to its common stockholders a high level of total return consisting of dividends and other income, and capital appreciation.

#### What are the Fund's principal investment strategies?
The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its Total Assets (as defined below) in equity and equity-like securities and instruments, such as common stocks, preferred stocks, convertible securities and hybrid securities issued by U.S. and non-U.S. issuers (Infrastructure Issuers) that primarily own or operate Infrastructure Assets (as defined below) (the 80% policy). "Total Assets" of the Fund, for the purpose of this calculation, include the aggregate of the Fund's average daily net assets plus proceeds from any outstanding borrowings used for leverage. The 80% policy is non-fundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days' notice prior to any such change. "Infrastructure Assets" are an underlying foundation of basic services, facilities and institutions upon which the growth and development of a community depends. Infrastructure Assets may provide the necessities of everyday life, such as fresh water, roads, airports, utilities, power, steam heating systems, hospitals, schools and other social services. Infrastructure Assets provide the transportation corridors and facilities, communications networks, energy distribution systems and pipelines, and institutions that are fundamental to the health of an economy. Infrastructure Issuers include both publicly traded and privately held non-governmental entities. These entities may issue debt or equity securities. Although the Infrastructure Issuers in which the Fund will invest will be non-governmental issuers, governmental units and government-related entities may hold securities issued by such non-governmental Infrastructure Issuers, at times to a significant extent.

The Manager seeks to identify and select investments in Infrastructure Issuers that, over the long term, are anticipated to produce attractive dividend yield, and capital appreciation commensurate with the underlying risk of the investment. The Manager analyzes Infrastructure Issuers through detailed analysis of long-term fundamentals to determine the quality of their assets. The Manager believes that analysis of an Infrastructure Issuer's underlying assets is key to determine the long-term quality of the Infrastructure Issuer's potential revenue and income streams. The Manager believes investments made on the basis of a systematic, fundamentals-based approach identifying long-term potential value in Infrastructure Issuers should outperform investments made on the basis of short-term market factors. The Fund may invest in securities and instruments of Infrastructure Issuers that are forecast to decline in value due to the nature of the assets of the Infrastructure Issuer under circumstances where such decline is anticipated to be offset by positive overall total return.

Certain members of the Macquarie Group (other than the Manager), primarily those involved in the Macquarie Group's infrastructure funds management and infrastructure advisory divisions, focus on identifying investment opportunities in securities of Infrastructure Issuers that are neither listed on an exchange nor traded over-the-counter. Generally, these opportunities are not

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appropriate for the Fund due to the investment size and the significant level of control sought. Periodically, however, opportunities may be identified that meet the Fund's investment objective, policies and guidelines and the Manager may be presented with the opportunity to invest the assets of the Fund in such opportunities. The Manager may, if in accordance with the 1940 Act and the Fund's investment objective, guidelines and policies, cause the Fund to make such investment. The Manager anticipates that the majority, and possibly all, of the Fund's opportunities to invest the assets of the Fund in such securities will be presented to the Manager through such other members of the Macquarie Group. No agreement exists between any member of the Macquarie Group and the Fund with respect to presenting such opportunities and no assurances can be given that any such opportunities will be presented to the Manager or, if presented, will be deemed to be a suitable investment for the Fund or will be permitted under the 1940 Act. No other member of the Macquarie Group will render investment advice to the Fund.

Up to 100% of the Fund's Total Assets may be composed of securities issued by Infrastructure Issuers primarily located outside the United States. Such Infrastructure Issuers are non-U.S. issuers and, although primarily located outside the United States, may own or operate Infrastructure Assets located in the United States. Such securities generally will be denominated in currencies other than the U.S. dollar. The Fund may also purchase sponsored American Depository Receipts (ADRs) or U.S. dollar-denominated securities of non-U.S. Infrastructure Issuers. ADRs are receipts issued by United States banks or trust companies in respect of securities of non-U.S. issuers held on deposit for use in the United States securities markets.

The Fund normally invests at least 85% of its Total Assets in securities and instruments of issuers that are listed on national or regional exchanges, or traded over-the-counter, with most issuers expected to be listed on a national or regional exchange. Under normal market conditions, the Fund may invest up to 15% of its Total Assets in unlisted securities or instruments of Infrastructure Issuers, although this is not a primary focus of the Fund. These unlisted securities or instruments may include equity, hybrid, convertible preferred instruments and debt instruments.

The Fund also applies the following guidelines to its investments at the time of investment: (i) no more than 5% of the Fund's Total Assets may be invested in securities or instruments issued by any single Infrastructure Issuer; (ii) no more than 10% of the Fund's Total Assets may be invested in securities or instruments issued by Infrastructure Issuers primarily located in any one non-Organization for Economic Cooperation and Development (OECD) country; (iii) no more than 30% of the Fund's Total Assets may be invested in securities or instruments issued by Infrastructure Issuers primarily located in non-OECD countries; and (iv) no more than 30% of the Fund's Total Assets may be invested in securities or instruments issued by Infrastructure Issuers primarily located in any one country that is a part of the OECD, except that the Fund may invest up to 50% of the Fund's Total Assets in Infrastructure Issuers primarily located in the United States.

The hybrid securities in which the Fund may invest include stapled securities and various income trust units, including securities and instruments under which the issuers' obligations to pay distributions on the securities and instruments may be linked to profits. Stapled securities typically consist of two or more related securities that are "stapled" together to trade as one unit.

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Additional information (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

#### What are the Fund's principal investment strategies? (continued)
Income trusts are generally designed to distribute, in a tax-efficient manner, cash flows from an operating company to the holders of the trust units. Income fund units, stapled securities and other "hybrid" securities will be treated as equity securities for the purposes of the Fund's investment strategies.

The Fund may invest, under normal market conditions, up to 20% of its Total Assets in instruments that are not required to be issued by Infrastructure Issuers and debt securities, including bonds, notes (including structured notes), mortgage-backed securities, asset-backed securities, Eurodollar and Yankee dollar instruments, and money market instruments. Debt securities may be issued by corporate and governmental issuers and may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, zero coupon, contingent, deferred, payment-in-kind and auction rate. There is no minimum credit rating for the securities and instruments in which the Fund may invest. The Fund may invest up to 20% of its Total Assets in debt securities or instruments rated non-investment grade by recognized statistical rating agencies or unrated securities of comparable quality.

The Fund may invest, to the extent permitted by law, in securities and instruments of other open- or closed-end U.S. or non-U.S. investment companies that invest primarily in securities of the types in which the Fund may invest directly. In addition, the Fund may invest a portion of its Total Assets in U.S. or non-U.S. pooled investment vehicles (other than investment companies) that invest primarily in securities, or the assets underlying those securities, of the types in which the Fund may invest directly. The Fund generally expects that it may invest in other investment companies and/or pooled investment vehicles either during periods when it has large amount of uninvested cash, such as the period shortly after the Fund receives the proceeds of leverage instruments, or during periods when there is a shortage of attractive securities of the types in which the Fund may invest directly available in the market.

The Fund may, but is not obligated to, use a variety of financial instruments and investment techniques to attempt to hedge certain risks to which it will be subject. The instruments and techniques in which the Fund may invest include options, forward contracts, futures contracts, and swap agreements. The Fund does not intend to enter into short sales other than short sales "against the box," which are transactions in which the seller already owns the security being sold short. Examples of financial instruments in which the Fund may invest include options on securities, currencies and indexes; interest rate futures contracts, index futures contracts and foreign currency futures contracts; the Fund may purchase and write call and put futures options; the Fund may enter into swap agreements and related caps, floors and collars; and the Fund may invest in warrants.

The Fund may enter into forward contracts, including forward currency contracts, in an effort to hedge the Fund's exposure to investments in non-U.S. currencies. Similarly, the Fund may use interest rate futures contracts, index futures contracts and foreign currency futures contracts, and may purchase and sell options on futures. A conventional futures contract is an agreement under which one party agrees to accept, and the other party agrees to make, delivery of the underlying asset to which the futures contract relates at a specified future time and at a specified price.

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The Fund may enter into swap transactions with respect to income streams on an underlying investment, currency exchange rates, indices, and interest rates.

Though not a significant component of its investment strategy, the Fund may use certain financial instruments and investment techniques, such as writing covered calls, to increase its income or total return.

The Fund does not normally use any derivative financial instruments or investment techniques for purely speculative purposes. The Manager, on behalf of the Fund, has claimed an exclusion from the definition of the term "commodity pool operator" (CPO) under the Commodity Exchange Act (CEA) and, as a result, is not subject to registration or regulation as a CPO under the CEA.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

As temporary investments, the Fund may invest in repurchase agreements.

Although it is not the Fund's current intention, the Fund may lend its portfolio securities to broker-dealers and banks.

The Fund may not use leverage at all times and the amount of leverage may vary depending upon a number of factors, including the Manager's outlook for the market and the costs that the Fund would incur as a result of such leverage. The Fund will not issue leverage instruments with an aggregate issue price exceeding 33 1/3% (in the case of debt) or 50% (in the case of preferred stock) of the Fund's Total Assets (including the proceeds from the issuance of leverage instruments) in each case at the time such leverage instruments are issued. Following the issuance of leverage instruments, however, the balance of outstanding leverage instruments may exceed 33 1/3% or 50% (as applicable) of the Fund's Total Assets due to a reduction in the value of the Fund's Total Assets, subject to restrictions on leverage imposed by the 1940 Act.

The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities. This borrowing will be subject to the 33 1/3% limitation described above.

During periods in which the Manager determines that it is temporarily unable to follow the Fund's investment strategy or that it is impractical to do so, the Fund may deviate from its principal investment strategies or any of the guidelines set out above and invest all or any portion of its assets in securities with remaining maturities of less than one year, cash or cash equivalents. The Manager's determination that it is temporarily unable to follow the Fund's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Fund's investment strategy is extremely limited or absent. In such a case, the value of shares of the Fund may be adversely affected and the Fund may not pursue or achieve its investment objective.

