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)

Sareena Khwaja-Dixon
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: July 31, 2017


Item 1 – Schedule of Investments.

The Schedule of Investments is included herewith.
 
Clough Global Dividend and Income Fund
STATEMENT OF INVESTMENTS
       
July 31, 2017 (Unaudited)
       
             
   
Shares
   
Value
 
COMMON STOCKS 69.02% 
 
Consumer Discretionary 10.43% 
DR Horton, Inc.(a)(b)
   
76,026
   
$
2,713,368
 
Lennar Corp. - Class A(a)(b)
   
18,100
     
949,164
 
Liberty Broadband Corp. - Class C(a)(b)(c)
   
27,948
     
2,771,883
 
Liberty Ventures - Series A(a)(b)(c)
   
89,243
     
5,406,341
 
Man Wah Holdings, Ltd.
   
368,800
     
318,712
 
PulteGroup, Inc.(a)(b)
   
65,600
     
1,601,952
 
Service Corp. International(a)(b)
   
29,100
     
1,010,643
 
Sony Corp.
   
27,700
     
1,140,714
 
     
 
     
15,912,777
 
                 
Consumer Staples 1.15%
               
Japan Tobacco, Inc.
   
50,700
     
1,763,198
 
                 
Energy 0.72%
               
Fairway Energy LP(c)(d)(e)(f)
   
130,700
     
1,099,187
 
                 
Financials 28.20%
               
Ares Capital Corp.(a)
   
290,200
     
4,756,378
 
Ares Commercial Real Estate Corp.(a)
   
70,300
     
899,840
 
Bank of America Corp.(a)(b)
   
218,091
     
5,260,355
 
Blackstone Mortgage Trust, Inc. - Class A(a)
   
100,300
     
3,096,261
 
Citigroup, Inc.(a)(b)
   
83,530
     
5,717,629
 
Community Healthcare Trust, Inc.(a)
   
108,100
     
2,742,497
 
Franklin Resources, Inc.(a)
   
20,800
     
931,424
 
Global Medical REIT, Inc.(a)
   
77,000
     
716,100
 
Golub Capital BDC, Inc.(a)
   
128,400
     
2,511,504
 
JPMorgan Chase & Co.(a)(b)
   
29,800
     
2,735,640
 
Ladder Capital Corp.(a)
   
55,518
     
730,617
 
MTGE Investment Corp.(a)
   
24,000
     
446,400
 
PennyMac Mortgage Investment Trust(a)
   
116,614
     
2,052,406
 
Solar Capital, Ltd.
   
99,600
     
2,176,260
 
Solar Senior Capital, Ltd.(a)
   
66,900
     
1,179,447
 
Starwood Property Trust, Inc.(a)
   
241,200
     
5,316,048
 
Welltower, Inc.(a)(b)
   
24,000
     
1,761,360
 
     
 
     
43,030,166
 
                 
Health Care 6.22%
               
Bristol-Myers Squibb Co.(a)(b)
   
28,287
     
1,609,530
 
Cardiome Pharma Corp.(a)(b)(c)
   
149,200
     
628,132
 
Merck & Co., Inc.(a)(b)
   
49,700
     
3,174,836
 
Pfizer, Inc.(a)(b)
   
122,900
     
4,075,364
 
     
 
     
9,487,862
 
                 
Industrials 1.69%
               
AMERCO(a)(b)
   
6,630
     
2,576,153
 
   
Shares
   
Value
 
Information Technology 20.10%
           
Apple, Inc.(a)(b)
   
43,310
   
$
6,441,496
 
Broadcom, Ltd.(a)(b)
   
17,645
     
4,352,316
 
Cognizant Technology Solutions Corp. - Class A(a)(b)
   
21,100
     
1,462,652
 
Cypress Semiconductor Corp.(a)
   
126,900
     
1,801,980
 
Foxconn Technology Co., Ltd.
   
316,000
     
950,234
 
Lam Research Corp.(a)
   
15,300
     
2,439,738
 
Microsoft Corp.(a)(b)
   
46,300
     
3,366,010
 
Nintendo Co., Ltd.
   
1,800
     
611,946
 
Samsung Electronics Co., Ltd.
   
2,552
     
5,496,019
 
Ulvac, Inc.
   
16,300
     
875,287
 
ViaSat, Inc.(a)(b)(c)
   
25,749
     
1,701,752
 
Western Digital Corp.(a)(b)
   
13,700
     
1,166,144
 
     
 
     
30,665,574
 
                 
Materials 0.51%
               
Chr Hansen Holding A/S
   
9,622
     
774,998
 
                 
TOTAL COMMON STOCKS                
(Cost $91,488,799)
   
 
     
105,309,915
 
                 
CLOSED-END FUNDS 1.97%
               
Adams Diversified Equity Fund, Inc.(a)
   
132,430
     
1,957,315
 
Alpine Global Premier Properties Fund(a)
   
46,300
     
300,487
 
Liberty All-Star Equity Fund(a)
   
70,600
     
403,832
 
Pioneer High Income Trust
   
35,100
     
351,351
 
     
 
     
3,012,985
 
                 
TOTAL CLOSED-END FUNDS                
(Cost $2,503,346)
   
 
     
3,012,985
 
                 
PARTICIPATION NOTES 1.18%
               
Consumer Discretionary 0.77%
               
Midea Group Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 05/13/2019(d)
   
