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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21712

CLOUGH GLOBAL EQUITY FUND
(Exact name of registrant as specified in charter)

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

Abigail J. Murray
Clough Global Equity 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: January 31, 2017


Item 1 – Schedule of Investments.

The Schedule of Investments is included herewith.
 
Clough Global Dividend and Income Fund
 
STATEMENT OF INVESTMENTS
 
January 31, 2017 (Unaudited)
 
             
   
Shares
   
Value
 
COMMON STOCKS 67.33%
 
Consumer Discretionary 12.70%
 
Cable One, Inc.(a)
   
1,100
   
$
695,618
 
DR Horton, Inc.(a)(b)
   
96,526
     
2,887,093
 
IMAX Corp.(a)(b)(c)
   
39,900
     
1,300,740
 
Lennar Corp. - Class A(a)(b)
   
45,100
     
2,013,715
 
Liberty Broadband Corp. -
Class C(a)(b)(c)
   
34,548
     
2,948,326
 
Liberty Ventures - Series A(a)(b)(c)
   
100,543
     
4,388,702
 
PulteGroup, Inc.(a)(b)
   
82,000
     
1,763,820
 
Service Corp. International(a)(b)
   
40,300
     
1,173,939
 
Sony Corp.
   
27,700
     
839,758
 
             
18,011,711
 
                 
Consumer Staples 1.27%
 
B&G Foods, Inc.(a)(b)
   
23,400
     
1,037,790
 
Kose Corp.
   
9,000
     
765,211
 
             
1,803,001
 
                 
Energy 4.97%
 
Devon Energy Corp.(a)(b)
   
20,600
     
938,124
 
EOG Resources, Inc.(a)(b)
   
29,800
     
3,027,084
 
Fairway Energy LP(c)(d)(e)(f)
   
130,700
     
1,323,337
 
Pioneer Natural Resources Co.(a)(b)
   
9,800
     
1,766,254
 
             
7,054,799
 
                 
Financials 23.02%
 
Ares Capital Corp.(a)
   
233,300
     
3,942,770
 
Ares Commercial Real Estate
Corp.(a)(b)
   
52,400
     
706,352
 
Bank of America Corp.(a)(b)
   
173,091
     
3,918,780
 
Blackstone Mortgage Trust, Inc. -
Class A(a)(b)
   
77,200
     
2,353,828
 
Citigroup, Inc.(a)(b)
   
77,930
     
4,350,832
 
Community Healthcare Trust, Inc.(a)
   
108,100
     
2,331,717
 
Global Medical REIT, Inc.(a)
   
77,000
     
681,450
 
Golub Capital BDC, Inc.(a)(b)
   
128,400
     
2,398,512
 
Hercules Capital, Inc.(a)(b)
   
97,300
     
1,374,849
 
JPMorgan Chase & Co.(a)(b)
   
8,100
     
685,503
 
Ladder Capital Corp.(a)(b)
   
55,102
     
747,183
 
MedEquities Realty Trust, Inc.(a)(b)
   
121,200
     
1,321,080
 
MTGE Investment Corp.(a)(b)
   
38,400
     
610,560
 
PennyMac Mortgage Investment
Trust(a)(b)
   
89,714
     
1,520,653
 
Solar Capital, Ltd.(a)(b)
   
47,100
     
999,462
 
Solar Senior Capital, Ltd.(a)(b)
   
67,300
     
1,127,275
 
Starwood Property Trust, Inc.(a)(b)
   
160,700
     
3,577,182
 
             
32,647,988
 
                 
Health Care 6.74%
 
Biogen, Inc.(a)(b)(c)
   
1,740
     
482,398
 
Bristol-Meyers Squibb Co.(a)(b)
   
33,387
     
1,641,305
 
 
   
Shares
   
Value
 
Health Care (continued)
 
Cardiome Pharma Corp.(a)(c)
   
149,200
   
$
440,140
 
Gilead Sciences, Inc.(a)(b)
   
19,600
     
1,420,020
 
Merck & Co., Inc.(a)(b)
   
52,400
     
3,248,276
 
Pfizer, Inc.(a)(b)
   
73,400
     
2,328,982
 
             
9,561,121
 
                 
Information Technology 16.21%
 
Alibaba Group Holding, Ltd. - Sponsored ADR(a)(b)(c)
   
12,200
     
1,235,982
 
Apple, Inc.(a)(b)
   
60,200
     
7,305,270
 
Broadcom, Ltd.(a)(b)
   
21,105
     
4,210,447
 
Microsoft Corp.(a)(b)
   
56,400
     
3,646,260
 
Monolithic Power Systems, Inc.(a)
   
9,800
     
854,952
 
Nintendo Co., Ltd.
   
1,800
     
368,577
 
Samsung Electronics Co., Ltd.
   
1,836
     
3,117,140
 
Ulvac, Inc.
   
16,300
     
578,173
 
ViaSat, Inc.(a)(b)(c)
   
25,749
     
1,671,367
 
             
22,988,168
 
                 
Materials 0.83%
 
Chr Hansen Holding A/S
   
19,244
     
1,173,338
 
                 
Telecommunication Services 1.59%
 
China Mobile, Ltd.
   
199,000
     
2,253,174
 
                 
TOTAL COMMON STOCKS
 
(Cost $89,599,814)
           
95,493,300
 
                 
CLOSED-END FUNDS 7.22%
 
Adams Diversified Equity Fund,
Inc.(a)(b)
   
132,430
     
1,738,806
 
Alpine Global Premier Properties Fund(a)
   
138,300
     
753,735
 
Credit Suisse High Yield Bond Fund
   
124,242
     
337,938
 
DoubleLine Income Solutions Fund
   
18,900
     
375,732
 
DoubleLine Opportunistic Credit Fund
   
15,500
     
359,290
 
Dreyfus High Yield Strategies Fund
   
107,000
     
364,870
 
Eaton Vance Risk-Managed Diversified Equity Income Fund(a)
   
78,100
     
738,045
 
Eaton Vance Tax-Managed Diversified Equity Income Fund(a)
   
68,100
     
725,946
 
Eaton Vance Tax-Managed Global Diversified Equity Income Fund(a)
   
146,900
     
1,241,305
 
First Trust Dynamic Europe Equity Income Fund(a)
   
45,800
     
738,754
 
First Trust Intermediate Duration Preferred & Income Fund
   
500
     
11,625
 
Flaherty & Crumrine Preferred Securities Income Fund, Inc.
   
15,700
     
311,488
 
Gabelli Equity Trust, Inc.(a)
   
80,000
     
456,800
 
Kayne Anderson MLP Investment Co.(a)
   
35,800
     
720,654
 
 
 

   
Shares
   
Value
 
CLOSED-END FUNDS (continued)
 
Liberty All-Star Equity Fund(a)
   
141,300
   
$
758,781
 
Pioneer High Income Trust
   
35,100
     
348,894
 
Tekla Life Sciences Investors
   
14,815
     
264,744
 
             
10,247,407
 
                 
TOTAL CLOSED-END FUNDS
 
(Cost $9,757,369)
           
10,247,407
 
                 
PARTICIPATION NOTES 0.61%
 
Consumer Staples 0.61%
 
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017(d)
   
17,417
     
872,167
 
                 
                 
TOTAL PARTICIPATION NOTES
 
(Cost $582,958)
           
872,167
 
                 
PREFERRED STOCKS 1.79%
 
Annaly Capital Management, Inc.(a)
 
Series E, 7.625%
   
43,842
     
1,072,375
 
Ares Management LP(a)
 
Series A, 7.000%
   
35,000
     
907,550
 
Hercules Capital, Inc., 6.250%
   
7,700
     
197,428
 
MTGE Investment Corp.(a)
 
Series A, 8.125%
   
10,640
     
270,309
 
Solar Capital, Ltd., 6.750%
   
3,478
     
87,159
 
             
2,534,821
 
                 
TOTAL PREFERRED STOCKS
 
(Cost $2,483,316)
           
2,534,821
 
                 
WARRANTS 0.00%(c)(g)
 
Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017(d)
   
116,958
     
65
 
                 
TOTAL WARRANTS
 
(Cost $1,170)
           
65
 
                 
Description and
 
Principal
         
Maturity Date
 
Amount
   
Value
 
CORPORATE BONDS 44.07%
 
Ares Capital Corp.
               
11/30/2018, 4.875%(a)(b)
 
$
1,000,000
     
1,045,118
 
01/19/2022, 3.625%(a)
   
1,402,000
     
1,372,540
 
Bank of America Corp.
               
Series L, 01/15/2019, 2.600%(a)(b)
   
1,000,000
     
1,009,671
 
The Bank of Nova Scotia
               
06/05/2019, 2.050%
   
1,000,000
     
1,002,423
 
BB&T Corp.
               