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Additional information (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

#### What are the principal risks of investing in the Fund?
Investing in any closed-end fund, such as the Fund, involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. An investment in the Fund may not be appropriate for all investors. The Fund's principal risks include:

**Active management and selection risk — The risk that the securities selected for the Fund by the Manager will underperform the markets, the relevant indices, or the securities selected for other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.**

**Industry and sector risk — The risk that the value of securities in a particular industry or sector (such as infrastructure) will decline because of changing expectations for the performance of that industry or sector.**

**Infrastructure risk — Infrastructure Issuers 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 and other factors. Some of the specific risks that Infrastructure Issuers may be particularly affected by, or subject to, include the following: regulatory risk, technology risk, regional or geographic risk, natural disasters risk, through-put risk, project risk, strategic asset risk, operation risk, customer risk, interest rate risk, inflation risk and financing risk. Other factors that may affect the operations of Infrastructure Issuers include difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets, inexperience with and potential losses resulting from a developing deregulatory environment, increased susceptibility to terrorist acts or political actions, and general changes in market sentiment towards infrastructure assets. In addition, the change in presidential administration could significantly impact the regulation of United States financial markets and dramatically alter existing trade, tax, energy and infrastructure policies, among others. It is not possible to predict what, if any, changes will be made or their potential effect on the economy, securities markets, or financial stability of the United States, or on the energy, natural resources, infrastructure and other markets.**

**Foreign risk and emerging markets risk — The risk that international investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. The risk associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.**

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**Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.**

**Market risk — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.**

**Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner. For a further discussion of credit and market risks, see Note 11 in "Notes to financial statements."**

**Equity risk — The risk that stocks and other equity securities generally fluctuate in value more than bonds. Also the risk that an issuer does not realize sufficient income in a particular period both to service its liabilities and to pay dividends on its equity securities and may forgo paying dividends on its equity securities.**

**Preferred securities risk — The risk that the value of preferred securities may be impacted by an issuer's inability to make interest payments and/or repay principal in a timely manner, skipped or deferred dividend payments, early redemption, limited voting rights, risks of subordination, or a lack of liquidity.**

**Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. Infrastructure Assets can be highly leveraged. As such, movements in the level of interest rates may affect the returns from these assets more significantly than other assets in some instances.**

**Prepayment risk — The risk that the principal on a bond that is held by the Fund will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. The Fund may then have to reinvest that money at a lower interest rate.**

**Derivatives risk — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).**

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Additional information (Unaudited)

Macquarie Global Infrastructure Total Return Fund Inc.

#### What are the principal risks of investing in the Fund? (continued)
**Leveraging risk — The risk that certain Fund transactions using leveraging techniques may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged, which may result in increased losses to the Fund. Leveraging techniques, such as borrowing, will pose certain risks for the Fund's common shareholders, including the possibility of higher volatility of both the NAV and market value of the Fund's shares. There can be no assurance that the Fund would be able to realize a higher net return on its investment portfolio than the then current interest rate payable under the BNP Paribas Agreement. In such event, the Fund's leveraged capital structure would result in a lower yield to the Fund's common shareholders than if the Fund were not leveraged. Accordingly, the effect of leverage in a declining market is likely to be a greater decline in the Fund's NAV per share than if the Fund were not leveraged, which may be reflected in a greater decline in the market price of its shares.**

**Liquidity risk — Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which the Fund has valued them.**

**Geographic focus risk — The risk that local political and economic conditions could adversely affect the performance of the Fund to the extent it invests a substantial amount of assets in securities of issuers located in a single country or a limited number of countries.**

**Investment companies risk — The risks of investing in other investment companies typically reflect the risks of the types of instruments in which the investment company invests. The Fund will bear its proportionate share of the fees and expenses of an investment in an investment company. As a result, the Fund's expenses may be higher and performance may be lower.**

**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 real value of the Fund's shares and distributions thereon can decline. In addition, during any periods of rising inflation, interest and dividend rates of any leverage instruments a fund may have issued would likely increase, which would tend to further reduce returns to shareholders.**

**High yield (junk bond) risk — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.**

**Hybrid securities risk — The Fund may invest in preferred stock and hybrid securities, which may have special risks. Preferred and hybrid securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. Some preferred and hybrid securities are noncumulative, meaning that the dividends do not accumulate and need not ever be paid. A portion of the Fund's assets may include investments in noncumulative preferred or hybrid securities, under which the issuer does not have an obligation to make up any arrears to its investors. Preferred and hybrid securities may be substantially less liquid than many other securities, such as common stocks or**

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US government securities. Generally, preferred and hybrid security holders (such as the Fund) have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the security holders generally may select a number of directors to the issuer's board. Generally, once all the arrears have been paid, the security holders no longer have voting rights. In certain varying circumstances, an issuer of preferred or hybrid securities may redeem the securities prior to a specified date. For instance, for certain types of preferred or hybrid securities, a redemption may be triggered by a change in federal income tax or securities laws. A redemption by the issuer may negatively impact the return of the security held by the Fund.

**Performance risk — Performance risk broadly refers to the potential for changes in share prices to result in a loss in the value of your investment in the Fund. The Fund primarily invests in companies that are listed on a share market and as a result is exposed to movements in their share prices.**

**Natural disaster and epidemic risk — Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund's ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.**

**IBOR risk — The risk that potential changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates ("IBORs," such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.**

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Directors and officers

November 30, 2022 (Unaudited)

Certain biographical and other information relating to the Directors and Executive Officers of the Fund is set out below, including their year of birth, their principal occupations for at least the last five years, the length of time served, the total number of portfolios overseen in the complex of funds advised by the Manager (DMC-Affiliated Advised Funds) and other public company directorships.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Birth Year and Address<sup>1</sup> of Director** | &nbsp;&nbsp;**Position(s) Held<br> with the Fund** | &nbsp;&nbsp;**Term of Office and Length of<br> Time Served<sup>2</sup>** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** | &nbsp;&nbsp;**Number of<br> DMC-Affiliated<br> Advised Funds<br> Overseen** | &nbsp;&nbsp;**Other Public<br> Company<br> Directorships** |
| **<sup>Biographical Information of the Non-Interested Directors of the Fund</sup>** | **<sup>Biographical Information of the Non-Interested Directors of the Fund</sup>** | **<sup>Biographical Information of the Non-Interested Directors of the Fund</sup>** | **<sup>Biographical Information of the Non-Interested Directors of the Fund</sup>** | **<sup>Biographical Information of the Non-Interested Directors of the Fund</sup>** | **<sup>Biographical Information of the Non-Interested Directors of the Fund</sup>** |
| **Gordon A. Baird\*<br> Birth Year: 1968** | &nbsp;&nbsp;Class I Director | &nbsp;&nbsp;Since July 2005 | &nbsp;&nbsp;Mr. Baird is the President and Chief Executive Officer of Nexos Technologies Inc. from 2019 to present. Mr. Baird is also a Partner for Orbit Financial Holdings LP from July 2017 to present. Mr. Baird is also the founder and Managing Partner of G. A. Baird Partners & Co from 2015 to present. Mr. Baird was the Chief Executive Officer of Independence Bancshares, Inc. from 2013 to 2015 and an Operating Advisor to Thomas H. Lee Partners L.P. in 2011 and 2012. From 2003 to 2011, Mr. Baird was Chief Executive Officer of Paramax Capital Partners LLC. Prior to 2003, Mr. Baird was a Director at Citigroup Global Markets, Inc., an investment analyst at State Street Bank and Trust Company and real estate analyst at John Hancock Real Estate Finance Inc. | &nbsp;&nbsp;1 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Birth Year and Address<sup>1</sup> of Director** | &nbsp;&nbsp;**Position(s) Held<br> with the Fund** | &nbsp;&nbsp;**Term of Office and Length of<br> Time Served<sup>2</sup>** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** | &nbsp;&nbsp;**Number of<br> DMC-Affiliated<br> Advised Funds<br> Overseen** | &nbsp;&nbsp;**Other Public<br> Company<br> Directorships** |
| **Thomas W. Hunersen\*<br> Birth Year: 1958** | &nbsp;&nbsp;Class II Director | &nbsp;&nbsp;Since July 2005 | &nbsp;&nbsp;Mr. Hunersen is the Principal of CKW Ventures LLC (since 2013). Prior to 2013, Executive Vice President/Global Head of Energy & Utilities, National Australia Bank Limited, New York, NY; Group Executive, Corporate & Institutional Recovery, Irish Bank Resolution Corporation, Dublin, Ireland; Group Executive, Bank of Ireland, Greenwich, CT; Chief Executive Officer, Slingshot GT Incorporated, Boston, MA; Assistant Vice President, Mellon Bank Corporation, Pittsburgh, PA. | &nbsp;&nbsp;1 |  |
| **Chris LaVictorie Mahai\*<br> Birth Year: 1955** | &nbsp;&nbsp;Class III Director | &nbsp;&nbsp;Since July 2005 | &nbsp;&nbsp;Ms. Mahai is Managing Partner of clavm, LLC, a cross-industry strategic consultancy. She served as President of Aveus, a division of Medecision and Executive Vice President of Medecision, Inc. from May 2018 to December 2021. Prior to that she was Founder, Owner and Managing Partner of Aveus LLC from 1999 to May 2018. | &nbsp;&nbsp;1 |  |