192,800
     
1,180,484
 
                 
Consumer Staples 0.41%
               
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017(d)
   
8,717
     
623,400
 
                 
TOTAL PARTICIPATION NOTES                
(Cost $1,358,211)
   
 
     
1,803,884
 
 

 
 
 
Shares
   
Value
 
PREFERRED STOCKS 2.81%
           
Annaly Capital Management, Inc.(a)
           
Series E, 7.625%
   
47,542
   
$
1,214,222
 
Ares Management LP(a)
               
Series A, 7.000%
   
35,000
     
943,950
 
Hercules Capital, Inc., 6.250%
   
7,700
     
196,350
 
MTGE Investment Corp.(a)
               
Series A, 8.125%
   
10,640
     
275,257
 
PennyMac Mortgage Investment Trust
               
Series A, 8.125%(a)
   
22,000
     
560,780
 
Series B, 8.000%
   
10,000
     
250,500
 
Solar Capital, Ltd., 6.750%
   
3,478
     
87,889
 
Two Harbors Investment Corp.(a)
               
Series A, 8.125%
   
28,500
     
756,105
 
             4,285,053  
                 
TOTAL PREFERRED STOCKS
               
(Cost $4,077,167)
   
 
     
4,285,053
 
                 
WARRANTS 0.00%(c)(g)
               
Atlas Mara, Ltd., Strike price 11.50, Expires 12/17/2017(d)
   
116,958
     
322
 
                 
TOTAL WARRANTS
               
(Cost $1,170)
   
 
       322  
                 
Description and
Maturity Date
 
Principal
Amount
   
Value
 
CORPORATE BONDS 35.59%
               
Amazon.com, Inc.
               
11/29/2022, 2.500%(a)(b)
 
$
1,000,000
     
1,014,054
 
Ares Capital Corp.
               
11/30/2018, 4.875%(a)(b)
   
1,000,000
     
1,036,172
 
01/19/2022, 3.625%(a)
   
1,402,000
     
1,426,936
 
AvalonBay Communities, Inc.
               
09/15/2022, 2.950%(a)
   
1,000,000
     
1,017,950
 
Bank of America Corp.
               
Series L, 01/15/2019, 2.600%(a)(b)
 
 
1,000,000
     
1,010,624
 
Berkshire Hathaway Energy Co.
               
11/15/2018, 2.000%(a)
   
1,000,000
     
1,003,834
 
BMW US Capital LLC
               
09/15/2021, 1.850%(h)
   
500,000
     
493,048
 
09/15/2021, 1.850%(a)(d)
   
1,000,000
     
986,063
 
Boston Properties LP
               
05/15/2021, 4.125%(a)
   
1,000,000
     
1,061,739
 
BP Capital Markets PLC
               
05/10/2019, 2.237%(a)
   
1,000,000
     
1,009,226
 
Chubb INA Holdings, Inc.
               
11/03/2020, 2.300%(a)(b)
   
1,000,000
     
1,011,836
 
Citizens Bank National Association
               
03/14/2019, 2.500%(a)
   
1,000,000
     
1,008,645
 
05/13/2021, 2.550%(a)(b)
   
2,000,000
     
2,008,844
 
Dr Pepper Snapple Group, Inc.
               
11/15/2021, 2.530%(a)
   
965,000
     
976,053
 
EMC Corp.
               
06/01/2020, 2.650%(a)
   
1,000,000
     
987,246
 
06/01/2023, 3.375%(a)
   
1,000,000
     
971,144
 
Description and
Maturity Date
 
Principal
Amount
   
Value
 
CORPORATE BONDS (continued)
           
Exelon Generation Co. LLC
           
10/01/2017, 6.200%(a)(b)
 
$
1,000,000
   
$
1,006,975
 
01/15/2020, 2.950%(a)
   
750,000
     
766,233
 
First Republic Bank
               
06/17/2019, 2.375%(a)
   
1,000,000
     
1,007,091
 
02/13/2047, 4.625%(a)
   
1,000,000
     
1,019,454
 
Five Corners Funding Trust
               
11/15/2023, 4.419%(a)(b)(d)
   
2,000,000
     
2,177,402
 
Ford Motor Credit Co. LLC
               
03/12/2019, 2.375%(a)
   
1,000,000
     
1,006,657
 
03/18/2021, 3.336%(a)(b)
   
1,000,000
     
1,024,650
 
General Motors Financial Co., Inc.
               
04/10/2018, 2.400%(a)
   
1,000,000
     
1,004,600
 
Goldman Sachs Group, Inc.
               
04/25/2019, 2.000%(a)(b)
   
1,000,000
     
1,003,050
 
09/15/2020, 2.750%(a)(b)
   
1,000,000
     
1,015,003
 
11/15/2021, 2.350%(a)
   
1,000,000
     
992,161
 
Jackson National Life Global Funding
               
04/29/2021, 2.250%(a)(d)
   
1,000,000
     
993,730
 
Jersey Central Power & Light Co.
               
06/15/2018, 4.800%(a)
   
1,000,000
     
1,022,800
 
JPMorgan Chase & Co.
               
06/07/2021, 2.400%(a)
   
1,000,000
     
1,003,566
 
09/23/2022, 3.250%
   
1,000,000
     
1,033,273
 
Lear Corp.
               