01/12/2018, 1.450%(a)(b)
   
1,610,000
     
1,611,257
 
 
Description and
 
Principal
       
Maturity Date
 
Amount
   
Value
 
CORPORATE BONDS (continued)
 
CalAtlantic Group, Inc.
           
06/01/2026, 5.250%(a)
 
$
1,200,000
   
$
1,194,000
 
Care Capital Properties LP
               
08/15/2026, 5.125%(a)(d)
   
1,276,000
     
1,235,801
 
Caterpillar Financial Services Corp.
               
06/16/2018, 1.700%(a)
   
1,000,000
     
1,000,857
 
Chevron Corp.
               
03/02/2018, 1.365%(a)
   
1,000,000
     
999,512
 
Citigroup, Inc.
               
02/05/2018, 1.800%
   
700,000
     
700,370
 
Series N, Perpetual Maturity, 5.800%(a)(b)(h)(i)
   
1,300,000
     
1,337,375
 
Citizens Bank National Association
               
03/14/2019, 2.500%(a)
   
1,000,000
     
1,007,841
 
12/04/2019, 2.450%(a)
   
1,000,000
     
1,005,780
 
05/13/2021, 2.550%(a)
   
1,000,000
     
996,465
 
Dominion Gas Holdings LLC
               
12/15/2019, 2.500%(a)
   
1,000,000
     
1,012,099
 
EMC Corp.
               
06/01/2018, 1.875%(a)
   
500,000
     
497,597
 
06/01/2023, 3.375%(a)
   
1,000,000
     
935,982
 
Exelon Generation Co., LLC
               
10/01/2017, 6.200%(a)
   
1,000,000
     
1,030,529
 
01/15/2020, 2.950%
   
750,000
     
760,054
 
First Republic Bank
               
06/17/2019, 2.375%(a)
   
1,000,000
     
999,238
 
08/01/2046, 4.375%(a)
   
1,000,000
     
917,620
 
Ford Motor Credit Co., LLC
               
03/12/2019, 2.375%(a)
   
1,000,000
     
1,000,458
 
05/03/2019, 2.021%(a)
   
1,000,000
     
991,524
 
General Motors Financial Co., Inc.
               
04/10/2018, 2.400%(a)
   
1,000,000
     
1,004,098
 
01/15/2020, 3.150%
   
1,000,000
     
1,009,833
 
The Goldman Sachs Group, Inc.
               
04/25/2019, 2.000%(a)
   
1,000,000
     
997,620
 
Jackson National Life Global Funding
               
04/29/2021, 2.250%(a)(d)
   
1,000,000
     
987,284
 
Jersey Central Power & Light Co.
               
06/15/2018, 4.800%(a)
   
1,000,000
     
1,033,244
 
John Deere Capital Corp.
               
03/12/2018, 1.300%
   
850,000
     
848,678
 
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
               
10/01/2017, 7.375%(a)
   
1,080,000
     
1,086,750
 
08/01/2021, 5.875%(a)(d)
   
1,500,000
     
1,494,375
 
Lear Corp.
               
01/15/2023, 4.750%
   
1,000,000
     
1,044,930
 
01/15/2025, 5.250%(a)
   
1,000,000
     
1,066,100
 
Manufacturers & Traders Trust Co.
               
07/25/2019, 2.250%
   
1,000,000
     
1,008,836
 
02/06/2020, 2.100%
   
1,000,000
     
1,000,129
 
Microsoft Corp.
               
08/08/2019, 1.100%
   
1,000,000
     
986,437
 
Morgan Stanley
               
01/24/2019, 2.500%(a)
   
1,000,000
     
1,009,267
 
Northrop Grumman Corp.
               
06/01/2018, 1.750%(a)
   
1,000,000
     
1,002,983
 
 
 

Description and
 
Principal
       
Maturity Date
 
Amount
   
Value
 
CORPORATE BONDS (continued)
 
Omega Healthcare Investors, Inc.
           
03/15/2024, 5.875%(a)
 
$
1,000,000
   
$
1,030,420
 
04/01/2027, 4.500%(a)
   
1,000,000
     
974,104
 
ONE Gas, Inc.
               
02/01/2019, 2.070%(a)
   
1,114,000
     
1,117,663
 
People's United Financial, Inc.
               
12/06/2022, 3.650%(a)
   
1,000,000
     
1,009,226
 
Pfizer, Inc.
               
05/15/2019, 2.100%(a)
   
1,000,000
     
1,011,426
 
PNC Bank National Association
               
12/07/2018, 1.700%
   
1,000,000
     
998,309
 
Pricoa Global Funding I
               
05/16/2019, 2.200%(d)
   
1,000,000
     
1,005,591
 
Royal Bank of Canada
               
07/29/2019, 1.500%
   
1,000,000
     
988,306
 
Scripps Networks Interactive, Inc.
               
11/15/2019, 2.750%
   
1,000,000
     
1,013,569
 
06/15/2020, 2.800%(a)
   
1,000,000
     
1,009,600
 
Stifel Financial Corp.
               
12/01/2020, 3.500%(a)
   
1,000,000
     
1,006,766
 
SunTrust Banks, Inc.
               
11/01/2018, 2.350%(a)
   
1,000,000
     
1,009,267
 
Perpetual Maturity, 5.625%(a)(b)(h)(i)
   
900,000
     
931,500
 
Textron Financial Corp.
               
02/15/2067, 6.000%(a)(d)(h)
   
910,000
     
677,950
 
The Toronto-Dominion Bank
               
08/13/2019, 1.450%(a)
   
917,000
     
905,161
 
Under Armour, Inc.
               
06/15/2026, 3.250%(a)(b)
   
2,500,000
     
2,311,237
 
Verizon Communications, Inc.
               
09/14/2018, 3.650%(a)
   
1,000,000
     
1,032,465
 
Voya Financial, Inc.
               
02/15/2018, 2.900%(a)
   
1,000,000
     
1,010,935
 
WEC Energy Group, Inc.
               
06/15/2020, 2.450%
   
750,000
     
752,667
 
Wells Fargo & Co.
               
12/07/2020, 2.550%
   
2,000,000
     
2,003,506
 
Western Digital Corp.
               
04/01/2024, 10.500%(a)(b)(d)
   
1,236,000
     
1,460,025
 
                 
TOTAL CORPORATE BONDS
         
(Cost $62,769,485)
           
62,504,368
 
                 
ASSET/MORTGAGE BACKED SECURITIES 6.49%
 
Government National Mortgage Association - REMICS
               
Series 2014-67, Class AE, 05/16/2039, 2.150%
   
1,236,007
     
1,249,146
 
Series 2012-83, Class A, 07/16/2041, 1.368%
   
793,766
     
769,468
 
Series 2014-172, Class AC, 09/16/2041, 1.900%
   
790,156
     
778,600
 
Series 2011-47, Class C, 02/16/2042, 3.817%(h)
   
624,389
     
637,618
 
Series 2013-68, Class AC, 02/16/2046, 1.300%
   
852,202
     
815,023
 
 
Description and
Principal
     
Maturity Date
Amount
 
Value
 
ASSET/MORTGAGE BACKED SECURITIES (continued)
 
Series 2011-144, Class B, 04/16/2046, 3.291%
 
$
355,874
   
$
356,388
 
Series 2015-130, Class AB, 08/16/2047, 2.550%
   
810,299
     
808,615
 
Series 2016-92, Class AB, 04/16/2050, 2.100%
   
495,390
     
488,466
 
Series 2014-166, Class PJ, 07/16/2051, 2.500%
   
738,060
     
740,404
 
Series 2012-111, Class A, 09/16/2052, 2.387%
   
1,699,911
     
1,711,131
 
Series 2012-125, Class AB, 02/16/2053, 2.111%(h)
   
700,464
     
670,050
 
United States Small Business Administration
               
Series 2008-20L, Class 1, 12/01/2028, 6.220%
   
156,191
     
175,216
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
 
(Cost $9,366,198)
           
9,200,125
 
                 
GOVERNMENT & AGENCY OBLIGATIONS 10.29%
 
U.S. Treasury Bonds
 
08/15/2026, 6.750%(a)
   
700,000
     
957,032
 
11/15/2026, 6.500%(a)
   
1,600,000
     
2,163,813
 
08/15/2029, 6.125%(a)
   
1,250,000
     
1,726,782
 
U.S. Treasury Notes
 
02/15/2018, 3.500%(a)
   
2,000,000
     
2,053,282
 
05/15/2018, 3.875%(a)
   
5,500,000
     
5,704,638
 
01/31/2020, 1.375%
   
2,000,000
     
1,994,180
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
 
(Cost $14,880,535)
           
14,599,727
 
                 
 
Shares
 
Value
 
SHORT-TERM INVESTMENTS 8.91%
 
Money Market Fund 8.91%
 
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.364% 7-day yield)
   
12,634,836
     
12,634,836
 
                 
TOTAL SHORT-TERM INVESTMENTS
         
(Cost $12,634,836)
           
12,634,836
 
                 
Total Investments - 146.71%
         
(Cost $202,075,681)
           
208,086,816
 
                 
Liabilities in Excess of Other Assets - (46.71%)(j)
     
(66,251,618
)
                 
NET ASSETS - 100.00%
         
$
141,835,198
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

SCHEDULE OF SECURITIES SOLD SHORT (c)
 
Shares
   
Value
 
COMMON STOCKS (5.22%)
 
Energy (0.24%)
 
Transocean, Ltd.
   