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Directors and officers

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Birth Year and Address<sup>1</sup> of Director** | &nbsp;&nbsp;**Position(s) Held<br> with the Fund** | &nbsp;&nbsp;**Term of Office and Length of<br> Time Served<sup>2</sup>** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** | &nbsp;&nbsp;**Number of<br> DMC-Affiliated<br> Advised Funds<br> Overseen** | &nbsp;&nbsp;**Other Public<br> Company<br> Directorships** |
| **<sup>Biographical Information of the Interested Directors of the Fund</sup>** | **<sup>Biographical Information of the Interested Directors of the Fund</sup>** | **<sup>Biographical Information of the Interested Directors of the Fund</sup>** | **<sup>Biographical Information of the Interested Directors of the Fund</sup>** | **<sup>Biographical Information of the Interested Directors of the Fund</sup>** | **<sup>Biographical Information of the Interested Directors of the Fund</sup>** |
| **John C. Leonard<br> Birth Year: 1960** | &nbsp;&nbsp;Class III Director | &nbsp;&nbsp;Since February 2020 | &nbsp;&nbsp;Mr. Leonard has been Executive Director and Global Head of Equities of Macquarie Asset Management since March 2017. Previously, he was Head of Equities and Group Managing Director of UBS Asset Management from 2008 to 2016. | &nbsp;&nbsp;1 |  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Birth Year and Address<sup>1</sup> of Officer** | &nbsp;&nbsp;**Position(s) Held<br> with Fund(s)** | &nbsp;&nbsp;**Term of Office and Length<br> of Time Served<sup>3</sup>** | &nbsp;&nbsp;**Principal Occupation(s) During the Past Five Years** |
| **<sup>Biographical Information of the Officers of the Fund</sup>** | **<sup>Biographical Information of the Officers of the Fund</sup>** | **<sup>Biographical Information of the Officers of the Fund</sup>** | **<sup>Biographical Information of the Officers of the Fund</sup>** |
| **John C. Leonard<br> Birth Year: 1960** | &nbsp;&nbsp;Chief Executive Officer and<br> President | &nbsp;&nbsp;Since February 2020 | &nbsp;&nbsp;Mr. Leonard has been Executive Director and Global Head of Equities of Macquarie Asset Management since March 2017. Previously, he was Head of Equities and Group Managing Director of UBS Asset Management from 2008 to 2016. |
| **William Speacht<br> Birth Year: 1970** | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since April 2021 | &nbsp;&nbsp;Mr. Speacht is a Managing Director, US Compliance for Macquarie Asset Management. He has served in various capacities at different times at Macquarie Asset Management since rejoining in 2016. He rejoined Macquarie Asset Management in September 2016 from Aberdeen Asset Management. Previously, he served in various capacities at different times at Macquarie Asset Management from 1997 to 2006. |

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Directors and officers

---

| | | | |
|:---|:---|:---|:---|
| **Name, Birth Year and Address<sup>1</sup> of Officer** | &nbsp;&nbsp;**Position(s) Held<br> with Fund(s)** | &nbsp;&nbsp;**Term of Office and Length<br> of Time Served<sup>3</sup>** | &nbsp;&nbsp;**Principal Occupation(s) During the Past Five Years** |
| **Emilia P. Wang, Esq.<br> Birth Year: 1974** | &nbsp;&nbsp;Chief Legal Officer and Secretary | &nbsp;&nbsp;Since April 2021 | &nbsp;&nbsp;Ms. Wang is a Managing Director, Legal for Macquarie Asset Management. She has served in various capacities at different times in the legal department at Macquarie Asset Management since 2007. |
| **Daniel V. Geatens<sup>4</sup> Birth Year: 1972** | &nbsp;&nbsp;Chief Financial Officer and<br> Treasurer | &nbsp;&nbsp;Since November 2017 | &nbsp;&nbsp;Mr. Geatens is Managing Director, Head of US Fund Administration for Macquarie Asset Management. Mr. Geatens has served in various capacities at different times at Macquarie Asset Management since 1997. |

---

<sup>1</sup> Each Director may be contacted by writing to the Director c/o Macquarie Global Infrastructure Total Return Fund Inc., 125 West 55th Street Level 9, New York, NY 10019.

<sup>2</sup> Each Director's term of office extends until the next stockholder meeting for the purpose of electing Directors in the relevant class and until the election and qualification of a successor, or until such Director dies, resigns or is removed as provided in the governing documents of the Fund.

\* Member of Audit Committee

<sup>3</sup> Each officer serves an indefinite term.

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<sup>4</sup> Mr. Geatens also serves as the Chief Financial Officer for the Optimum Fund Trust and Treasurer for the Delaware Funds by Macquarie<sup>®</sup>, which share the same investment manager.

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![](g458114img748772f08.gif)

Delaware Funds by Macquarie<sup>®</sup> privacy practices notice

We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. **We do not sell your personal information to third parties.** We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. **You do not need to take any action because of this notice.**

#### Information we may collect<br> and use
We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:

• **Information from you:** When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.

• **Information about your transactions:** We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.

• **Information from your employer:** In connection with administering your retirement plan, we may obtain information about you from your employer.

• **Information received from third parties:** In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.

#### How we use your personal information
We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.

#### Security of information
Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM, through its entities, operates as a full-service asset manager offering a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products.

**Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document**

**relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

#### This privacy practices notice is being provided on behalf of the following:
Central Park Advisers, LLC

Central Park Fund Administration, LLC

Central Park Group Activist Fund, LLC

Central Park Group AlpInvest Co-Investment Fund VII, LLC

Central Park Group Carlyle Equity Opportunity Fund II, LLC

Central Park Group Carlyle Equity Opportunity Fund, LLC

Central Park Group Carlyle Fund, LLC

Central Park Group Global Private Equity Fund, LLC

Central Park Group KKR Americas Fund XII, LLC

Central Park Group Lighthouse Global<br> Long/Short Fund, LLC

Central Park Group Manager Alliance Fund II, LLC

Central Park Group Manager Alliance Fund, LLC

Central Park Group Real Estate Opportunity Fund, LLC

Central Park Group WP Energy, LLC

Central Park Group WP Global Growth, LLC

Central Park Group WP Private Equity XI, LLC

Central Park Group WP Private Equity XII, LLC

Central Park Group, LLC

CPG Brookfield Opportunistic Real Estate, LLC

CPG Carlyle Commitments Fund, LLC

CPG Carlyle Commitments Master Fund, LLC

CPG Cooper Square International Equity, LLC

CPG Focused Access Fund, LLC

CPG Vintage Access Fund II, LLC

CPG Vintage Access Fund III, LLC

This page is not part of the annual report. ii

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

Delaware Funds by Macquarie<sup>®</sup> privacy practices notice

CPG Vintage Access Fund IV, LLC

CPG Vintage Access Fund V, LLC

CPG Vintage Access Fund, LLC

Delaware Capital Management

Delaware Capital Management Advisers, Inc.

Delaware Distributors, Inc.

Delaware Distributors, L.P.

Delaware Funds by Macquarie

Delaware Enhanced Global Dividend<br> and Income Fund

Delaware Group<sup>®</sup> Adviser Funds

Delaware Group Cash Reserve

Delaware Group Equity Funds I

Delaware Group Equity Funds II

Delaware Group Equity Funds IV

Delaware Group Equity Funds V

Delaware Group Foundation Funds

Delaware Group Global & International Funds

Delaware Group Government Fund

Delaware Group Income Funds

Delaware Group Limited-Term<br> Government Funds

Delaware Group State Tax-Free Income Trust

Delaware Group Tax-Free Fund

Delaware Investments Dividend and<br> Income Fund, Inc.

Delaware Investments National Municipal Income Fund

Delaware Ivy High Income Opportunities Fund

Delaware Pooled<sup>®</sup> Trust

Delaware VIP<sup>®</sup> Trust

Ivy Funds

Ivy Variable Insurance Portfolios

Voyageur Insured Funds

Voyageur Intermediate Tax Free Funds

Voyageur Mutual Funds

Voyageur Mutual Funds II

Voyageur Mutual Funds III

Voyageur Tax Free Funds

Delaware Investments Advisers Partner, Inc.

Delaware Investments Distribution Partner, Inc.

Delaware Investments Fund Advisers

Delaware Investments Fund Services Company

Delaware Investments Management<br> Company, LLC

Delaware Management Company

Delaware Management Trust Company

Delaware Service Company, Inc.

Ivy Distributors, Inc.

Ivy Investment Management Company

Macquarie Alternative Strategies

Macquarie Asset Advisers

Macquarie International Small Cap Equity<br> Fund, LLC

Macquarie Emerging Markets Small Cap<br> Fund, LLC

Macquarie Emerging Markets Debt Select Opportunities Fund, Ltd.

Macquarie Emerging Markets Debt Select Opportunities Master Fund, Ltd.

Macquarie Emerging Markets Debt Select Opportunities Fund, LLC

Macquarie Funds Management Hong<br> Kong Limited

Macquarie Global Infrastructure Total Return Fund Inc.

Macquarie Investment Management Advisers

Macquarie Investment Management Austria Kapitalanlage AG

Macquarie Investment Management<br> Business Trust

Macquarie Investment Management<br> Europe Limited

Macquarie Investment Management Europe S.A.

Macquarie Investment Management General Partner, Inc.

Macquarie Investment Management<br> Global Limited

Macquarie Multi-Cap Growth Fund, LP

Macquarie Real Estate Absolute Return<br> Partners, Inc.

Macquarie Total Return Fund Inc.

Optimum Fund Trust

Revised June 2022

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[**Table of Contents**](#job_di_-__1e2d2394-cf62-4f23-8d4e-1ec7f9515f93_toc)

![](g458114img003955649.gif)

#### Contact information
866 587-4518

Macquarie Global Infrastructure<br> Total Return Fund Inc.<br> 125 West 55th Street<br> New York, NY 10019<br> macquarieim.com/mgu

(2637824) #### AR-MGU-123
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The 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, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the 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, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the 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, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

**Item 3. Audit Committee Financial Expert.** 

The Board of Directors of the Registrant has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Board of Directors has determined that each of the independent directors is an "audit committee financial expert." Each of Gordon A. Baird, Chris LaVictoire Mahai and Thomas W. Hunersen is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registrant may incorporate the following information by reference, if this information has been disclosed in
the registrant's definitive proxy statement or definitive information statement. The proxy statement or information statement <u>must be filed no later than 120 days after the end of the fiscal year covered by the Annual Report.</u> 

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<u>Audit Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $64,293
for 2022 and $64,293 for 2021.

<u>Audit-Related Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2022 and $0 for 2021. The percentage of these fees
relating to services approved by the registrant's Audit Committee pursuant to the <u>de</u> <u>minimis</u> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group
reporting and subsidiary statutory audits.

<u>Tax Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning are $6,500 for 2022 and $6,500 for 2021. The percentage of these fees relating to services approved by the registrant's Audit Committee pursuant to the <u>de</u> <u>minimis</u> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

<u>All Other Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2022 and $0 for 2021. The percentage of these fees relating to services approved by the registrant's Audit Committee pursuant to
the <u>de</u> <u>minimis</u> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph
(c)(7) of Rule 2-01 of Regulation S-X.

All services to be performed by the Registrant's principal auditors must be pre-approved by the Registrant's audit committee, which may include the approval of certain services up to an amount determined by the audit committee. Any services that would exceed that amount would require additional approval of the audit committee.

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(e) (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's
accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was
$9,044,000 for 2022 and $9,044,000 for 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the board of directors **has** considered whether the provision
of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has a separately designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934 and is comprised of the following members: Gordon A. Baird, Chris LaVictoire Mahai and Thomas W. Hunersen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 6. Investments.** 

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is
included as part of the report to shareholders filed under Item 1 of this form.