01/15/2023, 4.750%(a)
   
1,497,000
     
1,549,742
 
01/15/2025, 5.250%(a)
   
1,000,000
     
1,071,965
 
Liberty Mutual Group, Inc.
               
03/15/2037, 4.151%(a)(b)(d)(i)
   
1,500,000
     
1,473,750
 
Manufacturers & Traders Trust Co.
               
02/06/2020, 2.100%(a)
   
1,000,000
     
1,004,865
 
Metropolitan Life Global Funding I
               
09/15/2021, 1.950%(a)(d)
   
1,000,000
     
985,124
 
Morgan Stanley
               
01/24/2019, 2.500%(a)
   
1,000,000
     
1,009,715
 
06/16/2020, 2.800%(a)
   
1,000,000
     
1,018,718
 
New York Life Global Funding
               
04/09/2020, 2.000%(a)(d)
   
1,000,000
     
1,001,506
 
ONE Gas, Inc.
               
02/01/2019, 2.070%(a)
   
1,114,000
     
1,117,159
 
PNC Bank National Association
               
11/05/2020, 2.450%(a)
   
1,000,000
     
1,013,900
 
Pricoa Global Funding I
               
05/16/2019, 2.200%(a)(d)
   
1,000,000
     
1,007,670
 
Scripps Networks Interactive, Inc.
               
06/15/2022, 3.500%(a)(b)
   
800,000
     
819,280
 
Sempra Energy
               
10/07/2019, 1.625%(a)(b)
   
1,000,000
     
995,755
 
VF Corp.
               
09/01/2021, 3.500%(a)
   
1,000,000
     
1,044,527
 
Voya Financial, Inc.
               
02/15/2018, 2.900%(a)
   
1,000,000
     
1,006,357
 
Wells Fargo & Co.
               
12/07/2020, 2.550%(a)(b)
   
2,000,000
     
2,027,616
 
Welltower, Inc.
               
04/01/2019, 4.125%(a)
   
1,000,000
     
1,031,948
 
 

Description and
Maturity Date
  
Principal
Amount
       
Value
  
CORPORATE BONDS (continued)
           
Xcel Energy, Inc.
           
03/15/2021, 2.400%(a)(b)
 
$
2,000,000
   
$
2,016,668
 
                 
TOTAL CORPORATE BONDS
               
(Cost $54,014,153)
           
54,296,324
 
                 
ASSET/MORTGAGE BACKED SECURITIES 7.83%
               
Federal National Mortgage Association - REMICS
               
Series 2017-60, Class C, 08/25/2047, 3.500%(f)
   
1,000,000
     
990,000
 
Government National Mortgage Association - REMICS
               
Series 2014-67, Class AE, 05/16/2039, 2.150%
   
1,100,856
     
1,113,801
 
Series 2012-83, Class A, 07/16/2041, 1.368%
   
770,776
     
748,628
 
Series 2014-172, Class AC, 09/16/2041, 1.900%
   
525,430
     
525,067
 
Series 2011-47, Class C, 02/16/2042, 3.844%(i)
   
539,673
     
551,895
 
Series 2013-68, Class AC, 02/16/2046, 1.300%
   
826,881
     
789,089
 
Series 2015-130, Class AB, 08/16/2047, 2.550%
   
786,028
     
788,192
 
Series 2016-92, Class AB, 04/16/2050, 2.100%
   
490,654
     
486,657
 
Series 2014-166, Class PJ, 07/16/2051, 2.500%
   
678,962
     
681,537
 
Series 2012-111, Class A, 09/16/2052, 2.387%
   
1,291,951
     
1,290,964
 
Series 2012-125, Class AB, 02/16/2053, 2.111%(i)
   
665,914
     
648,930
 
Series 2013-101, Class AD, 12/16/2053, 2.623%(i)
   
745,140
     
732,942
 
Series 2017-29, Class A, 01/16/2058, 2.400%
   
2,486,726
     
2,456,572
 
United States Small Business Administration
               
Series 2008-20L, Class 1, 12/01/2028, 6.220%
   
130,265
     
144,585
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
               
(Cost $12,088,238)
            11,948,859  
                 
GOVERNMENT & AGENCY OBLIGATIONS 8.62%
               
U.S. Treasury Bonds
               
11/15/2026, 6.500%(a)
   
1,600,000
     
2,171,062
 
08/15/2029, 6.125%(a)
   
1,250,000
     
1,740,356
 
05/15/2030, 6.250%
   
1,000,000
     
1,423,711
 
02/15/2038, 4.375%
   
1,000,000
     
1,266,699
 
05/15/2040, 4.375%
   
500,000
     
634,434
 
11/15/2040, 4.250%
   
3,000,000
     
3,747,246
 
02/15/2044, 3.625%
   
1,000,000
     
1,143,398
 
02/15/2047, 3.000%
   
1,000,000
     
1,021,328
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
               
(Cost $13,165,331)
           
13,148,234
 
Description and
Maturity Date
 
Principal
Amount
   
Value
 
MUNICIPAL BONDS 6.30%
           
Colorado State Housing & Finance Authority Revenue Bonds, Series A
           
08/01/2047, 3.000%
 
$
1,625,000
   
$
1,627,470
 
Florida State Board of Administration Finance Corp. Revenue Bonds, Series A
               
07/01/2021, 2.638%(a)
   