(23,900
)
 
$
(333,883
)
                 
Financials (0.99%)
 
American Express Co.
   
(6,100
)
   
(465,918
)
Capital One Financial Corp.
   
(5,900
)
   
(515,601
)
Deutsche Bank AG
   
(20,900
)
   
(416,119
)
             
(1,397,638
)
                 
Health Care (0.38%)
 
Amgen, Inc.
   
(2,200
)
   
(344,696
)
Mallinckrodt PLC
   
(4,000
)
   
(194,920
)
             
(539,616
)
                 
Industrials (1.70%)
 
Caterpillar, Inc.
   
(7,100
)
   
(679,186
)
Deutsche Lufthansa AG
   
(129,724
)
   
(1,727,359
)
             
(2,406,545
)
                 
Information Technology (1.91%)
 
Infosys, Ltd. - Sponsored ADR
   
(66,600
)
   
(917,082
)
International Business Machines Corp.
   
(10,300
)
   
(1,797,556
)
             
(2,714,638
)
                 
TOTAL COMMON STOCKS
 
(Proceeds $6,893,215)
           
(7,392,320
)
                 
EXCHANGE TRADED FUNDS (1.89%)
 
Health Care Select Sector SPDR® Fund
   
(16,500
)
   
(1,163,580
)
SPDR® S&P® Biotech ETF
   
(18,500
)
   
(1,200,650
)
United States Natural Gas Fund LP
   
(40,200
)
   
(315,972
)
                 
TOTAL EXCHANGE TRADED FUNDS
 
(Proceeds $2,718,738)
           
(2,680,202
)
                 
TOTAL SECURITIES SOLD SHORT
         
(Proceeds $9,611,953)
         
$
(10,072,522
)
 
(a)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of January 31, 2017, the aggregate value of those securities was $141,634,778, representing 99.86% of net assets. (See Note 1 and Note 3)
(b)
Loaned security; a portion or all of the security is on loan as of January 31, 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 January 31, 2017, these securities had an aggregate value of $9,056,595 or 6.39% 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 January 31, 2017, these securities had a total value of $1,323,337 or 0.93% 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 January 31, 2017, these securities had an aggregate value of $1,323,337 or 0.93% 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 January 31, 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
             
                   
     
Expiration
 
Underlying Face
   
Unrealized
 
Description
Position
Contracts
Date
 
Amount at Value
   
Depreciation
 
Foreign Currency Contracts
               
Japanese Yen Currency Futures
Short
50
03/13/2017
 
$
(5,551,875
)
 
$
(256,184
)
            
$
(5,551,875
)
 
$
(256,184
)
 
TOTAL RETURN SWAP CONTRACTS
 
 
Reference
 
Notional
 
Floating Rate
Floating
Termination
 
Net Unrealized
 
Counter Party
Entity/Obligation
 
Amount
 
Paid by the Fund
Rate Index
 Date
 
Appreciation
 
Credit Suisse
Housing Development Finance Corp.
 
$
2,349,641
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
107,661
 
Morgan Stanley
ITC, Ltd.
   
857,514
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
15,084
 
Morgan Stanley
Mahindra & Mahindra, Ltd.
   
1,157,197
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
12,623
 
      
$
4,364,352
           
$
135,368
 
                         
Reference
 
Notional
 
Floating Rate
Floating
Termination
 
Net Unrealized
 
Counter Party
Entity/Obligation
 
Amount
 
Paid by the Fund
Rate Index
 Date
 
Depreciation
 
Credit Suisse
Larsen & Toubro, Ltd.
 
$
1,165,455
 
75 bps + 1M LIBOR
1 D FEDEF
12/31/2020
 
$
(31,179
)
      
$
1,165,455
           
$
(31,179
)
      
$
5,529,807
           
$
104,189
 


Clough Global Equity Fund
 
STATEMENT OF INVESTMENTS
 
January 31, 2017 (Unaudited)
 
   
    
Shares
   
Value
 
COMMON STOCKS 105.94%
 
Consumer Discretionary 16.17%
 
Cable One, Inc.
   
1,700
   
$
1,075,046
 
DR Horton, Inc.(a)(b)
   
171,021
     
5,115,238
 
IMAX Corp.(a)(b)(c)
   
145,295
     
4,736,617
 
Lennar Corp. - Class A(a)(b)
   
80,900
     
3,612,185
 
Liberty Broadband Corp. - Class C(a)(b)(c)
   
74,666
     
6,371,996
 
Liberty Ventures - Series A(a)(b)(c)
   
158,921
     
6,936,902
 
PulteGroup, Inc.(a)(b)
   
151,900
     
3,267,369
 
Service Corp. International(a)(b)
   
67,600
     
1,969,188
 
Sony Corp.
   
44,600
     
1,352,102
 
Wayfair, Inc. - Class A(a)(b)(c)
   
42,100
     
1,749,676
 
             
36,186,319
 
                 
Consumer Staples 0.54%
 
Kose Corp.
   
14,100
     
1,198,831
 
                 
Energy 6.45%
 
Concho Resources, Inc.(a)(b)(c)
   
17,300
     
2,412,312
 
Devon Energy Corp.(a)(b)
   
25,900
     
1,179,486
 
EOG Resources, Inc.(a)(b)
   
38,900
     
3,951,462
 
Fairway Energy LP(c)(d)(e)(f)
   
217,600
     
2,203,200
 
Parsley Energy, Inc. - Class A(a)(b)(c)
   
20,500
     
722,010
 
Pioneer Natural Resources Co.(a)(b)
   
18,200
     
3,280,186
 
RSP Permian, Inc.(c)
   
16,400
     
697,984
 
             
14,446,640
 
                 
Financials 29.61%
 
Arbor Realty Trust, Inc.
   
172,300
     
1,271,574
 
Ares Capital Corp.(a)
   
431,400
     
7,290,660
 
Ares Commercial Real Estate Corp.(a)
   
222,700
     
3,001,996
 
Atlas Mara, Ltd.(c)(d)
   
157,696
     
331,162
 
Bank of America Corp.(a)(b)
   
299,905
     
6,789,849
 
Blackstone Mortgage Trust, Inc. - Class A(a)(b)
   
179,300
     
5,466,857
 
Citigroup, Inc.(a)(b)
   
131,719
     
7,353,872
 
Credit Acceptance Corp.(a)(b)(c)
   
18,862
     
3,871,991
 
Global Medical REIT, Inc.(a)
   
121,000
     
1,070,850
 
Goldman Sachs BDC, Inc.(a)
   
53,000
     
1,258,750
 
Golub Capital BDC, Inc.(a)
   
195,309
     
3,648,372
 
Hercules Capital, Inc.(a)(b)
   
190,200
     
2,687,526
 
JPMorgan Chase & Co.(a)(b)
   
13,200
     
1,117,116
 
Ladder Capital Corp.(a)(b)
   
267,392
     
3,625,835
 
MTGE Investment Corp.(a)(b)
   
61,400
     
976,260
 
NMI Holdings, Inc. - Class A(a)(c)
   
120,300
     
1,299,240
 
PennyMac Mortgage Investment Trust(a)(b)
   
206,988
     
3,508,447
 
Physicians Realty Trust(a)(b)
   
136,000
     
2,522,800
 
Solar Capital, Ltd.(a)(b)
   
75,100
     
1,593,622
 
Starwood Property Trust, Inc.(a)(b)
   
300,400
     
6,686,904
 
 
    
Shares
   
Value
 
Financials (continued)
 
TPG Specialty Lending, Inc.(a)(b)
   
49,500
   
$
904,365
 
             
66,278,048
 
                 
Health Care 17.14%
 
Aduro Biotech, Inc.(a)(b)(c)
   
98,500
     
1,167,225
 
Akorn, Inc.(a)(c)
   
