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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21846

Clough Global Opportunities Fund
(exact name of Registrant as specified in charter)

1290 Broadway, Suite 1100, Denver, Colorado 80203
(Address of principal executive offices) (Zip code)

Sareena Khwaja-Dixon, Secretary
Clough Global Opportunities Fund
1290 Broadway, Suite 1100
Denver, Colorado 80203
(Name and address of agent for service)

Registrant’s telephone number, including area code: 303-623-2577

Date of fiscal year end: October 31

Date of reporting period: November 1, 2016 – April 30, 2017


Item 1. Reports to Stockholders.
 
(FRONT COVER)

Section 19(b) Disclosure
 
April 30, 2017 (Unaudited)
 
Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each a “Fund” and collectively, the “Funds”), acting pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Fund’s Board of Trustees (the “Board”), have adopted a plan, consistent with each Fund’s investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plan, Clough Global Dividend and Income Fund currently distributes $0.1032 per share on a monthly basis, Clough Global Equity Fund currently distributes $0.0989 per share on a monthly basis and Clough Global Opportunities Fund currently distributes $0.0860 per share on a monthly basis.
 
The fixed amount distributed per share is subject to change at the discretion of each Fund’s Board. Under the Plan, each Fund will distribute all available investment income to its shareholders, consistent with each Fund’s primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient investment income is not available on a monthly basis, each 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 each Fund to comply with the distribution requirements imposed by the Code.
 
Shareholders should not draw any conclusions about each Fund’s investment performance from the amount of these distributions or from the terms of the Plan. Each Fund’s total return performance on net asset value is presented in its financial highlights table.
 
The Board may amend, suspend or terminate each Fund’s Plan without prior notice if it deems such action to be in the best interest of either the Fund or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if a Fund’s stock is trading at or above net asset value) or widening an existing trading discount. Each 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 each Fund’s prospectus for a more complete description of its risks.
 
Please refer to Additional Information for a cumulative summary of the Section 19(a) notices for each Fund’s current fiscal period. Section 19(a) notices for each Fund, as applicable, are available on the Clough Global Closed-End Funds website www.cloughglobal.com.

Clough Global Funds
Table of Contents

 
Shareholder Letter
2
Portfolio Allocation
 
Clough Global Dividend and Income Fund
7
Global Equity Fund
8
Global Opportunities Fund
9
Statement of Investments
 
Clough Global Dividend and Income Fund
10
Global Equity Fund
15
Global Opportunities Fund
20
Statements of Assets and Liabilities
27
Statements of Operations
28
Statements of Changes in Net Assets
29
Statements of Cash Flows
32
Financial Highlights
 
Clough Global Dividend and Income Fund
33
Global Equity Fund
34
Global Opportunities Fund
35
Notes to Financial Statements
36
Dividend Reinvestment Plan
54
Additional Information
 
Fund Proxy Voting Policies & Procedures
55
Portfolio Holdings
55
Notice
55
Section 19(A) Notices
55
Investment Advisory Agreement Approval
56


Clough Global Funds
Shareholder Letter

April 30, 2017 (Unaudited)

To Our Investors:
 
Semi Annual Results
 
Clough Global Dividend and Income Fund (GLV)
During the semiannual period ended April 30, 2017, the Clough Dividend and Income Fund’s total return, assuming the reinvestment of all dividends, was 9.36% based on the net asset value and 24.55% based on the market price.  The blended benchmark (50% MSCI World Index and 50% Barclays U.S. Aggregate Index) returned 5.72%. During the last six months, the fund paid 0.62 per share in distributions.  As of April 30, 2017, the Fund had a distribution rate on market price of 8.98%.
 
Clough Global Equity Fund (GLQ)
During the semiannual period ended April 30, 2017, the Clough Global Equity Fund‘s total return, assuming the reinvestment of dividends, was 13.38% based on net asset value and 26.43% based on market price.  The MSCI World Index returned 12.44%.  During the last six months, the fund paid 0.59 per share in distributions.  As of April 30, 2017, the Fund had a distribution rate on market price of 9.23%.
 
Clough Global Opportunities Fund (GLO)
During the semiannual period ended April 30, 2017, the Clough Global Opportunities Fund’s total return was 9.41% based on net asset value and 24.19% based on market price.  The blended benchmark (75% MSCI World Index and 25% Barclays U.S. Aggregate Index) returned 9.04%. During the last six months, the fund paid 0.52 per share in distributions.  As of April 30, 2017, the Fund had a distribution rate on market price of 9.69%.
 
The largest sector gains came from investments in companies which we think will capture the bulk of the profits from the emerging smartphone cycle. Other positive contributors were Liberty Ventures; Bank of America and Citigroup; and Ares Capital Corp., a business development company. Industrial and energy shorts and long maturity United States Treasuries were among the top detractors from performance. On an individual basis, top detractors include short positions in Lufthansa AG and Deutsche Bank.
 
During the last six months we were particularly active in adding to three of the Fund’s major strategies: the emerging smartphone cycle, our growing emerging market interest in India, and healthcare.
 
Investments along the smartphone chain are a large commitment in the fund. Profitable holdings in the first half of the fiscal year included Apple Inc., Broadcom Ltd., and Samsung Electronics Co. We noted earlier that we thought the most productive smartphone investments may be among the component suppliers rather than the phone assemblers themselves. The suppliers are likely to offer proprietary (and therefore higher margin) products and to be sole source suppliers than was the case  in earlier product cycles.
 
Samsung is a perennially inexpensive stock which straddles both functions. It is at once an assembler of the successful Galaxy line of phones, but it also sits at the center of three important product cycles: OLED (organic light‐emitting diodes), NAND (negative AND gate) and DRAM (dynamic random‐access memory). The stock sells at approximately three times enterprise value to EBITDA (earnings before interest, tax, depreciation and amortization) in a Korean market that sells at only one times book, yet it is one of the most innovative companies in the world. It is the sole supplier of OLED panels which even Apple will start using this year. OLED technology will completely change the phone’s physical appearance, enhancing both the brightness and apparent size of the screen.  Many of its businesses, including OLED screens, are technologically insulated from meaningful competition. Whenever demand emerges in one of its product lines Samsung is usually among the most profitable participants. Today we also like it for its flash memory business where unit sales are growing more than 30% per annum. Profit margins are surging because new smartphones demand prodigious amounts of flash memory at a time supplies are restricted. This is an industry in which costs and prices ordinarily decline 20% per year but today prices are stable and unit growth is flowing through to profits. This dynamic could last for some time because in flash, new supply growth comes on grudgingly. Even in more traditional DRAM, capital expenditures have barely been sustained at maintenance levels so prices are rising in that product line as well.
 
The coming iPhone cycle will not only mark the ten year anniversary of the iconic product, but the new phone will appear in a totally different form and add new features. We think this adds a new dimension to the investment opportunity. Apple is a major holding but our exposure is greater in the suppliers whose content will increase in the coming version. Other investments also include Broadcom, Dialog Semiconductor and AMS.
 
Broadcom  supplies  radio  frequency  (RF)  circuitry  which  enables  faster  download  speeds.  Dialog  Semiconductor  supplies  a  custom  power management chip whose complexity enables a number of new features on the phone. AMS’s optical sensing technologies is key to enabling the 3D sensing features on the phone, which if done right could lead to new capabilities in virtual and augmented reality. We believe these capabilities and demand for the new phone could be as significant as the initial smartphone revolution was ten years ago.
 

2
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Clough Global Funds
Shareholder Letter

April 30, 2017 (Unaudited)

Our commitments in India are growing. India is rapidly becoming Asia’s fastest growing economy. Its population is growing 2% per year and it could well be the world’s most populous economy inside of 5 years. It benefits from low commodity prices, its currency has already depreciated and the market is cheap. But more importantly reform is underway.
 
India is recovering slowly as the impact of Prime Minister Modi’s demonetization policies dissipate. Purchasing Managers’ Indexes (PMI) for both manufacturing and services are recovering. The longer term story includes a fast growing consumer economy and a visibly reformist government. Perhaps the best example of that are the moves being taken to reform India’s public banks where non‐performing credits reportedly reach high teens percentages of total assets. Our view is the faster reforms are brought on, the faster capital spending will rise and a capital spending cycle is key to unlocking the productivity boom India promises. In the meantime, because the Reserve Bank is forcing recognition of bad loans, capital is being depleted and lending for capital expenditures is temporarily depressed.  That may slow things in the short term but give the economy far better underpinnings longer term.
 
An important issue remains the situation surrounding India’s 27 public sector banks. Because of nonperforming loans which reach as high as 20% at some banks, they sell at half of book. Credit growth is stuck at 3% and that is a temporary headwind to private sector investment. Current reforms call for the establishment of an asset manager to whom bad loans can be assigned, much as China did at the turn of the century. A new bankruptcy code already in existence allows bad loans to be expunged from the banking system. Bad banks can no longer take deposits, a policy which sends them on the path to extinction. Our view is the private finance industry would benefit enormously as the state banks recede from the stage.
 
There is no lack of sources of growth in India. Even in the face of current financing headwinds, capital investment projects already announced rose to 2.6 trillion rupees up from 1.4 trillion in late 2016. An additional spur to growth will come from the government’s determination to build India’s housing stock. That policy is ingrained in incentives for home buying in the current year budget which reduces the cost of home buying up to 10%. Mortgage financing is a growth industry in India; growth averages 15‐20% per year. This incentive could accelerate that to upwards of 25%. One reason for that is the success  Prime Minister Modi’s demonetization scheme had in moving more of the population into the banking system, allowing mortgages to become the preferred way of financing property purchases. We believe  few financial firms can expect that type of growth with the low risk of loss which exists in India.
 
The Funds hold two of the more dominant mortgage providers, HDFC Ltd. and the lesser known Indiabulls Housing Finance Ltd. Because of an expanding footprint, the latter company is growing revenues and earnings at 20% per annum, has a 1% non‐performing loan ratio, a 28% return on equity (ROE) and low teens price to earnings (P/E) multiple.
 
Our healthcare focus is on companies bringing new drugs to market and increasing patient populations. Our expectation that a rebound in sentiment and performance  among healthcare stocks post the presidential election played out. However, healthcare investing demands selectivity. Our exposure to growing biotechnology companies is the center post of our strategy in the sector. Large, cash rich drug companies are already bidding for undervalued growth assets, paying well above market prices to shore up their existing pipelines and plug patent cliffs. The potential for tax reform which would allow major drug companies to access hundreds of billions of dollars in offshore cash could underpin a prolonged bidding cycle for small and mid‐cap companies.
 
We understand the healthcare sector’s proclivity for being a political football and we have held only small positions in those companies most tied to healthcare reform, particularly those exposed to the inner workings of the healthcare insurance exchanges, Medicaid expansion or reduction, or the specter of government bidding and price pressures on Medicare drug spending. For example, we have avoided exposure to hospitals and health maintenance organizations (HMO’s), until regulatory changes are clearer.
 
The largest detractor in the funds was our short position in Lufthansa AG, the German airline. Customer traffic increased more than we expected, but the stock’s upward move on that news was exaggerated in our view. We still think the company’s pricing and market share will suffer from intensive capacity additions by short haul, Middle Eastern wide body global carriers plus low cost competition in Europe.  We will step aside from our position for now and look to reestablish it at a more attractive entry point.
 
The fixed income positions in the Global Dividend and Income Fund as well as the Global Opportunities Fund continue to be barbelled.  The funds have modest exposure to 30 year US Treasuries in the long end of the yield curve and exposure to investment grade corporate credits in the front end of the yield curve. We continue to have a low interest rate bias and believe future rate hikes by the Federal Reserve will force the yield curve to flatten over time.  We look to add to our long US Treasury position opportunistically.
 

Semi-Annual Report | April 30, 2017
3

Clough Global Funds
Shareholder Letter

April 30, 2017 (Unaudited)
 
We continue to look to build our positions in high dividend paying income stocks like commercial mortgage real estate investment trust (REIT) Starwood Property Trust (STWD) and business development company Ares Capital Corp (ARCC).  Both of these names benefit in the long term from decreased competition from banks in financing commercial developers and middle market companies.  Because the majority of their loans are LIBOR* based, they benefit from a gradual rising rate environment.  Finally, we believe the 9 percent dividend yield in these names will continue to be attractive to investors starving for yield.
 
All three funds continue to make significant progress on the expense reduction initiative we started writing about last year. We can now report that the expense ratio is down 162 basis points or nearly 34% on a year over year basis in the Global Opportunities Fund. The Global Dividend and Income Fund expense ratio is down 144 basis points or roughly 36% and the Global Equity Fund expense ratio is down 173 basis points or roughly 38%. Please note that roughly half of the expense reduction has come from lower management and administration fees as a percentage of net assets while the remainder comes from reducing the costs associated with each fund’s short book.
 
While delivering positive returns like this last quarter is always a top priority, increasing shareholder value outside of performance is a constant focus of our Board  of Directors (the “Board”). In addition to the expense  reductions mentioned above, the Board has also maintained a very attractive distribution rate for each Fund since its inception, and over the course of the last few years has authorized two share buyback programs, and  switched  the  distribution  frequency  from  a  quarterly  to  a  monthly  basis.  We  are  always  welcome  to  any  further  suggestion  from our shareholders.
 
Sincerely,
 
-s- Charles I. Clough
 
Charles I. Clough, Jr.
 
-s- Robert M. Zdunczyk
 
Robert M. Zdunczyk
 
*
London interbank offered rate, a widely use reference rate for short term financing
 

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Clough Global Funds
Shareholder Letter

April 30, 2017 (Unaudited)
 
This letter is provided for informational purposes only and is not an offer to purchase or sell shares. Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Opportunities Fund (the “Funds”) are closed-end funds, which are traded on the New York Stock Exchange MKT, and does not continuously issue shares for sale as open-end mutual funds do. The market price of a closed-end Fund is based on the  market’s value. 
 
The information in this letter represents the opinions of the individual Portfolio Managers and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Past performance is no guarantee of future results. 
 
MSCI World Index: a stock market index of world stocks. It is maintained by MSCI Inc. and is often used as a common benchmark for world or global stock funds. The index includes a collection of stocks of all the developed markets in the world as defined by MSCI. 
 
The net asset value (NAV) of a closed-end fund is the market price of the underlying investments (i.e., stocks and bonds) in the fund’s portfolio, minus liabilities, divided by the total number of fund shares outstanding. However, the fund also has a market price; the value of which it trades on an exchange. This market price can be more or less than its NAV. 
 
It is not possible to invest directly in an Index.
 
RISKS
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, annual report or semiannual report which contains this and other information visit www.cloughglobal.com or call 1-877-256-8445. Read them carefully  before investing. 
 
A Fund’s distribution policy will, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital resulting in less of a shareholder’s assets being invested in the Fund and, over time, increase the Fund’s expense ratio. 
 
Distributions may be paid from sources of income other than ordinary income, such as net realized short-term capital gains, net realized long-term capital gains and return of capital. Based on current estimates, we anticipate the most recent distribution has been paid from short-term and long-term capital gains. The actual amounts and sources of the amounts for tax reporting purposes will depend upon a Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year. 
 
A Fund’s investments in securities of foreign issuers are subject to risks not usually associated with owning securities of U.S. issuers. These risks can include fluctuations in foreign currencies, foreign currency exchange controls, social, political and economic instability, differences in securities regulation and trading, expropriation or nationalization of assets, and foreign taxation issues. 
 
A Fund’s investments in preferred stocks and bonds of below investment grade quality (commonly referred to as “high yield” or “junk bonds”), if any, are predominately speculative because of the credit risk of their issuers. 
 
An investment by a Fund in REITs will subject it to various risks. The first, real estate industry risk, is the risk that the REIT share prices will decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. The second, investment style risk, is the risk that returns from REITs—which typically are small or medium capitalization stocks—will trail returns from the overall stock market. The third, interest rate risk, is the risk that changes in interest rates may hurt real estate values or make REIT shares less attractive than other income-producing investments. Credit risk is the risk that an issuer of a preferred or debt security will become unable to meet its obligation to make dividend, interest and principal payments. 
 
Interest rate risk is the risk that preferred stocks paying fixed dividend rates and fixed-rate debt securities will decline in value because of changes in market interest rates. When interest rates rise the value of such securities generally will fall. Derivative transactions (such as futures contracts and options thereon, options, swaps, and short sales) subject a Fund to increased risk of principal loss due to imperfect correlation or unexpected price or interest rate movements. Compared to investment companies that focus only on large companies, the Fund’s share price may be more volatile because it also invests in small and medium capitalization companies.
 
Past performance is no guarantee of future results.
 

Semi-Annual Report | April 30, 2017
5


Clough Global Funds
Portfolio Allocation

April 30, 2017 (Unaudited)
 
CLOUGH GLOBAL DIVIDEND AND INCOME FUND
Top 10 Equity Holdings*
% of Total Portfolio
1. Apple, Inc.
4.09%
2. Samsung Electronics Co., Ltd.
2.33%
3. Liberty Ventures ‐ Series A
2.23%
4. Pfizer, Inc.
1.94%
5. Merck & Co., Inc.
1.92%
6. Ares Capital Corp.
1.91%
7. Microsoft Corp.
1.79%
8. Citigroup, Inc.
1.71%
9. Starwood Property Trust, Inc.
1.69%
10. Bank of America Corp.
1.62%

CLOUGH GLOBAL EQUITY FUND
 
Top 10 Equity Holdings*
% of Total Portfolio
1. Apple, Inc.
4.44%
2. Liberty Ventures ‐ Series A
3.07%
3. Samsung Electronics Co., Ltd.
2.35%
4. Broadcom, Ltd.
2.32%
5. Ares Capital Corp.
2.23%
6. Starwood Property Trust, Inc.
2.01%
7. Blackstone Mortgage Trust, Inc. ‐ Class A
2.00%
8. Liberty Broadband Corp. ‐ Class C
2.00%
9. Citigroup, Inc.
1.83%
10. Bank of America Corp.
1.78%
 
CLOUGH GLOBAL OPPORTUNITIES FUND
 
Top 10 Equity Holdings*
% of Total Portfolio
1. Apple, Inc.
4.16%
2. Liberty Ventures ‐ Series A
2.83%
3. Samsung Electronics Co., Ltd.
2.37%
4. Liberty Broadband Corp. ‐ Class C
1.90%
5. Citigroup, Inc.
1.79%
6. Starwood Property Trust, Inc.
1.77%
7. Ares Capital Corp.
1.74%
8. Bank of America Corp.
1.70%
9. Merck & Co., Inc.
1.54%
10. Broadcom, Ltd.
1.46%
 
Holdings are subject to change.
*
Only long positions are listed.
 

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Clough Global Dividend and Income Fund
Portfolio Allocation

April 30, 2017 (Unaudited)

Asset Allocation*
% of Total Portfolio
Common Stock ‐ US
24.00%
Common Stock ‐ Foreign
16.69%
Exchange Traded Funds
‐1.46%
Participation Notes
0.48%
Total Return Swap Contracts
7.44%
Total Equities
47.15%
Corporate Debt
37.09%
Government L/T
5.21%
Asset/Mortgage Backed
5.04%
Preferred Stock
1.87%
Municipal Bond
0.94%
Total Fixed Income
50.15%
Short‐Term Investments
3.12%
Warrant
0.00%
Future
‐0.42%
   
TOTAL INVESTMENTS
100.00%

Country Allocation**
Long Exposure
%TNA
Short Exposure
%TNA
Gross Exposure %TNA
Net Exposure
%TNA
United States
103.7%
‐3.5%
107.2%
100.2%
U.S. Multinationals
24.6%
‐3.9%
28.5%
20.7%
India
10.7%
0.0%
10.7%
10.7%
South Korea
3.4%
0.0%
3.4%
3.4%
Singapore
2.2%
0.0%
2.2%
2.2%
Canada
1.7%
0.0%
1.7%
1.7%
Japan
2.6%
‐1.0%
3.6%
1.6%
China
1.4%
0.0%
1.4%
1.4%
United Kingdom
1.3%
0.0%
1.3%
1.3%
Denmark
0.9%
0.0%
0.9%
0.9%
Other
1.3%
‐1.2%
2.5%
0.1%
TOTAL INVESTMENTS
153.8%
‐9.5%
163.4%
144.2%
 
Global Securities Holdings^
% of Total Portfolio
United States
69.50%
U.S. Multinationals
14.37%
India
7.44%
South Korea
2.33%
Singapore
1.52%
Canada
1.16%
Japan
1.12%
China
0.96%
United Kingdom
0.93%
Denmark
0.60%
Other
0.07%
TOTAL INVESTMENTS
100.00%
 
*
Percentages are based on total investments, including securities sold short and derivative contracts. Holdings are subject  to change.
^
Includes securities sold short, derivative contracts and foreign  cash balances.
† 
US Multinational Corporations – has more than 50% of revenues derived outside of the U.S.
**
Calculated as percent of total net assets using value of cash traded securities and foreign cash balances, and notional value of derivative contracts.
 

Semi-Annual Report | April 30, 2017
7


Clough Global Equity Fund
Portfolio Allocation

April 30, 2017 (Unaudited)
 
Asset Allocation*
% of Total Portfolio
Common Stock ‐ US
46.55%
Common Stock ‐ Foreign
26.39%
Exchange Traded Funds
‐1.46%
Participation Notes
0.51%
Total Return Swap Contracts
8.30%
Total Equities
80.29%
Government L/T
9.62%
Preferred Stock
2.46%
Corporate Debt
0.59%
Asset/Mortgage Backed
0.42%
Total Fixed Income
13.09%
Short‐Term Investments
7.12%
Warrant
0.00%
Other (Foreign Cash)
0.00%
Future
‐0.50%
   
TOTAL INVESTMENTS
100.00%
 
Country Allocation**
Long Exposure
%TNA
Short Exposure
%TNA
Gross Exposure
%TNA
Net Exposure
%TNA
United States
96.2%
‐3.8%
100.0%
92.4%
U.S. Multinationals
22.5%
‐4.1%
26.6%
18.4%
India
11.7%
0.0%
11.7%
11.7%
China
3.6%
0.0%
3.6%
3.6%
South Korea
3.3%
0.0%
3.3%
3.3%
Singapore
3.3%
0.0%
3.3%
3.3%
United Kingdom
3.1%
0.0%
3.1%
3.1%
Japan
2.8%
‐1.1%
3.9%
1.7%
Switzerland
0.9%
0.0%
0.9%
0.9%
Denmark
0.9%
0.0%
0.9%
0.9%
Other
2.8%
‐1.4%
4.2%
1.4%
TOTAL INVESTMENTS
151.1%
‐10.4%
161.5%
140.7%
 
Global Securities Holdings^
% of Total Portfolio
United States
65.65%
U.S. Multinationals
13.11%
India
8.30%
China
2.54%
South Korea
2.34%
Singapore
2.32%
United Kingdom
2.23%
Japan
1.25%
Switzerland
0.66%
Denmark
0.62%
Other
0.98%
TOTAL INVESTMENTS
100.00%
 
*
Percentages are based on total investments, including securities sold short and derivative contracts. Holdings are subject  to change.
^
Includes securities sold short, derivative contracts and foreign  cash balances.
† 
US Multinational Corporations – has more than 50% of revenues derived outside of the U.S.
**
Calculated as percent of total net assets using value of cash traded securities and foreign cash balances, and notional value of derivative contracts.
 