2,000,000
     
2,020,260
 
Memphis-Shelby County, Tennessee Industrial Development Board Revenue Bonds, Series C
               
11/01/2022, 2.608%(a)
   
1,000,000
     
1,010,080
 
New York City Transitional Finance Authority Revenue Bonds, Series E-2
               
02/01/2026, 3.080%
   
1,000,000
     
1,003,960
 
New York State Transportation Development Corp. Revenue Bonds, Series B
               
07/01/2024, 3.023%
   
1,000,000
     
974,050
 
New York State Urban Development Corp. Revenue Bonds, Series B
               
03/15/2023, 2.670%
   
1,000,000
     
1,007,940
 
Wisconsin State General Fund Annual Appropriation Revenue Bonds, Series A
               
05/01/2022, 1.899%
   
1,000,000
     
988,060
 
05/01/2023, 2.049%(a)
   
1,000,000
     
981,480
 
                 
TOTAL MUNICIPAL BONDS
               
(Cost $9,600,937)
   
 
       9,613,300  
 
   
Shares
   
Value
 
SHORT-TERM INVESTMENTS 4.44% 
   
Money Market Fund  4.44%
           
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.887% 7-day yield)
   
6,772,040
     
6,772,040
 
                 
TOTAL SHORT-TERM INVESTMENTS
               
(Cost $6,772,040)
   
 
       6,772,040  
                 
Total Investments - 137.76%
               
(Cost $195,069,392)
   
 
       210,190,916  
                 
Liabilities in Excess of Other Assets - (37.76%)(j)
   
 
     (57,614,288
                 
NET ASSETS - 100.00%
 
 
 
    $
 152,576,628
 
 
SCHEDULE OF SECURITIES SOLD SHORT (c)
 
Shares
   
Value
 
COMMON STOCKS (7.18%)
           
Consumer Discretionary (1.42%)
           
Viacom, Inc. - Class B
   
(33,700
)
   
(1,176,804
)
 

SCHEDULE OF SECURITIES SOLD SHORT (c) (continued)
 
Shares
   
Value
 
Consumer Discretionary (continued)
           
Williams-Sonoma, Inc.
   
(21,300
)
 
$
(988,959
)
           
(2,165,763
)
                 
Financials (1.17%)
               
Ally Financial, Inc.
   
(52,700
)
   
(1,193,128
)
Deutsche Bank AG
   
(31,300
)
   
(558,392
)
Santander Consumer USA Holdings, Inc.
   
(2,100
)
   
(26,901
)
 
            (1,778,421 )
                 
Health Care (1.73%)
               
AmerisourceBergen Corp.
   
(9,200
)
   
(863,144
)
McKesson Corp.
   
(5,500
)
   
(890,285
)
Owens & Minor, Inc.
   
(27,400
)
   
(883,102
)
 
           
(2,636,531
)
                 
Information Technology (2.86%)
               
Amkor Technology, Inc.
   
(72,700
)
   
(753,899
)
AU Optronics Corp. - Sponsored ADR
   
(76,300
)
   
(306,726
)
Ingenico Group SA
   
(6,543
)
   
(686,416
)
International Business Machines Corp.
   
(12,200
)
   
(1,764,974
)
LINE Corp. - Sponsored ADR
   
(19,700
)
   
(724,172
)
Manhattan Associates, Inc.
   
(3,000
)
   
(132,600
)
 
           
(4,368,787
)
                 
TOTAL COMMON STOCKS
               
(Proceeds $10,855,487)
           
(10,949,502
)
                 
EXCHANGE TRADED FUNDS (0.61%)
               
United States Natural Gas Fund LP
   
(147,200
)
   
(930,304
)
                 
TOTAL EXCHANGE TRADED FUNDS
               
(Proceeds $1,161,828)
           
(930,304
)
                 
TOTAL SECURITIES SOLD SHORT
               
(Proceeds $12,017,315)
         
$
(11,879,806
)
 
(a)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of July 31, 2017, the aggregate value of those securities was $150,369,573, representing 98.55% of net assets. (See Note 1 and Note 3)
(b)
Loaned security; a portion or all of the security is on loan as of July 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 July 31, 2017, these securities had an aggregate value of $11,528,638 or 7.56% 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 July 31, 2017, these securities had a total value of $1,099,187 or 0.72% 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 July 31, 2017, these securities had an aggregate market value of $2,089,187 or 1.37% of total net assets.
(g)
Less than 0.005% or (0.005%) of net assets.
(h)
Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration.  Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees.  As of July 31, 2017, the aggregate value of those securities was $493,048, representing 0.32% of net assets.
(i)
Floating or variable rate security - rate disclosed as of July 31, 2017.
(j)
Includes cash which is being held as collateral for total return swap contracts, securities sold short or futures contracts.
 

FUTURES CONTRACTS
                     
                       
Description
Position
 
Contracts
 
Expiration
Date
 
Underlying Face
Amount at Value
   
Unrealized
Depreciation
 
Foreign Currency Contracts
                     
Japanese Yen Currency Futures
Short
 
8
 
09/18/2017
 
$
(909,100
)
 
$
(3,636
)
                
$
(909,100
)
 
$
(3,636
)
 
TOTAL RETURN SWAP CONTRACTS
     
       
Counter Party
Reference
Entity/Obligation
 
Notional
Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
 Date
 
Net Unrealized
Appreciation
 
Credit Suisse
Hero MotoCorp, Ltd.
 