38,600
     
737,260
 
Align Technology, Inc.(a)(c)
   
21,000
     
1,925,490
 
Biogen, Inc.(a)(b)(c)
   
13,790
     
3,823,140
 
BioMarin Pharmaceutical, Inc.(a)(c)
   
22,300
     
1,954,149
 
Boston Scientific Corp.(a)(b)(c)
   
127,500
     
3,067,650
 
Bristol-Meyers Squibb Co.(a)(b)
   
110,816
     
5,447,714
 
Cardiome Pharma Corp.(a)(b)(c)
   
418,200
     
1,233,690
 
CRISPR Therapeutics AG(c)
   
57,100
     
1,013,525
 
CRISPR Therapeutics AG(c)(d)(e)(f)
   
69,667
     
1,210,485
 
Dermira, Inc.(c)
   
9,500
     
279,680
 
Envision Healthcare Corp.(a)(c)
   
11,000
     
748,000
 
Gilead Sciences, Inc.(a)(b)
   
49,800
     
3,608,010
 
GW Pharmaceuticals PLC - ADR(a)(c)
   
5,900
     
678,382
 
Hologic, Inc.(a)(b)(c)
   
52,200
     
2,115,666
 
Intra-Cellular Therapies, Inc.(c)
   
49,600
     
716,224
 
Jazz Pharmaceuticals PLC(c)
   
7,300
     
890,016
 
Kura Oncology, Inc.(a)(c)
   
31,600
     
197,500
 
Merck & Co., Inc.(a)(b)
   
80,000
     
4,959,200
 
Pfizer, Inc.(a)(b)
   
81,600
     
2,589,168
 
             
38,362,174
 
                 
Industrials 2.79%
 
TransDigm Group, Inc.(a)(b)
   
28,835
     
6,239,894
 
                 
Information Technology 29.00%
 
Alibaba Group Holding, Ltd. - Sponsored ADR(a)(c)
   
19,100
     
1,935,021
 
Alphabet, Inc. - Class A(a)(c)
   
3,383
     
2,774,703
 
ams AG
   
32,559
     
1,117,051
 
Apple, Inc.(a)(b)
   
97,400
     
11,819,490
 
Baidu, Inc. - Sponsored ADR(a)(c)
   
6,600
     
1,155,462
 
Broadcom, Ltd.(a)(b)
   
50,970
     
10,168,515
 
Catcher Technology Co., Ltd.
   
248,000
     
2,017,482
 
Dialog Semiconductor PLC(c)
   
75,654
     
3,507,665
 
HubSpot, Inc.(c)
   
37,300
     
1,913,490
 
LogMeIn, Inc.(a)
   
18,200
     
1,967,420
 
MaxLinear, Inc. - Class A(a)(c)
   
19,400
     
496,252
 
Microsoft Corp.(a)(b)
   
64,500
     
4,169,925
 
Monolithic Power Systems, Inc.(a)
   
16,100
     
1,404,564
 
Nintendo Co., Ltd.
   
5,700
     
1,167,160
 
ON Semiconductor Corp.(a)(c)
   
126,800
     
1,688,976
 
salesforce.com, Inc.(c)
   
20,500
     
1,621,550
 
Samsung Electronics Co., Ltd.
   
2,901
     
4,925,284
 
Ulvac, Inc.
   
24,400
     
865,486
 
ViaSat, Inc.(a)(b)(c)
   
68,042
     
4,416,606
 
Yelp, Inc.(a)(b)(c)
   
138,300
     
5,778,174
 
             
64,910,276
 
                 
Materials 0.85%
 
Chr Hansen Holding A/S
   
31,409
     
1,915,058
 
 
 

   
Shares
   
Value
 
Telecommunication Services 3.39%
 
China Mobile, Ltd.
   
380,000
   
$
4,302,543
 
T-Mobile US, Inc.(a)(c)
   
52,800
     
3,287,856
 
             
7,590,399
 
                 
TOTAL COMMON STOCKS
 
(Cost $226,055,079)
           
237,127,639
 
                 
CLOSED-END FUNDS 2.66%
 
Calamos Global Dynamic Income Fund
   
90,900
     
674,478
 
Eaton Vance Tax-Managed Diversified Equity Income Fund
   
171,900
     
1,832,454
 
Eaton Vance Tax-Managed Global Diversified Equity Income Fund
   
329,200
     
2,781,740
 
Voya Global Equity Dividend and Premium Opportunity Fund
   
93,200
     
657,992
 
             
5,946,664
 
                 
TOTAL CLOSED-END FUNDS
 
(Cost $5,915,869)
           
5,946,664
 
                 
PARTICIPATION NOTES 0.65%
 
Consumer Staples 0.65%
 
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017(d)
   
29,142
     
1,459,303
 
                 
TOTAL PARTICIPATION NOTES
 
(Cost $975,401)
           
1,459,303
 
                 
PREFERRED STOCKS 2.55%
 
AGNC Investment Corp.
 
Series B, 7.750%
   
500
     
12,625
 
Annaly Capital Management, Inc.
 
Series E, 7.625%
   
144,431
     
3,532,782
 
Ares Management LP(a)
 
Series A, 7.000%
   
71,000
     
1,841,030
 
Hercules Capital, Inc., 6.250%(a)
   
12,300
     
315,372
 
             
5,701,809
 
                 
TOTAL PREFERRED STOCKS
 
(Cost $5,584,093)
           
5,701,809
 
 
    
Shares
   
Value
 
WARRANTS 0.00%(c)(g)
 
Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017(d)
   
195,720
   
$
108
 
                 
TOTAL WARRANTS
 
(Cost $1,957)
           
108
 
                 
Description and
 
Principal
         
Maturity Date
 
Amount
   
Value
 
CORPORATE BONDS 2.18%
 
Citigroup, Inc.
               
Series N, Perpetual Maturity, 5.800%(a)(h)(i)
 
$
1,900,000
     
1,954,625
 
SunTrust Banks, Inc.
               
Perpetual Maturity, 5.625%(a)(b)(h)(i)
   
1,000,000
     
1,035,000
 
Western Digital Corp.
               
04/01/2024, 10.500%(a)(b)(d)
   
1,595,000
     
1,884,094
 
                 
TOTAL CORPORATE BONDS
         
(Cost $4,506,809)
           
4,873,719
 
                 
ASSET/MORTGAGE BACKED SECURITIES 0.70%
 
Government National Mortgage Association - REMICS
               
Series 2011-142, Class A, 10/16/2040, 2.337%(a)
   
1,564,869
     
1,565,975
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
 
(Cost $1,589,550)
           
1,565,975
 
                 
GOVERNMENT & AGENCY OBLIGATIONS 14.68%
 
U.S. Treasury Bonds
 
11/15/2026, 6.500%(a)
   
1,600,000
     
2,163,813
 
08/15/2029, 6.125%(a)
   
4,500,000
     
6,216,417
 
U.S. Treasury Notes
 
05/15/2017, 4.500%(a)
   
5,000,000
     
5,054,635
 
08/15/2017, 4.750%(a)
   
15,000,000
     
15,324,255
 
02/15/2018, 3.500%(a)
   
4,000,000
     
4,106,564
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
 
(Cost $33,345,587)
           
32,865,684
 
                 
    
Shares
   
Value
 
SHORT-TERM INVESTMENTS 14.90%
 
Money Market Fund 14.90%
 
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.364% 7-day yield)
   
33,361,249
     
33,361,249
 
                 
TOTAL SHORT-TERM INVESTMENTS
         
(Cost $33,361,249)
           
33,361,249
 
 
 

         
Value
 
Total Investments - 144.26%
       
(Cost $311,335,594)
       
$
322,902,150
 
               
Liabilities in Excess of Other Assets - (44.26%)(j)
     
(99,072,250
)
               
NET ASSETS - 100.00%
       
$
223,829,900
 
               
SCHEDULE OF SECURITIES SOLD SHORT (c)
 
Shares
   
Value
 
COMMON STOCKS (5.31%)
 
Energy (0.25%)
 
Transocean, Ltd.
   
(40,100
)
   
(560,197
)
                 
Financials (0.99%)
 
American Express Co.
   
(9,600
)
   
(733,248
)
Capital One Financial Corp.
   
(9,400
)
   
(821,466
)
Deutsche Bank AG
   
(33,300
)
   
(663,003
)
             
(2,217,717
)
                 
Health Care (0.39%)
 
Amgen, Inc.
   
(3,600
)
   
(564,048
)
Mallinckrodt PLC
   
(6,300
)
   
(306,999
)
             
(871,047
)
                 
Industrials (1.74%)
 
Caterpillar, Inc.
   