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Clough Global Opportunities Fund
Portfolio Allocation

April 30, 2017 (Unaudited)

Asset Allocation*
% of Total Portfolio
Common Stock ‐ US
28.93%
Common Stock ‐ Foreign
19.69%
Exchange Traded Funds
‐1.48%
Participation Notes
0.51%
Total Return Swap Contracts
7.83%
Total Equities
55.48%
Corporate Debt
32.20%
Government L/T
6.12%
Asset/Mortgage Backed
4.23%
Preferred Stock
0.95%
Municipal Bond
0.84%
Total Fixed Income
44.34%
Short‐Term Investments
0.71%
Warrant
0.00%
Other (Foreign Cash)
0.00%
Future
‐0.53%
   
TOTAL INVESTMENTS
100.00%
 
Country Allocation**
Long Exposure
%TNA
Short Exposure
%TNA
Gross Exposure
%TNA
Net Exposure
%TNA
United States
98.8%
‐3.5%
102.3%
95.3%
U.S. Multinationals
23.4%
‐3.9%
27.3%
19.5%
India
11.2%
0.0%
11.2%
11.2%
South Korea
3.4%
0.0%
3.4%
3.4%
Canada
3.2%
0.0%
3.2%
3.2%
United Kingdom
2.6%
0.0%
2.6%
2.6%
China
2.3%
0.0%
2.3%
2.3%
Singapore
2.1%
0.0%
2.1%
2.1%
Japan
2.9%
‐1.1%
4.0%
1.8%
Switzerland
1.0%
0.0%
1.0%
1.0%
Other
1.6%
‐1.2%
2.8%
0.4%
TOTAL INVESTMENTS
152.5%
‐9.7%
162.2%
142.8%
 
Global Securities Holdings^
% of Total Portfolio
United States
66.86%
U.S. Multinationals
13.68%
India
7.83%
South Korea
2.37%
Canada
2.23%
United Kingdom
1.80%
China
1.59%
Singapore
1.46%
Japan
1.26%
Switzerland
0.68%
Other
0.24%
TOTAL INVESTMENTS
100.00%
 
*
Percentages are based on total investments, including securities sold short and derivative contracts. Holdings are subject  to change.
^
Includes securities sold short, derivative contracts and foreign  cash balances.
† 
US Multinational Corporations – has more than 50% of revenues derived outside of the U.S.
**
Calculated as percent of total net assets using value of cash traded securities and foreign cash balances, and notional value of derivative contracts.
 

Semi-Annual Report | April 30, 2017
9


 
Clough Global Dividend and Income Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
   
Shares
   
Value
 
COMMON STOCKS 62.32%
           
Consumer Discretionary 9.97%
           
Cable One, Inc.(a)
   
1,100
   
$
750,046
 
DR Horton, Inc.(a)(b)
   
76,026
     
2,500,495
 
Lennar Corp. ‐ Class A(a)(b)
   
18,100
     
914,050
 
Liberty Broadband Corp. ‐ Class C(a)(b)(c)
   
27,948
     
2,547,740
 
Liberty Ventures ‐ Series A(a)(b)(c)
   
89,243
     
4,805,735
 
PulteGroup, Inc.(a)(b)
   
65,600
     
1,487,152
 
Service Corp. International(a)(b)
   
29,100
     
937,602
 
Sony Corp.
   
27,700
     
934,060
 
             
14,876,880
 
                 
Consumer Staples 1.13%
               
Japan Tobacco, Inc.
   
50,700
     
1,685,528
 
                 
Energy 0.89%
               
Fairway Energy LP(c)(d)(e)(f)
   
130,700
     
1,323,337
 
                 
Financials 22.83%
               
Ares Capital Corp.(a)
   
233,300
     
4,106,080
 
Ares Commercial Real Estate Corp.(a)(b)
   
70,300
     
972,249
 
Bank of America Corp.(a)(b)
   
149,391
     
3,486,786
 
Blackstone Mortgage Trust, Inc. ‐ Class A(a)(b)
   
77,200
     
2,383,936
 
Citigroup, Inc.(a)(b)
   
62,330
     
3,684,950
 
Community Healthcare Trust, Inc.(a)
   
108,100
     
2,672,232
 
Global Medical REIT, Inc.(a)
   
77,000
     
713,790
 
Golub Capital BDC, Inc.(a)(b)
   
128,400
     
2,607,804
 
Hercules Capital, Inc.(a)(b)
   
97,300
     
1,510,096
 
Ladder Capital Corp.(a)(b)
   
55,518
     
812,228
 
MTGE Investment Corp.(a)(b)
   
63,500
     
1,143,000
 
PennyMac Mortgage Investment Trust(a)(b)
   
89,714
     
1,604,086
 
Solar Capital, Ltd.(a)(b)
   
78,000
     
1,779,180
 
Solar Senior Capital, Ltd.(a)(b)
   
67,300
     
1,232,263
 
Starwood Property Trust, Inc.(a)(b)
   
160,700
     
3,646,283
 
Welltower, Inc.(a)(b)
   
24,000
     
1,714,560
 
             
34,069,523
 
                 
Health Care 6.53%
               
Bristol‐Meyers Squibb Co.(a)(b)
   
16,687
     
935,306
 
Cardiome Pharma Corp.(a)(b)(c)
   
149,200
     
499,820
 
Merck & Co., Inc.(a)(b)
   
66,300
     
4,132,479
 
Pfizer, Inc.(a)(b)
   
122,900
     
4,168,768
 
             
9,736,373
 
                 
Industrials 0.80%
               
AMERCO(a)
   
3,200
     
1,198,272
 
   
Shares
   
Value
 
Information Technology 19.30%
           
Alibaba Group Holding, Ltd. ‐ Sponsored ADR(a)(b)(c)
   
8,800
   
$
1,016,400
 
Apple, Inc.(a)(b)
   
61,210
     
8,792,816
 
Broadcom, Ltd.(a)(b)
   
14,805
     
3,269,092
 
Cognizant Technology Solutions Corp. ‐ Class A(a)(c)
   
24,800
     
1,493,704
 
Microsoft Corp.(a)(b)
   
56,400
     
3,861,144
 
Nintendo Co., Ltd.
   
1,800
     
452,846
 
Samsung Electronics Co., Ltd.
   
2,552
     
5,003,526
 
Ulvac, Inc.
   
16,300
     
764,737
 
ViaSat, Inc.(a)(b)(c)
   
25,749
     
1,648,708
 
Western Digital Corp.(a)
   
28,000
     
2,493,960
 
             
28,796,933
 
                 
Materials 0.87%
               
Chr Hansen Holding A/S
   
19,244
     
1,296,978
 
                 
TOTAL COMMON STOCKS
(Cost $81,191,414)
           
92,983,824
 
                 
CLOSED‐END FUNDS 3.21%
               
Adams Diversified Equity Fund, Inc.(a)(b)
   
132,430
     
1,860,642
 
Alpine Global Premier Properties Fund(a)
   
48,200
     
293,056
 
Dreyfus High Yield Strategies Fund
   
107,000
     
373,430
 
Eaton Vance Tax‐Managed Global Diversified Equity Income Fund(a)
   
80,300
     
708,246
 
First Trust Dynamic Europe Equity Income Fund(a)
   
4,700
     
83,989
 
First Trust Intermediate Duration Preferred & Income Fund
   
500
     
11,805
 
Flaherty & Crumrine Preferred Securities Income Fund, Inc.
   
15,700
     
327,502
 
Liberty All‐Star Equity Fund(a)
   
141,300
     
777,150
 
Pioneer High Income Trust
   
35,100
     
350,298
 
             
4,786,118
 
                 
TOTAL CLOSED‐END FUNDS
(Cost $4,285,631)
           
4,786,118
 


10
www.cloughglobal.com

Clough Global Dividend and Income Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
   
Shares
   
Value
 
PARTICIPATION NOTES 0.70%
           
Consumer Staples 0.70%
           
Kweichow Moutai Co., Ltd. ‐ Class A
(Loan Participation Notes issued by Morgan Stanley Asia Products), expiring  11/09/2017(d)
   
17,417
   
$
1,044,101
 
                 
TOTAL PARTICIPATION NOTES
(Cost $582,958)
           
1,044,101
 
                 
PREFERRED STOCKS 2.69%
               
Annaly Capital, Series E, 7.625%(a)
   
47,542
     
1,219,452
 
Ares Management LP(a)
               
Series A, 7.000%
   
35,000
     
917,000
 
Hercules Capital, Inc., 6.250%
   
7,700
     
195,657
 
MTGE Investment Corp.(a)
               
Series A, 8.125%
   
10,640
     
273,448
 
PennyMac Mortgage Investment
               
Trust, Series A, 8.125%(g)
   
22,000
     
557,480
 
Solar Capital, Ltd., 6.750%
   
3,478
     
88,689
 
Two Harbors Investment Corp.,
               
Series A, 8.125%(g)
   
28,500
     
763,800
 
             
4,015,526
 
                 
TOTAL PREFERRED STOCKS
(Cost $3,827,167)
           
4,015,526
 
                 
WARRANTS 0.00%(c)(h)
               
Atlas Mara, Ltd., Strike price 11.50,
Expires 12/17/2017(d)
   
116,958
     
591
 
                 
TOTAL WARRANTS
(Cost $1,170)
           
591
 
 
Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS 53.48%
           
Anheuser‐Busch InBev Finance, Inc.
           
02/01/2019, 1.900%
 
$
1,000,000
     
1,002,715
 
Ares Capital Corp.
               
11/30/2018, 4.875%(a)(b)
   
1,000,000
     
1,034,425
 
01/19/2022, 3.625%(a)
   
1,402,000
     
1,401,679
 
AT&T, Inc.
               
06/30/2020, 2.450%(a)(b)
   
1,000,000
     
1,002,298
 
05/15/2025, 3.400%
   
1,000,000
     
975,490
 
Bank of America Corp.
               
Series L, 01/15/2019, 2.600%(a)(b)
   
1,000,000
     
1,010,236
 
The Bank of Nova Scotia
               
06/05/2019, 2.050%(a)
   
1,000,000
     
1,003,483
 
Berkshire Hathaway Energy Co.
               
11/15/2018, 2.000%(a)
   
1,000,000
     
1,003,607
 
Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS (continued)
           
Berkshire Hathaway, Inc.
           
08/14/2019, 2.100%(a)
 
$
1,000,000
   
$
1,008,696
 
BMW U.S. Capital LLC
               
09/15/2021, 1.850%(d)
   
1,000,000
     
975,209
 
Boston Properties LP
               
05/15/2021, 4.125%(a)
   
1,000,000
     
1,058,786
 
BP Capital Markets PLC
               
05/10/2019, 2.237%(a)
   
1,000,000
     
1,008,017
 
CalAtlantic Group, Inc.
               
06/01/2026, 5.250%(a)
   
1,200,000
     
1,230,000
 
Care Capital Properties LP
               
08/15/2026, 5.125%(a)
   
1,776,000
     
1,786,061
 
Caterpillar Financial Services Corp.
               
06/16/2018, 1.700%(a)
   
1,000,000
     
1,001,886
 
Chubb INA Holdings, Inc.
               
11/03/2020, 2.300%(a)(b)
   
1,000,000
     
1,005,388
 
Citigroup, Inc.
               
Series N, Perpetual Maturity, 5.800%(a)(b)(g)(i)
   
1,300,000
     
1,360,125
 
Citizens Bank National Association
               
03/14/2019, 2.500%(a)
   
1,000,000
     
1,008,963
 
12/04/2019, 2.450%(a)
   
1,000,000
     
1,008,278
 
05/13/2021, 2.550%(a)
   
1,000,000
     
1,002,942
 
Comcast Corp.
               
08/15/2034, 4.200%(a)
   
1,000,000
     
1,026,705
 
Dominion Gas Holdings LLC
               
12/15/2019, 2.500%(a)
   
1,000,000
     
1,010,241
 
Dr Pepper Snapple Group, Inc.
               
11/15/2021, 2.530%
   
965,000
     
965,833
 
EMC Corp.
               
06/01/2020, 2.650%
   
1,000,000
     
979,371
 
06/01/2023, 3.375%(a)
   
1,000,000
     
965,016
 
Exelon Generation Co., LLC
               
10/01/2017, 6.200%(a)(b)
   
1,000,000
     
1,017,836
 
01/15/2020, 2.950%
   
750,000
     
762,073
 
First Republic Bank
               
06/17/2019, 2.375%(a)
   
1,000,000
     
1,002,859
 
08/01/2046, 4.375%(a)
   
1,725,000
     
1,666,609
 
02/13/2047, 4.625%(a)
   
1,000,000
     
1,012,266
 
Five Corners Funding Trust
               
11/15/2023, 4.419%(d)
   
1,000,000
     
1,077,120
 
Ford Motor Credit Co., LLC
               
03/12/2019, 2.375%(a)
   
1,000,000
     
1,003,844
 
03/18/2021, 3.336%(a)
   
1,000,000
     
1,016,321
 
General Motors Financial Co., Inc.
               
04/10/2018, 2.400%(a)
   
1,000,000
     
1,005,676
 
05/15/2023, 4.250%(a)
   
1,000,000
     
1,032,437
 
The Goldman Sachs Group, Inc.
               
04/25/2019, 2.000%(a)
   
1,000,000
     
999,826
 
09/15/2020, 2.750%
   
1,000,000
     
1,011,093
 
11/15/2021, 2.350%
   
1,000,000
     
986,738
 
Jackson National Life Global Funding
               
04/29/2021, 2.250%(a)(d)
   
1,000,000
     
990,477
 
 
 
 
 
 

Semi-Annual Report | April 30, 2017
11


Clough Global Dividend and Income Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS (continued)
           
Jersey Central Power & Light Co.
           
06/15/2018, 4.800%(a)
 
$
1,000,000
   
$
1,029,587
 
Johnson & Johnson
               
03/01/2036, 3.550%(a)
   
1,000,000
     
1,000,025
 
Ladder Capital Finance Holdings LLLP /
               
Ladder Capital Finance Corp.
               
08/01/2021, 5.875%(a)(d)
   
1,500,000
     
1,528,125
 
Lear Corp.
               
01/15/2023, 4.750%(a)
   
1,000,000
     
1,036,385
 
01/15/2025, 5.250%(a)
   
1,000,000
     
1,061,302
 
Liberty Mutual Group, Inc.
               
03/15/2037, 4.036%(a)(d)(g)
   
1,500,000
     
1,437,750
 
Manufacturers & Traders Trust Co.
               
07/25/2019, 2.250%(a)
   
1,000,000
     
1,007,934
 
02/06/2020, 2.100%
   
1,000,000
     
1,000,975
 
Metropolitan Life Global Funding I
               
09/15/2021, 1.950%(d)
   
1,000,000
     
978,558
 
Microsoft Corp.
               
08/08/2019, 1.100%
   
1,000,000
     
990,688
 
Series 30Y, 02/06/2047, 4.250%(a)
   
1,000,000
     
1,040,150
 
Morgan Stanley
               
01/24/2019, 2.500%(a)
   
1,000,000
     
1,011,126
 
06/16/2020, 2.800%(a)
   
1,000,000
     
1,015,841
 
New York Life Global Funding
               
04/09/2020, 2.000%(d)
   
1,000,000
     
1,000,295
 
Omega Healthcare Investors, Inc.
               
04/01/2027, 4.500%(a)(b)
   
1,000,000
     
992,170
 
ONE Gas, Inc.
               
02/01/2019, 2.070%(a)
   
1,114,000
     
1,117,746
 
People's United Financial, Inc.
               
12/06/2022, 3.650%(a)
   
1,400,000
     
1,434,770
 
Physicians Realty LP
               
03/15/2027, 4.300%(a)
   
1,700,000
     
1,704,262
 
PNC Bank National Association
               
11/05/2020, 2.450%(a)
   
1,000,000
     
1,008,137
 
Pricoa Global Funding I
               
05/16/2019, 2.200%(a)(d)
   
1,000,000
     
1,005,419
 
Royal Bank of Canada
               
07/29/2019, 1.500%
   
1,000,000
     
990,778
 
Scripps Networks Interactive, Inc.
               
11/15/2019, 2.750%(a)
   
1,000,000
     
1,012,206
 
06/15/2020, 2.800%(a)
   
1,000,000
     
1,011,623
 
Sempra Energy
               
10/07/2019, 1.625%(a)
   
2,000,000
     
1,985,450
 
VF Corp.
               
09/01/2021, 3.500%
   
1,000,000
     
1,044,886
 
Voya Financial, Inc.
               
02/15/2018, 2.900%(a)
   
1,000,000
     
1,008,730
 
WEC Energy Group, Inc.
               
06/15/2020, 2.450%
   
750,000
     
756,579
 
Wells Fargo & Co.
               
12/07/2020, 2.550%(a)
   
2,000,000
     
2,021,880
 
Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS (continued)
           
Wells Fargo Bank National Association
           
12/06/2019, 2.150%(a)
 
$
2,000,000
   
$
2,009,610
 
Welltower, Inc.
               
04/01/2019, 4.125%(a)
   
1,000,000
     
1,035,013
 
Western Digital Corp.
               
04/01/2023, 7.375%(a)(b)(d)
   
1,000,000
     
1,097,500
 
Xcel Energy, Inc.
               
03/15/2021, 2.400%(a)
   
2,000,000
     
2,003,104
 
                 
TOTAL CORPORATE BONDS
(Cost $79,498,924)
           
79,799,229
 
                 
ASSET/MORTGAGE BACKED SECURITIES 7.25%
 
Government National Mortgage
               
Association ‐ REMICS
               
Series 2014‐67, Class AE,
               
05/16/2039, 2.150%
   
1,192,706
     
1,202,394
 
Series 2012‐83, Class A,
               
07/16/2041, 1.368%
   
787,211
     
765,289
 
Series 2014‐172, Class AC,
               
09/16/2041, 1.900%
   
582,278
     
584,682
 
Series 2011‐47, Class C,
               
02/16/2042, 3.817%(g)
   
616,094
     
631,738
 
Series 2013‐68, Class AC,
               
02/16/2046, 1.300%
   
846,016
     
807,969
 
Series 2011‐144, Class B,
               
04/16/2046, 3.291%
   
54,551
     
54,519
 
Series 2015‐130, Class AB,
               
08/16/2047, 2.550%
   
797,960
     
801,220
 
Series 2016‐92, Class AB,
               
04/16/2050, 2.100%
   
493,046
     
485,391
 
Series 2014‐166, Class PJ,
               
07/16/2051, 2.500%
   
726,225
     
729,691
 
Series 2012‐111, Class A,
               
09/16/2052, 2.387%
   
1,456,875
     
1,457,215
 
Series 2012‐125, Class AB,
               
02/16/2053, 2.111%(g)
   
669,769
     
653,272
 
Series 2017‐29, Class A,
               
01/16/2058, 2.400%
   
2,494,715
     
2,466,161
 
United States Small Business
               
Administration
               
Series 2008‐20L, Class 1,
               
12/01/2028, 6.220%
   
156,191
     
175,257
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
(Cost $10,945,356)
     
10,814,798
 
                 
GOVERNMENT & AGENCY OBLIGATIONS 7.52%
 
U.S. Treasury Bonds
               
11/15/2026, 6.500%(a)
   
1,600,000
     
2,181,875
 
08/15/2029, 6.125%(a)
   
1,250,000
     
1,748,169
 
05/15/2030, 6.250%
   
1,000,000
     
1,430,918
 
11/15/2040, 4.250%
   
3,000,000
     
3,709,335
 
02/15/2044, 3.625%
   
1,000,000
     
1,128,926
 
 

12
www.cloughglobal.com

Clough Global Dividend and Income Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
Description and Maturity Date
 
Principal Amount
   
Value
 
GOVERNMENT & AGENCY OBLIGATIONS (continued)
 
U.S. Treasury Notes
           
05/15/2018, 3.875%(a)
 
$
1,000,000
   
$
1,027,832
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
(Cost $11,319,975)
           
11,227,055
 
                 
MUNICIPAL BONDS 1.35%
               
Florida State Board of Administration
               
Finance Corp. Revenue Bonds,
               
Series A
               
07/01/2021, 2.638%
   
2,000,000
     
2,017,460
 
                 
TOTAL MUNICIPAL BONDS
(Cost $2,016,980)
           
2,017,460
 
 
   
Shares
   
Value
 
SHORT‐TERM INVESTMENTS 4.50%
           
Money Market Fund 4.50%
           
BlackRock Liquidity Funds, T‐Fund Portfolio ‐ Institutional Class
(0.630% 7‐day yield)
   
6,715,122
     
6,715,122
 
                 
TOTAL SHORT‐TERM INVESTMENTS
(Cost $6,715,122)
     
6,715,122
 
                 
Total Investments ‐ 143.02%
(Cost $200,384,697)
           
213,403,824
 
                 
Liabilities in Excess of Other Assets ‐ (43.02%)(j)
     
(64,193,925
)
                 
NET ASSETS ‐ 100.00%
         
$
149,209,899
 
 
SCHEDULE OF SECURITIES SOLD SHORT (c)
 
Shares
   
Value
 
COMMON STOCKS (6.84%)
           
Financials (1.85%)
           
Ally Financial, Inc.
   
(15,100
)
   
(298,980
)
American Express Co.
   
(19,400
)
   
(1,537,450
)
Deutsche Bank AG
   
(31,350
)
   
(566,494
)
Santander Consumer USA Holdings, Inc.
   
(27,800
)
   
(354,172
)
             
(2,757,096
)
                 
Health Care (1.87%)
               
AmerisourceBergen Corp.
   
(11,200
)
   
(918,960
)
McKesson Corp.
   
(6,700
)
   
(926,543
)
Owens & Minor, Inc.
   
(27,500
)
   
(952,875
)
             
(2,798,378
)
SCHEDULE OF SECURITIES SOLD SHORT (c) (continued)
 
Shares
   
Value
 
Industrials (1.10%)
           
Caterpillar, Inc.
   
(7,000
)
 
$
(715,820
)
Deutsche Lufthansa AG
   
(53,709
)
   
(926,723
)
             
(1,642,543
)
                 
Information Technology (2.02%)
               
Amkor Technology, Inc.
   
(61,800
)
   
(728,004
)
AU Optronics Corp. ‐ Sponsored ADR
   
(77,900
)
   
(314,716
)
International Business Machines Corp.
   
(9,040
)
   
(1,449,022
)
Japan Display, Inc.
   