$
1,169,385
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
206,096
 
Morgan Stanley
Hero MotoCorp, Ltd.
   
699,924
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
81,018
 
Credit Suisse
Housing Development Finance Corp.
   
2,349,638
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
1,054,752
 
Morgan Stanley
Housing Development Finance Corp.
   
2,020,030
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
595,208
 
Credit Suisse
Indiabulls Housing Finance
   
1,233,808
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
590,863
 
Morgan Stanley
ITC, Ltd.
   
1,200,826
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
173,834
 
Credit Suisse
Larsen & Toubro, Ltd.
   
2,331,966
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
627,000
 
Morgan Stanley
Larsen & Toubro, Ltd.
   
568,919
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
112,001
 
Morgan Stanley
Mahindra & Mahindra, Ltd.
   
1,862,982
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
298,933
 
Morgan Stanley
State Bank of India
   
1,099,981
 
225 bps + 1D FEDEF
1 D FEDEF
07/25/2019
   
38,836
 
      
$
14,537,459
           
$
3,778,541
 
 
 

Clough Global Equity Fund
STATEMENT OF INVESTMENTS
July 31, 2017 (Unaudited)
 
 
Shares
   
Value
 
COMMON STOCKS 117.10%
 
Consumer Discretionary 18.12%
 
Altice USA, Inc. - Class A(a)
 
60,000
   
$
2,006,400
 
Amazon.com, Inc.(a)
 
1,911
     
1,887,648
 
Carvana Co.(a)
 
44,000
     
858,880
 
DR Horton, Inc.(b)(c)
 
138,321
     
4,936,676
 
Lennar Corp. - Class A(b)(c)
 
35,800
     
1,877,352
 
Liberty Broadband Corp. - Class C(a)(b)(c)
 
83,566
     
8,288,076
 
Liberty Ventures - Series A(a)(b)(c)
 
208,821
     
12,650,376
 
Man Wah Holdings, Ltd.
 
596,800
     
515,747
 
PulteGroup, Inc.(b)(c)
 
121,500
     
2,967,030
 
Service Corp. International(b)(c)
 
40,900
     
1,420,457
 
Sony Corp.
 
44,600
     
1,836,673
 
TRI Pointe Group, Inc.(a)
 
85,500
     
1,137,150
 
Vipshop Holdings, Ltd. - ADR(a)(b)(c)
 
206,900
     
2,544,870
 
Wayfair, Inc. - Class A(a)
 
17,500
     
1,336,125
 
zooplus AG(a)
 
5,548
     
1,059,375
 
           
45,322,835
 
               
Consumer Staples 1.14%
 
Japan Tobacco, Inc.
 
81,700
     
2,841,288
 
               
Energy 0.73%
 
Fairway Energy LP(a)(d)(e)(f)
 
217,600
     
1,830,016
 
               
Financials 34.97%
 
Arbor Realty Trust, Inc.
 
172,300
     
1,421,475
 
Ares Capital Corp.(b)
 
522,400
     
8,562,136
 
Ares Commercial Real Estate Corp.(b)
 
278,900
     
3,569,920
 
Bank of America Corp.(b)(c)
 
368,605
     
8,890,753
 
Blackstone Mortgage Trust, Inc. - Class A(b)
 
257,500
     
7,949,025
 
Citigroup, Inc.(b)(c)
 
139,419
     
9,543,230
 
Community Healthcare Trust, Inc.
 
45,800
     
1,161,946
 
Credit Acceptance Corp.(a)(b)(c)
 
18,862
     
4,698,524
 
Franklin Resources, Inc.
 
33,200
     
1,486,696
 
Global Medical REIT, Inc.(b)
 
121,000
     
1,125,300
 
Goldman Sachs BDC, Inc.(b)
 
53,000
     
1,194,620
 
Golub Capital BDC, Inc.(b)
 
262,109
     
5,126,852
 
JPMorgan Chase & Co.(b)
 
47,600
     
4,369,680
 
Ladder Capital Corp.(b)
 
268,379
     
3,531,868
 
MTGE Investment Corp.(b)
 
61,100
     
1,136,460
 
PennyMac Mortgage Investment Trust(b)
 
249,988
     
4,399,789
 
Physicians Realty Trust(b)
 
136,000
     
2,532,320
 
Solar Capital, Ltd.
 
127,000
     
2,774,950
 
Starwood Property Trust, Inc.(b)
 
429,600
     
9,468,384
 
TPG Specialty Lending, Inc.(b)
 
49,500
     
1,027,620
 
Welltower, Inc.(b)
 
47,800
     
3,508,042
 
           
87,479,590
 
 
Shares
   
Value
 
Health Care 18.13%
 
Alexion Pharmaceuticals, Inc.(a)(b)
 
17,200
   
$
2,362,248
 
Align Technology, Inc.(a)(b)(c)
 
19,300
     
3,227,539
 
Biogen, Inc.(a)
 
8,440
     
2,444,140
 
BioMarin Pharmaceutical, Inc.(a)(b)(c)
 
11,100
     
973,803
 
Bioverativ, Inc.(a)(b)
 
38,000
     
2,354,860
 
Boston Scientific Corp.(a)(b)(c)
 