(11,000
)
   
(1,052,260
)
Deutsche Lufthansa AG
   
(213,336
)
   
(2,840,706
)
             
(3,892,966
)
                 
Information Technology (1.94%)
 
Infosys, Ltd. - Sponsored ADR
   
(105,800
)
   
(1,456,866
)
International Business Machines Corp.
   
(16,500
)
   
(2,879,580
)
             
(4,336,446
)
                 
TOTAL COMMON STOCKS
 
(Proceeds $11,066,844)
           
(11,878,373
)
                 
EXCHANGE TRADED FUNDS (1.90%)
 
Health Care Select Sector SPDR® Fund
   
(26,100
)
   
(1,840,572
)
SPDR® S&P® Biotech ETF
   
(29,300
)
   
(1,901,570
)
United States Natural Gas Fund LP
   
(64,000
)
   
(503,040
)
                 
TOTAL EXCHANGE TRADED FUNDS
 
(Proceeds $4,306,434)
           
(4,245,182
)
                 
TOTAL SECURITIES SOLD SHORT
         
(Proceeds $15,373,278)
         
$
(16,123,555
)
 
(a)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of January 31, 2017, the aggregate value of those securities was $213,472,500, representing 95.37% of net assets. (See Note 1 and Note 3)
 
(b)
Loaned security; a portion or all of the security is on loan as of January 31, 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 January 31, 2017, these securities had an aggregate value of $7,088,352 or 3.17% 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 January 31, 2017, these securities had a total value of $3,413,685 or 1.53% 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 January 31, 2017, these securities had an aggregate value of $3,413,685 or 1.53% 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 January 31, 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
                 
                   
     
Expiration
 
Underlying Face
   
Unrealized
 
Description
Position
Contracts
Date
 
Amount at Value
   
Depreciation
 
Foreign Currency Contracts
               
Japanese Yen Currency Futures
Short
80
03/13/2017
 
$
(8,883,000
)
 
$
(409,895
)
            
$
(8,883,000
)
 
$
(409,895
)
 
TOTAL RETURN SWAP CONTRACTS
     
       
 
Reference
 
Notional
 
Floating Rate
Floating
Termination
 
Net Unrealized
 
Counter Party
Entity/Obligation
 
Amount
 
Paid by the Fund
Rate Index
 Date
 
Appreciation
 
Credit Suisse
Housing Development Finance Corp.
 
$
3,713,827
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
170,204
 
Morgan Stanley
ITC, Ltd.
   
1,354,041
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
24,155
 
      
$
5,067,868
           
$
194,359
 
                         
 
Reference
 
Notional
 
Floating Rate
Floating
Termination
 
Net Unrealized
 
Counter Party
Entity/Obligation
 
Amount
 
Paid by the Fund
Rate Index
 Date
 
Depreciation
 
Credit Suisse
Hero MotoCorp, Ltd.
 
$
1,718,123
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
(35,741
)
Credit Suisse
Larsen & Toubro, Ltd.
   
1,866,339
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
(50,773
)
Morgan Stanley
Mahindra & Mahindra, Ltd.
   
1,622,777
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
(9,980
)
Credit Suisse
Mahindra & Mahindra, Ltd.
   
1,374,538
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
(212,030
)
      
$
6,581,777
           
$
(308,524
)
      
$
11,649,645
           
$
(114,165
)


Clough Global Opportunities Fund
 
STATEMENT OF INVESTMENTS
 
January 31, 2017 (Unaudited)
 
   
   
Shares
   
Value
 
COMMON STOCKS 79.55%
 
Consumer Discretionary 14.17%
 
Cable One, Inc.
   
4,508
   
$
2,850,769
 
DR Horton, Inc.(a)(b)
   
399,701
     
11,955,057
 
IMAX Corp.(a)(b)(c)
   
248,700
     
8,107,620
 
Lennar Corp. - Class A(a)(b)
   
188,800
     
8,429,920
 
Liberty Broadband Corp. - Class C(a)(b)(c)
   
181,267
     
15,469,326
 
Liberty Ventures - Series A(a)(c)
   
401,062
     
17,506,356
 
PulteGroup, Inc.(a)(b)
   
333,600
     
7,175,736
 
Service Corp. International(a)(b)
   
171,000
     
4,981,230
 
Sony Corp.
   
113,000
     
3,425,729
 
             
79,901,743
 
                 
Consumer Staples 0.53%
 
Kose Corp.
   
35,200
     
2,992,826
 
                 
Energy 6.12%
 
Concho Resources, Inc.(a)(b)(c)
   
43,500
     
6,065,640
 
Devon Energy Corp.(a)
   
65,600
     
2,987,424
 
EOG Resources, Inc.(a)(b)
   
97,800
     
9,934,524
 
Fairway Energy LP(c)(d)(e)(f)
   
536,000
     
5,427,000
 
Parsley Energy, Inc. - Class A(a)(b)(c)
   
51,790
     
1,824,044
 
Pioneer Natural Resources Co.(a)(b)
   
45,790
     
8,252,732
 
             
34,491,364
 
                 
Financials 19.02%
 
Ares Capital Corp.(a)(b)
   
835,400
     
14,118,260
 
Bank of America Corp.(a)(b)
   
711,910
     
16,117,642
 
Blackstone Mortgage Trust, Inc. - Class A(a)(b)
   
314,400
     
9,586,056
 
Citigroup, Inc.(a)(b)
   
319,527
     
17,839,193
 
Credit Acceptance Corp.(a)(b)(c)
   
25,662
     
5,267,895
 
Global Medical REIT, Inc.(a)
   
310,000
     
2,743,500
 
Golub Capital BDC, Inc.(a)(b)
   
454,457
     
8,489,257
 
JPMorgan Chase & Co.(a)(b)
   
33,100
     
2,801,253
 
Ladder Capital Corp.(a)
   
228,511
     
3,098,609
 
MedEquities Realty Trust, Inc.(a)
   
488,933
     
5,329,370
 
PennyMac Mortgage Investment Trust(a)(b)
   
374,014
     
6,339,537
 
Solar Capital, Ltd.(a)
   
37,631
     
798,530
 
Starwood Property Trust, Inc.(a)(b)
   
660,586
     
14,704,644
 
             
107,233,746
 
                 
Health Care 11.51%
 
Akorn, Inc.(a)(c)
   
75,200
     
1,436,320
 
Align Technology, Inc.(a)(b)(c)
   
52,900
     
4,850,401
 
Biogen, Inc.(a)(b)(c)
   
17,770
     
4,926,555
 
BioMarin Pharmaceutical, Inc.(a)(b)(c)
   
27,400
     
2,401,062
 
 
    
Shares
   
Value
 
Health Care (continued)
 
Boston Scientific Corp.(a)(c)
   
129,900
   
$
3,125,394
 
Bristol-Meyers Squibb Co.(a)
   
118,100
     
5,805,796
 
Cardiome Pharma Corp.(a)(c)
   
1,042,181
     
3,074,434
 
CRISPR Therapeutics AG(c)
   
145,900
     
2,589,725
 
CRISPR Therapeutics AG(c)(d)(e)(f)
   
178,110
     
3,094,714
 
Envision Healthcare Corp.(a)(c)
   
21,400
     
1,455,200
 
Gilead Sciences, Inc.(a)(b)
   
78,400
     
5,680,080
 
GW Pharmaceuticals PLC - ADR(a)(c)
   
11,400
     
1,310,772
 
Hologic, Inc.(a)(b)(c)
   
131,300
     
5,321,589
 
Intra-Cellular Therapies, Inc.(c)
   
126,100
     
1,820,884
 
Jazz Pharmaceuticals PLC(c)
   
14,300
     
1,743,456
 
Kura Oncology, Inc.(c)
   
77,636
     
485,225
 
Merck & Co., Inc.(a)(b)
   
174,500
     
10,817,255
 
Pfizer, Inc.(a)(b)
   
157,200
     
4,987,956
 
             
64,926,818
 
                 
Industrials 2.82%
 
TransDigm Group, Inc.(a)
   
73,570
     
15,920,548
 
                 
Information Technology 22.04%
 
Alibaba Group Holding, Ltd. - Sponsored ADR(a)(b)(c)
   
48,800
     
4,943,928
 
Alphabet, Inc. - Class A(a)(b)(c)
   
8,667
     
7,108,587
 
Apple, Inc.(a)(b)
   
241,100
     
29,257,485
 
Baidu, Inc. - Sponsored ADR(a)(c)
   
16,900
     
2,958,683
 
Broadcom, Ltd.(a)(b)
   
79,770
     
15,914,115
 
MaxLinear, Inc. - Class A(c)
   
49,100
     
1,255,978
 
Microsoft Corp.(a)(b)
   
130,200
     
8,417,430
 
Monolithic Power Systems, Inc.(a)
   
40,600
     
3,541,944
 
Nintendo Co., Ltd.
   