------

(b) Not applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

**Registrant's (MGU) Proxy Voting Procedures** 

The registrant has formally delegated to its investment adviser, Delaware Management Company, a series of Macquarie Investment Management Business Trust (the "Adviser") the responsibility for making all proxy voting decisions in relation to portfolio securities held by the registrant. If and when proxies need to be voted on behalf of the registrant, the Adviser and any Macquarie affiliates advising the registrant (collectively, "Macquarie Asset Management Public Investments") will vote such proxies pursuant to Macquarie Asset Management Public Investment's ("MPI") Proxy Voting Policies and Procedures (the "Procedures"). MPI has established a Proxy Voting Committee (the "Committee"), which is responsible for overseeing MPI's proxy voting process for the registrant. One of the main responsibilities of the Committee is to review and approve the Procedures to ensure that the Procedures are designed to allow MPI to vote proxies in a manner consistent with the goal of voting in the best interests of the registrant.

In order to facilitate the actual process of voting proxies, MPI has contracted with proxy advisory firms to analyze proxy statements on behalf of the registrant and other MPI clients and provide MPI with research recommendations on upcoming proxy votes in accordance with the Procedures. The Committee is responsible for overseeing the proxy advisory firms' services. If a proxy has been voted for the registrant, the proxy advisory firm will create a record of the vote. By no later than August 31 of each year, information (if any) regarding how the registrant voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the registrant's website at http://www.delawarefunds.com/proxy; and (ii) on the Securities and Exchange Commission's website at http://www.sec.gov.

When determining whether to invest in a particular company, one of the factors MPI may consider is the quality and depth of the company's management. As a result, MPI believes that recommendations of management on any issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. Thus, on many issues, the MPI's votes are cast in accordance with the recommendations of the company's management. However, MPI may vote against management's position when it runs counter to MPI's specific Proxy Voting Guidelines (the "Guidelines"), and MPI will also vote against management's recommendation when it believes that such position is not in the best interests of the registrant.

As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of the registrant. Some examples of the Guidelines are as follows: (i) generally vote for shareholder proposals asking that a majority or more of directors be independent; (ii) generally vote for management or shareholder proposals to reduce supermajority vote requirements, taking into account: ownership structure; quorum requirements; and vote requirements; (iii) votes on mergers and acquisitions should be considered on a case-by-case basis; (iv) generally vote re-incorporation proposals on a case-by-case basis; (v) votes with respect to equity-based compensation plans are generally determined on a case-by-case basis; (vi) generally vote for proposals requesting that a company report on its policies, initiatives, oversight mechanisms, and ethical standards related to social, economic, and environmental

------

sustainability, unless company already provides similar reports through other means or the company has formally committed to the implementation of a reporting program based on Global Reporting Initiative guidelines or a similar standard; and (vii) generally vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

Because the registrant has delegated proxy voting to MPI, the registrant is not expected to encounter any conflict of interest issues regarding proxy voting and therefore does not have procedures regarding this matter. However, MPI does have a section in its Procedures that addresses the possibility of conflicts of interest. Most of the proxies which MPI receives on behalf of its clients are voted in accordance with the Procedures. Since the Procedures are pre-determined by the Committee, application of the Procedures by MPI's portfolio management teams when voting proxies after reviewing the proxy and research provided by the proxy advisory firm should in most instances adequately address any potential conflicts of interest. If MPI becomes aware of a conflict of interest in an upcoming proxy vote, the proxy vote will generally be referred to the Committee or the Committee's delegates for review. If the portfolio management team for such proxy intends to vote in accordance with the proxy advisory firm's recommendation pursuant to our Procedures, then no further action is needed to be taken by the Committee. If MPI's portfolio management team is considering voting a proxy contrary to the proxy advisory firm's research recommendation under the Procedures, the Committee or its delegates will assess the proposed vote to determine if it is reasonable. The Committee or its delegates will also assess whether any business or other material relationships between MPI and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. If the Committee or its delegates determines that the proposed proxy vote is unreasonable or unduly influenced by a conflict, the portfolio management team will be required to vote the proxy in accordance with the proxy advisory firm's research recommendation or abstain from voting.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

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| | |
|:---|:---|
| **(a)(1)** | **<u>Portfolio Managers as of November 30, 2022:</u>**  |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Title** | **Length of Service** | **Business Experience During the Past 5 Years** |
| &nbsp;&nbsp; Brad Frishberg, CFA | Portfolio Manager | Since November 2012 | Mr. Frishberg heads the firm's infrastructure securities team and is the lead portfolio manager for Macquarie's Global Listed Infrastructure strategies. Prior to joining the firm in 2009 in his current role, Frishberg was managing director and US equity portfolio manager at J.P. Morgan Asset Management, where, over a period of 13 years, he was responsible for managing portfolios and businesses in London, Tokyo, and New York. He earned a bachelor's degree from Brown University and a master's degree from Trinity College.<br>|

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| | |
|:---|:---|
| **(a)(2)** | **<u>Other Accounts Managed as of November</u> <u>30, 2022</u>:**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio**<br> **Manager's**<br> **Name** | **Number of Registered**<br> **Investment**<br> **Companies, Total<br>Assets** | **Number of Other<br>Pooled Investment<br>Vehicles, Total Assets** | **Number of**<br> **Other Accounts,<br>Total Assets** | **Advisory Fee**<br> **Based on**<br> **Performance**<br> **Number of**<br> **Accounts and**<br> **Total Assets** |
| &nbsp;&nbsp; Brad Frishberg | 5, $1.3 billion | 10, $1.2 billion | 8, $718.7 million | 0, $0 |

---

<u>Material Conflicts of Interest</u>. Delaware Management Company, a series of Macquarie Investment Management Business Trust (the "Adviser") believes that Mr. Frishberg's simultaneous management of the Registrant and other accounts may present actual or apparent conflicts of interest with respect to the allocation and aggregation of securities orders placed on behalf of the Registrant and other accounts. To address these conflicts, the Adviser has adopted a Trade Allocation/Aggregation Policy that is designed to ensure fair and equitable allocation of investment opportunities among accounts over time and to ensure compliance with applicable regulatory requirements. All accounts are to be treated in a non-preferential manner, such that allocations are not based upon account performance, fee structure or preference of the portfolio manager.

---

| | |
|:---|:---|
| **(a)(3)** | **<u>Portfolio Manager Compensation as of November</u> <u>30, 2022</u>:**  |

---

The portfolio's manager's compensation consists of the following:

***Base Salary –*** The portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

***Bonus –*** The portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products a portfolio manager manages. Macquarie Investment Management keeps a percentage of the revenues and the remaining percentage of revenues (minus appropriate expenses associated with relevant product and the investment management team) creates the "bonus pool" for the product. Various members of the team have the ability to earn a percentage of the bonus pool with the most senior contributor generally having the largest share. The pool is allotted based on subjective factors and objective factors. The primary objective factor is the 1-, 3-, and 5-year performance of institutional composites relative to the appropriate indices. Three- and five-year performance is weighted more heavily.

Individual allocations of the bonus pool are based on individual performance measurements, both objective and subjective, as determined by senior management.

------

Portfolio managers participate in retention programs, including the Macquarie Investment Management Notional Investment Plan and the Macquarie Group Employee Retained Equity Plan, for alignment of interest purposes.

***Macquarie Investment Management Notional Investment Plan*** — A portion of a portfolio manager's retained profit share may be notionally exposed to the return of certain funds within MAM Funds pursuant to the terms of the Macquarie Asset Management Public Investments Notional Investment Plan. The retained amount will vest in equal tranches over a period ranging from four to five years after the date of investment (depending on the level of the employee).

***Macquarie Group Employee Retained Equity Plan*** — A portion of a portfolio manager's retained profit share may be invested in the Macquarie Group Employee Retained Equity Plan ("MEREP"), which is used to deliver remuneration in the form of Macquarie equity. The main type of award currently being offered under the MEREP is units comprising a beneficial interest in a Macquarie share held in a trust for the employee, subject to the vesting and forfeiture provisions of the MEREP. Subject to vesting conditions, vesting and release of the shares occurs in a period ranging from four to five years after the date of investment (depending on the level of the employee).

***Oth****e****r Compensation*** - Portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.

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| | |
|:---|:---|
| **(a)(4)** | **<u>Dollar Range of Securities Owned by Portfolio Managers as of November</u> <u>30, 2022</u>:**  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Dollar Range of Equity Securities in Registrant<sup>1</sup>** |
| &nbsp;&nbsp; Brad Frishberg | $0 |

---

<sup>1</sup> "Beneficial Ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended.

**(b)** Not applicable

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

**REGISTRANT PURCHASES OF EQUITY SECURITIES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Period** <br>| **(a) Total**<br> **Number of**<br> **Shares (or** | **(b) Average**<br> **Price Paid**<br> **per Share**<br> **(or Unit)** | **(c) Total Number of**<br> **Shares (or Units)**<br> **Purchased as Part of** | **(d) Maximum Number (or**<br> **Approximate Dollar Value)**<br> **of Shares (or Units) that May** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Units)**<br> **Purchased** | **Publicly Announced**<br> **Plans or Programs** | **Yet Be Purchased Under the**<br> **Plans or Programs** |
| &nbsp;&nbsp; Month #1<br> (6/1/2022-<br> 6/30/2022) | 0 | 0 | 12303293 |
| &nbsp;&nbsp; Month #2<br> (7/1/2022-<br> 7/31/2022) | 0 | 0 | 12303293 |
| &nbsp;&nbsp; Month #3<br> (8/1/2022-<br> 8/31/2022) | 0 | 0 | 12303293 |
| &nbsp;&nbsp; Month #4<br> (9/1/2022-<br> 9/30/2022) | 0 | 0 | 12303293 |
| &nbsp;&nbsp; Month #5<br> (10/1/2022-<br> 10/31/2022) | 0 | 0 | 12303293 |
| &nbsp;&nbsp; Month #6<br> (11/1/2022-<br> 11/30/2022) | 0 | 0 | 12303293 |
| &nbsp;&nbsp; Total | 0 | 0 | 12303293 |

---

**Item 10. Submission of Matters to a Vote of Security Holders.** 

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.