127,500
     
3,394,050
 
Bristol-Myers Squibb Co.(b)(c)
 
67,016
     
3,813,210
 
Cardiome Pharma Corp.(a)(b)(c)
 
418,200
     
1,760,622
 
Celgene Corp.(a)(b)
 
11,400
     
1,543,674
 
CRISPR Therapeutics AG(a)
 
132,467
     
2,316,848
 
Dermira, Inc.(a)(b)(c)
 
15,500
     
426,715
 
Envision Healthcare Corp.(a)(b)(c)
 
9,700
     
547,371
 
Galapagos NV - Sponsored ADR(a)(b)
 
28,700
     
2,277,345
 
GW Pharmaceuticals PLC - ADR(a)(b)(c)
 
10,700
     
1,196,046
 
Hologic, Inc.(a)(b)(c)
 
39,800
     
1,759,558
 
Intra-Cellular Therapies, Inc.(a)(b)
 
63,100
     
730,067
 
Kura Oncology, Inc.(a)(b)(c)
 
21,100
     
190,955
 
Merck & Co., Inc.(b)(c)
 
70,400
     
4,497,152
 
NuVasive, Inc.(a)
 
19,800
     
1,302,642
 
NxStage Medical, Inc.(a)
 
59,600
     
1,403,580
 
Pfizer, Inc.(b)(c)
 
81,600
     
2,705,856
 
Sienna Biopharmaceuticals - Series B(a)(d)(e)(f)
 
76,575
     
1,490,126
 
Sienna Biopharmaceuticals, Inc.(a)
 
52,400
     
1,072,104
 
Vertex Pharmaceuticals, Inc.(a)
 
10,300
     
1,563,746
 
           
45,354,257
 
               
Industrials 1.64%
 
AMERCO(b)
 
10,535
     
4,093,480
 
               
Information Technology 34.79%
 
Alibaba Group Holding, Ltd. - Sponsored ADR(a)(b)(c)
 
22,300
     
3,455,385
 
ams AG
 
25,029
     
1,805,443
 
Apple, Inc.(b)
 
75,630
     
11,248,450
 
Baidu, Inc. - Sponsored ADR(a)(b)(c)
 
4,450
     
1,007,257
 
Baozun, Inc. - Sponsored ADR(a)
 
28,300
     
918,618
 
Broadcom, Ltd.(b)(c)
 
37,962
     
9,363,707
 
Cognizant Technology Solutions Corp. - Class A(b)(c)
 
44,400
     
3,077,808
 
Cypress Semiconductor Corp.(b)
 
203,600
     
2,891,120
 
Dialog Semiconductor PLC(a)
 
52,954
     
2,313,464
 
Ellie Mae, Inc.(a)(b)(c)
 
19,100
     
1,665,902
 
Facebook, Inc. - Class A(a)(b)(c)
 
37,800
     
6,397,650
 
Foxconn Technology Co., Ltd.
 
503,000
     
1,512,557
 
Lam Research Corp.
 
24,400
     
3,890,824
 
LogMeIn, Inc.(b)(c)
 
27,510
     
3,203,539
 
Lumentum Holdings, Inc.(a)(b)(c)
 
38,300
     
2,397,580
 
Microsemi Corp.(a)
 
37,800
     
1,968,624
 
Microsoft Corp.(b)(c)
 
48,100
     
3,496,870
 
Nintendo Co., Ltd.
 
5,700
     
1,937,829
 
salesforce.com, Inc.(a)
 
10,800
     
980,640
 
Samsung Electronics Co., Ltd.
 
4,065
     
8,754,435
 
Semiconductor Manufacturing International Corp.(a)
 
780,000
     
858,811
 
Ulvac, Inc.
 
24,400
     
1,310,245
 
ViaSat, Inc.(a)(b)(c)
 
68,042
     
4,496,896
 
 

 
Shares
   
Value
 
Information Technology (continued)
 
Western Digital Corp.(b)(c)
 
21,700
   
$
1,847,104
 
Yelp, Inc.(a)(b)(c)
 
191,500
     
6,229,495
 
           
87,030,253
 
               
Materials 0.50%
 
Chr Hansen Holding A/S
 
15,704
     
1,264,869
 
               
Utilities 7.08%
 
Dominion Energy, Inc.(b)(c)
 
64,000
     
4,939,520
 
Duke Energy Corp.(b)(c)
 
59,900
     
5,098,688
 
Eversource Energy(b)(c)
 
82,900
     
5,039,491
 
National Grid PLC - Sponsored ADR - ADR(b)(c)
 
41,983
     
2,624,357
 
           
17,702,056
 
               
TOTAL COMMON STOCKS
 
(Cost $259,275,323)
         
292,918,644
 
               
PARTICIPATION NOTES 1.18%
 
Consumer Discretionary 0.76%
 
Midea Group Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 05/13/2019(d)
 
311,400
     
1,906,653
 
               
Consumer Staples 0.42%
 
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017(d)
 
14,542
     
1,039,977
 
               
TOTAL PARTICIPATION NOTES
 
(Cost $2,208,639)
         
2,946,630
 
               
PREFERRED STOCKS 3.46%
 
AGNC Investment Corp.
 