14,800
     
3,030,520
 
ON Semiconductor Corp.(a)(b)(c)
   
319,075
     
4,250,079
 
salesforce.com, Inc.(a)(c)
   
51,900
     
4,105,290
 
Samsung Electronics Co., Ltd.
   
7,377
     
12,524,585
 
Ulvac, Inc.
   
62,700
     
2,224,015
 
ViaSat, Inc.(a)(b)(c)
   
157,835
     
10,245,070
 
Yelp, Inc.(a)(b)(c)
   
347,700
     
14,526,906
 
             
124,304,615
 
                 
Materials 0.84%
 
Chr Hansen Holding A/S
   
78,002
     
4,755,909
 
                 
Telecommunication Services 2.50%
 
China Mobile, Ltd.
   
808,500
     
9,154,226
 
T-Mobile US, Inc.(a)(c)
   
79,200
     
4,931,784
 
             
14,086,010
 
                 
TOTAL COMMON STOCKS
 
(Cost $424,014,707)
           
448,613,579
 
 
 

    
Shares
   
Value
 
PARTICIPATION NOTES 0.64%
 
Consumer Staples 0.64%
 
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017(d)
   
72,007
   
$
3,605,794
 
                 
TOTAL PARTICIPATION NOTES
 
(Cost $2,410,120)
           
3,605,794
 
                 
PREFERRED STOCKS 1.38%
 
Annaly Capital Management, Inc.
 
Series E, 7.625%
   
162,911
     
3,984,803
 
Ares Management LP(a)(b)
 
Series A, 7.000%
   
147,000
     
3,811,710
 
             
7,796,513
 
                 
TOTAL PREFERRED STOCKS
 
(Cost $7,614,164)
           
7,796,513
 
                 
WARRANTS 0.00%(c)(g)
 
Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017(d)
   
487,322
     
268
 
                 
TOTAL WARRANTS
 
(Cost $4,873)
           
268
 
                 
Description and
 
Principal
         
Maturity Date
 
Amount
   
Value
 
CORPORATE BONDS 36.82%
 
Ares Capital Corp.
               
01/15/2020, 3.875%(a)
 
$
7,383,000
     
7,525,071
 
01/19/2022, 3.625%(a)(b)
   
6,012,000
     
5,885,670
 
Bank of America Corp.
               
10/21/2022, 2.503%
   
1,000,000
     
967,483
 
The Bank of Nova Scotia
               
06/05/2019, 2.050%
   
4,000,000
     
4,009,692
 
Biogen, Inc.
               
09/15/2020, 2.900%
   
4,688,000
     
4,767,415
 
Branch Banking & Trust Co.
               
05/10/2019, 1.450%(a)
   
5,000,000
     
4,945,030
 
CalAtlantic Group, Inc.
               
06/01/2026, 5.250%(a)
   
5,300,000
     
5,273,500
 
Care Capital Properties LP
               
08/15/2026, 5.125%(d)
   
4,500,000
     
4,358,232
 
Chevron Corp.
               
03/02/2018, 1.365%
   
1,845,000
     
1,844,100
 
Citigroup, Inc.
               
Series N, Perpetual Maturity, 5.800%(a)(h)(i)
   
4,800,000
     
4,938,000
 
Citizens Bank National Association
               
12/04/2019, 2.450%
   
4,802,000
     
4,829,756
 
05/13/2021, 2.550%(a)
   
3,000,000
     
2,989,395
 
 
Description and
Principal
     
Maturity Date
Amount
 
Value
 
CORPORATE BONDS (continued)
 
Dominion Gas Holdings LLC
       
12/15/2019, 2.500%(a)
 
$
6,885,000
   
$
6,968,302
 
EMC Corp.
               
06/01/2018, 1.875%
   
1,500,000
     
1,492,792
 
06/01/2023, 3.375%(a)(b)
   
4,000,000
     
3,743,928
 
Exelon Generation Co., LLC
               
01/15/2020, 2.950%
   
3,510,000
     
3,557,051
 
First Republic Bank
               
06/17/2019, 2.375%(a)
   
3,000,000
     
2,997,714
 
Ford Motor Credit Co., LLC
               
05/03/2019, 2.021%(a)(b)
   
6,000,000
     
5,949,144
 
General Motors Co.
               
10/02/2018, 3.500%(a)
   
5,000,000
     
5,106,605
 
General Motors Financial Co., Inc.
               
01/15/2020, 3.150%(a)
   
6,000,000
     
6,058,998
 
Jackson National Life Global Funding
               
04/29/2021, 2.250%(a)(d)
   
4,160,000
     
4,107,101
 
Kraft Heinz Foods Co.
               
07/02/2018, 2.000%
   
1,000,000
     
1,001,999
 
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
               
10/01/2017, 7.375%(a)
   
880,000
     
885,500
 
08/01/2021, 5.875%(a)(d)
   
3,500,000
     
3,486,875
 
Lear Corp.
               
01/15/2023, 4.750%
   
5,000,000
     
5,224,650
 
01/15/2025, 5.250%(a)
   
4,000,000
     
4,264,400
 
Manufacturers & Traders Trust Co.
               
07/25/2019, 2.250%
   
4,000,000
     
4,035,344
 
02/06/2020, 2.100%
   
4,000,000
     
4,000,516
 
Metropolitan Life Global Funding I
               
09/15/2021, 1.950%(d)
   
3,000,000
     
2,916,354
 
NextEra Energy Capital Holdings, Inc.
               
09/15/2019, 2.700%(a)
   
2,000,000
     
2,022,472
 
Omega Healthcare Investors, Inc.
               
03/15/2024, 5.875%(a)
   
4,000,000
     
4,121,680
 
04/01/2027, 4.500%(a)
   
4,000,000
     
3,896,416
 
People's United Financial, Inc.
               
12/06/2022, 3.650%(a)
   
4,000,000
     
4,036,904
 
PNC Bank National Association
               
12/07/2018, 1.700%
   
4,000,000
     
3,993,236
 
07/29/2019, 1.450%
   
3,000,000
     
2,964,513
 
Pricoa Global Funding I
               
05/16/2019, 2.200%(a)(d)
   
5,000,000
     
5,027,955
 
Royal Bank of Canada
               
04/15/2019, 1.625%
   
3,000,000
     
2,979,849
 
02/05/2020, 1.875%(a)
   
5,000,000
     
4,967,570
 
Scripps Networks Interactive, Inc.
               
11/15/2019, 2.750%
   
4,000,000
     
4,054,276
 
06/15/2020, 2.800%
   
4,000,000
     
4,038,400
 
Southern Power Co.
               
Series D, 12/15/2019, 1.950%
   
4,500,000
     
4,474,782
 
SunTrust Banks, Inc.
               
11/01/2018, 2.350%(a)
   
5,000,000
     
5,046,335
 
Textron Financial Corp.
               
02/15/2067, 6.000%(a)(d)(h)
   
4,000,000
     
2,980,000
 
 
 

Description and
 
Principal
       
Maturity Date
 
Amount
   
Value
 
CORPORATE BONDS (continued)
 
The Toronto-Dominion Bank
           
08/13/2019, 1.450%
 
$
5,024,000
   
$
4,959,135
 
12/14/2020, 2.500%
   
3,332,000
     
3,346,531
 
Under Armour, Inc.
               
06/15/2026, 3.250%(a)(b)
   
8,000,000
     
7,395,960
 
Verizon Communications, Inc.
               
09/14/2018, 3.650%(a)
   
3,000,000
     
3,097,395
 
Wells Fargo & Co.
               
12/07/2020, 2.550%(a)
   
10,000,000
     
10,017,530
 
Western Digital Corp.
               