(229,500
)
   
(518,807
)
             
(3,010,549
)
                 
TOTAL COMMON STOCKS
(Proceeds $9,841,791)
           
(10,208,566
)
                 
EXCHANGE TRADED FUNDS (2.10%)
               
Health Care Select Sector SPDR® Fund
   
(11,000
)
   
(830,500
)
SPDR® S&P® Biotech ETF
   
(16,500
)
   
(1,178,760
)
United States Natural Gas Fund LP
   
(147,200
)
   
(1,114,304
)
                 
TOTAL EXCHANGE TRADED FUNDS
(Proceeds $3,068,159)
           
(3,123,564
)
                 
TOTAL SECURITIES SOLD SHORT
(Proceeds $12,909,950)
         
$
(13,332,130
)
 
(a)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of April 30, 2017, the aggregate value of those securities was $146,359,999, representing 98.09% of net assets. (See Note 1 and Note 3)
(b)
Loaned security; a portion or all of the security is on loan as of April 30, 2017.
(c)
Non-income producing security.
(d)
Security exempt from registration of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of April 30, 2017, these securities had an aggregate value of $12,458,482 or 8.35% of net assets.
(e)
Private Placement; these securities may only be resold in transactions exempt from registration under the Securities Act of 1933. As of April 30, 2017, these securities had a total value of $1,323,337 or 0.89% of net assets and have been deemed illiquid by the Adviser based on procedures approved by the Board of Trustees. (See Note 1)
(f)
Fair valued security; valued by management in accordance with procedures approved by the Fund's Board of Trustees. As of April 30, 2017, these securities had an aggregate market value of $1,323,337 or 0.89% of total net assets.
(g)
Floating or variable rate security - rate disclosed as of April 30, 2017.
(h)
Less than 0.005% or (0.005%) of net assets.
 

Semi-Annual Report | April 30, 2017
13
 

Clough Global Dividend and Income Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
(i)
This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
(j)
Includes cash which is being held as collateral for total return swap contracts, securities sold short or futures contracts.
 
FUTURES CONTRACTS

Description
Position
 
Contracts
 
Expiration Date
 
Underlying Face Amount at Value
   
Unrealized Depreciation
 
Foreign Currency Contracts
                     
Japanese Yen Currency Futures
Short
   
8
 
06/19/2017
 
$
(899,400
)
 
$
(25,486
)
                  
$
(899,400
)
 
$
(25,486
)

TOTAL RETURN SWAP CONTRACTS

Counter Party
Reference Entity/Obligation
 
Notional
Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
Date
 
Net Unrealized Appreciation
 
Credit Suisse
Hero MotoCorp, Ltd.
 
$
1,169,385
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
75,773
 
Morgan Stanley
Hero MotoCorp, Ltd.
   
699,924
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
7,027
 
Credit Suisse
Housing Development Finance Corp.
   
2,349,638
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
566,956
 
Morgan Stanley
Housing Development Finance Corp.
   
2,020,030
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
220,486
 
Credit Suisse
Indiabulls Housing Finance
   
1,233,808
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
340,702
 
Morgan Stanley
ITC, Ltd.
   
1,533,660
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
201,210
 
Credit Suisse
Larsen & Toubro, Ltd.
   
2,331,974
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
551,020
 
Morgan Stanley
Larsen & Toubro, Ltd.
   
568,927
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
94,518
 
Morgan Stanley
Mahindra & Mahindra, Ltd.
   
1,862,982
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
188,841
 
      
$
13,770,328
           
$
2,246,533
 

See Notes to the Financial Statements.
 

14
www.cloughglobal.com


Clough Global Equity Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
   
Shares
   
Value
 
COMMON STOCKS 109.56%
           
Consumer Discretionary 15.65%
           
Cable One, Inc.
   
1,700
   
$
1,159,162
 
DR Horton, Inc.(a)(b)
   
138,321
     
4,549,378
 
IMAX Corp.(a)(b)(c)
   
120,495
     
3,675,097
 
Lennar Corp. - Class A(a)(b)
   
35,800
     
1,807,900
 
Liberty Broadband Corp. - Class C(a)(b)(c)
   
74,666
     
6,806,553
 
Liberty Ventures - Series A(a)(b)(c)
   
194,121
     
10,453,416
 
PulteGroup, Inc.(a)(b)
   
121,500
     
2,754,405
 
Service Corp. International(a)(b)
   
40,900
     
1,317,798
 
Sony Corp.
   
44,600
     
1,503,937
 
TRI Pointe Group, Inc.(c)
   
85,500
     
1,064,475
 
Vipshop Holdings, Ltd. - ADR(c)
   
195,400
     
2,710,198
 
             
37,802,319
 
                 
Consumer Staples 1.12%
               
Japan Tobacco, Inc.
   
81,700
     
2,716,126
 
                 
Energy 2.13%
               
Fairway Energy LP(c)(d)(e)(f)
   
217,600
     
2,203,200
 
Parsley Energy, Inc. - Class A(a)(b)(c)
   
60,800
     
1,811,232
 
RSP Permian, Inc.(c)
   
30,000
     
1,141,500
 
             
5,155,932
 
                 
Financials 29.35%
               
Arbor Realty Trust, Inc.
   
172,300
     
1,486,949
 
Ares Capital Corp.(a)
   
431,400
     
7,592,640
 
Ares Commercial Real Estate Corp.(a)
   
278,900
     
3,857,187
 
Bank of America Corp.(a)(b)
   
259,005
     
6,045,177
 
Blackstone Mortgage Trust, Inc. - Class A(a)(b)
   
220,500
     
6,809,040
 
Citigroup, Inc.(a)(b)
   
105,419
     
6,232,371
 
Credit Acceptance Corp.(a)(b)(c)
   
18,862
     
3,833,701
 
Global Medical REIT, Inc.(a)
   
121,000
     
1,121,670
 
Goldman Sachs BDC, Inc.(a)
   
53,000
     
1,325,000
 
Golub Capital BDC, Inc.(a)
   
262,109
     
5,323,434
 
Hercules Capital, Inc.(a)(b)
   
190,200
     
2,951,904
 
Ladder Capital Corp.(a)(b)
   
268,379
     
3,926,385
 
MTGE Investment Corp.(a)(b)
   
161,100
     
2,899,800
 
PennyMac Mortgage Investment Trust(a)(b)
   
206,988
     
3,700,945
 
Physicians Realty Trust(a)(b)
   
136,000
     
2,671,040
 
Solar Capital, Ltd.(a)(b)
   
75,100
     
1,713,031
 
Starwood Property Trust, Inc.(a)(b)
   
300,400
     
6,816,076
 
TPG Specialty Lending, Inc.(a)(b)
   
49,500
     
1,035,045
 
Welltower, Inc.
   
22,000
     
1,571,680
 
             
70,913,075
 
                 
Health Care 19.46%
               
Alexion Pharmaceuticals, Inc.(a)(c)
   
19,500
     
2,491,710
 
Align Technology, Inc.(a)(b)(c)
   
24,100
     
3,244,342
 
   
Shares
   
Value
 
Health Care (continued)
           
Biogen, Inc.(a)(b)(c)
   
13,790
   
$
3,739,986
 
BioMarin Pharmaceutical, Inc.(a)(b)(c)
   
22,300
     
2,137,232
 
Boston Scientific Corp.(a)(b)(c)
   
127,500
     
3,363,450
 
Bristol-Meyers Squibb Co.(a)(b)
   
55,416
     
3,106,067
 
Cardiome Pharma Corp.(a)(b)(c)
   
418,200
     
1,400,970
 
Celgene Corp.(c)
   
14,900
     
1,848,345
 
CRISPR Therapeutics AG(c)
   
62,800
     
1,068,856
 
CRISPR Therapeutics AG - Series B(c)(d)(e)(f)
   
69,667
     
1,185,733
 
Dermira, Inc.(a)(b)(c)
   
24,000
     
817,440
 
Editas Medicine, Inc.(c)
   
62,300
     
1,174,355
 
Envision Healthcare Corp.(a)(b)(c)
   
9,700
     
543,491
 
Galapagos NV - Sponsored ADR(c)
   
19,600
     
1,702,456
 
GW Pharmaceuticals PLC - ADR(a)(c)
   
14,400
     
1,709,712
 
Hologic, Inc.(a)(b)(c)
   
79,700
     
3,598,455
 
Intra-Cellular Therapies, Inc.(a)(c)
   
94,200
     
1,301,844
 
Kura Oncology, Inc.(a)(b)(c)
   
21,100
     
209,945
 
Merck & Co., Inc.(a)(b)
   
93,900
     
5,852,787
 
NxStage Medical, Inc.(c)
   
53,600
     
1,602,104
 
Pfizer, Inc.(a)(b)
   
81,600
     
2,767,872
 
Sienna Biopharmaceuticals - Series B(c)(d)(e)(f)
   
449,497
     
937,021
 
Vertex Pharmaceuticals, Inc.(c)
   
10,300
     
1,218,490
 
             
47,022,663
 
                 
Industrials 0.79%
               
AMERCO
   
5,100
     
1,909,746
 
                 
Information Technology 33.52%
               
Alibaba Group Holding, Ltd. -
Sponsored ADR(a)(b)(c)
   
22,300
     
2,575,650
 
Alphabet, Inc. - Class A(a)(c)
   
3,383
     
3,127,651
 
ams AG
   
25,029
     
1,609,906
 
Apple, Inc.(a)(b)
   
105,120
     
15,100,488
 
Baidu, Inc. - Sponsored ADR(a)(c)
   
8,900
     
1,604,047
 
Broadcom, Ltd.(a)(b)
   
35,670
     
7,876,293
 
Catcher Technology Co., Ltd.
   
194,000
     
1,993,305
 
Cognizant Technology Solutions Corp. - Class A(a)(c)
   
55,900
     
3,366,857
 
Dialog Semiconductor PLC
   
62,318
     
2,915,575
 
Ellie Mae, Inc.(a)(c)
   
19,100
     
1,943,616
 
LogMeIn, Inc.(a)(b)
   
36,500
     
4,124,500
 
Lumentum Holdings, Inc.(c)
   
38,300
     
1,637,325
 
Microsoft Corp.(a)(b)
   
64,500
     
4,415,670
 
Nintendo Co., Ltd.
   
5,700
     
1,434,012
 
PTC, Inc.(c)
   
17,600
     
951,280
 
salesforce.com, Inc.(c)
   
15,100
     
1,300,412
 
Samsung Electronics Co., Ltd.
   
4,065
     
7,969,958
 
Tableau Software, Inc. - Class A(a)(c)
   
36,700
     
1,970,056
 
Ulvac, Inc.
   
24,400
     
1,144,759
 
ViaSat, Inc.(a)(b)(c)
   
68,042
     
4,356,729
 
Western Digital Corp.
   
44,700
     
3,981,429
 
 
 

Semi-Annual Report | April 30, 2017
15


Clough Global Equity Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
   
Shares
   
Value
 
Information Technology (continued)
           
Yelp, Inc.(a)(b)(c)
   
158,000
   
$
5,594,780
 
             
80,994,298
 
                 
Materials 0.88%
               
Chr Hansen Holding A/S
   
31,409
     
2,116,856
 
                 
Utilities 6.66%
               
Dominion Resources, Inc.(a)(b)
   
56,700
     
4,390,281
 
Duke Energy Corp.(a)(b)
   
53,000
     
4,372,500
 
Eversource Energy(a)(b)
   
73,400
     
4,359,960
 
National Grid PLC - Sponsored ADR(a)
   
45,800
     
2,971,046
 
             
16,093,787
 
                 
TOTAL COMMON STOCKS
(Cost $238,110,379)
           
264,724,802
 
                 
CLOSED-END FUNDS 0.66%
               
Eaton Vance Tax-Managed Global Diversified Equity Income Fund(a)
   
179,627
     
1,584,310
 
                 
TOTAL CLOSED-END FUNDS
(Cost $1,505,035)
           
1,584,310
 
                 
PARTICIPATION NOTES 0.72%
               
Consumer Staples 0.72%
               
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017(d)
   
29,142
     
1,746,982
 
                 
TOTAL PARTICIPATION NOTES
(Cost $975,401)
           
1,746,982
 
                 
PREFERRED STOCKS 3.47%
               
AGNC Investment Corp.
               
Series B, 7.750%
   
500
     
12,895
 
Annaly Capital, Series E, 7.625%(a)
   
144,431
     
3,704,655
 
Ares Management LP(a)
               
Series A, 7.000%
   
71,000
     
1,860,200
 
Hercules Capital, Inc., 6.250%(a)
   
12,300
     
312,543
 
Morgan Stanley, Series K, 5.850%(g)
   
15,400
     
406,252
 
PennyMac Mortgage Investment Trust, Series A, 8.125%(g)
   
28,000
     
709,520
 
   
Shares
   
Value
 
PREFERRED STOCKS (continued)
           
Two Harbors Investment Corp.,
           
Series A, 8.125%(g)
   
51,000
   
$
1,366,800
 
             
8,372,865
 
                 
TOTAL PREFERRED STOCKS
(Cost $7,942,065)
           
8,372,865
 
                 
WARRANTS 0.00%(c)(h)
               
Atlas Mara, Ltd., Strike price 11.50, Expires 12/17/2017(d)
   
195,720
     
989
 
                 
TOTAL WARRANTS
(Cost $1,957)
           
989
 
 
Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS 0.82%
           
Citigroup, Inc.
           
Series N, Perpetual Maturity, 5.800%(a)(g)(i)
 
$
1,900,000
     
1,987,875
 
                 
TOTAL CORPORATE BONDS
(Cost $1,913,750)
           
1,987,875
 
                 
ASSET/MORTGAGE BACKED SECURITIES 0.59%
 
Government National Mortgage Association - REMICS Series 2011-142, Class A,
               
10/16/2040, 2.337%(a)
   
1,408,061
     
1,414,971
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
(Cost $1,430,092)
     
1,414,971
 
                 
GOVERNMENT & AGENCY OBLIGATIONS 13.54%
 
U.S. Treasury Bonds
               
11/15/2026, 6.500%(a)
   
1,600,000
     
2,181,875
 
08/15/2029, 6.125%(a)
   
4,500,000
     
6,293,408
 
U.S. Treasury Notes
               
05/15/2017, 4.500%(a)
   
5,000,000
     
5,007,360
 
08/15/2017, 4.750%(a)
   
15,000,000
     
15,166,695
 
02/15/2018, 3.500%(a)
   
4,000,000
     
4,075,468
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
(Cost $33,071,300)
     
32,724,806
 
 

16
www.cloughglobal.com


Clough Global Equity Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
   
Shares
   
Value
 
SHORT-TERM INVESTMENTS 10.02%
 
Money Market Fund 10.02%
           
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.630% 7-day yield)
   
24,215,319
   
$
24,215,319
 
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $24,215,319)
           
24,215,319
 
                 
Total Investments - 139.38%
(Cost $309,165,298)
           
336,772,919
 
                 
Liabilities in Excess of Other Assets - (39.38%)(j)
     
(95,152,327
)
                 
NET ASSETS - 100.00%
         
$
241,620,592
 
 
SCHEDULE OF SECURITIES SOLD SHORT (c)
 
Shares
   
Value
 
COMMON STOCKS (7.60%)
           
Financials (1.83%)
           
Ally Financial, Inc.
   
(24,400
)
 
 
(483,120
)
American Express Co.
   
(31,100
)
   
(2,464,675
)
Deutsche Bank AG
   
(49,950
)
   
(902,596
)
Santander Consumer USA Holdings, Inc.
   
(44,400
)
   
(565,656
)
             
(4,416,047
)
                 
Health Care (2.26%)
               
AmerisourceBergen Corp.
   
(18,100
)
   
(1,485,105
)
McKesson Corp.
   
(10,800
)
   
(1,493,532
)
Owens & Minor, Inc.
   
(44,100
)
   
(1,528,065
)
Select Medical Holdings Corp.
   
(69,400
)
   
(954,250
)
             
(5,460,952
)
                 
Industrials (1.11%)
               
Caterpillar, Inc.
   
(11,300
)
   
(1,155,538
)
Deutsche Lufthansa AG
   
(88,995
)
   
(1,535,566
)
             
(2,691,104
)
                 
Information Technology (2.40%)
               
Amkor Technology, Inc.
   
(99,000
)
   
(1,166,220
)
AU Optronics Corp. - Sponsored ADR
   
(243,500
)
   
(983,740
)
International Business Machines Corp.
   
(17,400
)
   
(2,789,046
)
Japan Display, Inc.
   
(380,600
)
   
(860,383
)
             
(5,799,389
)
                 
TOTAL COMMON STOCKS
(Proceeds $17,747,557)
           
(18,367,492
)
 
SCHEDULE OF SECURITIES SOLD SHORT (c) (continued)
 
Shares
   
Value
 
EXCHANGE TRADED FUNDS (2.05%)
 
Health Care Select Sector SPDR® Fund
   
(17,400
)
 
$
(1,313,700
)
SPDR® S&P® Biotech ETF
   
(26,300
)
   
(1,878,872
)
United States Natural Gas Fund LP
   
(234,800
)
   
(1,777,436
)
                 
TOTAL EXCHANGE TRADED FUNDS
(Proceeds $4,882,220)
           
(4,970,008
)
                 
TOTAL SECURITIES SOLD SHORT
(Proceeds $22,629,777)
         
$
(23,337,500
)
 

Semi-Annual Report | April 30, 2017
17

Clough Global Equity Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
(a)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of April 30, 2017, the aggregate value of those securities was $214,038,064, representing 88.58% of net assets. (See Note 1 and Note 3)
(b)
Loaned security; a portion or all of the security is on loan as of April 30, 2017.
(c)
Non-income producing security.
(d)
Security exempt from registration of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of April 30, 2017, these securities had an aggregate value of $6,073,925 or 2.51% of net assets.
(e)
Private Placement; these securities may only be resold in transactions exempt from registration under the Securities Act of 1933. As of April 30, 2017, these securities had a total value of $4,325,954 or 1.79% of net assets and have been deemed illiquid by the Adviser based on procedures approved by the Board of Trustees. (See Note 1)
(f)
Fair valued security; valued by management in accordance with procedures approved by the Fund's Board of Trustees. As of April 30, 2017, these securities had an aggregate market value of $4,325,954 or 1.79% of total net assets.
(g)
Floating or variable rate security - rate disclosed as of April 30, 2017.
(h)
Less than 0.005% or (0.005%) of net assets.
(i)
This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
(j)
Includes cash which is being held as collateral for total return swap contracts, securities sold short or futures contracts.
 
FUTURES CONTRACTS 
         
Description
 
Position
 
 
Contracts
 
Expiration
Date
 
Underlying Face Amount at Value
   
Unrealized Depreciation
 
Foreign Currency Contracts
                       
Japanese Yen Currency Futures
Short
 
 
15
 
06/19/2017
 
$
(1,686,375
)
 
$
(47,786
)
                  
$
(1,686,375
)
 
$
(47,786
)
 

18
www.cloughglobal.com


Clough Global Equity Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
TOTAL RETURN SWAP CONTRACTS
 
Counter Party
Reference Entity/Obligation
 
Notional
Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
Date
 
Net Unrealized
Appreciation
 
Credit Suisse
Hero MotoCorp, Ltd.
 
$
3,531,574
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
255,489
 
Morgan Stanley
Hero MotoCorp, Ltd.
   
1,115,874
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
11,202
 
Credit Suisse
Housing Development Finance Corp.
   
3,713,827
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
896,166
 
Morgan Stanley
Housing Development Finance Corp.
   
3,254,547
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
355,234
 
Credit Suisse
Indiabulls Housing Finance
   
1,868,055
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
515,842
 
Morgan Stanley
ITC, Ltd.
   
2,458,962
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
321,820
 
Credit Suisse
Larsen & Toubro, Ltd.
   
3,675,362
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
867,699
 
Morgan Stanley
Larsen & Toubro, Ltd.
   
906,980
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
150,679
 
Morgan Stanley
Mahindra & Mahindra, Ltd.
   
2,747,948
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
236,704
 
      
$
23,273,129
           
$
3,610,835
 

Counter Party
Reference Entity/Obligation
 
Notional
Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
Date
 
Net Unrealized
Depreciation
 
Credit Suisse
Mahindra & Mahindra, Ltd.
 
$
1,374,538
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
(54,144
)
      
$
1,374,538
           
$
(54,144
)
      
$
24,647,667
           
$
3,556,691
 
 
See Notes to the Financial Statements.
 

Semi-Annual Report | April 30, 2017
19

 
Clough Global Opportunities Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
   
Shares
   
Value
 
COMMON STOCKS 76.23%
           
Consumer Discretionary 12.08%
           
Cable One, Inc.(a)
   
4,508
   
$
3,073,825
 
DR Horton, Inc.(a)(b)
   
317,901
     
10,455,764
 
Lennar Corp. - Class A(a)(b)
   
78,600
     
3,969,300
 
Liberty Broadband Corp. - Class C(a)(b)(c)
   
175,867
     
16,032,036
 
Liberty Ventures - Series A(a)(b)(c)
   
443,162
     
23,864,273
 
PulteGroup, Inc.(a)(b)
   
266,900
     
6,050,623
 
Service Corp. International(a)(b)
   
72,200
     
2,326,284
 
Sony Corp.
   
113,000
     
3,810,424
 
Vipshop Holdings, Ltd. - ADR(c)
   
142,800
     
1,980,636
 
             
71,563,165
 
                 
Consumer Staples 1.14%
               
Japan Tobacco, Inc.
   
203,100
     
6,752,084
 
                 
Energy 1.48%
               
Fairway Energy LP(c)(d)(e)(f)
   
536,000
     
5,427,000
 
Parsley Energy, Inc. - Class A(a)(b)(c)
   
111,490
     
3,321,287
 
             
8,748,287
 
                 
Financials 18.66%
               
Ares Capital Corp.(a)(b)
   
835,400
     
14,703,040
 
Bank of America Corp.(a)(b)
   
614,710
     
14,347,332
 
Blackstone Mortgage Trust, Inc. - Class A(a)(b)
   
314,400
     
9,708,672
 
Citigroup, Inc.(a)(b)
   
255,627
     
15,112,668
 
Credit Acceptance Corp.(a)(b)(c)
   
47,612
     
9,677,139
 
Global Medical REIT, Inc.(a)
   
310,000
     
2,873,700
 
Golub Capital BDC, Inc.(a)(b)
   
454,457
     
9,230,022
 
Ladder Capital Corp.(a)
   
230,242
     
3,368,441
 
MTGE Investment Corp.
   
69,061
     
1,243,098
 
PennyMac Mortgage Investment Trust(a)(b)
   
374,014
     
6,687,370
 
Solar Capital, Ltd.(a)
   
207,531
     
4,733,782
 
Starwood Property Trust, Inc.(a)(b)
   
660,586
     
14,988,696
 
Welltower, Inc.
   