**Item 11. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)). <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 period covered by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 13. Exhibits.** 

---

| | |
|:---|:---|
| (a)(1) | [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d458114dex99codeeth.htm) |
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d458114dex99cert.htm) |
| (a)(3) | Not applicable. |
| (a)(4) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d458114dex99906cert.htm) |
| (c) | [Pursuant to the Securities and Exchange Commission's Order granting relief from Section 19(b) of the Investment Company Act of 1940 dated January 6, 2009, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit 13(c).](d458114dex9913c.htm) |

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**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) <u>Macquarie Global Infrastructure Total Return Fund Inc.</u><u> </u>

---

| |
|:---|
| By (Signature and Title)\* <u>/s/ John C. Leonard</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John C. Leonard |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer/Principal Executive Officer |
| Date February 3, 2023 |

---

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)\* <u>/s/ John C. Leonard</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John C. Leonard |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer/Principal Executive Officer |
| Date: February 3, 2023 |
| By (Signature and Title)\* <u>/s/ Daniel V. Geatens</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daniel V. Geatens |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer, Chief Financial Officer/Principal Financial Officer |
| Date: February 3, 2023 |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH** 

**MACQUARIE GLOBAL INFRASTRUCTURE TOTAL RETURN FUND INC.** 

**SENIOR OFFICER CODE OF CONDUCT** 

Macquarie Global Infrastructure Total Return Fund Inc. ("the Fund") is committed to conducting its business activities in accordance with applicable laws, rules and regulations, reporting of unethical or illegal conduct, and the highest standards of ethics, and to provide full, fair, accurate and timely disclosure to its shareholders and regulators.

The Fund has adopted this Code of Conduct, applicable to the Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (each a "Senior Officer" and together the "Senior Officers"), to inform them of the standards of conduct that the Fund requires of them and the policies and procedures designed by the Fund to guide them in the performance of their duties.

As a Senior Officer, you must inform yourself of and comply with all applicable laws and regulations, and you must act in an honest, ethical manner. You have a duty to create an environment and culture for the Fund that encourages high ethical standards and a commitment to compliance.

This Code of Conduct is in addition to, and intended to supplement, the obligations to which you are subject under the applicable securities laws and regulations, including, but not limited to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934 as amended, the Investment Company Act of 1940, and the Investment Advisers Act of 1940, and the rules, policies, procedures and codes of ethics adopted by the Fund pursuant to those laws (collectively "Regulations").

As a Senior Officer, you may be subject to certain conflicts of interest inherent in the operation of the Fund due to your role as an officer of the Fund's adviser or an affiliate of the Fund's adviser or because you may currently or in the future serve as senior officer of other funds. Conflicts of interest may also arise when your personal business activities conflict with or appear to conflict with the Fund. You have a duty to avoid, or resolve in a manner consistent with obligations to the Fund, conflicts of interest between your personal activities and the Fund's activities. You must conduct yourself in an honest and ethical manner, and as a Senior Officer, you must maintain a work environment that encourages the internal reporting and prompt addressing of compliance concerns.

**STANDARD OF CONDUCT** 

As a Senior Officer, you have a duty to the Fund to act with integrity and in accordance with the highest standards of ethics. Integrity requires, among other things, being

------

honest and candid at all times and avoiding deceit. As a Senior Officer, you must act with integrity at all times but still maintain the confidentiality of information as required by applicable Regulations.

**CONFLICTS OF INTEREST** 

A conflict of interest would include any situation in which your private interests constitute an actual or apparent conflict with the interests of the Fund or otherwise creates the appearance of impropriety.

As a Senior Officer, you are expected to be objective and unbiased when making decisions that affect the Fund, avoiding actual or perceived conflicts of interest whenever possible. In light of the inherent conflicts of interest that may arise because of your role with Macquarie Capital Investment Management LLC ("the Adviser") or one of its affiliates, you must be careful to identify situations that may create actual or apparent conflicts of interest and handle them in an ethical manner an in accordance with all applicable Regulations.

You are also required to identify any actual or apparent conflicts of interest between your personal and business relationships to MCIM's CCO and the Fund's CCO and to handle them in an ethical manner.

If you are in doubt as to the application or interpretation of this Code of Conduct to you as a Senior Officer, or the possibility about a situation that may pose a conflict of interest, you should fully disclose all relevant facts and circumstances to and obtain the approval of the Chief Compliance Officer of the Fund prior to taking any action.

Potential conflict of interest situations that must be approved by the Chief Compliance Officer include but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of any entertainment or non-nominal gift by the Senior Officer, or a
member of his or her family, from any company with which the Fund has current or prospective business dealings, unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to
raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers,
other than the Adviser and its affiliates; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund to effect
portfolio transactions or for selling or redeeming shares.

**FUND DISCLOSURES** 

It is the policy of the Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable Regulations in all reports and documents that it files with, or submits to, the Securities and Exchange Commission, the New York Stock Exchange, Inc., any other regulatory agency, and in all other public communications made by the Fund. As a Senior Officer, you are required to adhere to this policy and to enforce the procedures adopted by the Fund to achieve compliance with this policy. In particular, you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Familiarize yourself with the financial and business operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inform yourself of the disclosure requirements applicable to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not knowingly misrepresent, or cause others to misrepresent, information about the Fund to others, including to the
Directors, auditors, counsel, counsel to the independent directors, governmental regulators or self-regulatory organizations.

**COMPLIANCE WITH CODE OF CONDUCT** 

If you know of or suspect a violation of this Code of Conduct or the other Regulations, you must promptly report that information to the Chief Compliance Officer or in accordance with the "whistle blower" procedures adopted by the Fund.

**YOU WILL NOT BE SUBJECT TO RETALIATION DUE TO A GOOD FAITH REPORT OF A SUSPECTED VIOLATION.** 

The Chief Compliance Officer of the Fund is responsible for investigating and enforcing this Code of Conduct and reporting any violations or suspected violations to the Board of Directors. The Board of Directors will make the final determination about whether a violation has occurred and will take appropriate disciplinary measures.

**RECORDKEEPING** 

The Fund will maintain all records pursuant to this Code of Conduct in accordance with the record-keeping procedures in Appendix 3 of its Compliance Manual, including any

------

information or materials supplied to the Boards of Directors pursuant to this Code of Conduct that provided the basis for any amendments or relating to any violation of, or waiver from, this Code of Conduct, sanctions imposed for such violation, and a record of the approval or action taken by the Board of Directors.

**AMENDMENTS** 

This Code of Conduct may not be amended except in writing and approved by a majority vote of the Board of Directors, including a majority of its Independent Directors.

**CONFIDENTIALITY** 

All reports and records prepared and/or maintained pursuant to this Code of Conduct are confidential and shall be maintained and protected accordingly. Except as otherwise required by the Regulations, matters regarding this Code of Conduct shall not be disclosed, in whole or in part, to anyone other than officers, directors, and employees of the Fund, its Adviser, counsel to the independent or controlling entities of the Adviser (who have a need to know such matters in connection with the services they provide to the Fund).

------

**ACKNOWLEDGMENT FORM** 

I have received and read the Macquarie Global Infrastructure Total Return Fund Inc. Senior Officer Code of Conduct, and I understand its contents and its application Regulations as defined in the code.

I understand that I have an obligation to report any suspected violations of the Code of Conduct on a timely basis to the Chief Compliance Officer or in accordance with the "whistle blower" policies adopted by the Fund.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -------------------------------------------- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -------------------------------------------- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Print Name |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------------------------------------------- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date |

---

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, John C. Leonard, certify that:

1. I have reviewed this report on Form N-CSR of Macquarie Global
Infrastructure Total Return Fund Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 3, 2023 | /s/ John C. Leonard |
|  | John C. Leonard |
|  | Chief Executive Officer/Principal Executive Officer |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, Daniel V. Geatens, certify that:

1. I have reviewed this report on Form N-CSR of Macquarie Global
Infrastructure Total Return Fund Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 3, 2023 | /s/ Daniel V. Geatens  |
|  | Daniel V. Geatens |
|  | Treasurer, Chief Financial Officer/Principal<br> Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the**

**Sarbanes-Oxley Act**

I, John C. Leonard, Chief Executive Officer/Principal Executive Officer of Macquarie Global Infrastructure Total Return Fund Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: February 3, 2023 | <u>/s/ John C. Leonard</u>  |
|  | John C. Leonard |
|  | Chief Executive Officer/Principal Executive Officer |

---

I, Daniel V. Geatens, Treasurer, Chief Financial Officer/Principal Financial Officer of Macquarie Global Infrastructure Total Return Fund Inc. (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: February 3, 2023 | <u>/s/ Daniel V. Geatens</u>  |
|  | Daniel V. Geatens |
|  | Treasurer, Chief Financial Officer/Principal Financial Officer |

---

## Exhibit 99.13

**MACQUARIE GLOBAL INFRASTRUCTURE TOTAL RETURN FUND INC.** 

**CUSIP #: 55608D101** 

***Statement Pursuant to Section 19(a) of the Investment Company Act of 1940***

**NEW YORK, June 24, 2022** - Macquarie Global Infrastructure Total Return Fund Inc. (NYSE: MGU) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.13 per share to shareholders of record at the close of business on June 17, 2022.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Distribution from:** | |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.1009 | 77.62% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.0291 | 22.38% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.0000 | 0.00% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;**Fiscal Year-to-Date Cumulative**<br>**Distributions from:** |  |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.4568 | 49.54% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.2613 | 28.34% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.2039 | 22.12% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | 0.9220 | 100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send** 

------

 **you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.** 

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 5/31/2022) | &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 5/31/2022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized Distribution Rate as a Percentage of NAV^ | 5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Distribution Rate on NAV^^ | 3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Total Return on NAV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.91% |
| &nbsp;&nbsp; Average Annual Total Return on NAV for the 5 Year Period Ending 5/31/2022\*\* | 8.46% |

---

^ Based on the Fund's NAV as of May 31, 2022.

^^ Cumulative distribution rate is the cumulative amount of distributions paid during the Fund's fiscal year ending November 30, 2022 based on the Fund's NAV as of May 31, 2022.