04/01/2024, 10.500%(a)(b)(d)
   
5,169,000
     
6,105,881
 
                 
TOTAL CORPORATE BONDS
         
(Cost $208,119,842)
           
207,657,437
 
                 
ASSET/MORTGAGE BACKED SECURITIES 6.21%
 
Government National Mortgage Association - REMICS
               
Series 2014-67, Class AE, 05/16/2039, 2.150%
   
8,764,413
     
8,857,582
 
Series 2012-83, Class A, 07/16/2041, 1.368%
   
3,968,830
     
3,847,338
 
Series 2014-172, Class AC, 09/16/2041, 1.900%
   
6,321,247
     
6,228,797
 
Series 2013-68, Class AC, 02/16/2046, 1.300%
   
3,707,079
     
3,545,352
 
Series 2011-144, Class B, 04/16/2046, 3.291%
   
1,423,496
     
1,425,552
 
Series 2015-130, Class AB, 08/16/2047, 2.550%
   
3,241,196
     
3,234,461
 
Series 2014-166, Class PJ, 07/16/2051, 2.500%
   
4,428,359
     
4,442,425
 
Series 2012-111, Class A, 09/16/2052, 2.387%
   
3,390,191
     
3,412,567
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
     
(Cost $35,664,187)
           
34,994,074
 
                 
GOVERNMENT & AGENCY OBLIGATIONS 13.90%
 
U.S. Treasury Bonds
 
08/15/2026, 6.750%(a)
   
2,800,000
     
3,828,126
 
11/15/2026, 6.500%(a)
   
6,300,000
     
8,520,013
 
08/15/2029, 6.125%(a)
   
6,750,000
     
9,324,626
 
U.S. Treasury Notes
 
08/15/2017, 4.750%(a)
   
20,000,000
     
20,432,340
 
02/15/2018, 3.500%(a)
   
14,000,000
     
14,372,974
 
05/15/2018, 3.875%(a)
   
11,500,000
     
11,927,880
 
01/15/2019, 1.125%(a)
   
10,000,000
     
9,985,940
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
 
(Cost $79,655,529)
           
78,391,899
 
    
Shares
   
Value
 
SHORT-TERM INVESTMENTS 10.19%
 
Money Market Fund 10.19%
 
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.364% 7-day yield)
   
57,436,626
   
$
57,436,626
 
                 
TOTAL SHORT-TERM INVESTMENTS
         
(Cost $57,436,626)
           
57,436,626
 
                 
Total Investments - 148.69%
         
(Cost $814,920,048)
           
838,496,190
 
                 
Liabilities in Excess of Other Assets - (48.69%)(j)
     
(274,579,216
)
                 
NET ASSETS - 100.00%
         
$
563,916,974
 
                 
SCHEDULE OF SECURITIES SOLD SHORT (c)
 
Shares
   
Value
 
COMMON STOCKS (5.30%)
 
Energy (0.25%)
 
Transocean, Ltd.
   
(99,844
)
   
(1,394,821
)
                 
Financials (0.99%)
 
American Express Co.
   
(24,300
)
   
(1,856,034
)
Capital One Financial Corp.
   
(23,500
)
   
(2,053,665
)
Deutsche Bank AG
   
(84,700
)
   
(1,686,377
)
             
(5,596,076
)
                 
Health Care (0.39%)
 
Amgen, Inc.
   
(9,100
)
   
(1,425,788
)
Mallinckrodt PLC
   
(16,100
)
   
(784,553
)
             
(2,210,341
)
                 
Industrials (1.73%)
 
Caterpillar, Inc.
   
(28,300
)
   
(2,707,178
)
Deutsche Lufthansa AG
   
(526,845
)
   
(7,015,280
)
             
(9,722,458
)
                 
Information Technology (1.94%)
 
Infosys, Ltd. - Sponsored ADR
   
(266,600
)
   
(3,671,082
)
International Business Machines Corp.
   
(41,700
)
   
(7,277,484
)
             
(10,948,566
)
                 
TOTAL COMMON STOCKS
 
(Proceeds $27,841,023)
           
(29,872,262
)
                 
EXCHANGE TRADED FUNDS (1.92%)
 
Health Care Select Sector SPDR® Fund
   
(66,400
)
   
(4,682,528
)
SPDR® S&P® Biotech ETF
   
(74,600
)
   
(4,841,540
)
 

SCHEDULE OF SECURITIES SOLD SHORT (c) (continued)
 
Shares
   
Value
 
EXCHANGE TRADED FUNDS (continued)
 
United States Natural Gas Fund LP
   
(162,900
)
 
$
(1,280,394
)
                 
TOTAL EXCHANGE TRADED FUNDS
 
(Proceeds $10,960,520)
           
(10,804,462
)
                 
TOTAL SECURITIES SOLD SHORT
         
(Proceeds $38,801,543)
         
$
(40,676,724
)
 
(a)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of January 31, 2017, the aggregate value of those securities was $564,275,886, representing 100.06% of net assets. (See Note 1 and Note 3)
(b)
Loaned security; a portion or all of the security is on loan as of January 31, 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 January 31, 2017, these securities had an aggregate value of $41,110,174 or 7.29% 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 January 31, 2017, these securities had a total value of $8,521,714 or 1.51% 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 January 31, 2017, these securities had an aggregate value of $8,521,714 or 1.51% 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 January 31, 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
                 
                   
     
Expiration
 
Underlying Face
   
Unrealized
 
Description
Position
Contracts
Date
 
Amount at Value
   
Depreciation
 
Foreign Currency Contracts
             
Japanese Yen Currency Futures
Short
204
03/13/2017
 
$
(22,651,650
)
 
$
(1,045,232
)
            
$
(22,651,650
)
 
$
(1,045,232
)
 
TOTAL RETURN SWAP CONTRACTS
     
       
 
Reference
 
Notional
 
Floating Rate
Floating
Termination
 
Net Unrealized
 
Counter Party
Entity/Obligation
 
Amount
 
Paid by the Fund
Rate Index
 Date
 
Appreciation
 
Credit Suisse
Housing Development Finance Corp.
 
$
9,409,156
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
432,231
 
Morgan Stanley
ITC, Ltd.
   
3,487,809
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
63,338
 
      
$
12,896,965
           
$
495,569
 
                         
 
Reference
 
Notional
 
Floating Rate
Floating
Termination
 
Net Unrealized
 
Counter Party
Entity/Obligation
 
Amount
 
Paid by the Fund
Rate Index
 Date
 
Depreciation
 
Credit Suisse
Hero MotoCorp, Ltd.
 
$
4,344,756
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
(90,174
)
Credit Suisse
Larsen & Toubro, Ltd.
   
4,737,424
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
(128,268
)
Morgan Stanley
Mahindra & Mahindra, Ltd.
   
4,121,953
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
(25,775
)
Credit Suisse
Mahindra & Mahindra, Ltd.
   
3,470,925
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
(535,409
)
      
$
16,675,058
           
$
(779,626
)
      
$
29,572,023
           
$
(284,057
)
 
Abbreviations:
 
1D FEDEF - Federal Funds Effective Rate (Daily)
1M LIBOR - London Interbank Offered Rate (Monthly)
ADR - American Depositary Receipt
AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders
A/S - Aktieselskab, Joint Stock Company in Denmark
BDC - Business Development Company
bps - Basis Points
ETF - Exchange Traded Fund
LLC - Limited Liability Corporation
LLLP - Limited Liability Limited Partnership
LP - Limited Partnership
Ltd. - Limited
MLP - Master Limited Partnership
PLC - Public Limited Company
REIT - Real Estate Investment Trust
REMICS - Real Estate Mortgage Investment Conduits
S&P - Standard and Poor's
SPDR - Standard & Poor's Depository Receipt
 
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 Quarterly Statement of Investments.

CLOUGH GLOBAL FUNDS
NOTES TO QUARTERLY STATEMENT OF INVESTMENTS
JANUARY 31, 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 and 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 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 the Statement of Investments in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Statement of Investments 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 Statement of Investments 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 Statement of Investments have been prepared as of the close of the New York Stock Exchange (“NYSE” or the “Exchange”) on January 31, 2017.

The net asset value per share of each Fund is determined no less frequently than daily, on each day that 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.


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 January 31, 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 period ended January 31, 2017.
 