55,000
     
3,929,200
 
             
110,603,160
 
                 
Health Care 14.71%
               
Alexion Pharmaceuticals, Inc.(a)(b)(c)
   
49,100
     
6,273,998
 
Align Technology, Inc.(a)(b)(c)
   
61,200
     
8,238,744
 
Biogen, Inc.(a)(b)(c)
   
17,770
     
4,819,402
 
BioMarin Pharmaceutical, Inc.(a)(b)(c)
   
27,400
     
2,626,016
 
Boston Scientific Corp.(a)(c)
   
129,900
     
3,426,762
 
Bristol-Meyers Squibb Co.(a)
   
59,000
     
3,306,950
 
Cardiome Pharma Corp.(a)(c)
   
1,042,181
     
3,491,307
 
Celgene Corp.(a)(b)(c)
   
37,200
     
4,614,660
 
CRISPR Therapeutics AG(c)
   
160,500
     
2,731,710
 
CRISPR Therapeutics AG - Series B(c)(d)(e)(f)
   
178,110
     
3,031,432
 
   
Shares
   
Value
 
Health Care (continued)
           
Editas Medicine, Inc.(a)(b)(c)
   
154,800
   
$
2,917,980
 
Envision Healthcare Corp.(a)(b)(c)
   
21,200
     
1,187,836
 
GW Pharmaceuticals PLC - ADR(a)(b)(c)
   
32,400
     
3,846,852
 
Hologic, Inc.(a)(b)(c)
   
201,600
     
9,102,240
 
Intra-Cellular Therapies, Inc.(a)(c)
   
240,500
     
3,323,710
 
Kura Oncology, Inc.(c)
   
51,636
     
513,778
 
Merck & Co., Inc.(a)(b)
   
209,000
     
13,026,970
 
Pfizer, Inc.(a)(b)
   
157,200
     
5,332,224
 
Sienna Biopharmaceuticals - Series B(c)(d)(e)(f)
   
1,118,964
     
2,332,592
 
Vertex Pharmaceuticals, Inc.(a)(c)
   
25,800
     
3,052,140
 
             
87,197,303
 
                 
Industrials 0.81%
               
AMERCO(a)
   
12,800
     
4,793,088
 
                 
Information Technology 26.46%
               
Alibaba Group Holding, Ltd. - Sponsored ADR(a)(b)(c)
   
35,200
     
4,065,600
 
Alphabet, Inc. - Class A(a)(b)(c)
   
8,667
     
8,012,815
 
Apple, Inc.(a)(b)
   
244,780
     
35,162,647
 
Baidu, Inc. - Sponsored ADR(a)(c)
   
16,900
     
3,045,887
 
Broadcom, Ltd.(a)(b)
   
55,870
     
12,336,655
 
Cognizant Technology Solutions Corp. - Class A(a)(b)(c)
139,500
     
8,402,085
 
Dialog Semiconductor PLC(c)
   
154,934
     
7,248,656
 
Ellie Mae, Inc.(a)(b)(c)
   
47,900
     
4,874,304
 
Microsoft Corp.(a)(b)
   
130,200
     
8,913,492
 
Nintendo Co., Ltd.
   
14,800
     
3,723,400
 
PTC, Inc.(c)
   
43,900
     
2,372,795
 
salesforce.com, Inc.(a)(c)
   
38,400
     
3,307,008
 
Samsung Electronics Co., Ltd.
   
10,197
     
19,992,536
 
Ulvac, Inc.
   
62,700
     
2,941,655
 
ViaSat, Inc.(a)(b)(c)
   
157,835
     
10,106,175
 
Western Digital Corp.(a)
   
112,100
     
9,984,747
 
Yelp, Inc.(a)(b)(c)
   
347,700
     
12,312,057
 
             
156,802,514
 
                 
Materials 0.89%
               
Chr Hansen Holding A/S
   
78,002
     
5,257,060
 
                 
TOTAL COMMON STOCKS
(Cost $401,648,028)
           
451,716,661
 
 

20
www.cloughglobal.com

Clough Global Opportunities Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
   
Shares
   
Value
 
PARTICIPATION NOTES 0.73%
           
Consumer Staples 0.73%
           
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017(d)
   
72,007
   
$
4,316,620
 
                 
TOTAL PARTICIPATION NOTES
(Cost $2,410,120)
           
4,316,620
 
                 
PREFERRED STOCKS 1.36%
               
Annaly Capital, Series E, 7.625%(a)
   
162,911
     
4,178,667
 
Ares Management LP(a)(b)
               
Series A, 7.000%
   
147,000
     
3,851,400
 
             
8,030,067
 
                 
TOTAL PREFERRED STOCKS
(Cost $7,614,164)
           
8,030,067
 
                 
WARRANTS 0.00%(c)(g)
               
Atlas Mara, Ltd., Strike price 11.50, Expires 12/17/2017(d)
   
487,322
     
2,461
 
                 
TOTAL WARRANTS
(Cost $4,873)
           
2,461
 
                 
Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS 45.93%
               
Anheuser-Busch InBev Finance, Inc.
               
02/01/2019, 1.900%(a)(b)
 
$
4,079,000
     
4,090,075
 
Ares Capital Corp.
               
01/15/2020, 3.875%(a)(b)
   
7,383,000
     
7,553,260
 
01/19/2022, 3.625%(a)(b)
   
6,012,000
     
6,010,623
 
AT&T, Inc.
               
05/15/2025, 3.400%(a)
   
4,000,000
     
3,901,960
 
Bank of America Corp.
               
10/21/2022, 2.503%
   
1,000,000
     
982,632
 
The Bank of Nova Scotia
               
06/05/2019, 2.050%(a)
   
4,000,000
     
4,013,932
 
Berkshire Hathaway, Inc.
               
08/14/2019, 2.100%(a)(b)
   
4,000,000
     
4,034,784
 
Biogen, Inc.
               
09/15/2020, 2.900%(a)
   
4,688,000
     
4,784,910
 
BorgWarner, Inc.
               
03/15/2045, 4.375%
   
3,275,000
     
3,226,429
 
Boston Properties LP
               
05/15/2021, 4.125%(a)(b)
   
4,000,000
     
4,235,144
 
CalAtlantic Group, Inc.
               
06/01/2026, 5.250%(a)
   
5,300,000
     
5,432,500
 
Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS (continued)
           
Care Capital Properties LP
           
08/15/2026, 5.125%(a)
 
$
5,695,000
   
$
5,727,262
 
Chubb INA Holdings, Inc.
               
11/03/2020, 2.300%
   
3,500,000
     
3,518,858
 
Citigroup, Inc.
               
Series N, Perpetual Maturity, 5.800%(a)(h)(i)
   
4,800,000
     
5,022,000
 
Citizens Bank National Association
               
12/04/2019, 2.450%(a)
   
4,802,000
     
4,841,751
 
05/13/2021, 2.550%(a)
   
3,000,000
     
3,008,826
 
Comcast Corp.
               
08/15/2034, 4.200%(a)
   
4,000,000
     
4,106,820
 
Dominion Gas Holdings LLC
               
12/15/2019, 2.500%(a)(b)
   
6,885,000
     
6,955,509
 
EMC Corp.
               
06/01/2020, 2.650%
   
3,000,000
     
2,938,113
 
06/01/2023, 3.375%(a)
   
4,000,000
     
3,860,064
 
Exelon Generation Co., LLC
               
01/15/2020, 2.950%(a)
   
3,510,000
     
3,566,500
 
First Republic Bank
               
06/17/2019, 2.375%(a)
   
3,000,000
     
3,008,577
 
08/01/2046, 4.375%(a)
   
5,830,000
     
5,632,655
 
02/13/2047, 4.625%(a)
   
4,000,000
     
4,049,064
 
Five Corners Funding Trust
               
11/15/2023, 4.419%(d)
   
3,000,000
     
3,231,360
 
Ford Motor Credit Co., LLC
               
03/18/2021, 3.336%(a)(b)
   
6,000,000
     
6,097,926
 
General Motors Financial Co., Inc.
               
07/06/2021, 3.200%(a)
   
5,000,000
     
5,049,735
 
05/15/2023, 4.250%(a)
   
6,000,000
     
6,194,622
 
The Goldman Sachs Group, Inc.
               
09/15/2020, 2.750%(a)(b)
   
4,000,000
     
4,044,372
 
11/15/2021, 2.350%(a)
   
4,500,000
     
4,440,321
 
Jackson National Life Global Funding
               
04/29/2021, 2.250%(a)(d)
   
4,160,000
     
4,120,384
 
Johnson & Johnson
               
03/01/2036, 3.550%(a)
   
4,000,000
     
4,000,100
 
Kraft Heinz Foods Co.
               
07/02/2018, 2.000%
   
1,000,000
     
1,002,859
 
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
               
08/01/2021, 5.875%(a)(d)
   
3,500,000
     
3,565,625
 
Lear Corp.
               
01/15/2023, 4.750%(a)
   
5,000,000
     
5,181,925
 
01/15/2025, 5.250%(a)
   
4,000,000
     
4,245,208
 
Liberty Mutual Group, Inc.
               
03/15/2037, 4.036%(a)(d)(h)
   
7,500,000
     
7,188,750
 
Manufacturers & Traders Trust Co.
               
07/25/2019, 2.250%(a)
   
4,000,000
     
4,031,736
 
02/06/2020, 2.100%(a)
   
4,000,000
     
4,003,900
 
Metropolitan Life Global Funding I
               
09/15/2021, 1.950%(a)(d)
   
6,000,000
     
5,871,348
 
 

Semi-Annual Report | April 30, 2017
21

Clough Global Opportunities Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS (continued)
           
Microsoft Corp.
           
Series 30Y, 02/06/2047, 4.250%(a)
 
$
4,700,000
   
$
4,888,705
 
Morgan Stanley
               
06/16/2020, 2.800%(a)(b)
   
5,000,000
     
5,079,205
 
New York Life Global Funding
               
04/09/2020, 2.000%(a)(d)
   
4,000,000
     
4,001,180
 
NextEra Energy Capital Holdings, Inc.
               
09/15/2019, 2.700%(a)
   
2,000,000
     
2,029,972
 
Omega Healthcare Investors, Inc.
               
04/01/2027, 4.500%(a)(b)
   
4,000,000
     
3,968,680
 
People's United Financial, Inc.
               
12/06/2022, 3.650%(a)
   
5,110,000
     
5,236,912
 
Physicians Realty LP
               
03/15/2027, 4.300%(a)
   
6,800,000
     
6,817,048
 
PNC Bank National Association
               
07/29/2019, 1.450%
   
3,000,000
     
2,971,827
 
11/05/2020, 2.450%(a)(b)
   
4,000,000
     
4,032,548
 
Pricoa Global Funding I
               
05/16/2019, 2.200%(a)(d)
   
5,000,000
     
5,027,095
 
Royal Bank of Canada
               
04/15/2019, 1.625%
   
3,000,000
     
2,987,382
 
02/05/2020, 1.875%(a)
   
5,000,000
     
4,983,340
 
Scripps Networks Interactive, Inc.
               
11/15/2019, 2.750%(a)
   
4,000,000
     
4,048,824
 
06/15/2020, 2.800%(a)
   
4,000,000
     
4,046,492
 
The Toronto-Dominion Bank
               
12/14/2020, 2.500%
   
3,332,000
     
3,374,516
 
VF Corp.
               
09/01/2021, 3.500%
   
4,000,000
     
4,179,544
 
Wells Fargo & Co.
               
12/07/2020, 2.550%(a)
   
10,000,000
     
10,109,400
 
Wells Fargo Bank National Association
               
12/06/2019, 2.150%(a)
   
6,870,000
     
6,903,010
 
Welltower, Inc.
               
04/01/2019, 4.125%(a)
   
5,033,000
     
5,209,220
 
Western Digital Corp.
               
04/01/2023, 7.375%(a)(b)(d)
   
5,000,000
     
5,487,500
 
                 
TOTAL CORPORATE BONDS
(Cost $270,867,093)
           
272,154,819
 
                 
ASSET/MORTGAGE BACKED SECURITIES 6.02%
 
Government National Mortgage Association - REMICS Series 2014-67, Class AE,
               
05/16/2039, 2.150%
   
8,457,367
     
8,526,064
 
Series 2012-83, Class A,
               
07/16/2041, 1.368%
   
3,936,054
     
3,826,442
 
Series 2014-172, Class AC,
               
09/16/2041, 1.900%
   
4,658,227
     
4,677,455
 
Series 2013-68, Class AC,
               
02/16/2046, 1.300%
   
3,680,171
     
3,514,667
 
Description and Maturity Date
 
Principal Amount
   
Value
 
ASSET/MORTGAGE BACKED SECURITIES (continued)
 
Series 2011-144, Class B,
           
04/16/2046, 3.291%
 
$
218,205
   
$
218,075
 
Series 2015-130, Class AB,
               
08/16/2047, 2.550%
   
3,191,839
     
3,204,881
 
Series 2014-166, Class PJ,
               
07/16/2051, 2.500%
   
4,357,352
     
4,378,149
 
Series 2012-111, Class A,
               
09/16/2052, 2.387%
   
2,905,497
     
2,906,174
 
Series 2017-29, Class A,
               
01/16/2058, 2.400%
   
4,490,487
     
4,439,089
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
(Cost $36,208,258)
     
35,690,996
 
                 
GOVERNMENT & AGENCY OBLIGATIONS 8.70%
         
U.S. Treasury Bonds
               
08/15/2026, 6.750%(a)
   
2,800,000
     
3,860,172
 
11/15/2026, 6.500%(a)
   
6,300,000
     
8,591,134
 
08/15/2029, 6.125%(a)
   
6,750,000
     
9,440,111
 
05/15/2030, 6.250%
   
4,000,000
     
5,723,672
 
11/15/2040, 4.250%
   
12,000,000
     
14,837,340
 
11/15/2045, 3.000%
   
4,000,000
     
4,029,688
 
U.S. Treasury Notes
               
08/15/2017, 4.750%
   
5,000,000
     
5,055,565
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
(Cost $52,263,759)
           
51,537,682
 
                 
MUNICIPAL BONDS 1.19%
               
Florida State Board of Administration Finance Corp. Revenue Bonds, Series A
               
07/01/2021, 2.638%
   
7,000,000
     
7,061,110
 
                 
TOTAL MUNICIPAL BONDS
(Cost $7,059,430)
           
7,061,110
 
 
   
Shares
   
Value
 
SHORT-TERM INVESTMENTS 1.01%
           
Money Market Fund 1.01%
           
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.630% 7-day yield)
   
5,978,187
     
5,978,187
 
                 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,978,187)
           
5,978,187
 


22
www.cloughglobal.com

Clough Global Opportunities Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
   
Shares
   
Value
 
Total Investments - 141.17%
(Cost $784,053,912)
 
 
 
   
$
836,488,603
 
                 
Liabilities in Excess of Other Assets - (41.17%)(j)
     
(243,949,566
)
                 
NET ASSETS - 100.00%
         
$
592,539,037
 
                 
SCHEDULE OF SECURITIES SOLD
SHORT (c)
 
Shares
   
Value
 
COMMON STOCKS (6.93%)
               
Financials (1.86%)
               
Ally Financial, Inc.
   
(60,500
)
   
(1,197,900
)
American Express Co.
   
(77,400
)
   
(6,133,950
)
Deutsche Bank AG
   
(127,050
)
   
(2,295,794
)
Santander Consumer USA Holdings, Inc.
   
(111,304
)
   
(1,418,013
)
             
(11,045,657
)
                 
Health Care (1.90%)
               
AmerisourceBergen Corp.
   
(45,200
)
   
(3,708,660
)
McKesson Corp.
   
(27,000
)
   
(3,733,830
)
Owens & Minor, Inc.
   
(110,300
)
   
(3,821,895
)
             
(11,264,385
)
                 
Industrials (1.13%)
               
Caterpillar, Inc.
   
(28,300
)
   
(2,893,958
)
Deutsche Lufthansa AG
   
(218,773
)
   
(3,774,822
)
             
(6,668,780
)
                 
Information Technology (2.04%)
               
Amkor Technology, Inc.
   
(246,700
)
   
(2,906,126
)
AU Optronics Corp. - Sponsored ADR
   
(311,700
)
   
(1,259,268
)
International Business Machines Corp.
   
(36,420
)
   
(5,837,762
)
Japan Display, Inc.
   
(932,200
)
   
(2,107,328
)
             
(12,110,484
)
                 
TOTAL COMMON STOCKS
(Proceeds $39,596,101)
           
(41,089,306
)
                 
EXCHANGE TRADED FUNDS (2.11%)
               
Health Care Select Sector SPDR® Fund
   
(44,300
)
   
(3,344,650
)
SPDR® S&P® Biotech ETF
   
(65,800
)
   
(4,700,752
)
SCHEDULE OF SECURITIES SOLD
SHORT (c) (continued)
 
Shares
   
Value
 
United States Natural Gas Fund LP
   
(588,000
)
 
$
(4,451,160
)
                 
TOTAL EXCHANGE TRADED FUNDS
(Proceeds $12,276,969)
           
(12,496,562
)
                 
TOTAL SECURITIES SOLD SHORT
(Proceeds $51,873,070)
         
$
(53,585,868
)
 

Semi-Annual Report | April 30, 2017
23

Clough Global Opportunities Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
(a)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of April 30, 2017, the aggregate value of those securities was $598,309,050, representing 100.97% of net assets. (See Note 1 and Note 3)
(b)
Loaned security; a portion or all of the security is on loan as of April 30, 2017.
(c)
Non-income producing security.
(d)
Security exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of April 30, 2017, these securities had an aggregate value of $53,603,347 or 9.05% of net assets.
(e)
Private Placement; these securities may only be resold in transactions exempt from registration under the Securities Act of 1933. As of April 30, 2017, these securities had a total value of $10,791,024 or 1.82% of net assets and have been deemed illiquid by the Adviser based on procedures approved by the Board of Trustees. (See Note 1)
(f)
Fair valued security; valued by management in accordance with procedures approved by the Fund's Board of Trustees. As of April 30, 2017, these securities had an aggregate market value of $10,791,024 or 1.82% of total net assets.
(g)
Less than 0.005% or (0.005%) of net assets.
(h)
Floating or variable rate security - rate disclosed as of April 30, 2017.
(i)
This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
(j)
Includes cash which is being held as collateral for total return swap contracts, securities sold short or futures contracts.
 
FUTURES CONTRACTS
 
Description
Position
Contracts
Expiration
Date
 
Underlying Face Amount at Value
   
Unrealized Depreciation
 
Foreign Currency Contracts
                 
Japanese Yen Currency Futures
Short
40
06/19/2017
 
$
(4,497,000
)
 
$
(127,430
)
            
$
(4,497,000
)
 
$
(127,430
)


24
www.cloughglobal.com

Clough Global Opportunities Fund
Statement of Investments

April 30, 2017 (Unaudited)
 
TOTAL RETURN SWAP CONTRACTS
 
Counter Party
Reference Entity/Obligation
 
Notional
Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
Date
 
Net Unrealized Appreciation
 
Credit Suisse
Hero MotoCorp, Ltd.
 
$
6,691,279
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
501,204
 
Morgan Stanley
Hero MotoCorp, Ltd.
   
2,789,428
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
28,003
 
Credit Suisse
Housing Development Finance Corp.
   
9,409,145
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
2,271,690
 
Morgan Stanley
Housing Development Finance Corp.
   
8,000,581
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
873,264
 
Credit Suisse
Indiabulls Housing Finance
   
4,891,873
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
1,350,837
 
Morgan Stanley
ITC, Ltd.
   
6,232,216
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
820,078
 
Credit Suisse
Larsen & Toubro, Ltd.
   
7,078,220
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
1,683,918
 
Morgan Stanley
Larsen & Toubro, Ltd.
   
2,267,287
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
376,671
 
Morgan Stanley
Mahindra & Mahindra, Ltd.
   
6,934,657
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
599,648
 
      
$
54,294,686
           
$
8,505,313
 
                         
Counter Party
Reference Entity/Obligation
 
Notional
Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
Date
 
Net Unrealized Depreciation
 
Credit Suisse
Mahindra & Mahindra, Ltd.
 
$
3,470,932
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
(136,729
)
      
$
3,470,932
           
$
(136,729
)
      
$
57,765,618
           
$
8,368,584
 
 
See Notes to the Financial Statements.
 

Semi-Annual Report | April 30, 2017
25




Clough Global Funds
Statement of Investments

April 30, 2017 (Unaudited)
 
For Fund compliance purposes, each Funds sector classifications refer to any one of the sector sub-classifications used by one or more widely recognized market indexes, and/or as defined by each Fund's management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease. Sectors are shown as a percent of net assets. These sector classifications are unaudited.
 
See Notes to the Financial Statements.