\*Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2021 through May 31, 2022.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

The payment of dividend distributions in accordance with the distribution policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expenses and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The distribution policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Directors has the right to amend, suspend or terminate the distribution policy at any time. The amendment, suspension or termination of the distribution policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. **Shareholders should not draw any conclusions** 

------

 **about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.** 

Furthermore, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Directors at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**For further information, please contact:** 

---

| | |
|:---|:---|
| **Investor/Broker Inquiries**<br> Tel: 866 567-4771 <br>E-mail: <u>MGU-Questions@macquarie.com</u><br> Web: <u>www.macquarieim.com/mgu</u> | **Media Inquiries**<br> Lee Lubarsky<br> 347 302-3000<br> <u>Lee.Lubarsky@macquarie.com</u><br>Sarah Stein<br> 212 231-0323<br> <u>Sarah.Stein@macquarie.com</u> |

---

*The Fund is not intended to be a complete investment program. An investment in the Fund involves risks, and the Fund may or may not be able to achieve its investment objective for a variety of reasons. The following summarizes some of the Fund's risks but does not purport to be a complete listing of all of the risks. Investors should carefully review the Fund's Prospectus and consult their own advisers.* 

*The Fund is also subject to risk because it is an actively managed portfolio. Industry Concentration and Infrastructure Industry Risk. The Fund will be concentrated in the infrastructure industry, and will be more susceptible to adverse economic or regulatory occurrences affecting that industry than a fund that is not concentrated in a specific industry. Non-U.S. Investment Risk. A majority of the Fund's investments will be in non-U.S. issuers and a substantial portion of the trades executed for the Fund will take place on foreign exchanges. Investments in securities and instruments of non-U.S. issuers involve certain considerations and risks not ordinarily associated with investments in those of U.S. issuers. Emerging Markets Risk. In addition to non-US investment risk, investments in emerging markets may expose the Fund to heightened risks that may be more volatile than investments in developed markets. Use of Derivatives and Hedging. The Fund may use derivatives and employ a variety of hedging techniques. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large impact on the Fund's performance. Certain of the investment techniques that the Fund may employ for hedging or to increase income or total return will <u>expose</u> the Fund to additional risks. Leverage Risk. The Fund expects to employ leverage as part of its investing strategy. The use of leverage will increase the volatility of the Fund and increase risk to investors. Any difficulty in maintaining the Fund's leverage could cause a diversion of cash flow and/or require liquidation of some portion of the Fund's portfolio. Restrictions imposed as a result of any leverage may directly or indirectly inhibit the Fund's ability to take actions that otherwise may be taken in an unleveraged portfolio of similar assets.* 

*None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.* 

------

**MACQUARIE GLOBAL INFRASTRUCTURE TOTAL RETURN FUND INC.** 

**CUSIP #: 55608D101** 

***Statement Pursuant to Section 19(a) of the Investment Company Act of 1940***

**NEW YORK, July 29, 2022** - Macquarie Global Infrastructure Total Return Fund Inc. (NYSE: MGU) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.13 per share to shareholders of record at the close of business on July 22, 2022.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Distribution from:** | |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.0627 | 48.23% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.0673 | 51.77% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.0000 | 0.00% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | 0.1300 | 100.00% |
| &nbsp;&nbsp;&nbsp;**Fiscal Year-to-Date Cumulative**<br>**Distributions from:** |  |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.38% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.3286 | 31.24% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.2039 | 19.38% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | 1.0520 | 100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send** 

------

 **you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.** 

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 6/30/2022) | &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 6/30/2022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized Distribution Rate as a Percentage of NAV^ | 5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Distribution Rate on NAV^^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Total Return on NAV\* | 7.90% |
| &nbsp;&nbsp; Average Annual Total Return on NAV for the 5 Year Period Ending 6/30/2022\*\* | 5.98% |

---

^ Based on the Fund's NAV as of June 30, 2022.

^^ Cumulative distribution rate is the cumulative amount of distributions paid during the Fund's fiscal year ending November 30, 2022 based on the Fund's NAV as of June 30, 2022.

\*Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2021 through June 30, 2022.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

The payment of dividend distributions in accordance with the distribution policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expenses and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The distribution policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Directors has the right to amend, suspend or terminate the distribution policy at any time. The amendment, suspension or termination of the distribution policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. **Shareholders should not draw any conclusions** 

------

 **about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.** 

Furthermore, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Directors at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**For further information, please contact:** 

---

| | |
|:---|:---|
| **Investor/Broker Inquiries**<br> Tel: 866 567-4771 <br>E-mail: <u>MGU-Questions@macquarie.com</u><br> Web: <u>www.macquarieim.com/mgu</u> | **Media Inquiries**<br> Lee Lubarsky<br> 347 302-3000<br> <u>Lee.Lubarsky@macquarie.com</u> |

---

*The Fund is not intended to be a complete investment program. An investment in the Fund involves risks, and the Fund may or may not be able to achieve its investment objective for a variety of reasons. The following summarizes some of the Fund's risks but does not purport to be a complete listing of all of the risks. Investors should carefully review the Fund's Prospectus and consult their own advisers.* 

*The Fund is also subject to risk because it is an actively managed portfolio. Industry Concentration and Infrastructure Industry Risk. The Fund will be concentrated in the infrastructure industry, and will be more susceptible to adverse economic or regulatory occurrences affecting that industry than a fund that is not concentrated in a specific industry. Non-U.S. Investment Risk. A majority of the Fund's investments will be in non-U.S. issuers and a substantial portion of the trades executed for the Fund will take place on foreign exchanges. Investments in securities and instruments of non-U.S. issuers involve certain considerations and risks not ordinarily associated with investments in those of U.S. issuers. Emerging Markets Risk. In addition to non-US investment risk, investments in emerging markets may expose the Fund to heightened risks that may be more volatile than investments in developed markets. Use of Derivatives and Hedging. The Fund may use derivatives and employ a variety of hedging techniques. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large impact on the Fund's performance. Certain of the investment techniques that the Fund may employ for hedging or to increase income or total return will <u>expose</u> the Fund to additional risks. Leverage Risk. The Fund expects to employ leverage as part of its investing strategy. The use of leverage will increase the volatility of the Fund and increase risk to investors. Any difficulty in maintaining the Fund's leverage could cause a diversion of cash flow and/or require liquidation of some portion of the Fund's portfolio. Restrictions imposed as a result of any leverage may directly or indirectly inhibit the Fund's ability to take actions that otherwise may be taken in an unleveraged portfolio of similar assets.* 

*None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.* 

------

**MACQUARIE GLOBAL INFRASTRUCTURE TOTAL RETURN FUND INC.** 

**CUSIP #: 55608D101** 

***Statement Pursuant to Section 19(a) of the Investment Company Act of 1940***

**NEW YORK, August 26, 2022** - Macquarie Global Infrastructure Total Return Fund Inc. (NYSE: MGU) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.13 per share to shareholders of record at the close of business on August 19, 2022.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Distribution from:** | |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.0000 | 0.00% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.0738 | 56.77% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.0562 | 43.23% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;**Fiscal Year-to-Date Cumulative**<br>**Distributions from:** |  |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.5195 | 43.95% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.4024 | 34.04% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.2601 | 22.01% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | 1.1820 | 100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send** 

------

 **you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.** 

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 7/31/2022) | &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 7/31/2022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized Distribution Rate as a Percentage of NAV^ | 5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Distribution Rate on NAV^^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Total Return on NAV\* | 15.29% |
| &nbsp;&nbsp; Average Annual Total Return on NAV for the 5 Year Period Ending 7/31/2022\*\* | 6.65% |

---

^ Based on the Fund's NAV as of July 31, 2022.

^^ Cumulative distribution rate is the cumulative amount of distributions paid during the Fund's fiscal year ending November 30, 2022 based on the Fund's NAV as of July 31, 2022.

\*Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2021 through July 31, 2022.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

The payment of dividend distributions in accordance with the distribution policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expenses and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The distribution policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Directors has the right to amend, suspend or terminate the distribution policy at any time. The amendment, suspension or termination of the distribution policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. **Shareholders should not draw any conclusions** 

------

 **about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Directors at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**For further information, please contact:** 

---

| | |
|:---|:---|
| **Investor/Broker Inquiries**<br> Tel: 866 567-4771<br> E-mail: <u>MGU-Questions@macquarie.com</u><br> Web: <u>www.macquarieim.com/mgu</u> | **Media Inquiries**<br> Lee Lubarsky<br> 347 302-3000<br> <u>Lee.Lubarsky@macquarie.com</u> |

---

*The Fund is not intended to be a complete investment program. An investment in the Fund involves risks, and the Fund may or may not be able to achieve its investment objective for a variety of reasons. The following summarizes some of the Fund's risks but does not purport to be a complete listing of all of the risks. Investors should carefully review the Fund's Prospectus and consult their own advisers.* 

*The Fund is also subject to risk because it is an actively managed portfolio. Industry Concentration and Infrastructure Industry Risk. The Fund will be concentrated in the infrastructure industry, and will be more susceptible to adverse economic or regulatory occurrences affecting that industry than a fund that is not concentrated in a specific industry. Non-U.S. Investment Risk. A majority of the Fund's investments will be in non-U.S. issuers and a substantial portion of the trades executed for the Fund will take place on foreign exchanges. Investments in securities and instruments of non-U.S. issuers involve certain considerations and risks not ordinarily associated with investments in those of U.S. issuers. Emerging Markets Risk. In addition to non-US investment risk, investments in emerging markets may expose the Fund to heightened risks that may be more volatile than investments in developed markets. Use of Derivatives and Hedging. The Fund may use derivatives and employ a variety of hedging techniques. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large impact on the Fund's performance. Certain of the investment techniques that the Fund may employ for hedging or to increase income or total return will <u>expose</u> the Fund to additional risks. Leverage Risk. The Fund expects to employ leverage as part of its investing strategy. The use of leverage will increase the volatility of the Fund and increase risk to investors. Any difficulty in maintaining the Fund's leverage could cause a diversion of cash flow and/or require liquidation of some portion of the Fund's portfolio. Restrictions imposed as a result of any leverage may directly or indirectly inhibit the Fund's ability to take actions that otherwise may be taken in an unleveraged portfolio of similar assets.* 

**Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.** 

------

**MACQUARIE GLOBAL INFRASTRUCTURE TOTAL RETURN FUND INC.** 

**CUSIP #: 55608D101** 

***Statement Pursuant to Section 19(a) of the Investment Company Act of 1940***

**NEW YORK, September 30, 2022** - Macquarie Global Infrastructure Total Return Fund Inc. (NYSE: MGU) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.13 per share to shareholders of record at the close of business on September 23, 2022.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Distribution from:** | |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.0370 | 28.46% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.0000 | 0.00% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.0930 | 71.54% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;**Fiscal Year-to-Date Cumulative**<br>**Distributions from:** |  |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.5565 | 42.42% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.4024 | 30.67% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.3531 | 26.91% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp;&nbsp; Total (per common share) | 1.3120 | 100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send** 

------

 **you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.** 

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 8/31/2022) | &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 8/31/2022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized Distribution Rate as a Percentage of NAV^ | 5.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Distribution Rate on NAV^^ | 4.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Total Return on NAV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.94% |
| &nbsp;&nbsp; Average Annual Total Return on NAV for the 5 Year Period Ending 8/31/2022\*\* | 5.60% |

---

^ Based on the Fund's NAV as of August 31, 2022.