Series B, 7.750%
 
500
     
12,995
 
Annaly Capital Management, Inc.(b)
 
Series E, 7.625%
 
144,431
     
3,688,768
 
Ares Management LP(b)
 
Series A, 7.000%
 
71,000
     
1,914,870
 
Hercules Capital, Inc., 6.250%(b)
 
12,300
     
313,650
 
 
Shares
   
Value
 
PREFERRED STOCKS (continued)
 
Morgan Stanley
 
Series K, 5.850%
 
15,400
   
$
419,804
 
PennyMac Mortgage Investment Trust
 
Series A, 8.125%
 
28,000
     
713,720
 
Series B, 8.000%
 
10,000
     
250,500
 
Two Harbors Investment Corp.
 
Series A, 8.125%
 
51,000
     
1,353,030
 
           
8,667,337
 
               
TOTAL PREFERRED STOCKS
 
(Cost $8,192,065)
         
8,667,337
 
               
WARRANTS 0.00%(a)(g)
 
Atlas Mara, Ltd., Strike price 11.50, Expires 12/17/2017(d)
 
195,720
     
538
 
               
TOTAL WARRANTS
 
(Cost $1,957)
         
538
 
 
Description and
Principal
       
Maturity Date
Amount
   
Value
 
ASSET/MORTGAGE BACKED SECURITIES 0.50%
 
Government National Mortgage Association - REMICS
         
Series 2011-142, Class A, 10/16/2040, 2.337%(b)
 
1,237,905
     
1,242,508
 
               
TOTAL ASSET/MORTGAGE BACKED SECURITIES
         
(Cost $1,257,117)
         
1,242,508
 
               
GOVERNMENT & AGENCY OBLIGATIONS 8.99%
 
U.S. Treasury Bonds
 
08/15/2017, 4.750%(b)
 
10,000,000
     
10,014,650
 
02/15/2018, 3.500%(b)
 
4,000,000
     
4,050,536
 
11/15/2026, 6.500%(b)
 
1,600,000
     
2,171,062
 
08/15/2029, 6.125%(b)
 
4,500,000
     
6,265,283
 
               
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
 
(Cost $22,819,233)
         
22,501,531
 
               
 
Shares
   
Value
 
SHORT-TERM INVESTMENTS 3.35%
 
Money Market Fund 3.35%
 
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.887% 7-day yield)
 
8,369,498
     
8,369,498
 
               
TOTAL SHORT-TERM INVESTMENTS
         
(Cost $8,369,498)
         
8,369,498
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   
Value
 
Total Investments - 134.58%
     
(Cost $302,123,832)
 
$
336,646,686
 
         
Liabilities in Excess of Other Assets - (34.58%)(h)
   
(86,507,992
)
         
NET ASSETS - 100.00%
 
$
250,138,694
 
 
SCHEDULE OF SECURITIES SOLD SHORT (a)
 
Shares
   
Value
 
COMMON STOCKS (8.23%)
 
Consumer Discretionary (1.39%)
 
Viacom, Inc. - Class B
   
(53,900
)
   
(1,882,188
)
Williams-Sonoma, Inc.
   
(34,400
)
   
(1,597,192
)
             
(3,479,380
)
                 
Financials (1.16%)
 
Ally Financial, Inc.
   
(86,200
)
   
(1,951,568
)
Deutsche Bank AG
   
(50,000
)
   
(892,000
)
Santander Consumer USA Holdings, Inc.
   
(3,500
)
   
(44,835
)
             
(2,888,403
)
                 
Health Care (1.68%)
 
AmerisourceBergen Corp.
   
(14,700
)
   
(1,379,154
)
McKesson Corp.
   
(8,700
)
   
(1,408,269
)
Owens & Minor, Inc.
   
(44,000
)
   
(1,418,120
)
             
(4,205,543
)
                 
Information Technology (4.00%)
 
Amkor Technology, Inc.
   
(116,400
)
   
(1,207,068
)
AU Optronics Corp. - Sponsored ADR
   
(174,600
)
   
(701,892
)
Electronics For Imaging, Inc.
   
(19,700
)
   
(957,026
)
Ingenico Group SA
   
(10,625
)
   
(1,114,652
)
International Business Machines Corp.
   
(20,000
)
   
(2,893,400
)
Knowles Corp.
   
(62,400
)
   
(945,360
)
LINE Corp. - Sponsored ADR
   
(32,300
)
   
(1,187,348
)
Manhattan Associates, Inc.
   
(22,400
)
   
(990,080
)
             
(9,996,826
)
                 
TOTAL COMMON STOCKS
 
(Proceeds $20,660,685)
           
(20,570,152
)
                 
EXCHANGE TRADED FUNDS (0.59%)
 
United States Natural Gas Fund LP
   
(234,800
)
   
(1,483,936
)
   
TOTAL EXCHANGE TRADED FUNDS
 
(Proceeds $1,853,081)
           
(1,483,936
)
                 
TOTAL SECURITIES SOLD SHORT
         
(Proceeds $22,513,766)
         
$
(22,054,088
)
 
(a)
Non-income producing security.
(b)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of July 31, 2017, the aggregate value of those securities was $222,701,236, representing 89.03% of net assets. (See Note 1 and Note 3)
(c)
Loaned security; a portion or all of the security is on loan as of July 31, 2017.
(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 July 31, 2017, these securities had an aggregate value of $6,267,310 or 2.51% of net assets.
(e)
Private Placement; these securities may only be resold in transactions exempt from registration under the Securities Act of 1933. As of July 31, 2017, these securities had a total value of $3,320,142 or 1.33% 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 July 31, 2017, these securities had an aggregate market value of $3,320,142 or 1.33% of total net assets.
(g)
Less than 0.005% or (0.005%) of net assets.
(h)
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
 
15
 
09/18/2017
 
$
(1,704,563
)
 
$
(6,818
)
                
$
(1,704,563
)
 
$
(6,818
)
 
TOTAL RETURN SWAP CONTRACTS
     
       
Counter Party
Reference
Entity/Obligation
 
Notional
Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
 Date
 
Net Unrealized
Appreciation
 
Credit Suisse
Hero MotoCorp, Ltd.
 