26
www.cloughglobal.com

Clough Global Funds
Statements of Assets and Liabilities

April 30, 2017 (Unaudited)

   
Clough Global Dividend and
Income Fund
   
Clough Global
Equity Fund
   
Clough Global Opportunities Fund
 
ASSETS:
                 
                   
Investments, at value (Cost ‐ see below)*
 
$
213,403,824
   
$
336,772,919
   
$
836,488,603
 
Cash
   
3,022,890
     
2,410,521
     
4,729,865
 
Variation margin receivable
   
1,300
     
2,438
     
6,500
 
Deposit with broker for futures contracts
   
26,364
     
49,432
     
131,820
 
Deposit with broker for securities sold short
   
15,276,132
     
26,005,156
     
59,486,253
 
Deposit with broker for total return swap contracts
   
3,540,000
     
7,070,000
     
15,740,000
 
Unrealized appreciation on total return swap contracts
   
2,246,533
     
3,610,835
     
8,505,313
 
Dividends receivable
   
75,963
     
117,178
     
206,811
 
Interest receivable
   
898,303
     
439,967
     
3,413,318
 
Receivable for investments sold
   
4,782,817
     
3,816,248
     
29,439,406
 
Total Assets
   
243,274,126
     
380,294,694
     
958,147,889
 
                         
LIABILITIES:
                       
                         
Foreign currency due to custodian (Cost $–, $2,259 and $9,763)
   
     
2,295
     
9,804
 
Loan payable
   
72,000,000
     
113,000,000
     
292,000,000
 
Interest due on loan payable
   
14,962
     
23,482
     
60,678
 
Securities sold short (Proceeds $12,909,950, $22,629,777 and $51,873,070)
   
13,332,130
     
23,337,500
     
53,585,868
 
Payable for investments purchased
   
8,448,329
     
1,728,945
     
18,428,892
 
Unrealized depreciation on total return swap contracts
   
     
54,144
     
136,729
 
Payable for total return swap contracts payments
   
76,706
     
150,031
     
367,422
 
Interest payable ‐ margin account
   
2,220
     
3,531
     
9,238
 
Accrued investment advisory fee
   
134,179
     
275,573
     
764,918
 
Accrued administration fee
   
55,701
     
98,210
     
245,303
 
Other payables and accrued expenses
   
     
391
     
 
Total Liabilities
   
94,064,227
     
138,674,102
     
365,608,852
 
Net Assets
 
$
149,209,899
   
$
241,620,592
   
$
592,539,037
 
Cost of Investments
 
$
200,384,697
   
$
309,165,298
   
$
784,053,912
 
                         
COMPOSITION OF NET ASSETS:
                       
                         
Paid‐in capital
 
$
154,654,337
   
$
247,719,598
   
$
643,859,631
 
Overdistributed net investment loss
   
(5,210,579
)
   
(13,125,932
)
   
(31,381,918
)
Accumulated net realized loss
   
(15,050,534
)
   
(23,379,467
)
   
(78,895,819
)
Net unrealized appreciation
   
14,816,675
     
30,406,393
     
58,957,143
 
Net Assets
 
$
149,209,899
   
$
241,620,592
   
$
592,539,037
 
Shares of common stock outstanding of no par value, unlimited shares authorized
   
10,379,906
     
17,641,105
     
51,559,059
 
Net asset value per share
 
$
14.37
   
$
13.70
   
$
11.49
 
                         
* Securities Loaned, at value
 
$
66,000,260
   
$
104,858,994
   
$
263,821,951
 

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2017
27

Clough Global Funds
Statements of Operations

For the six months ended April 30, 2017 (Unaudited)
 
                   
   
Clough Global Dividend and
Income Fund
   
Clough Global
Equity Fund
   
Clough Global Opportunities Fund
 
INVESTMENT INCOME:
                 
                   
Dividends (net of foreign withholding taxes of $6,876, $12,917 and $45,433)
 
$
1,923,762
   
$
2,994,855
   
$
4,834,740
 
Interest on investment securities
   
1,167,883
     
433,295
     
4,053,864
 
Hypothecated securities income (See Note 6)
   
18,213
     
86,936
     
210,238
 
Total Income
   
3,109,858
     
3,515,086
     
9,098,842
 
                         
EXPENSES:
                       
                         
Investment advisory fee
   
816,505
     
1,664,862
     
4,682,716
 
Administration fee
   
333,298
     
590,399
     
1,496,980
 
Interest on loan
   
630,473
     
989,474
     
2,556,813
 
Interest expense ‐ margin account
   
12,944
     
21,727
     
56,297
 
Trustees fee
   
75,134
     
75,134
     
75,134
 
Dividend expense ‐ short sales
   
14,998
     
23,717
     
60,504
 
Other expenses
   
275
     
666
     
275
 
Total Expenses
   
1,883,627
     
3,365,979
     
8,928,719
 
Net Investment Income
   
1,226,231
     
149,107
     
170,123
 
                         
NET REALIZED GAIN/(LOSS) ON:
                       
Investment securities
   
3,937,595
     
9,374,312
     
18,735,923
 
Futures contracts
   
348,923
     
753,766
     
1,916,041
 
Securities sold short
   
(2,843,461
)
   
(5,038,616
)
   
(11,594,664
)
Total return swap contracts
   
(302,144
)
   
(578,151
)
   
(1,227,438
)
Foreign currency transactions
   
19,708
     
6,937
     
82,047
 
Net realized gain
   
1,160,621
     
4,518,248
     
7,911,909
 
NET CHANGE IN UNREALIZED APPRECIATION/DEPRECIATION ON:
                       
Investment securities
   
9,754,830
     
22,996,072
     
39,560,280
 
Futures contracts
   
(74,346
)
   
(155,792
)
   
(402,589
)
Securities sold short
   
(1,840,903
)
   
(3,125,349
)
   
(7,518,867
)
Total return swap contracts
   
2,244,052
     
3,652,645
     
8,610,689
 
Translation of assets and liabilities denominated in foreign currencies
   
5,406
     
8,486
     
21,630
 
Net unrealized appreciation
   
10,089,039
     
23,376,062
     
40,271,143
 
Net realized and unrealized gain
   
11,249,660
     
27,894,310
     
48,183,052
 
Net Increase in Net Assets Attributable to Common Shares from Operations
 
$
12,475,891
   
$
28,043,417
   
$
48,353,175
 

See Notes to the Financial Statements.

28
www.cloughglobal.com

Clough Global Dividend and Income Fund
Statements of Changes in Net Assets


   
For the
Six Months Ended April 30, 2017 (Unaudited)
   
For the
Year Ended
October 31, 2016(1)
 
             
COMMON SHAREHOLDERS OPERATIONS:
           
             
Net investment income/(loss)
 
$
1,226,231
   
$
(125,061
)
Net realized gain/(loss)
   
1,160,621
     
(14,362,911
)
Net change in unrealized appreciation/depreciation
   
10,089,039
     
9,597,736
 
Net Increase/(Decrease) in Net Assets From Operations
   
12,475,891
     
(4,890,236
)
                 
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
               
                 
Net investment income
   
(6,429,859
)
   
 
Net realized gains
   
     
(6,159,918
)
Tax return of capital
   
     
(8,281,647
)
Net Decrease in Net Assets from Distributions
   
(6,429,859
)
   
(14,441,565
)
                 
CAPITAL SHARE TRANSACTIONS
               
Repurchase of fund shares
   
(155,239
)
   
 
Net Decrease in Net Assets From Share Transactions
   
(155,239
)
   
 
                 
Net Increase/(Decrease) in Net Assets Attributable to Common Shares
   
5,890,793
     
(19,331,801
)
                 
NET ASSETS ATTRIBUABLE TO COMMON SHARES:
               
                 
Beginning of year
   
143,319,106
     
162,650,907
 
End of year*
 
$
149,209,899
   
$
143,319,106
 
*Includes overdistributed net investment loss of:
 
$
(5,210,579
)
 
$
(6,951
)
 
(1)
Effective July 31, 2016, the Clough Global Allocation Fund name changed to Clough Global Dividend and Income Fund.
 
See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2017
29

Clough Global Equity Fund
Statements of Changes in Net Assets

 
   
For the
Six Months Ended April 30, 2017 (Unaudited)
   
For the
 Year Ended
October 31, 2016
 
COMMON SHAREHOLDERS OPERATIONS:
           
             
Net investment income/(loss)
 
$
149,107
   
$
(4,017,280
)
Net realized gain/(loss)
   
4,518,248
     
(25,483,445
)
Net change in unrealized appreciation/depreciation
   
23,376,062
     
10,621,370
 
Net Increase/(Decrease) in Net Assets From Operations
   
28,043,417
     
(18,879,355
)
                 
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
               
                 
Net investment income
   
(10,470,645
)
   
 
Net realized gains
   
     
(15,868,789
)
Tax return of capital
   
     
(7,640,117
)
Net Decrease in Net Assets from Distributions
   
(10,470,645
)
   
(23,508,906
)
                 
CAPITAL SHARE TRANSACTIONS
               
Repurchase of fund shares
   
(139,566
)
   
 
Net Decrease in Net Assets From Share Transactions
   
(139,566
)
   
 
                 
Net Increase/(Decrease) in Net Assets Attributable to Common Shares
   
17,433,206
     
(42,388,261
)
                 
NET ASSETS ATTRIBUABLE TO COMMON SHARES:
               
                 
Beginning of year
   
224,187,386
     
266,575,647
 
End of year*
 
$
241,620,592
   
$
224,187,386
 
*Includes overdistributed net investment loss of:
 
$
(13,125,932
)
 
$
(2,804,394
)
 
See Notes to the Financial Statements.

30
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Clough Global Opportunities Fund
Statements of Changes in Net Assets


   
For the
Six Months Ended April 30, 2017 (Unaudited)
   
For the
Year Ended
October 31, 2016
 
             
COMMON SHAREHOLDERS OPERATIONS:
           
             
Net investment income/(loss)
 
$
170,123
   
$
(7,963,225
)
Net realized gain/(loss)
   
7,911,909
     
(79,294,641
)
Net change in unrealized appreciation/depreciation
   
40,271,143
     
51,323,517
 
Net Increase/(Decrease) in Net Assets From Operations
   
48,353,175
     
(35,934,349
)
                 
DISTRIBUTIONS TO COMMON SHAREHOLDERS:
               
                 
Net investment income
   
(26,607,054
)
   
 
Net realized gains
   
     
(9,287,743
)
Tax return of capital
   
     
(50,435,017
)
Net Decrease in Net Assets from Distributions
   
(26,607,054
)
   
(59,722,760
)
                 
CAPITAL SHARE TRANSACTIONS
               
Repurchase of fund shares
   
(138,330
)
   
 
Net Decrease in Net Assets From Share Transactions
   
(138,330
)
   
 
                 
Net Increase/(Decrease) in Net Assets Attributable to Common Shares
   
21,607,791
     
(95,657,109
)
                 
NET ASSETS ATTRIBUABLE TO COMMON SHARES:
               
                 
Beginning of year
   
570,931,246
     
666,588,355
 
End of year*
 
$
592,539,037
   
$
570,931,246
 
*Includes overdistributed net investment loss of:
 
$
(31,381,918
)
 
$
(4,944,987
)
 
See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2017
31


Clough Global Funds
Statements of Cash Flows

For the six months ended April 30, 2017 (Unaudited)
 
   
Clough Global Dividend and
Income Fund
   
Clough Global
Equity Fund
   
Clough Global Opportunities Fund
 
CASH FLOWS FROM OPERATING ACTIVITIES:
                 
Net increase in net assets from operations
 
$
12,475,891
   
$
28,043,417
   
$
48,353,175
 
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by operating activities:
                       
Purchase of investment securities
   
(192,790,270
)
   
(297,036,769
)
   
(866,690,976
)
Proceeds from disposition of investment securities
   
197,554,764
     
286,832,527
     
865,823,492
 
Proceeds from securities sold short transactions
   
39,553,870
     
65,947,962
     
159,106,417
 
Cover securities sold short transactions
   
(62,754,554
)
   
(103,762,150
)
   
(254,655,116
)
Net proceeds from/(purchases of) short‐term investment securities
   
(3,825,746
)
   
14,251,056
     
3,674,464
 
Net realized gain from investment securities
   
(3,937,595
)
   
(9,374,312
)
   
(18,735,923
)
Net realized loss on securities sold short
   
2,843,461
     
5,038,616
     
11,594,664
 
Net change in unrealized appreciation on investment securities
   
(9,754,830
)
   
(22,996,072
)
   
(39,560,280
)
Net change in unrealized depreciation on securities sold short
   
1,840,903
     
3,125,349
     
7,518,867
 
Net change in unrealized appreciation on total return swap contracts
   
(2,244,052
)
   
(3,652,645
)
   
(8,610,689
)
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies
   
(10,898
)
   
(17,088
)
   
(43,636
)
Net amortization/(accretion) of premiums/discounts
   
292,149
     
612,433
     
1,299,767
 
Decrease in deposits with broker for futures contracts
   
59,136
     
139,568
     
349,681
 
Decrease in deposits with broker for securities sold short
   
27,585,144
     
43,578,262
     
113,231,105
 
Decrease/(Increase) in deposits with brokers for total return swap contracts
   
240,000
     
(140,000
)
   
(160,000
)
Decrease in dividends receivable
   
59,153
     
63,690
     
236,818
 
Decrease in interest receivable
   
72,103
     
348,146
     
100,746
 
Decrease in variation margin receivable
   
2,975
     
7,012
     
17,575
 
Decrease in interest due on loan payable
   
(537
)
   
(2,108
)
   
(3,570
)
Increase in payable for total return swap contracts payments
   
68,875
     
129,410
     
315,260
 
Decrease in interest payable ‐ margin account
   
(6,914
)
   
(11,296
)
   
(28,488
)
Decrease in accrued investment advisory fee
   
(33,581
)
   
(71,461
)
   
(210,672
)
Decrease in accrued administration fee
   
(12,341
)
   
(26,132
)
   
(66,839
)
Increase in other payables and accrued expenses
   
     
391
     
 
Net cash provided by operating activities
   
7,277,106
     
11,027,806
     
22,855,842
 
                         
CASH FLOWS FROM FINANCING ACTIVITIES:
                       
Repurchase of fund shares
   
(155,239
)
   
(139,566
)
   
(138,330
)
Cash distributions paid
   
(6,429,859
)
   
(10,470,645
)
   
(26,607,054
)
Net cash used in financing activities
   
(6,585,098
)
   
(10,610,211
)
   
(26,745,384
)
                         
Effect of exchange rates on cash
   
10,898
     
17,088
     
43,636
 
                         
Net Change in Cash and Foreign Rates on Cash and Foreign Currency
   
702,906
     
434,683
     
(3,845,906
)
                         
Cash and foreign currency, beginning of year
 
$
2,317,700
   
$
1,969,868
   
$
8,556,679
 
Cash and foreign currency, end of year
 
$
3,020,606
   
$
2,404,551
   
$
4,710,773
 
                         
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
                       
Cash paid during the year for interest from loan payable:
 
$
631,010
   
$
991,582
   
$
2,560,383
 
 
See Notes to the Financial Statements.
32
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Clough Global Dividend and Income Fund
Financial Highlights

For a share outstanding throughout the periods indicated

   
For the Six Months Ended April 30, 2017 (Unaudited)
   
For the Year Ended October 31, 2016(1)
   
For the Year Ended October 31, 2015
   
For the Period Ended October 31, 2014(2)
   
For the Year Ended March 31, 2014
   
For the Year Ended March 31, 2013
   
For the Year Ended March 31, 2012
 
PER COMMON SHARE OPERATING PERFORMANCE:
                               
Net asset value ‐ beginning of period
 
$
13.79
   
$
15.65
   
$
16.96
   
$
17.51
   
$
17.38
   
$
16.30
   
$
18.35
 
Income from investment operations:
                                                       
Net investment income/(loss)*
   
0.12
     
(0.01
)
   
(0.27
)
   
(0.12
)
   
(0.26
)
   
(0.01
)
   
0.26
 
Net realized and unrealized gain/(loss) on investments
   
1.08
     
(0.46
)
   
0.38
     
0.31
     
1.90
     
2.29
     
(1.11
)
Total Income/(Loss) from Investment Operations
   
1.20
     
(0.47
)
   
0.11
     
0.19
     
1.64
     
2.28
     
(0.85
)
                                                         
DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM:
                 
Net investment income
   
(0.62
)
   
     
(0.07
)
   
(0.14
)
   
(0.24
)
   
(0.90
)
   
(1.20
)
Net realized gains
   
     
(0.59
)
   
(1.34
)
   
(0.60
)
   
(1.27
)
   
(0.30
)
   
 
Tax return of capital
   
     
(0.80
)
   
     
     
     
     
 
Total Distributions to Common Shareholders
   
(0.62
)
   
(1.39
)
   
(1.41
)
   
(0.74
)
   
(1.51
)
   
(1.20
)
   
(1.20
)
                                                         
CAPITAL SHARE TRANSACTIONS: 
                                                 
Dilutive impact of capital share transactions*
   
     
     
(0.01
)
   
     
     
     
 
Total Capital Share Transactions
   
     
     
(0.01
)
   
     
     
     
 
Net asset value ‐ end of period
 
$
14.37
   
$
13.79
   
$
15.65
   
$
16.96
   
$
17.51
   
$
17.38
   
$
16.30
 
Market price ‐ end of period
 
$
13.79
   
$
11.62
   
$
13.60
   
$
14.60
   
$
15.18
   
$
15.07
   
$
13.94
 
                                                         
Total Investment Return ‐ Net Asset Value:(3)
   
9.36
%
   
(1.14
)%
   
1.61
%
   
1.68
%
   
11.14
%
   
16.19
%
   
(3.48
)%
Total Investment Return ‐ Market
Price:(3)
   
24.55
%
   
(4.14
)%
   
2.57
%
   
0.97
%
   
11.12
%
   
17.81
%
   
(6.73
)%
                                                         
RATIOS AND SUPPLEMENTAL DATA:
                                         
Net assets attributable to common shares, end of period (000s)
 
$
149,210
   
$
143,319
   
$
162,651
   
$
176,968
   
$
182,737
   
$
181,309
   
$
170,120
 
Ratios to average net assets attributable to common shareholders:
                                                       
Total expenses
   
2.59
%(4)
   
3.65
%
   
3.95
%
   
3.25
%(4)
   
3.34
%
   
3.24
%
   
3.05
%
Total expenses excluding interest expense and dividends on short sales expense
   
1.68
%(4)
   
2.09
%
   
2.17
%
   
2.00
%(4)
   
1.94
%
   
1.93
%
   
1.80
%
Net investment income/(loss)
   
1.69
%(4)
   
(0.08
)%
   
(1.58
)%
   
(1.15
)%(4)
   
(1.47
)%
   
(0.04
)%
   
1.61
%
Portfolio turnover rate(5)
   
95
%
   
205
%
   
172
%
   
110
%
   
179
%
   
250
%
   
192
%
                                                         
Borrowings at End of Period
                                                       
Aggregate Amount Outstanding (000s)
 
$
72,000
   
$
72,000
   
$
93,300
   
$
93,300
   
$
93,300
   
$
89,800
   
$
89,800
 
Asset Coverage Per $1,000 (000s)
 
$
3,072
   
$
2,991
   
$
2,743
   
$
2,897
   
$
2,959
   
$
3,019
   
$
2,894
 
 
*
Based on average shares outstanding.
(1)
Effective July 31, 2016, the Clough Global Allocation Fund name changed to Clough Global Dividend and Income Fund.
(2)
The Board announced, on September 12, 2014, approval to change the fiscal year-end of the Fund from March 31 to October 31 (See Note 1).
(3)
Total investment return is calculated assuming a purchase of a common share at the opening on the first day and a sale at the 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 price obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions on the purchase or sale of the Fund's common shares. Past performance is not a guarantee of future results.  Total returns for the period indicated are not annualized.
(4)
Annualized.
(5)
Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to the Financial Statements.
Semi-Annual Report | April 30, 2017
33


Clough Global Equity Fund
Financial Highlights

For a share outstanding throughout the periods indicated

   
For the Six Months Ended April 30, 2017 (Unaudited)
   
For the Year Ended October 31, 2016
   
For the Year Ended October 31, 2015
   
For the Period Ended October 31, 2014(1)
   
For the Year Ended March 31, 2014
   
For the Year Ended March 31, 2013
   
For the Year Ended March 31, 2012
 
PER COMMON SHARE OPERATING PERFORMANCE:
                               
Net asset value ‐ beginning of period
 
$
12.70
   
$
15.10
   
$
16.47
   
$
17.15
   
$
16.63
   
$
15.53
   
$
17.62
 
Income from investment operations:
                                                       
Net investment income/(loss)*
   
0.01
     
(0.23
)
   
(0.45
)
   
(0.17
)
   
(0.33
)
   
(0.06
)
   
0.21
 
Net realized and unrealized gain/(loss) on investments
   
1.58
     
(0.84
)
   
0.46
     
0.23
     
2.33
     
2.32
     
(1.14
)
Total Income/(Loss) from Investment Operations
   
1.59
     
(1.07
)
   
0.01
     
0.06
     
2.00
     
2.26
     
(0.93
)
                                                         
DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM:
                   
Net investment income
   
(0.59
)
   
     
(0.04
)
   
(0.08
)
   
(0.38
)
   
(0.87
)
   
(1.14
)
Net realized gains
   
     
(0.90
)
   
(1.32
)
   
(0.66
)
   
(1.10
)
   
(0.29
)
   
 
Tax return of capital
   
     
(0.43
)
   
     
     
     
     
(0.02
)
Total Distributions to Common Shareholders
   
(0.59
)
   
(1.33
)
   
(1.36
)
   
(0.74
)
   
(1.48
)
   
(1.16
)
   
(1.16
)
                                                         
CAPITAL SHARE TRANSACTIONS: 
                                                 
Dilutive impact of capital share transactions*
   
     
     
(0.02
)
   
     
     
     
 
Total Capital Share Transactions
   
     
     
(0.02
)
   
     
     
     
 
Net asset value ‐ end of period
 
$
13.70
   
$
12.70
   
$
15.10
   
$
16.47
   
$
17.15
   
$
16.63
   
$
15.53
 
Market price ‐ end of period
 
$
12.86
   
$
10.69
   
$
12.92
   
$
14.34
   
$
15.42
   
$
14.70
   
$
13.09
 
                                                         
Total Investment Return ‐ Net Asset Value:(2)
   
13.38
%
   
(5.36
)%(3)
   
0.76
%
   
0.86
%
   
13.57
%
   
16.90
%
   
(4.08
)%
Total Investment Return ‐ Market
Price:(2)
   
26.43
%
   
(6.90
)%
   
(0.98
)%
   
(2.33
)%
   
15.52
%
   
22.60
%
   
(7.32
)%
                                                         
RATIOS AND SUPPLEMENTAL DATA:
                                 
Net assets attributable to common shares, end of period (000s)
 
$
241,621
   
$
224,187
   
$
266,576
   
$
293,829
   
$
305,958
   
$
296,710
   
$
277,061
 
Ratios to average net assets attributable to common shareholders:
                                                       
Total expenses
   
2.88
%(4)
   
4.21
%
   
4.56
%
   
3.68
%(4)
   
3.76
%
   
3.67
%
   
3.43
%
Total expenses excluding interest expense and dividends on short sales expense
   
2.00
%(4)
   
2.59
%
   
2.77
%
   
2.42
%(4)
   
2.36
%
   
2.35
%
   
2.18
%
Net investment income/(loss)
   
0.13
%(4)
   
(1.70
)%
   
(2.73
)%
   
(1.68
)%(4)
   
(1.95
)%
   
(0.37
)%
   
1.34
%
Portfolio turnover rate(5)
   
93
%
   
182
%
   
154
%
   
102
%
   
166
%
   
250
%
   
183
%
                                                         
Borrowings at End of Period
                                                       
Aggregate Amount Outstanding (000s)
 
$
113,000
   
$
113,000
   
$
156,000
   
$
156,000
   
$
156,000
   
$
147,000
   
$
147,000
 
Asset Coverage Per $1,000 (000s)
 
$
3,138
   
$
2,984
   
$
2,709
   
$
2,884
   
$
2,961
   
$
3,018
   
$
2,885
 
 
*
Based on average shares outstanding.
(1)
The Board announced, on September 12, 2014, approval to change the fiscal year-end of the Fund from March 31 to October 31 (See Note 1).
(2)
Total investment return is calculated assuming a purchase of a common share at the opening on the first day and a sale at the 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 price obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions on the purchase or sale of the Fund's common shares. Past performance is not a guarantee of future results.  Total returns for the period indicated are not annualized.
(3)
In 2016, 0.07% of the Funds's total return consists of a reimbursement by the Adviser for a realized investment loss.  Excluding this item, total return would have been (5.43)%.
(4)
Annualized.
(5)
Portfolio turnover rate for periods less than one full year have not been annualized.
 