^^ Cumulative distribution rate is the cumulative amount of distributions paid during the Fund's fiscal year ending November 30, 2022 based on the Fund's NAV as of August 31, 2022.

\*Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2021 through August 31, 2022.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

The payment of dividend distributions in accordance with the distribution policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expenses and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The distribution policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Directors has the right to amend, suspend or terminate the distribution policy at any time. The amendment, suspension or termination of the distribution policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. **Shareholders should not draw any conclusions** 

------

 **about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.** 

Furthermore, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Directors at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**For further information, please contact:** 

---

| | |
|:---|:---|
| **Investor/Broker Inquiries**<br> Tel: 866 567-4771<br> E-mail: <u>MGU-Questions@macquarie.com</u><br> Web: <u>www.macquarieim.com/mgu</u> | **Media Inquiries**<br> Lee Lubarsky<br> 347 302-3000<br> <u>Lee.Lubarsky@macquarie.com</u> |

---

*The Fund is not intended to be a complete investment program. An investment in the Fund involves risks, and the Fund may or may not be able to achieve its investment objective for a variety of reasons. The following summarizes some of the Fund's risks but does not purport to be a complete listing of all of the risks. Investors should carefully review the Fund's Prospectus and consult their own advisers.* 

*The Fund is also subject to risk because it is an actively managed portfolio. Industry Concentration and Infrastructure Industry Risk. The Fund will be concentrated in the infrastructure industry, and will be more susceptible to adverse economic or regulatory occurrences affecting that industry than a fund that is not concentrated in a specific industry. Non-U.S. Investment Risk. A majority of the Fund's investments will be in non-U.S. issuers and a substantial portion of the trades executed for the Fund will take place on foreign exchanges. Investments in securities and instruments of non-U.S. issuers involve certain considerations and risks not ordinarily associated with investments in those of U.S. issuers. Emerging Markets Risk. In addition to non-US investment risk, investments in emerging markets may expose the Fund to heightened risks that may be more volatile than investments in developed markets. Use of Derivatives and Hedging. The Fund may use derivatives and employ a variety of hedging techniques. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large impact on the Fund's performance. Certain of the investment techniques that the Fund may employ for hedging or to increase income or total return will <u>expose</u> the Fund to additional risks. Leverage Risk. The Fund expects to employ leverage as part of its investing strategy. The use of leverage will increase the volatility of the Fund and increase risk to investors. Any difficulty in maintaining the Fund's leverage could cause a diversion of cash flow and/or require liquidation of some portion of the Fund's portfolio. Restrictions imposed as a result of any leverage may directly or indirectly inhibit the Fund's ability to take actions that otherwise may be taken in an unleveraged portfolio of similar assets.* 

**Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.** 

------

**MACQUARIE GLOBAL INFRASTRUCTURE TOTAL RETURN FUND INC.** 

**CUSIP #: 55608D101** 

***Statement Pursuant to Section 19(a) of the Investment Company Act of 1940***

**NEW YORK, October 28, 2022** - Macquarie Global Infrastructure Total Return Fund Inc. (NYSE: MGU) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.13 per share to shareholders of record at the close of business on October 21, 2022.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Distribution from:** | |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.0000 | 0.00% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.0000 | 0.00% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.1300 | 100.00% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;**Fiscal Year-to-Date Cumulative**<br>**Distributions from:** |  |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.5565 | 38.59% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.4024 | 27.91% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.4831 | 33.50% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp;&nbsp; Total (per common share) | 1.4420 | 100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send** 

------

 **you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.** 

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 9/30/2022) | &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 9/30/2022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized Distribution Rate as a Percentage of NAV^ | 6.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Distribution Rate on NAV^^ | 6.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Total Return on NAV\* | (6.42%) |
| &nbsp;&nbsp; Average Annual Total Return on NAV for the 5 Year Period Ending 9/30/2022\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% |

---

^ Based on the Fund's NAV as of September 30, 2022.

^^ Cumulative distribution rate is the cumulative amount of distributions paid during the Fund's fiscal year ending November 30, 2022 based on the Fund's NAV as of September 30, 2022.

\*Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2021 through September 30, 2022.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

The payment of dividend distributions in accordance with the distribution policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expenses and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The distribution policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Directors has the right to amend, suspend or terminate the distribution policy at any time. The amendment, suspension or termination of the distribution policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. **Shareholders should not draw any conclusions** 

------

 **about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.** 

Furthermore, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Directors at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**For further information, please contact:** 

---

| | |
|:---|:---|
| **Investor/Broker Inquiries**<br> Tel: 866 567-4771 <br>E-mail: <u>MGU-Questions@macquarie.com</u><br> Web: <u>www.macquarieim.com/mgu</u> | **Media Inquiries**<br> Lee Lubarsky<br> 347 302-3000<br> <u>Lee.Lubarsky@macquarie.com</u> |

---

*The Fund is not intended to be a complete investment program. An investment in the Fund involves risks, and the Fund may or may not be able to achieve its investment objective for a variety of reasons. The following summarizes some of the Fund's risks but does not purport to be a complete listing of all of the risks. Investors should carefully review the Fund's Prospectus and consult their own advisers.* 

*The Fund is also subject to risk because it is an actively managed portfolio. Industry Concentration and Infrastructure Industry Risk. The Fund will be concentrated in the infrastructure industry, and will be more susceptible to adverse economic or regulatory occurrences affecting that industry than a fund that is not concentrated in a specific industry. Non-U.S. Investment Risk. A majority of the Fund's investments will be in non-U.S. issuers and a substantial portion of the trades executed for the Fund will take place on foreign exchanges. Investments in securities and instruments of non-U.S. issuers involve certain considerations and risks not ordinarily associated with investments in those of U.S. issuers. Emerging Markets Risk. In addition to non-US investment risk, investments in emerging markets may expose the Fund to heightened risks that may be more volatile than investments in developed markets. Use of Derivatives and Hedging. The Fund may use derivatives and employ a variety of hedging techniques. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large impact on the Fund's performance. Certain of the investment techniques that the Fund may employ for hedging or to increase income or total return will <u>expose</u> the Fund to additional risks. Leverage Risk. The Fund expects to employ leverage as part of its investing strategy. The use of leverage will increase the volatility of the Fund and increase risk to investors. Any difficulty in maintaining the Fund's leverage could cause a diversion of cash flow and/or require liquidation of some portion of the Fund's portfolio. Restrictions imposed as a result of any leverage may directly or indirectly inhibit the Fund's ability to take actions that otherwise may be taken in an unleveraged portfolio of similar assets.* 

**Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.** 

------

**MACQUARIE GLOBAL INFRASTRUCTURE TOTAL RETURN FUND INC.** 

**CUSIP #: 55608D101** 

***Statement Pursuant to Section 19(a) of the Investment Company Act of 1940***

**NEW YORK, November 25, 2022** - Macquarie Global Infrastructure Total Return Fund Inc. (NYSE: MGU) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.13 per share to shareholders of record at the close of business on November 18, 2022.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Distribution from:** | | |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.0433 | 33.31% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.0000 | 0.00% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.0867 | 66.69% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;**Fiscal Year-to-Date Cumulative**<br>**Distributions from:** |  |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.5998 | 38.15% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.4024 | 25.60% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.5698 | 36.25% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | 1.5720 | 100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send** 

------

 **you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.** 

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 10/31/2022) | &nbsp;&nbsp; Fiscal Year to Date (12/01/2021 through 10/31/2022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized Distribution Rate as a Percentage of NAV^ | 6.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Distribution Rate on NAV^^ | 6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Total Return on NAV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21% |
| &nbsp;&nbsp; Average Annual Total Return on NAV for the 5 Year Period Ending 10/31/2022\*\* | 4.37% |

---

^ Based on the Fund's NAV as of October 31, 2022.

^^ Cumulative distribution rate is the cumulative amount of distributions paid during the Fund's fiscal year ending November 30, 2022 based on the Fund's NAV as of October 31, 2022.