Clough Global Dividend and Income Fund
 
                         
Investments in Securities at Value*
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
Consumer Discretionary
 
$
18,011,711
   
$
   
$
   
$
18,011,711
 
Consumer Staples
   
1,803,001
     
     
     
1,803,001
 
Energy
   
5,731,462
     
1,323,337
     
     
7,054,799
 
Financials
   
32,647,988
     
     
     
32,647,988
 
Health Care
   
9,561,121
     
     
     
9,561,121
 
Information Technology
   
22,988,168
     
     
     
22,988,168
 
Materials
   
1,173,338
     
     
     
1,173,338
 
Telecommunication Services
   
2,253,174
     
     
     
2,253,174
 
Closed-End Funds
   
10,247,407
     
     
     
10,247,407
 
Participation Notes
   
     
872,167
     
     
872,167
 
Preferred Stocks
   
2,534,821
     
     
     
2,534,821
 
Warrants
   
65
     
     
     
65
 
Corporate Bonds
   
     
62,504,368
     
     
62,504,368
 
Asset/Mortgage Backed Securities
   
     
9,200,125
     
     
9,200,125
 
Government & Agency Obligations
   
     
14,599,727
     
     
14,599,727
 
Short-Term Investments
                               
Money Market Fund
   
12,634,836
     
     
     
12,634,836
 
TOTAL
 
$
119,587,092
   
$
88,499,724
   
$
   
$
208,086,816
 
   
Other Financial Instruments
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                               
Total Return Swap Contracts**
 
$
   
$
135,368
   
$
   
$
135,368
 
                                 
Liabilities
 
Securities Sold Short
                               
Common Stocks
   
(7,392,320
)
   
     
     
(7,392,320
)
Exchange Traded Funds
   
(2,680,202
)
   
     
     
(2,680,202
)
Futures Contracts**
   
(256,184
)
   
     
     
(256,184
)
Total Return Swap Contracts**
   
     
(31,179
)
   
     
(31,179
)
TOTAL
 
$
(10,328,706
)
 
$
104,189
   
$
   
$
(10,224,517
)
 

Clough Global Equity Fund
 
                         
Investments in Securities at Value*
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
Consumer Discretionary
 
$
36,186,319
   
$
   
$
   
$
36,186,319
 
Consumer Staples
   
1,198,831
     
     
     
1,198,831
 
Energy
   
12,243,440
     
2,203,200
     
     
14,446,640
 
Financials
   
66,278,048
     
     
     
66,278,048
 
Health Care
   
37,151,689
     
1,210,485
     
     
38,362,174
 
Industrials
   
6,239,894
     
     
     
6,239,894
 
Information Technology
   
64,910,276
     
     
     
64,910,276
 
Materials
   
1,915,058
     
     
     
1,915,058
 
Telecommunication Services
   
7,590,399
     
     
     
7,590,399
 
Closed-End Funds
   
5,946,664
     
     
     
5,946,664
 
Participation Notes
   
     
1,459,303
     
     
1,459,303
 
Preferred Stocks
   
5,701,809
     
     
     
5,701,809
 
Warrants
   
108
     
     
     
108
 
Corporate Bonds
   
     
4,873,719
     
     
4,873,719
 
Asset/Mortgage Backed Securities
   
     
1,565,975
     
     
1,565,975
 
Government & Agency Obligations
   
     
32,865,684
     
     
32,865,684
 
Short-Term Investments
                               
Money Market Fund
   
33,361,249
     
     
     
33,361,249
 
TOTAL
 
$
278,723,784
   
$
44,178,366
   
$
   
$
322,902,150
 
   
Other Financial Instruments
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                               
Total Return Swap Contracts**
 
$
   
$
194,359
   
$
   
$
194,359
 
                                 
Liabilities
 
Securities Sold Short
                               
Common Stocks
   
(11,878,373
)
   
     
     
(11,878,373
)
Exchange Traded Funds
   
(4,245,182
)
   
     
     
(4,245,182
)
Futures Contracts**
   
(409,895
)
   
     
     
(409,895
)
Total Return Swap Contracts**
   
     
(308,524
)
   
     
(308,524
)
TOTAL
 
$
(16,533,450
)
 
$
(114,165
)
 
$
   
$
(16,647,615
)
 

Clough Global Opportunities Fund
 
                         
Investments in Securities at Value*
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
Consumer Discretionary
 
$
79,901,743
   
$
   
$
   
$
79,901,743
 
Consumer Staples
   
2,992,826
     
     
     
2,992,826
 
Energy
   
29,064,364
     
5,427,000
     
     
34,491,364
 
Financials
   
107,233,746
     
     
     
107,233,746
 
Health Care
   
61,832,104
     
3,094,714
     
     
64,926,818
 
Industrials
   
15,920,548
     
     
     
15,920,548
 
Information Technology
   
124,304,615
     
     
     
124,304,615
 
Materials
   
4,755,909
     
     
     
4,755,909
 
Telecommunication Services
   
14,086,010
     
     
     
14,086,010
 
Participation Notes
   
     
3,605,794
     
     
3,605,794
 
Preferred Stocks
   
7,796,513
     
     
     
7,796,513
 
Warrants
   
268
     
     
     
268
 
Corporate Bonds
   
     
207,657,437
     
     
207,657,437
 
Asset/Mortgage Backed Securities
   
     
34,994,074
     
     
34,994,074
 
Government & Agency Obligations
   
     
78,391,899
     
     
78,391,899
 
Short-Term Investments
                               
Money Market Fund
   
57,436,626
     
     
     
57,436,626
 
TOTAL
 
$
505,325,272
   
$
333,170,918
   
$
   
$
838,496,190
 
   
Other Financial Instruments
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                               
Total Return Swap Contracts**
 
$
   
$
495,569
   
$
   
$
495,569
 
                                 
Liabilities
 
Securities Sold Short
                               
Common Stocks
   
(29,872,262
)
   
     
     
(29,872,262
)
Exchange Traded Funds
   
(10,804,462
)
   
     
     
(10,804,462
)
Futures Contracts**
   
(1,045,232
)
   
     
     
(1,045,232
)
Total Return Swap Contracts**
   
     
(779,626
)
   
     
(779,626
)
TOTAL
 
$
(41,721,956
)
 
$
(284,057
)
 
$
   
$
(42,006,013
)
 
*
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.

For the period ended January 31, 2017, the Funds did not have significant 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.

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.


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. These spot contracts are used by the broker to settle investments denominated in foreign currencies.

Exchange Traded Funds: The 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. Each Fund is obligated to pay interest to the broker for any debit balance of the margin account relating to short sales.

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.

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.

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 pursuit of their investment objectives, certain Funds may seek to use derivatives to increase or decrease their 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.

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 period ended January 31, 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 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. 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 period ended January 31, 2017, the Funds invested in futures contracts.

Swaps: During the period 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.

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 period ended January 31, 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.

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 January 31, 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
 
0.93
%
6/30/2015
   
130,700
   
$
1,307,000
   
$
1,323,337
 
Total
   
0.93
%
           
$
1,307,000
   
$
1,323,337
 
                                   
Clough Global Equity Fund
CRISPR Therapeutics AG
 
0.54
%
6/14/2016
   
69,667
   
$
935,902
   
$
1,210,485
 
 
Fairway Energy LP 
 
0.99
%
6/30/2015
   
217,600
     
2,176,000
     
2,203,200
 
Total
   
1.53
%
           
$
3,111,902
   
$
3,413,685
 
                                   
Clough Global Opportunities Fund
CRISPR Therapeutics AG
 
0.55
%
6/14/2016
   
178,110
   
$
2,392,730
   
$
3,094,714
 
 
Fairway Energy LP  
0.96
%
6/30/2015
   
536,000
     
5,360,000
     
5,427,000
 
Total
   
1.51
%
           
$
7,752,730
   
$
8,521,714
 

2.  TAXES

Tax Basis of Investments: Net unrealized appreciation/(depreciation) of investments based on federal tax cost as of January 31, 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)
 
$
8,197,031
   
$
17,800,333
   
$
33,246,723
 
Gross depreciation (excess of tax cost over value)
   
(4,058,833
)
   
(9,540,656
)
   
(18,786,601
)
Net unrealized appreciation
 
$
4,138,198
   
$
8,259,677
   
$
14,460,122
 
Cost of investments for income tax purposes
 
$
203,948,618
   
$
314,642,473
   
$
824,036,068
 
 
3.  COMMITTED FACILITY 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 Fund’s 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 $133,069,339, $203,037,262 and $536,414,367 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 $93,000,000, $156,000,000 and $388,900,000 for the Clough Dividend and Income Fund, Clough Global Equity Fund and the Clough Global Opportunities Fund, respectively. For the period ended January 31, 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 1.67%. As of January 31, 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 January 31, 2017, was 1.73%.

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 reregister 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 period 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 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 January 31, 2017, the value of the Lent Securities for Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund were $62,089,692, $101,893,655 and $261,310,164, respectively.

The Board has approved each Agreement and the Lending Agreement. No violations of the Agreement or the Lending Agreement have occurred during the period ended January 31, 2017.

Item 2 - Controls and Procedures.

(a)
The registrant's Principal Executive Officer and Principal Financial Officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date.

(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) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3 – Exhibits.

(a)
Separate certifications for the registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached as Ex99.CERT.


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 EQUITY FUND
       
 
By:
/s/ Edmund J. Burke
 
   
Edmund J. Burke
 
   
President (Principal Executive Officer)
 
       
 
Date:
March 30, 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.

 
By:
/s/ Edmund J. Burke
 
   
Edmund J. Burke
 
   
President (Principal Executive Officer)
 
       
 
Date:
March 30, 2017
 
       
 
By:
/s/ Jeremy O. May
 
   
Jeremy O. May
 
   
Treasurer (Principal Financial Officer)
 
       
 
Date:
March 30, 2017