See Notes to the Financial Statements.
34
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Clough Global Opportunities Fund
Financial Highlights

For a share outstanding throughout the periods indicated

   
For the Six Months Ended April 30, 2017 (Unaudited)
   
For the Year Ended October 31, 2016
   
For the Year Ended October 31, 2015
   
For the Period Ended October 31, 2014(1)
   
For the Year Ended March 31, 2014
   
For the Year Ended March 31, 2013
   
For the Year Ended March 31, 2012
 
PER COMMON SHARE OPERATING PERFORMANCE:
                               
Net asset value ‐ beginning of period
 
$
11.07
   
$
12.92
   
$
14.11
   
$
14.67
   
$
14.64
   
$
13.84
   
$
15.72
 
Income from investment operations:
                                                       
Net investment income/(loss)*
   
0.00
(2) 
   
(0.15
)
   
(0.35
)
   
(0.15
)
   
(0.32
)
   
(0.09
)
   
0.14
 
Net realized and unrealized gain/(loss) on investments
   
0.94
     
(0.54
)
   
0.36
     
0.26
     
1.72
     
1.97
     
(0.94
)
Total Income/(Loss) from Investment Operations
   
0.94
     
(0.69
)
   
0.01
     
0.11
     
1.40
     
1.88
     
(0.80
)
                                                         
DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM:
                                         
Net investment income
   
(0.52
)
   
     
     
     
(0.11
)
   
(1.08
)
   
(1.05
)
Net realized gains
   
     
(0.18
)
   
(1.19
)
   
(0.67
)
   
(1.26
)
   
     
 
Tax return of capital
   
     
(0.98
)
   
     
     
     
     
(0.03
)
Total Distributions to Common Shareholders
   
(0.52
)
   
(1.16
)
   
(1.19
)
   
(0.67
)
   
(1.37
)
   
(1.08
)
   
(1.08
)
                                                         
CAPITAL SHARE TRANSACTIONS: 
                                                 
Dilutive impact of capital share transactions*
   
     
     
(0.01
)
   
     
     
     
 
Total Capital Share Transactions
   
     
     
(0.01
)
   
     
     
     
 
Net asset value ‐ end of period
 
$
11.49
   
$
11.07
   
$
12.92
   
$
14.11
   
$
14.67
   
$
14.64
   
$
13.84
 
Market price ‐ end of period
 
$
10.65
   
$
9.04
   
$
11.25
   
$
12.18
   
$
12.75
   
$
12.87
   
$
11.78
 
                                                         
Total Investment Return ‐ Net Asset Value:(3)
   
9.41
%
   
(3.48
)%
   
1.13
%
   
1.39
%
   
11.26
%
   
15.87
%
   
(3.88
)%
Total Investment Return ‐ Market
Price:(3)
   
24.19
%
   
(9.49
)%
   
1.93
%
   
0.70
%
   
9.99
%
   
19.67
%
   
(7.14
)%
                                                         
RATIOS AND SUPPLEMENTAL DATA: 
                                                 
Net assets attributable to common shares, end of period (000s)
 
$
592,539
   
$
570,931
   
$
666,588
   
$
729,855
   
$
759,084
   
$
757,452
   
$
716,213
 
Ratios to average net assets attributable to common shareholders:
                                                       
Total expenses
   
3.10
%(4)
   
4.32
%
   
4.62
%
   
3.86
%(4)
   
3.97
%
   
3.86
%
   
3.61
%
Total expenses excluding interest expense and dividends on short sales expense
   
2.17
%(4)
   
2.73
%
   
2.82
%
   
2.60
%(4)
   
2.55
%
   
2.52
%
   
2.35
%
Net investment income/(loss)
   
0.06
%(4)
   
(1.33
)%
   
(2.47
)%
   
(1.76
)%(4)
   
(2.15
)%
   
(0.64
)%
   
1.04
%
Portfolio turnover rate(5)
   
105
%
   
191
%
   
176
%
   
111
%
   
178
%
   
241
%
   
193
%
                                                         
Borrowings at End of Period
                                                       
Aggregate Amount Outstanding (000s)
 
$
292,000
   
$
292,000
   
$
388,900
   
$
388,900
   
$
388,900
   
$
388,900
   
$
388,900
 
Asset Coverage Per $1,000 (000s)
 
$
3,029
   
$
2,955
   
$
2,714
   
$
2,877
   
$
2,952
   
$
2,948
   
$
2,842
 
 
*
Based on average shares outstanding.
(1)
The Board announced, on September 12, 2014, approval to change the fiscal year-end of the Fund from March 31 to October 31 (See Note 1).
(2)
Less than $0.005 per share.
(3)
Total investment return is calculated assuming a purchase of a common share at the opening on the first day and a sale at the 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 price obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions on the purchase or sale of the Fund's common shares. Past performance is not a guarantee of future results.  Total returns for the period indicated are not annualized.
(4)
Annualized.
(5)
Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to the Financial Statements.
Semi-Annual Report | April 30, 2017
35


Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)

1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING AND OPERATING POLICIES
 
Clough Global Dividend and Income Fund (prior to July 31, 2016 known as Clough Global Allocation Fund), Clough Global Equity Fund, and Clough Global Opportunities Fund (each a “Fund”, collectively the “Funds”), are closed‐end management investment companies registered under the Investment Company Act of 1940 (the “1940 Act”). The Funds were organized under the laws of the state of Delaware on April 27, 2004,  January 25, 2005, and January 12, 2006, respectively for Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund. The Funds were previously registered as non‐diversified investment companies. As a result of ongoing operations, each of the Funds became  a diversified company. The Funds may not resume operating in a non‐diversified manner without first obtaining shareholder approval. Each Fund’s investment objective is to provide a high level of total return. Each Declaration of Trust provides that the Board of Trustees (the “Board”) may authorize separate classes of shares of beneficial interest.  The common shares of Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund are listed on the NYSE MKT and trade under the ticker symbols “GLV”, “GLQ” and “GLO” respectively. The Board of each Fund announced, on September 12, 2014, that it had approved a change to the Funds' fiscal year‐end from March 31 to October 31.

The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon sale of the securities. Each Fund is considered an investment company for financial reporting purposes under GAAP and follows the accounting and reporting guidance applicable to investment companies as codified in Accounting Standards Codification (“ASC”)  946 – Investment Companies.

The net asset value per share of each Fund is determined no less frequently than daily, on each day that the New York Stock Exchange (“NYSE” or the “Exchange”)  is open for trading, as of the close of regular trading on the Exchange (normally 4:00 p.m. New York time). Trading may take place in foreign issues held by the Fund at times when a Fund is not open for business. As a result, each Fund’s net asset value may change at times when it is not possible to purchase or sell shares of a Fund.

Investment Valuation: Securities, including futures contracts, preferred stocks, exchange traded funds, closed‐end funds and participation notes held by each Fund for which exchange quotations are readily available are valued at the last sale price, or if no sale price or if traded on the over‐the‐counter market, at the mean of the bid and asked prices on such day. Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is primarily traded.  In certain countries market maker prices are used since they are the most representative of the daily trading activity. Market maker prices are usually the mean between the bid and ask prices. Certain markets are not closed at the time that the Funds price their portfolio securities. In these situations, snapshot prices are provided by the individual pricing services or other alternate sources at the close of the NYSE as appropriate. Securities not traded on a particular day are valued at the mean between the last reported bid and the asked quotes, or the last sale price when appropriate; otherwise fair value will be determined by the board‐appointed fair valuation committee. Debt securities for which the over‐the‐counter market is the primary market are normally valued on the basis of prices furnished by one or more pricing services or dealers at the mean between the latest available bid and asked prices. As authorized by the Board, debt securities (including short‐term obligations that will mature in 60 days or less) may be valued on the basis of valuations furnished by a pricing service which determines valuations based upon market transactions for normal, institutional‐size trading units of securities or a matrix method which considers yield or price of comparable bonds provided by a pricing service. Over‐the‐counter options are valued at the mean between bid and asked prices provided by dealers. Exchange‐traded options are valued at closing settlement prices. Total return swaps are priced based on valuations provided by a Board approved independent third party pricing agent.  If a total return swap price cannot be obtained  from an independent third party pricing agent the Fund shall seek to obtain a bid price from at least one independent and/or executing broker.

If the price of a security is unavailable in accordance with the aforementioned pricing procedures, or the price of a security is unreliable, e.g., due to the occurrence of a significant event, the security may be valued at its fair value determined by management pursuant to procedures adopted by the Board. For this purpose, fair value is the price that a Fund reasonably expects to receive on a current sale of the security. Due to the number of variables affecting the price of a security, however; it is possible that the fair value of a security may not accurately reflect the price that a Fund could actually receive on a sale of the security.
 
A three‐tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions  about  the  assumptions  market  participants  would  use  in  pricing  the  asset  or  liability  that  are  developed  based  on  the  best  information available.
 

36
www.cloughglobal.com

Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)

Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 –
Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the   measurement date;
Level 2 –
Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
Level 3 –
Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of the inputs used as of April 30, 2017, in valuing each Fund’s investments carried at value.  The Funds recognize transfers between the levels as of the end of the period in which the transfer occurred.  There were no transfers between Levels during the six months ended April 30, 2017.

Clough Global Dividend and Income Fund

Investments in Securities at Value*
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
Consumer Discretionary
 
$
14,876,880
   
$
   
$
   
$
14,876,880
 
Consumer Staples
   
1,685,528
     
     
     
1,685,528
 
Energy
   
     
1,323,337
     
     
1,323,337
 
Financials
   
34,069,523
     
     
     
34,069,523
 
Health Care
   
9,736,373
     
     
     
9,736,373
 
Industrials
   
1,198,272
     
     
     
1,198,272
 
Information Technology
   
28,796,933
     
     
     
28,796,933
 
Materials
   
1,296,978
     
     
     
1,296,978
 
Closed‐End Funds
   
4,786,118
     
     
     
4,786,118
 
Participation Notes
   
     
1,044,101
     
     
1,044,101
 
Preferred Stocks
   
4,015,526
     
     
     
4,015,526
 
Warrants
   
591
     
     
     
591
 
Corporate Bonds
   
     
79,799,229
     
     
79,799,229
 
Asset/Mortgage Backed Securities
   
     
10,814,798
     
     
10,814,798
 
Government & Agency Obligations
   
     
11,227,055
     
     
11,227,055
 
Municipal Bonds
   
     
2,017,460
     
     
2,017,460
 
Short‐Term Investments
                               
Money Market Fund
   
6,715,122
     
     
     
6,715,122
 
TOTAL
 
$
107,177,844
   
$
106,225,980
   
$
   
$
213,403,824
 
 
Other Financial Instruments
 
 
Level 1
   
 
Level 2
   
 
Level 3
   
 
Total
 
Assets
                       
Total Return Swap Contracts**
 
$
   
$
2,246,533
   
$
   
$
2,246,533
 
                                 
Liabilities
                               
Securities Sold Short
                               
Common Stocks
   
(10,208,566
)
   
     
     
(10,208,566
)
Exchange Traded Funds
   
(3,123,564
)
   
     
     
(3,123,564
)
Futures Contracts**
   
(25,486
)
   
     
     
(25,486
)
TOTAL
 
$
(13,357,616
)
 
$
2,246,533
   
$
   
$
(11,111,083
)
 

Semi-Annual Report | April 30, 2017
37

Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)

Clough Global Equity Fund

Investments in Securities at Value*
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
Consumer Discretionary
 
$
37,802,319
   
$
   
$
   
$
37,802,319
 
Consumer Staples
   
2,716,126
     
     
     
2,716,126
 
Energy
   
2,952,732
     
2,203,200
     
     
5,155,932
 
Financials
   
70,913,075
     
     
     
70,913,075
 
Health Care
   
44,899,909
     
1,185,733
     
937,021
     
47,022,663
 
Industrials
   
1,909,746
     
     
     
1,909,746
 
Information Technology
   
80,994,298
     
     
     
80,994,298
 
Materials
   
2,116,856
     
     
     
2,116,856
 
Utilities
   
16,093,787
     
     
     
16,093,787
 
Closed‐End Funds
   
1,584,310
     
     
     
1,584,310
 
Participation Notes
   
     
1,746,982
     
     
1,746,982
 
Preferred Stocks
   
8,372,865
     
     
     
8,372,865
 
Warrants
   
989
     
     
     
989
 
Corporate Bonds
   
     
1,987,875
     
     
1,987,875
 
Asset/Mortgage Backed Securities
   
     
1,414,971
     
     
1,414,971
 
Government & Agency Obligations
   
     
32,724,806
     
     
32,724,806
 
Short‐Term Investments
                               
Money Market Fund
   
24,215,319
     
     
     
24,215,319
 
TOTAL
 
$
294,572,331
   
$
41,263,567
   
$
937,021
   
$
336,772,919
 
 
Other Financial Instruments
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Total Return Swap Contracts**
 
$
   
$
3,610,835
   
$
   
$
3,610,835
 
                                 
Liabilities
                               
Securities Sold Short
                               
Common Stocks
   
(18,367,492
)
   
     
     
(18,367,492
)
Exchange Traded Funds
   
(4,970,008
)
   
     
     
(4,970,008
)
Futures Contracts**
   
(47,786
)
   
     
     
(47,786
)
Total Return Swap Contracts
   
     
(54,144
)
   
     
(54,144
)
TOTAL
 
$
(23,385,286
)
 
$
3,556,691
   
$
   
$
(19,828,595
)
 

38
www.cloughglobal.com

Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)

Clough Global Opportunities Fund

Investments in Securities at Value*
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
Consumer Discretionary
 
$
71,563,165
   
$
   
$
   
$
71,563,165
 
Consumer Staples
   
6,752,084
     
     
     
6,752,084
 
Energy
   
3,321,287
     
5,427,000
     
     
8,748,287
 
Financials
   
110,603,160
     
     
     
110,603,160
 
Health Care
   
81,833,279
     
3,031,432
     
2,332,592
     
87,197,303
 
Industrials
   
4,793,088
     
     
     
4,793,088
 
Information Technology
   
156,802,514
     
     
     
156,802,514
 
Materials
   
5,257,060
     
     
     
5,257,060
 
Participation Notes
   
     
4,316,620
     
     
4,316,620
 
Preferred Stocks
   
8,030,067
     
     
     
8,030,067
 
Warrants
   
2,461
     
     
     
2,461
 
Corporate Bonds
   
     
272,154,819
     
     
272,154,819
 
Asset/Mortgage Backed Securities
   
     
35,690,996
     
     
35,690,996
 
Government & Agency Obligations
   
     
51,537,682
     
     
51,537,682
 
Municipal Bonds
   
     
7,061,110
     
     
7,061,110
 
Short‐Term Investments
                               
Money Market Fund
   
5,978,187
     
     
     
5,978,187
 
TOTAL
 
$
454,936,352
   
$
379,219,659
   
$
2,332,592
   
$
836,488,603
 
 
Other Financial Instruments
 
 
Level 1
   
 
Level 2
   
 
Level 3
   
 
Total
 
Assets
                               
Total Return Swap Contracts**
 
$
   
$
8,505,313
   
$
   
$
8,505,313
 
                                 
Liabilities
                               
Securities Sold Short
                               
Common Stocks
   
(41,089,306
)
   
     
     
(41,089,306
)
Exchange Traded Funds
   
(12,496,562
)
   
     
     
(12,496,562
)
Futures Contracts**
   
(127,430
)
   
     
     
(127,430
)
Total Return Swap Contracts
   
     
(136,729
)
   
     
(136,729
)
TOTAL
 
$
(53,713,298
)
 
$
8,368,584
   
$
   
$
(45,344,714
)

*
For detailed sector descriptions, see the accompanying Statement of Investments.
**
Swap contracts and futures contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date.

In the event a Board approved independent pricing service is unable to provide an evaluated price for a security or Clough Capital Partners L.P. (the “Adviser” or “Clough”) believes the price provided is not reliable, securities of each Fund may be valued at fair value as described above. In these instances the Adviser may seek to find an alternative independent source, such as a broker/dealer to provide a price quote, or by using evaluated pricing models similar to the techniques and models used by the independent pricing service. These fair value measurement techniques may utilize unobservable inputs (Level 3).

On a monthly basis, the Fair Value Committee of each Fund meets and discusses securities that have been fair valued during the preceding month in accordance with the Funds’ Fair Value Procedures and reports quarterly to the Board on the results of those meetings.
 

Semi-Annual Report | April 30, 2017
39

Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Clough Global Equity Fund
 
Investments in Securities
 
Balance
as of
October 31, 2016
   
Realized Gain/(Loss)
   
Change in Unrealized Appreciation/ (Depreciation)
   
Purchases
   
Sales Proceeds
   
Transfer into
Level 3
   
Transfer out of Level 3
   
Balance
as of
April 30, 2017
   
Net change in unrealized appreciation/ (depreciation) attributable to Level 3 investments held at
April 30, 2017
 
Common Stocks
 
$
   
$
   
$
   
$
937,021
   
$
   
$
   
$
   
$
937,021
   
$
 
Total
 
$
   
$
   
$
   
$
937,021
   
$
   
$
   
$
   
$
937,021
   
$
 

Clough Global Opportunities Fund
 
Investments in Securities
 
Balance
as of October 31, 2016
   
Realized Gain/(Loss)
   
Change in Unrealized Appreciation/ (Depreciation)
   
Purchases
   
Sales Proceeds
   
Transfer into
Level 3
   
Transfer out of Level 3
   
Balance
as of
April 30, 2017
   
Net change in unrealized appreciation/ (depreciation) attributable to Level 3 investments held at
April 30, 2017
 
Common Stocks
 
$
   
$
   
$
   
$
2,332,592
   
$
   
$
   
$
   
$
2,332,592
   
$
 
Total
 
$
   
$
   
$
   
$
2,332,592
   
$
   
$
   
$
   
$
2,332,592
   
$
 
 
As of April 30, 2017, no other Funds, except above, had transfers between the fair value levels designated in the preceding table and unobservable inputs (Level 3) used in determining fair value. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.

The following is a summary of valuation techniques and quantitative information used in determining the fair value of the Fund’s Level 3 investments at April 30, 2017:
 
Fund
Sector
 
Fair Value
 
Valuation Technique
Unobservable Input
Range
Clough Global Equity Fund
Health Care
 
$
937,021
 
Recent Financings
Transaction price
n/a
Clough Global Opportunities Fund
Health Care
 
$
2,332,592
 
Recent Financings
Transaction price
n/a
 
Foreign Securities: Each Fund may invest a portion of its assets in foreign securities. In the event that a Fund executes a foreign security transaction, the Fund will generally enter into a foreign currency spot contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks.

The accounting records of each Fund are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.

The effect of changes in foreign currency exchange rates on investments is reported with investment securities realized and unrealized gains and losses in the Funds’ Statements of Operations.

A foreign currency spot contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. Each Fund may enter into foreign currency spot contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to a Fund include the potential inability of the counterparty to meet the terms of the contract.

The net U.S. dollar value of foreign currency underlying all contractual commitments held by a Fund and the resulting unrealized appreciation or depreciation are determined using prevailing forward foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency spot contracts are reported in the Funds’ Statements of Assets and Liabilities as a receivable for investments sold or a payable for investments purchased and in the Funds’ Statements of Operations with the change in unrealized appreciation or depreciation on translation of assets and liabilities denominated in foreign currencies. These spot  contracts are used by the broker to settle investments denominated in  foreign currencies.
 

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Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)
 
A Fund may realize a gain or loss upon the closing or settlement of the foreign transactions, excluding investment securities. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statements of Operations.

Exchange Traded Funds: Each Fund may invest in exchange traded funds (“ETFs”), which are funds whose shares are traded on a national exchange. ETFs may be based on underlying equity or fixed income securities, as well as commodities or currencies. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as “creation units.” The investor purchasing a creation unit then sells the  individual  shares  on  a secondary  market.  Although  similar  diversification  benefits  may  be achieved  through  an  investment  in  another investment company, ETFs generally offer greater liquidity and lower expenses. Because an ETF incurs its own fees and expenses, shareholders of a Fund investing in an ETF will indirectly bear those costs. Such Funds will also incur brokerage commissions and related charges when purchasing or selling shares of an ETF. Unlike typical investment company shares, which are valued once daily, shares in an ETF may be purchased or sold on a securities exchange throughout the trading day at market prices that are generally close to the NAV of the ETF.

Short Sales: Each Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker‐dealer through which it made the short sale. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of the short sale.

Each  Fund's  obligation  to  replace  the  borrowed  security  will  be  secured  by  collateral  deposited  with  the  broker‐dealer,  usually  cash,  U.S. government securities or other liquid securities. Each Fund will also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current value of the security sold short. The cash amount is reported on the Statements of Assets and Liabilities as Deposit with broker for securities sold short which is held with one counterparty. Each Fund is obligated to pay interest to the broker for any debit balance of the margin account relating to short sales. The interest  incurred by the Funds is reported on the Statements of Operations as Interest expense – margin account. Interest amounts payable are reported on the Statements of Assets and Liabilities as Interest payable – margin account.

Each Fund may also sell a security short if it owns at least an equal amount of the security sold short or another security convertible or exchangeable for an equal amount of the security sold short without payment of further compensation (a short sale against‐the‐box). In a short sale against‐the‐box, the short seller is exposed to the risk of being forced to deliver stock that it holds to close the position if the borrowed stock is called in by the lender, which would cause gain or loss to be recognized on the delivered stock. Each Fund expects normally to close its short sales against‐the‐box by delivering newly acquired stock. Since the Funds intend to hold securities sold short for the short term, these securities are excluded from the purchases and sales of investment securities in Note 4 and the Fund’s Portfolio Turnover in the Financial Highlights.

Derivatives Instruments and Hedging Activities: The following discloses the Funds’ use of derivative instruments and hedging activities.

The Funds’ investment objectives not only permit the Funds to purchase investment securities, they also allow the Funds to enter into various types of derivative contracts, including, but not limited to, purchased and written options, swaps, futures and warrants. In doing so,  the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make  direct purchases or sales of securities capable of affecting a similar response to market factors.

Risk of Investing in Derivatives: The Funds’ use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease or hedge exposures to market risk factors for securities held by the Funds, there are also risks that those  derivatives may not perform as expected, resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds’ performance.
 

Semi-Annual Report | April 30, 2017
41

Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

Each Fund may acquire put and call options and options on stock indices and enter into stock index futures contracts, certain credit derivatives transactions and short sales in connection with its equity investments. In connection with a Fund's investments in debt securities, it may enter into related derivatives transactions such as interest rate futures, swaps and options thereon and certain credit derivatives transactions. Derivatives transactions of the types described above subject a Fund to increased risk of principal loss due to imperfect correlation or unexpected price or interest rate movements. Each Fund also will be subject to credit risk with respect to the counterparties to the derivatives contracts purchased by a Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivatives  contract due to financial difficulties, each Fund  may  experience  significant  delays  in  obtaining  any  recovery  under  the  derivatives  contract  in  a  bankruptcy  or  other  reorganization proceeding. Each Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

Market Risk Factors: In addition, in pursuit of their investment objectives, certain Funds may seek to use derivatives, which may increase or decrease exposure to the following market risk factors:

Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk: Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the value of the foreign currency denominated security will increase as the dollar depreciates against the currency.

Option Writing/Purchasing: Each Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option among others, is that a Fund pays a premium whether or not the option is exercised. Additionally, a Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Each Fund is obligated to pay interest to the broker for any debit balance of the margin account relating to options. Each Fund pledges cash or liquid assets as collateral to satisfy the current obligations with respect to written options. The interest incurred on the Funds is reported on the Statements of Operations as Interest expense – margin account. Interest amounts payable by the Funds are reported on the Statements of Assets and Liabilities as Interest payable – margin account.