\*Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2021 through October 31, 2022.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

The payment of dividend distributions in accordance with the distribution policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expenses and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The distribution policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Directors has the right to amend, suspend or terminate the distribution policy at any time. The amendment, suspension or termination of the distribution policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. **Shareholders should not draw any conclusions** 

------

 **about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.** 

Furthermore, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Directors at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**For further information, please contact:** 

---

| | |
|:---|:---|
| **Investor/Broker Inquiries**<br> Tel: 866 567-4771<br> E-mail: <u>MGU-Questions@macquarie.com</u><br> Web: <u>www.macquarieim.com/mgu</u> | **Media Inquiries**<br> Lee Lubarsky<br> 347 302-3000<br> <u>Lee.Lubarsky@macquarie.com</u> |

---

*The Fund is not intended to be a complete investment program. An investment in the Fund involves risks, and the Fund may or may not be able to achieve its investment objective for a variety of reasons. The following summarizes some of the Fund's risks but does not purport to be a complete listing of all of the risks. Investors should carefully review the Fund's Prospectus and consult their own advisers.* 

*The Fund is also subject to risk because it is an actively managed portfolio. Industry Concentration and Infrastructure Industry Risk. The Fund will be concentrated in the infrastructure industry, and will be more susceptible to adverse economic or regulatory occurrences affecting that industry than a fund that is not concentrated in a specific industry. Non-U.S. Investment Risk. A majority of the Fund's investments will be in non-U.S. issuers and a substantial portion of the trades executed for the Fund will take place on foreign exchanges. Investments in securities and instruments of non-U.S. issuers involve certain considerations and risks not ordinarily associated with investments in those of U.S. issuers. Emerging Markets Risk. In addition to non-US investment risk, investments in emerging markets may expose the Fund to heightened risks that may be more volatile than investments in developed markets. Use of Derivatives and Hedging. The Fund may use derivatives and employ a variety of hedging techniques. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large impact on the Fund's performance. Certain of the investment techniques that the Fund may employ for hedging or to increase income or total return will <u>expose</u> the Fund to additional risks. Leverage Risk. The Fund expects to employ leverage as part of its investing strategy. The use of leverage will increase the volatility of the Fund and increase risk to investors. Any difficulty in maintaining the Fund's leverage could cause a diversion of cash flow and/or require liquidation of some portion of the Fund's portfolio. Restrictions imposed as a result of any leverage may directly or indirectly inhibit the Fund's ability to take actions that otherwise may be taken in an unleveraged portfolio of similar assets.* 

**Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.** 

------

**MACQUARIE GLOBAL INFRASTRUCTURE TOTAL RETURN FUND INC.** 

**CUSIP #: 55608D101** 

***Statement Pursuant to Section 19(a) of the Investment Company Act of 1940***

**NEW YORK, December 30, 2022** - Macquarie Global Infrastructure Total Return Fund Inc. (NYSE: MGU) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.13 per share to shareholders of record at the close of business on December 23, 2022.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Distribution from:** | |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.0439 | 33.77% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.0036 | 2.77% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.0000 | 0.00% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0825</u> | <u>63.46%</u> |
| &nbsp;&nbsp; Total (per common share) | 0.1300 | 100.00% |
| &nbsp;&nbsp;&nbsp;**Fiscal Year-to-Date Cumulative**<br>**Distributions from:** |  |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.0439 | 33.77% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.0036 | 2.77% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.0000 | 0.00% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0825</u> | <u>63.46%</u> |
| &nbsp;&nbsp; Total (per common share) | 0.1300 | 100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.** 

------

 **The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.** 

**Subject to the foregoing, the Fund estimates (as of the date hereof) that it has distributed more than its income and net realized capital gains for the fiscal year ending November 30, 2023; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'** 

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance and Distribution Information** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Fiscal Year to Date (12/01/2022 through 12/31/2022) | &nbsp;&nbsp; Fiscal Year to Date (12/01/2022 through 12/31/2022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized Distribution Rate as a Percentage of NAV^ | 5.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Distribution Rate on NAV^^ | 0.46% |
| &nbsp;&nbsp; Cumulative Total Return on NAV\*for the fiscal year ended 11/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.50% |
| &nbsp;&nbsp; Average Annual Total Return on NAV for the 5 Year Period Ending 11/30/2022\*\* | 6.63% |

---

^ Based on the Fund's NAV as of November 30, 2022.

^^ Cumulative distribution rate is the cumulative amount of distributions paid during the Fund's fiscal year ending November 30, 2023 based on the Fund's NAV as of November 30, 2022.

\*Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2021 through November 30, 2022.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

The payment of dividend distributions in accordance with the distribution policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expenses and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The distribution policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Directors has the right to amend, suspend or terminate the distribution policy at any time. The amendment, suspension or termination of the distribution

------

policy may affect the Fund's market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. **Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Directors at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**For further information, please contact:** 

---

| | |
|:---|:---|
| **Investor/Broker Inquiries**<br> Tel: 866 567-4771<br> E-mail: <u>MGU-Questions@macquarie.com</u><br> Web: <u>www.macquarieim.com/mgu</u> | **Media Inquiries**<br> Lee Lubarsky<br> 347 302-3000<br> <u>Lee.Lubarsky@macquarie.com</u> |

---

*The Fund is not intended to be a complete investment program. An investment in the Fund involves risks, and the Fund may or may not be able to achieve its investment objective for a variety of reasons. The following summarizes some of the Fund's risks but does not purport to be a complete listing of all of the risks. Investors should carefully review the Fund's Prospectus and consult their own advisers.* 

*The Fund is also subject to risk because it is an actively managed portfolio. Industry Concentration and Infrastructure Industry Risk. The Fund will be concentrated in the infrastructure industry, and will be more susceptible to adverse economic or regulatory occurrences affecting that industry than a fund that is not concentrated in a specific industry. Non-U.S. Investment Risk. A majority of the Fund's investments will be in non-U.S. issuers and a substantial portion of the trades executed for the Fund will take place on foreign exchanges. Investments in securities and instruments of non-U.S. issuers involve certain considerations and risks not ordinarily associated with investments in those of U.S. issuers. Emerging Markets Risk. In addition to non-US investment risk, investments in emerging markets may expose the Fund to heightened risks that may be more volatile than investments in developed markets. Use of Derivatives and Hedging. The Fund may use derivatives and employ a variety of hedging techniques. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large impact on the Fund's performance. Certain of the investment techniques that the Fund may employ for hedging or to increase income or total return will <u>expose</u> the Fund to additional risks. Leverage Risk. The Fund expects to employ leverage as part of its investing strategy. The use of leverage will increase the volatility of the Fund and increase risk to investors. Any difficulty in maintaining the Fund's leverage could cause a diversion of cash flow and/or require liquidation of some portion of the Fund's portfolio. Restrictions imposed as a result of any leverage may directly or indirectly inhibit the Fund's ability to take actions that otherwise may be taken in an unleveraged portfolio of similar assets.* 

**Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.** 

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**MACQUARIE GLOBAL INFRASTRUCTURE TOTAL RETURN FUND INC.** 

**CUSIP #: 55608D101** 

***Statement Pursuant to Section 19(a) of the Investment Company Act of 1940***

**NEW YORK, January 27, 2023** - Macquarie Global Infrastructure Total Return Fund Inc. (NYSE: MGU) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.13 per share to shareholders of record at the close of business on January 20, 2023.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Distribution from:** | |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.0153 | 11.77% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.1147 | 88.23% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.0000 | 0.00% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0000</u> | <u>0.00%</u> |
| &nbsp;&nbsp; Total (per common share) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;**Fiscal Year-to-Date Cumulative**<br>**Distributions from:** |  |  |
|  | <u>Per Share ($)</u> | <u>%</u> |
| &nbsp;&nbsp; Net Investment Income | 0.0592 | 22.77% |
| &nbsp;&nbsp; Net Realized Short-Term Capital Gain | 0.1183 | 45.50% |
| &nbsp;&nbsp; Net Realized Long-Term Capital Gain | 0.0000 | 0.00% |
| &nbsp;&nbsp; Return of Capital or other Capital Source | <u>0.0825</u> | <u>31.73%</u> |
| &nbsp;&nbsp; Total (per common share) | 0.2600 | 100.00% |

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**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.** 

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 **The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.** 

**Subject to the foregoing, the Fund estimates (as of the date hereof) that it has distributed more than its income and net realized capital gains for the fiscal year ending November 30, 2023; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'** 

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance and Distribution Information** 

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| | |
|:---|:---|
| &nbsp;&nbsp; Fiscal Year to Date (12/01/2022 through 12/31/2022) | &nbsp;&nbsp; Fiscal Year to Date (12/01/2022 through 12/31/2022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized Distribution Rate as a Percentage of NAV^ | 5.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Distribution Rate on NAV^^ | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative Total Return on NAV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-4.70% |
| &nbsp;&nbsp; Average Annual Total Return on NAV for the 5 Year Period Ending 12/31/2022\*\* | 5.86% |

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^ Based on the Fund's NAV as of December 31, 2022.

^^ Cumulative distribution rate is the cumulative amount of distributions paid during the Fund's fiscal year ending November 30, 2023 based on the Fund's NAV as of December 31, 2022.

\*Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2022 through December 31, 2022.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

The payment of dividend distributions in accordance with the distribution policy may result in a decrease in the Fund's net assets. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expenses and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. The distribution policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Directors has the right to amend, suspend or terminate the distribution policy at any time. The amendment, suspension or termination of the distribution policy may affect the Fund's market price per share. Investors should consult their tax advisor

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regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market. **Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Directors reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Directors will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Directors at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**For further information, please contact:** 

---

| | |
|:---|:---|
| **Investor/Broker Inquiries**<br> Tel: 866 567-4771 <br>E-mail: <u>MGU-Questions@macquarie.com</u><br> Web: <u>www.macquarieim.com/mgu</u> | **Media Inquiries**<br> Lee Lubarsky<br> 347 302-3000<br> <u>Lee.Lubarsky@macquarie.com</u> |

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*The Fund is not intended to be a complete investment program. An investment in the Fund involves risks, and the Fund may or may not be able to achieve its investment objective for a variety of reasons. The following summarizes some of the Fund's risks but does not purport to be a complete listing of all of the risks. Investors should carefully review the Fund's Prospectus and consult their own advisers.* 

*The Fund is also subject to risk because it is an actively managed portfolio. Industry Concentration and Infrastructure Industry Risk. The Fund will be concentrated in the infrastructure industry, and will be more susceptible to adverse economic or regulatory occurrences affecting that industry than a fund that is not concentrated in a specific industry. Non-U.S. Investment Risk. A majority of the Fund's investments will be in non-U.S. issuers and a substantial portion of the trades executed for the Fund will take place on foreign exchanges. Investments in securities and instruments of non-U.S. issuers involve certain considerations and risks not ordinarily associated with investments in those of U.S. issuers. Emerging Markets Risk. In addition to non-US investment risk, investments in emerging markets may expose the Fund to heightened risks that may be more volatile than investments in developed markets. Use of Derivatives and Hedging. The Fund may use derivatives and employ a variety of hedging techniques. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large impact on the Fund's performance. Certain of the investment techniques that the Fund may employ for hedging or to increase income or total return will <u>expose</u> the Fund to additional risks. Leverage Risk. The Fund expects to employ leverage as part of its investing strategy. The use of leverage will increase the volatility of the Fund and increase risk to investors. Any difficulty in maintaining the Fund's leverage could cause a diversion of cash flow and/or require liquidation of some portion of the Fund's portfolio. Restrictions imposed as a result of any leverage may directly or indirectly inhibit the Fund's ability to take actions that otherwise may be taken in an unleveraged portfolio of similar assets.* 

**Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**