When a Fund writes an option, an amount equal to the premium received by a Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is recorded as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether a Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by a Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

There was no written option or purchased option activity for the six months ended April 30, 2017.

Futures Contracts: Each Fund may enter into futures contracts.  A futures contract is an agreement to buy or sell a security or currency (or to deliver a final cash settlement price in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contract) for a set price at a future date. If a Fund buys a security futures contract, the Fund enters into a contract to purchase the underlying security and is said to be "long" under the contract. If a Fund sells a security futures contact, the Fund enters into a contract to sell the underlying security and is said to be "short" under the contract. The price at which the contract trades (the "contract price") is determined by relative buying and selling interest on a regulated exchange. Futures contracts are marked to market daily and an appropriate payable or receivable  for the change in value (“variation margin”) is recorded by the Fund.  Such payables or receivables are recorded for financial statement purposes as variation margin payable or variation margin receivable by each Fund. Each Fund pledges cash or liquid assets as collateral to satisfy the current obligations with respect to futures contracts. The cash amount is reported on the Statements of Assets and Liabilities as Deposit with broker for futures contracts which is held with one counterparty. Management has reviewed the futures agreement under which the futures contracts are traded and has  determined  that  the  Funds  do  not  have  the  right  to  set‐off,  and  therefore  the  futures  contracts  are  not  subject  to  enforceable  netting arrangements.
 

42
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Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)
 
The Funds enter into such transactions for hedging and other appropriate risk‐management purposes or to increase return. While a Fund may enter into futures contracts for hedging purposes, the use of futures contracts might result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. If, for example, the Fund had insufficient cash, it might have to sell a portion of its underlying portfolio of securities in order to meet daily variation margin requirements on its futures contracts or options on futures contracts at a time when it might be disadvantageous to do so. There may be an imperfect correlation between the Funds’ portfolio holdings and futures contracts entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss.

Futures contract transactions may result in losses substantially in excess of the variation margin. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a Fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures contract. Lack of a liquid market for any reason may prevent a Fund from liquidating an unfavorable position, and the Fund would remain obligated to meet margin requirements until the position is closed. In addition, the Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange‐traded futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange‐traded and the exchange’s clearinghouse, as counterparty to all exchange‐traded futures contracts, guarantees the futures contracts against default.

During the six months ended April 30, 2017, the Funds invested in futures contracts.

Swaps: During the year each Fund engaged in total return swaps. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. Each Fund may utilize swap agreements as a means to gain exposure to certain assets and/or to “hedge” or protect the Fund from adverse movements in securities prices or interest rates. Each Fund is subject to equity risk and interest rate risk in the normal course of pursuing its investment objective through investments  in swap contracts. Swap agreements entail the risk that a party will default on its payment obligation to a Fund. If the other party to a swap defaults, a Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If each Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund’s total return.

Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A Fund’s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between  a Fund and the counterparty and by the posting of collateral to a Fund to cover the Fund’s exposure to the counterparty. Each Fund pledges cash or liquid assets as collateral to satisfy the current obligations with respect to swap contracts. The cash amount is reported on the Statements of Assets and Liabilities as Deposit with broker for total return swap contracts which is held with one counterparty.

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and those counterparties.  The ISDA Master Agreements  maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early terminate could be material to the financial statements.

During the six months ended April 30, 2017, the Funds invested in swap agreements consistent with the Funds’ investment strategies to gain exposure to certain markets or indices.

Warrants/Rights:  Each Fund may purchase or otherwise receive warrants or rights. Warrants and rights generally give the holder the right to receive, upon exercise, a security of the issuer at a set price. Funds typically use warrants and rights in a manner similar to their use of purchased options on securities, as described in options above. Risks associated with the use of warrants and rights are generally similar to risks associated with the use of purchased options. However, warrants and rights often do not have standardized terms, and may have longer maturities and may be less liquid than exchange‐traded options. In addition, the terms of warrants or rights may limit each Fund’s ability to exercise the warrants or rights at such times and in such quantities as each Fund would otherwise wish. During the period each Fund invested in warrants. Each Fund held no rights at the end of the period.
 

Semi-Annual Report | April 30, 2017
43

Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)
 
The effect of derivatives instruments on each Fund’s Statement of Assets and Liabilities as of April 30, 2017:
 
   Asset Derivatives      
Risk Exposure
Statements of Assets and Liabilities Location
 
Fair Value
 
Clough Global Dividend and Income Fund
       
Equity Contracts (Total Return Swap Contracts)
Unrealized appreciation on total return swap contracts
 
$
2,246,533
 
Equity Contracts (Warrants)
Investments, at value
   
591
 
      
$
2,247,124
 
Clough Global Equity Fund
         
Equity Contracts (Total Return Swap Contracts)
Unrealized appreciation on total return swap contracts
 
$
3,610,835
 
Equity Contracts (Warrants)
Investments, at value
   
989
 
      
$
3,611,824
 
Clough Global Opportunities Fund
         
Equity Contracts (Total Return Swap Contracts)
Unrealized appreciation on total return swap contracts
 
$
8,505,313
 
Equity Contracts (Warrants)
Investments, at value
   
2,461
 
      
$
8,507,774
 

    Liability Derivatives      
    
Statements of Assets and Liabilities Location
 
Fair Value
 
Clough Global Dividend and Income Fund
       
Foreign Currency Contracts (Futures Contracts)
Variation margin receivable
 
$
25,486
(a) 
Total
   
$
25,486
 
Clough Global Equity Fund
         
Foreign Currency Contracts (Futures Contracts)
Variation margin receivable
 
$
47,786
(a) 
Equity Contracts (Total Return Swap Contracts)
Unrealized depreciation on total return swap contracts
   
54,144
 
Total
   
$
101,930
 
Clough Global Opportunities Fund
         
Foreign Currency Contracts (Futures Contracts)
Variation margin receivable
 
$
127,430
(a) 
Equity Contracts (Total Return Swap Contracts)
Unrealized depreciation on total return swap contracts
   
136,729
 
Total
   
$
264,159
 
 
(a)
Includes cumulative depreciation of futures contracts as reported in the Statement of Investments. Only the current day's net variation margin is reported within the Statements of Assets and Liabilities.
 

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Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)
The effect of derivatives instruments on each Fund’s Statement of Operations for the six months ended April 30, 2017:
 
Risk Exposure
Statements of Operations Location
 
Realized Gain/(Loss) on Derivatives Recognized in Income
   
Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
 
Clough Global Dividend and Income Fund
           
Foreign Currency Contracts
(Futures Contracts)
Net realized gain/(loss) on futures contracts/Net change in unrealized appreciation/depreciation on futures contracts
 
$
348,923
   
$
(74,346
)
Equity Contracts
(Total Return Swap Contracts)
Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/depreciation on total return swap contracts
   
(302,144
)
   
2,244,052
 
Equity Contracts
(Warrants)
Net realized gain/(loss) on investment securities/ Net change in unrealized appreciation/depreciation on investment securities
   
     
(1,163
)
Total
   
$
46,779
   
$
2,168,543
 
                   
Clough Global Equity Fund
                 
Foreign Currency Contracts 
(Futures Contracts)
Net realized gain/(loss) on futures contracts/Net change in unrealized appreciation/depreciation on futures contracts
 
$
753,766
   
$
(155,792
)
Equity Contracts
(Total Return Swap Contracts)
Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/depreciation on total return swap contracts
   
(578,151
)
   
3,652,645
 
Equity Contracts
(Warrants)
Net realized gain/(loss) on investment securities/ Net change in unrealized appreciation/depreciation on investment securities
   
     
(1,947
)
Total
   
$
175,615
   
$
3,494,906
 
                   
Clough Global Opportunities Fund
                 
Foreign Currency Contracts
(Futures Contracts)
Net realized gain/(loss) on futures contracts/Net change in unrealized appreciation/depreciation on futures contracts
 
$
1,916,041
   
$
(402,589
)
Equity Contracts
(Total Return Swap Contracts)
Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/depreciation on total return swap contracts
   
(1,227,438
)
   
8,610,689
 
Equity Contracts
(Warrants)
Net realized gain/(loss) on investment securities/ Net change in unrealized appreciation/depreciation on investment securities
   
     
(4,849
)
Total
   
$
688,603
   
$
8,203,251
 
 

Semi-Annual Report | April 30, 2017
45


Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)
 
The average total return swap contracts notional amount during the six months ended April 30, 2017, is noted below for each of the Funds.
 
Fund
 
Average Total Return Swap Contracts Notional Amount
 
Clough Global Dividend and Income Fund
 
$
8,028,521
 
Clough Global Equity Fund
   
15,443,963
 
Clough Global Opportunities Fund
   
37,255,191
 
         
The average warrant value during the six months ended April 30, 2017, is noted below for each of the Funds.
 
Fund
 
Average Warrant Market Value
 
Clough Global Dividend and Income Fund
 
$
521
 
Clough Global Equity Fund
   
873
 
Clough Global Opportunities Fund
   
2,173
 
 
The average futures contracts notional amount during the six months ended April 30, 2017, is noted below for each of the Funds.
 
Fund
 
Average Futures Contracts Notional Amount
 
Clough Global Dividend and Income Fund
 
$
(3,767,921
)
Clough Global Equity Fund
   
(6,393,805
)
Clough Global Opportunities Fund
   
(16,366,037
)
         
Certain derivative contracts are executed under either standardized netting agreements or, for exchange‐traded derivatives, the relevant contracts for a particular exchange which contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set‐off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary  to perform under the contract.
 

46
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Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)
 
The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of April 30, 2017.
 
Offsetting of Derivatives Assets     

                      Gross Amounts Not  Offset in the
Statements of Assets and Liabilities
 
 
   
Gross Amounts of Recognized Assets
   
Gross Amounts Offset in the Statements of Assets and Liabilities
   
Net Amounts Presented in the Statements of Assets and Liabilities
   
Financial Instruments(a)
   
Cash Collateral Received(a)
   
Net Amount
 
Clough Global Dividend and Income Fund
                         
 
                                   
Total Return Swap Contracts
 
$
2,246,533
   
$
   
$
2,246,533
   
$
(2,246,533
)
 
$
   
$
 
Total
 
$
2,246,533
   
$
   
$
2,246,533
   
$
(2,246,533
)
 
$
   
$
 
                                                 
Clough Global Equity Fund       
                                 
Total Return Swap Contracts
 
$
3,610,835
   
$
   
$
3,610,835
   
$
(3,610,835
)
 
$
   
$
 
Total
 
$
3,610,835
   
$
   
$
3,610,835
   
$
(3,610,835
)
 
$
   
$
 
                                                 
Clough Global Opportunities Fund       
                                 
Total Return Swap Contracts
 
$
8,505,313
   
$
   
$
8,505,313
   
$
(8,505,313
)
 
$
   
$
 
Total
 
$
8,505,313
   
$
   
$
8,505,313
   
$
(8,505,313
)
 
$
   
$
 
 
Offsetting of Derivatives Liabilities
 
   
 
   
 
   
 
    Gross Amounts Not Offset in the
Statements of Assets and Liabilities
 
     
Gross Amounts of Recognized Liabilities
   
Gross Amounts Offset in the Statements of Assets and Liabilities
   
Net Amounts Presented in the Statements of Assets and Liabilities
   
Financial Instruments(a)
   
Cash Collateral Pledged(a)
   
Net Amount
 
Clough Global Dividend and Income Fund     
                         
Total Return Swap Contracts
       
$
   
$
   
$
   
$
   
$
 
Total
       
$
   
$
   
$
   
$
   
$
 
                                               
Clough Global Equity Fund    
                                 
Total Return Swap Contracts
 
$
54,144
   
$
   
$
54,144
   
$
(54,144
)
 
$
   
$
 
Total
 
$
54,144
   
$
   
$
54,144
   
$
(54,144
)
 
$
   
$
 
                                                 
Clough Global Opportunities Fund    
                                 
Total Return Swap Contracts
 
$
136,729
   
$
   
$
136,729
   
$
(136,729
)
 
$
   
$
 
Total
 
$
136,729
   
$
   
$
136,729
   
$
(136,729
)
 
$
   
$
 
 
(a)
These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged, which is disclosed in the Statement of Investments.
 

Semi-Annual Report | April 30, 2017
47

Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)
 
Restricted and Illiquid Securities: Although the Funds will invest primarily in publicly traded securities, they may invest a portion of their assets (generally, 5% of its value) in restricted securities and other investments which are illiquid. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the "Securities Act") or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration.
 
The Funds may invest in securities for which there is no readily available trading market or which are otherwise illiquid. Illiquid securities include securities legally restricted as to resale, such as commercial paper issued pursuant to Section 4(2) of the Securities Act, and securities eligible for resale pursuant to Rule 144A thereunder. Section 4(2) and Rule 144A securities  may, however, be treated as liquid by Clough  pursuant  to procedures adopted by the Board, which require consideration of factors such as trading activity, availability of market quotations and number of dealers willing to purchase the security.
 
The restricted securities held at April 30, 2017 are identified below and are also presented in the Funds' Statement of Investments:
 
Fund
Security
% of Net Assets
Acquisition Date
 
Shares
   
Cost
   
Fair Value
 
Clough Global Dividend and
Income Fund
Fairway Energy LP
0.89%
6/30/2015
   
130,700
   
$
1,307,000
   
$
1,323,337
 
Total
 
0.89%
           
$
1,307,000
   
$
1,323,337
 
                               
Clough Global Equity Fund
CRISPR Therapeutics AG – Series B
0.49%
6/14/2016
   
69,667
   
$
935,902
   
$
1,185,733
 
 
Fairway Energy LP
0.99%
6/30/2015
   
217,600
     
2,176,000
     
2,203,200
 
 
Sienna Biopharmaceuticals ‐ Series B
0.39%
4/12/2017 
   
449,497
     
937,021
     
937,021
 
Total
 
1.87%
           
$
4,048,923
   
$
4,325,954
 
                               
Clough Global Opportunities Fund
CRISPR Therapeutics AG – Series B
0.51%
6/14/2016
   
178,110
   
$
2,392,730
   
$
3,031,432
 
 
Fairway Energy LP
0.92%
6/30/2015    
536,000
     
5,360,000
     
5,427,000
 
 
Sienna Biopharmaceuticals ‐ Series B
0.39%
4/12/2017 
   
1,118,964
     
2,332,592
     
2,332,592
 
Total
 
1.82%
           
$
10,085,322
   
$
10,791,024
 
 
Income Taxes: Each Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.  As of and during the six months ended April 30, 2017, the Funds did not have a liability for any unrecognized tax benefits.  The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
 
Distributions to Shareholders: Each Fund intends to make a level dividend distribution each month to Common Shareholders after payment of interest on any outstanding borrowings. The level dividend rate may be modified by the Board from time to time. Any net capital gains earned by a Fund are distributed at least annually to the extent necessary to avoid federal income and excise taxes. Distributions to shareholders are recorded by each Fund on the ex‐dividend date. Each Fund has received approval from the Securities and Exchange Commission (the “Commission”) for exemption from Section 19(b) of the 1940 Act, and Rule 19b‐1 there under permitting each Fund to make periodic distributions of long‐term capital gains, provided that the distribution policy of a Fund with respect to its Common Shares calls for periodic (e.g. quarterly/monthly) distributions in an amount equal to a fixed percentage of each Fund’s average net asset value over a specified period of time or market price per common share at or about the time of distributions or pay‐out of a level dollar amount.
 
Securities Transactions and Investment Income: Investment security transactions are accounted for on a trade date basis. Dividend income and Dividend expense‐short sales are recorded on the ex‐dividend date. Certain dividend income from foreign securities will be recorded, in the exercise of reasonable diligence, as soon as a Fund is informed of the dividend if such information is obtained subsequent to the ex‐dividend date and may be subject to withholding taxes in these jurisdictions. Withholding taxes  on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations.  Interest income, which includes amortization of premium and accretion of discount, is recorded on the accrual basis. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis for both financial reporting and income tax purposes.
 

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Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)
 
Counterparty Risk: Each of the Funds run the risk that the issuer or guarantor of a fixed income security, the counterparty to an over-the-counter derivatives contract, a borrower of each Fund’s securities or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to make timely principal, interest, or settlement payments or otherwise honor its obligations. In addition, to the extent that each of the Funds use over-the-counter derivatives, and/or has significant exposure to a single counterparty, this risk will be particularly pronounced for each of the Funds.

Other Risk Factors: Investing in the Funds may involve certain risks including, but not limited to, the following:

Unforeseen developments in market conditions may result in the decline of prices of, and the income generated by, the securities held by the Funds. These events may have adverse effects on the Funds such as a decline in the value and liquidity of many securities held by the Funds, and a decrease in net asset value. Such unforeseen developments may limit or preclude the Funds’ ability to achieve their investment objective.

Investing in stocks may involve larger price fluctuation and greater potential for loss than other types of investments. This may cause the securities held by the Funds to be subject to larger short-term declines in value.

The Funds may have elements of risk due to concentrated investments in foreign issuers located in a specific country. Such concentrations may subject the Funds to additional risks resulting from future political or economic conditions and/or possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

Fixed income securities are subject to credit risk, which is the possibility that a security could have its credit rating downgraded or that the issuer of the security could fail to make timely payments or default on payments of interest or principal. Additionally, fixed income securities are subject to interest rate risk, meaning the decline in the price of debt securities that accompanies a rise in interest rates. Bonds with longer maturities are subject to greater price fluctuations than bonds with shorter maturities.

The Funds invest in bonds which are rated below investment grade. These high yield bonds may be more susceptible than higher grade bonds to real or perceived adverse economic or industry conditions. The secondary market, on which high yield bonds are traded, may also be less liquid than the market for higher grade bonds.

2.  TAXES

Classification of Distributions: Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Funds.

The tax character of the distributions paid by the Funds during the year ended October 31, 2016, were as follows:
 
   
Ordinary Income
   
Long-Term
Capital Gains
   
Return of Capital
   
Total
 
Clough Global Dividend and Income Fund
                       
October 31, 2016
 
$
   
$
6,159,918
   
$
8,281,647
   
$
14,441,565
 
Clough Global Equity Fund
                               
October 31, 2016
 
$
   
$
15,868,789
   
$
7,640,117
   
$
23,508,906
 
Clough Global Opportunities Fund
                               
October 31, 2016
 
$
   
$
9,287,743
   
$
50,435,017
   
$
59,722,760
 
 

Semi-Annual Report | April 30, 2017
49

Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)
 
Tax Basis of Investments: Net unrealized appreciation/(depreciation) of investments based on federal tax cost as of April 30, 2017, were as follows:
 
   
Clough Global Dividend and Income Fund
   
Clough Global Equity Fund
   
Clough Global Opportunities Fund
 
Gross appreciation (excess of value over tax cost)
 
$
27,401,658
   
$
55,037,985
   
$
114,786,702
 
Gross depreciation (excess of tax cost over value)
   
(15,721,967
)
   
(29,467,836
)
   
(68,334,233
)
Net unrealized appreciation
 
$
11,679,691
   
$
25,570,149
   
$
46,452,469
 
Cost of investments for income tax purposes
 
$
201,724,133
   
$
311,202,770
   
$
790,036,134
 
 
The difference between book and tax basis unrealized depreciation is attributable primarily to wash sales and tax treatment of certain other investments.

3.  CAPITAL TRANSACTIONS

Common Shares: There are an unlimited number of no par value common shares of beneficial interest authorized for each Fund.

The Board of each Fund announced, on April 20, 2015, that it had approved a share repurchase program in accordance with Section 23(c) of the 1940 Act. Under the share repurchase program, each Fund may purchase up to 5% of its outstanding common shares as of April 9, 2015, in the open market, through the Funds’ fiscal year end of October 31, 2015. The Board of Trustees of each Fund approved, in October 2015, to extend the share repurchase program through the Funds’ fiscal year end of October 31, 2016.  The Board of each Fund approved, in December 2016, to extend the share repurchase program through the Funds’ fiscal year end of October 31, 2017. In April 2017, the Board temporarily suspended the share repurchase program in light of prevailing discount rates.
 
Transactions in common shares were as follows:
 
   
Clough Global Dividend and Income Fund
 
   
For the
Six Months
Ended
April 30, 2017
   
For the
Year Ended October 31, 2016(1)
 
Common Shares Outstanding - beginning of period
   
10,392,606
     
10,392,606
 
Repurchase of Fund Shares
   
(12,700
)
   
 
Common Shares Outstanding - end of period
   
10,379,906
     
10,392,606
 
 
Transactions in common shares were as follows:
   
Clough Global Equity Fund
 
   
For the
Six Months
Ended
April 30, 2017
   
For the
Year Ended October 31, 2016
 
Common Shares Outstanding - beginning of period
   
17,653,305
     
17,653,305
 
Repurchase of Fund Shares
   
(12,200
)
   
 
Common Shares Outstanding - end of period
   
17,641,105
     
17,653,305
 
 
Transactions in common shares were as follows:
   
Clough Global Opportunities Fund
 
   
For the
Six Months
Ended
April 30, 2017
   
For the
Year Ended October 31, 2016
 
Common Shares Outstanding - beginning of period
   
51,574,059
     
51,574,059
 
Repurchase of Fund Shares
   
(15,000
)
   
 
Common Shares Outstanding - end of period
   
51,559,059
     
51,574,059
 
 
(a)
These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged, which is disclosed in the Statement of Investments.
 

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Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)
 
There were no shares repurchased during the year ended October 31, 2016. During the six months ended April 30, 2017, 12,700, 12,200 and 15,000 shares of common stock were repurchased at a total purchase price of $155,239, $139,566 and $138,030 for Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, respectively.  These transactions reflect a weighted average discount from net asset value per share of 10.50%, 10.40% and 16.16% for Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, respectively.
 
4.  PORTFOLIO SECURITIES

Purchases and sales of investment securities, excluding securities sold short intended to be held for less than one year and short-term securities, for the six months ended April 30, 2017, are listed in the table below.
 
Fund
 
Cost of Investments Purchased
   
Proceeds From Investments Sold
   
Purchases of Long-Term U.S. Government Obligations
   
Proceeds from Sales of Long-Term U.S. Government Obligations
 
Clough Global Dividend and Income Fund
 
$
175,226,583
   
$
155,427,073
   
$
14,922,019
   
$
38,349,539
 
Clough Global Equity Fund
   
277,937,358
     
240,739,763
     
1,977,070
     
32,600,477
 
Clough Global Opportunities Fund
   
773,234,402
     
675,447,782
     
64,269,196
     
177,509,160
 
 
5.  INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENTS

Clough serves as each Fund’s investment adviser pursuant to an Investment Advisory Agreement (each an “Advisory Agreement” and collectively, the “Advisory Agreements”) with each Fund. As compensation for its services to the Fund, Clough receives an annual investment advisory fee of 0.70%, 0.90% and 1.00% based on Clough Global Dividend and Income Fund’s, Clough Global Equity Fund’s and Clough Global Opportunities Fund’s, respectively, average daily total assets, computed daily and payable monthly. ALPS Fund Services, Inc. (“ALPS”) serves as each Fund’s administrator pursuant to an Administration, Bookkeeping and Pricing Services Agreement with each Fund. As compensation for its services to each Fund, ALPS receives an annual administration fee based on each Fund’s average daily total assets, computed daily and payable monthly. ALPS will pay all expenses incurred by each Fund, with the exception of advisory fees, trustees’ fees, portfolio transaction expenses, litigation expenses, taxes, expenses of conducting repurchase offers for the purpose of repurchasing fund shares, costs of preferred shares, and extraordinary expenses.

Both Clough and ALPS are considered to be “affiliates” of the Funds as defined in the 1940 Act.

6.  COMMITTED FACILITY AGREEMENT AND LENDING AGREEMENT

Each Fund entered into a financing package that includes a Committed Facility Agreement (the “Agreement”) dated January 16, 2009, as amended, between each Fund and BNP Paribas Prime Brokerage, Inc. (“BNP”) that allows each Fund to borrow funds from BNP. Each Fund is currently borrowing the maximum commitment covered by the agreement. Each Fund entered a Special Custody and Pledge Agreement (the “Pledge Agreement”) dated December 9, 2013, as amended, between each Fund, the Funds’ custodian, and BNP. As of October 31, 2016, the Pledge Agreement was assigned from BNP to BNP Paribas Prime Brokerage International, Ltd. Per the Pledge Agreement, borrowings under the Agreement are secured by assets of each Fund that are held by a Fund’s custodian in a separate account (the “pledged collateral”) valued at $139,281,068, $202,288,319 and $577,872,540 for the Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, respectively. Each Fund may, with 30 days notice, reduce the Maximum Commitment Financing (Initial Limit amount plus the increased borrowing amount in excess of the Initial Limit) to a lesser amount if drawing on the full amount would result in a violation of the applicable asset coverage requirement of Section 18 of the 1940 Act. Interest is charged at the three month LIBOR (London Inter-bank Offered Rate) plus 0.70% on the amount borrowed and 0.65% on the undrawn balance. Each Fund also pays a one-time arrangement fee of 0.25% on (i) the Initial Limit and (ii) any increased borrowing amount in the excess of the Initial Limit, paid in monthly installments for the six months immediately following the date on which borrowings were drawn by the Fund.

The Agreement was amended on October 31, 2016, to decrease the Maximum Commitment Financing, effective October 28, 2016, to $72,000,000, $113,000,000 and $292,000,000 for the Clough Global Dividend and Income Fund, Clough Global Equity Fund and the Clough Global Opportunities Fund, respectively. Prior to October 28, 2016 the Maximum Commitment Financing was $93,300,000, $156,000,000 and $388,900,000 for the Clough Global Dividend and Income Fund, Clough Global Equity Fund and the Clough Global Opportunities Fund, respectively.  For the six months ended April 30, 2017, the average borrowings outstanding for Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund under the agreement were $72,000,000, $113,000,000 and $292,000,000, respectively, and the average interest rate for the borrowings was 1.74%. As of April 30, 2017, the outstanding borrowings for Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund were $72,000,000, $113,000,000 and $292,000,000, respectively. The interest rate applicable to the borrowings of Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund on April 30, 2017, was 1.87%.
 

Semi-Annual Report | April 30, 2017
51

Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)

The Lending Agreement is a separate side-agreement between each Fund and BNP pursuant to which BNP may borrow a portion of the pledged collateral (the “Lent Securities”) in an amount not to exceed the outstanding borrowings owed by a Fund to BNP under the Agreement. The Lending Agreement is intended to permit each Fund to significantly reduce the cost of its borrowings under the Agreement. BNP has the ability to re-register the Lent Securities in its own name or in another name other than the Fund to pledge, re-pledge, sell, lend or otherwise transfer or use the collateral with all attendant rights of ownership. (It is each Fund’s understanding that BNP will perform due diligence to determine the creditworthiness of any party that borrows Lent Securities from BNP.) Each Fund may designate any security within the pledged collateral as ineligible to be a Lent Security, provided there are eligible securities within the pledged collateral in an amount equal to the outstanding borrowing owed by a Fund. During the year in which the Lent Securities are outstanding, BNP must remit payment to each Fund equal to the amount of all dividends, interest or other distributions earned or made by the Lent Securities.

Under the terms of the Lending Agreement, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by a Fund to BNP under the Agreement (the “Current Borrowings”), BNP must, on that day, either (1) return Lent Securities to each Fund’s custodian in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings; or (2) post cash collateral with each Fund’s custodian equal to the difference between the value of the Lent Securities and the value of the Current Borrowings. If BNP fails to perform either of these actions as required, each Fund will recall securities, as discussed below, in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings.  Each Fund can recall any of the Lent Securities and BNP shall, to the extent commercially possible, return such security or equivalent security to each Fund’s custodian no later than three business days after such request. If a Fund recalls a Lent Security pursuant to the Lending Agreement, and BNP fails to return the Lent Securities or equivalent securities in a timely fashion, BNP shall remain liable for the ultimate delivery to each Fund’s custodian of such Lent Securities, or equivalent securities, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to deliver. Should the borrower of the securities fail financially, the Funds have the right to reduce the outstanding amount of the Current Borrowings against which the pledged collateral has been secured.  Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. Under the terms of the Lending Agreement, each Fund shall have the right to apply and set-off an amount equal to one hundred percent (100%) of the then current fair value of such Lent Securities against the Current Borrowings.  As of April 30, 2017, the value of the Lent Securities for Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund were $66,000,260, $104,858,994 and $263,821,951, respectively.

The Board has approved each Agreement and the Lending Agreement. No violations of the Agreement or the Lending Agreement have occurred during the six months ended April 30, 2017.

Each Fund receives income from BNP based on the value of the Lent Securities. This income is recorded as Hypothecated securities income on the Statements of Operations. The interest incurred on borrowed amounts is recorded as Interest on loan in the Statements of Operations, a part of Total Expenses.

7.  OTHER

The Independent Trustees of each Fund receive from each Fund a quarterly retainer of $3,500 and an additional $1,500 for each board meeting attended. The Chairman of the Board of each Fund receives a quarterly retainer from each Fund of $4,200 and an additional $1,800 for each board meeting attended. The Chairman of the Audit Committee of each Fund receives a quarterly retainer from each Fund of $3,850 and an additional $1,650 for each board meeting attended.

Effective November 1, 2015, the Independent Trustees determined to change the additional per-meeting fees for each special telephonic board meeting attended to the following: (i) $500 for each Independent Trustee; (ii) $600 for the Chairman of the Board; and (iii) $550 for the Chairman of the Audit Committee. The Independent Trustees will continue to not receive any additional fees for in-person or telephonic committee meetings.
 

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Clough Global Funds
Notes to Financial Statements

April 30, 2017 (Unaudited)

8.  RECENT ACCOUNTING PRONOUNCEMENT

In December 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-19, “Technical Corrections and Improvements.” It includes an update to Accounting Standards Codification Topic 820 (“Topic 820”), Fair Value Measurement.  The update to Topic 820 clarifies the difference between a valuation approach and a valuation technique.  It also requires disclosure when there has been a change in either or both a valuation approach and/or a valuation technique.  The changes related to Topic 820 are effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2016.  Management is currently evaluating the impact of the ASU to the financial statements.

9.  SEC REGULATIONS

On October 13, 2016, the SEC amended Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact to the financial statements and disclosures.
 

Semi-Annual Report | April 30, 2017
53

Clough Global Funds
Dividend Reinvestment Plan

April 30, 2017 (Unaudited)

Unless the registered owner of Common Shares elects to receive cash by contacting DST Sytems, Inc. (the “Plan Administrator”), all dividends declared on Common Shares will be automatically reinvested by the Plan Administrator for shareholders in each Fund’s Dividend Reinvestment Plan (the “Plan”), in additional Common Shares. Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. You may elect not to participate in the Plan and to receive all dividends in cash by contacting the Plan Administrator, as dividend disbursing agent, at the address set forth below. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re–invest that cash in additional Common Shares for you. If you wish for all dividends declared on your Common Shares to be automatically reinvested pursuant to the Plan, please contact your broker.

The Plan Administrator will open an account for each Common Shareholder under the Plan in the same name in which such Common Shareholder’s Common Shares are registered. Whenever a Fund declares a dividend or other distribution (together, a “Dividend”) payable in cash, non–participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from a Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open–Market Purchases”) on the American Stock Exchange or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions per Common Share is equal to or greater than the net asset value per Common Share, the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the net asset value per Common Share on the payment date; provided that, if the net asset value is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the net asset value per Common Share is greater than the closing market value plus estimated brokerage commissions, the Plan Administrator will invest the Dividend amount in Common Shares acquired on behalf of the participants in Open–Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade on an “ex–dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open–Market Purchases. If, before the Plan Administrator has completed its Open–Market Purchases, the market price per Common Share exceeds the net asset value per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the net asset value of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open–Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open–Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open–Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the net asset value per Common Share at the close of business on the Last Purchase Date provided that, if the net asset value is less than or equal to 95% of the then current market price per Common Share; the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.

The Plan Administrator maintains all shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of Common Shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to Common Shares issued directly by a Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open–Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a sale of Common Shares through the Plan Administrator are subject to brokerage commissions.

Each Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, each 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, DST Systems, Inc.,  333 West 11th Street, 5th Floor, Kansas City, Missouri 64105.
 

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Clough Global Funds
Additional Information

April 30, 2017 (Unaudited)
 
FUND PROXY VOTING POLICIES & PROCEDURES
Each Fund’s policies and procedures used in determining how to vote proxies relating to portfolio securities are available on the Funds’ website at http://www.cloughglobal.com. Information regarding how each Fund voted proxies relating to portfolio securities held by each Fund for the period ended June 30, are available without charge, upon request, by contacting the Funds at 1-877-256-8445 and on the Commission’s website at http://www.sec.gov.

PORTFOLIO HOLDINGS
The Funds file their complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N–Q within 60 days after the end of the period. Copies of the Funds’ Form N–Q are available without a charge, upon request, by contacting the Funds at 1–877–256–8445 and on the Commission’s website at http://www.sec.gov. You may also review and copy Form N–Q at the Commission’s Public Reference Room in Washington, D.C. For more information about the operation of the Public Reference Room, please call the Commission at 1–800–SEC–0330.

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

SECTION 19(A) NOTICES
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 there under. Each 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 year-to-date cumulative distribution amount per share for each 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. 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.
 
   
Total Cumulative Distributions for the six months
ended April 30, 2017
   
% Breakdown of the Total Cumulative Distributions for the six months ended April 30, 2017
 
   
Net Investment Income
   
Net Realized Capital Gains
   
Return of Capital
   
Total Per Common Share
   
Net Investment Income
   
Net Realized Capital Gains
   
Return of Capital
   
Total Per Common Share
 
Clough Global Dividend and Income Fund
 
$
0.12390
   
$
0.00000
   
$
0.49530
   
$
0.61920
     
20.01
%
   
0.00
%
   
79.99
%
   
100.00
%
Clough Global Equity Fund
 
$
0.02420
   
$
0.00000
   
$
0.56920
   
$
0.59340
     
4.08
%
   
0.00
%
   
95.92
%
   
100.00
%
Clough Global Opportunities Fund
 
$
0.01380
   
$
0.00000
   
$
0.50220
   
$
0.51600
     
2.67
%
   
0.00
%
   
97.33
%
   
100.00
%
 
Each Fund’s dividend 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, each 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 dividends paid by each Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month. Each Fund’s current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.
 

Semi-Annual Report | April 30, 2017
55

Clough Global Funds
Investment Advisory Agreement Approval

April 30, 2017 (Unaudited)
 
On April 13, 2017, the Board of Trustees (the “Board” or the “Trustees”) of each of Clough Global Dividend and Income Fund (“GLV”), Clough Global Equity Fund (“GLQ”) and Clough Global Opportunities Fund (“GLO” and together with GLV and GLQ, each, a “Fund” and collectively, the “Funds”) met in person to, among other things, review and consider the renewal of the Investment Advisory Agreement with each Fund (each, an “Advisory Agreement” and collectively, the “Advisory Agreements”).  During their review of each Advisory Agreement, the Trustees, including the Trustees who are not “interested persons” of the Fund (the “Independent Trustees”), as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”), considered in general the nature, quality and scope of services to be provided by Clough.

Prior to the beginning of their review of the Advisory Agreements, counsel to the Funds, who also serves as independent counsel to the Independent Trustees, discussed with the Trustees their role and fiduciary responsibilities in general and also specifically under the 1940 Act with respect to the renewal of each Advisory Agreement.

Representatives from Clough discussed Clough’s materials relating to the Trustees’ consideration of renewal of the Advisory Agreements. It was noted that included in the Board materials were responses by Clough to a request letter prepared by legal counsel on behalf of the Independent Trustees to the Funds to assist the Board in evaluating whether to renew the Advisory Agreements (the “15(c) Materials”). The Board noted that the 15(c) Materials were extensive, and included information relating to: each Fund’s investment results, portfolio composition, advisory fee and expense comparisons and profitability to Clough; financial information regarding Clough; descriptions of policies, including compliance monitoring and portfolio trading practices; information about the personnel providing investment management services to the Funds; and the nature of services provided under each Advisory Agreement.

The Board reviewed the organizational structure and business operations of Clough.  The Board also reviewed the qualifications of Clough and its principals to act as each Fund’s investment adviser. The Board considered the professional experience of the portfolio managers, Eric A. Brock and Charles I. Clough, Jr., Partners at Clough, as well as Robert Zdunczyk, portfolio manager of the Clough Global Dividend and Income Fund and Clough Global Opportunities Fund (collectively, the “Portfolio Managers”), emphasizing that each of the Portfolio Managers had substantial experience as an investment professional. The Trustees acknowledged their familiarity with the expertise and standing in the investment community of the Portfolio Managers, and their satisfaction with the expertise of Clough and the services provided by Clough to the Funds. The Trustees concluded that the portfolio management team was well qualified to serve the Funds in those functions.

The Board considered various investment products managed by Clough other than the Funds. The Board also considered the adequacy of Clough’s facilities. The Trustees concluded that Clough appeared to have adequate procedures and personnel in place to ensure compliance by Clough with applicable law and with each Fund’s investment objectives and restrictions.

The Board considered the terms of the Advisory Agreements, pursuant to which Clough receives a fee of 0.70%, 0.90% and 1.00% based on the average daily total assets of Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, respectively. The Trustees considered the fees charged by Clough to other clients for which it provides comparable service, Clough’s balance sheet for the year ended December 31, 2016, and a profit and loss analysis as it relates to Clough’s advisory business.

The Board considered Clough’s procedures relating to compliance and oversight, noting that a copy of Clough’s compliance program was included in the Board materials. The Board further considered  information provided by Clough on whether Clough has experienced or anticipates it may experience conflicts of interest in managing the Funds.  The Board also considered that the materials contained information regarding Clough’s business continuity and disaster recovery plans as well as steps Clough has undertaken to reasonably detect and prevent cybersecurity crimes. The Board also considered information related to Clough’s trading activities and how Clough monitors best execution. The Board considered the possible benefits Clough may accrue because of its relationship with the Funds as well as potential benefits that accrue to the Funds because of their relationship with Clough. The Board considered that Clough does not realize any direct benefits due to the allocation of brokerage and related transactions on behalf of the Funds.

The Board considered materials regarding the comparability of the investment advisory fees of the Funds with the investment advisory fees of other investment companies (each, an “Expense Group”), which had been prepared by Strategic Insight, an Asset International Company (“Strategic Insight”). The Board also considered information in the Strategic Insight report regarding each Fund’s investment performance as well as comparisons of each Fund’s performance with the performance during similar periods of other funds in its Expense Group and comparisons of cost and expense structures of each Fund with the cost and expense structures of other funds in the relevant Expense Group, and related matters.

The Board took into consideration that the Funds may be unique in the registered fund marketplace and that Strategic Insight had a difficult time presenting a large peer group for comparison. For each Fund, the Board compared fees from other leveraged closed-end investment companies that Strategic Insight classified as “global funds” versus Clough Global Dividend and Income Fund’s, Clough Global Equity Fund’s and Clough Global Opportunities Fund’s fees as part of the expense group (the “Expense Group”).  The Board considered the extent to which each Fund utilizes leverage and short sales, thereby increasing its investment-related expenses and concluded that the use of leverage and short sales is an important part of each Fund’s investment strategy to attempt to meet each Fund’s investment objective. The Board also considered that investment related expenses should be viewed as operational in nature and should not be considered a management expense.  The Board further considered that Strategic Insight defined investment related expenses to include, but not be limited to, dividends on securities sold short, interest expense, reverse repurchase agreements, swaps, tender costs, and auction fees.
 

56
www.cloughglobal.com

Clough Global Funds
Investment Advisory Agreement Approval

April 30, 2017 (Unaudited)
 
For GLV, the Board considered that the investment advisory fee for managed assets in the Expense Group ranged from GLV’s low of 0.70% to 1.105%. For GLV, the Board also considered that as reported by Strategic Insight, the net total expenses for the Expense Group on managed assets, excluding investment related expenses, ranged from the low of 0.966% to 1.619%, with a median of 1.148% and GLV at 1.031%.

For GLQ, the Board considered that the investment advisory fee for managed assets in the Expense Group ranged from 0.850% to 1.105%, with GLQ at 0.900%. For GLQ, the Board also considered that as reported by Strategic Insight, the net total expenses for the Expense Group on managed assets, excluding investment related expenses, ranged from 0.966% to 1.619%, with a median of 1.216% and GLQ at 1.248%.

For GLO, the Board considered that the investment advisory fee for managed assets in the Expense Group ranged from 0.850% to 1.105%, with GLO at 1.000%. For GLO, the Board also considered that as reported by Strategic Insight, the net total expenses for the Expense Group on managed assets, excluding investment related expenses, ranged from 0.966% to 1.619%, with a median of 1.216% and GLO at 1.331%.

The Trustees took into consideration each Fund’s performance as compared to the performance of each Fund’s Expense Group for the one year ended February 28, 2017.

For GLV, the annual net total return performance data for GLV’s Expense Group ranged from a high of 37.40% to a low of 15.35% with a median of 23.74%. GLV’s performance was 15.35%.

For GLQ, the annual net total return performance data for GLQ’s Expense Group ranged from a high of 37.40% to a low of 16.00% with a median of 23.74%. GLQ’s performance was 16.00%.

For GLO, the annual net total return performance data for GLO’s Expense Group ranged from a high of 37.40% to a low of 12.39% with a median of 23.74%. GLO’s performance was 12.39%.

The Trustees also considered each Fund’s performance as compared to the performance of each Fund’s Expense Group for the one year ended December 31, 2016.

For GLV, the annual net total return performance data for GLV’s Expense Group ranged from a high of 22.54% to a low of -1.87% with a median of 12.33%. GLV’s performance was -1.87%.

For GLQ, the annual net total return performance data for GLQ’s Expense Group ranged from a high of 22.54% to a low of -5.37% with a median of 12.33%. GLQ’s performance was -5.37%.

For GLO, the annual net total return performance data for GLO’s Expense Group ranged from a high of 22.54% to a low of -4.33% with a median of 12.33%. GLO’s performance was -4.33%.
 
The Independent Trustees met in executive session and with the assistance of legal counsel reviewed and discussed in more detail the information that had been presented relating to Clough, the Advisory Agreements and Clough’s profitability.

After executive session, the Board of Trustees of the Fund, present in person, with the Independent Trustees present in person voting separately, unanimously concluded that the investment advisory fee of 0.70% of Clough Global Dividend and Income Fund’s total assets, 0.90% of Clough Global Equity Fund’s total assets and 1.00% of Clough Global Opportunities Fund’s total assets are fair and reasonable for each respective Fund and that the renewal of each Advisory Agreement is in the best interests of each respective Fund and its shareholders.
 

Semi-Annual Report | April 30, 2017
57

2017 SEMI-ANNUAL REPORT
 
(BACK COVER)
 


Item 2. Code of Ethics.

Not applicable to semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to semi-annual report.

Item 6. Schedule of Investments.

a.
Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
b.
Not applicable to the Registrant.

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

Not applicable to semi-annual report.

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

a.
Not applicable to semi-annual report.
b.
As of July 10, 2017 the following portfolio manager changes have been made:
 
On January 25, 2017 and April 24, 2017, Eric A. Brock and James E. Canty, respectively, stepped down as portfolio managers of the Fund. Charles Clough and Robert Zdunczyk will remain as portfolio managers for the Fund. For more information about Messrs. Clough and Zdunczyk, please see the Fund’s latest annual filing on Form N-CSR.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Period
 
(a) Total Number
of Shares (or Units)
Purchased
   
(b) Average Price
Paid per Share
(or Unit)
   
(c) Total Number of
Shares (or Units)
Purchased as Part of
Publicly Announced
Plans or Programs
   
(d) Maximum
Number (or
Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under the
Plans or Programs
 
11/1/16 - 11/30/16
   
-
   
$
-
     
-
     
2,578,703
 
12/1/16 - 12/31/16
   
-
   
$
-
     
-
     
2,578,703
 
1/1/17 - 1/31/17
   
15,000
   
$
9.20
     
15,000
     
2,563,703
 
2/1/17 - 2/28/17
   
-
   
$
-
     
-
     
2,563,703
 
3/1/17 - 3/31/17
   
-
   
$
-
     
-
     
2,563,703
 
4/1/17 - 4/30/17
   
-
   
$
-
     
-
     
2,563,703
 
Total
   
15,000
   
$
9.20
     
15,000
     
2,563,703
 

Repurchase program announced in December 2016
 
Approved the Fund to purchase up to 5% of its outstanding common shares as of December 9, 2016, in the open market, through October 31, 2017.
 
In April 2017, the program was temporarily suspended.
 

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

There have been no material changes by which shareholders may recommend nominees to the Board of Trustees.

Item 11. Controls and Procedures.

(a)
The Registrant’s principal executive officer and principal financial officer 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) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)
There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable to semi-annual report.

(a)(2) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex-99.Cert.

(a)(3) Not applicable.

(b) A certification for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex-99.906Cert.

(c) Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940 dated September 21, 2009, the form of 19(a) Notices to Beneficial Owners are attached hereto as Exhibit 12(c).
 

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.

CLOUGH GLOBAL OPPORTUNITIES FUND
     
By:
/s/ Edmund J. Burke
 
 
Edmund J. Burke
 
 
President/Principal Executive Officer
     
Date:
July 10, 2017
 

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.

CLOUGH GLOBAL OPPORTUNITIES FUND
     
By:
/s/ Edmund J. Burke
 
 
Edmund J. Burke
 
 
President/Principal Executive Officer
     
Date:
July 10, 2017
 
     
By:
/s/ Jeremy O. May
 
 
Jeremy O. May
 
 
Treasurer/Principal Financial Officer
     
Date:
July 10, 2017