$
3,531,574
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
651,856
 
Morgan Stanley
Hero MotoCorp, Ltd.
   
1,115,874
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
129,165
 
Credit Suisse
Housing Development Finance Corp.
   
3,713,827
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
1,667,178
 
Morgan Stanley
Housing Development Finance Corp.
   
3,254,547
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
958,964
 
Credit Suisse
Indiabulls Housing Finance
   
1,868,055
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
894,599
 
Morgan Stanley
ITC, Ltd.
   
1,925,274
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
277,894
 
Credit Suisse
Larsen & Toubro, Ltd.
   
3,675,362
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
987,429
 
Morgan Stanley
Larsen & Toubro, Ltd.
   
906,980
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
178,554
 
Credit Suisse
Mahindra & Mahindra, Ltd.
   
1,374,538
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
16,704
 
Morgan Stanley
Mahindra & Mahindra, Ltd.
   
2,747,948
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
396,848
 
Morgan Stanley
State Bank of India
   
1,802,073
 
225 bps + 1D FEDEF
1 D FEDEF
07/25/2019
   
63,625
 
      
$
25,916,052
           
$
6,222,816
 
 

Clough Global Opportunities Fund
STATEMENT OF INVESTMENTS
July 31, 2017 (Unaudited)
 
 
Shares
   
Value
 
COMMON STOCKS 85.81%
 
Consumer Discretionary 13.62%
 
Amazon.com, Inc.(a)(b)
 
4,711
   
$
4,653,431
 
DR Horton, Inc.(b)(c)
 
317,901
     
11,345,887
 
Lennar Corp. - Class A(b)(c)
 
78,600
     
4,121,784
 
Liberty Broadband Corp. - Class C(a)(b)(c)
 
198,067
     
19,644,285
 
Liberty Ventures - Series A(a)(b)(c)
 
479,862
     
29,070,040
 
Man Wah Holdings, Ltd.
 
1,474,000
     
1,273,813
 
PulteGroup, Inc.(b)(c)
 
266,900
     
6,517,698
 
Sony Corp.
 
113,000
     
4,653,454
 
Vipshop Holdings, Ltd. - ADR(a)(b)(c)
 
195,400
     
2,403,420
 
           
83,683,812
 
               
Consumer Staples 1.15%
 
Japan Tobacco, Inc.
 
203,100
     
7,063,226
 
               
Energy 0.73%
 
Fairway Energy LP(a)(d)(e)(f)
 
536,000
     
4,507,760
 
               
Financials 25.56%
 
Ares Capital Corp.(b)
 
1,062,500
     
17,414,375
 
Bank of America Corp.(b)(c)
 
890,810
     
21,486,337
 
Blackstone Mortgage Trust, Inc. - Class A(b)
 
406,700
     
12,554,829
 
Citigroup, Inc.(b)(c)
 
340,527
     
23,309,073
 
Credit Acceptance Corp.(a)(b)(c)
 
47,612
     
11,860,149
 
Franklin Resources, Inc.(b)
 
82,800
     
3,707,784
 
Global Medical REIT, Inc.(b)
 
310,000
     
2,883,000
 
Golub Capital BDC, Inc.(b)
 
454,457
     
8,889,179
 
JPMorgan Chase & Co.(b)(c)
 
118,500
     
10,878,300
 
Ladder Capital Corp.(b)
 
230,242
     
3,029,985
 
MTGE Investment Corp.
 
26,161
     
486,595
 
PennyMac Mortgage Investment Trust(b)
 
481,214
     
8,469,366
 
Solar Capital, Ltd.(b)
 
293,731
     
6,418,022
 
Starwood Property Trust, Inc.(b)
 
982,586
     
21,656,196
 
Welltower, Inc.(b)
 
55,000
     
4,036,450
 
           
157,079,640
 
               
Health Care 14.34%
 
Alexion Pharmaceuticals, Inc.(a)(b)(c)
 
43,100
     
5,919,354
 
Align Technology, Inc.(a)(b)(c)
 
49,000
     
8,194,270
 
Biogen, Inc.(a)(b)(c)
 
12,640
     
3,660,417
 
BioMarin Pharmaceutical, Inc.(a)(b)(c)
 
13,700
     
1,201,901
 
Bioverativ, Inc.(a)(b)
 
94,300
     
5,843,771
 
Boston Scientific Corp.(a)(b)
 
129,900
     
3,457,938
 
Bristol-Myers Squibb Co.(b)
 
107,200
     
6,099,680
 
Cardiome Pharma Corp.(a)(b)(c)
 
1,042,181
     
4,387,582
 
Celgene Corp.(a)(b)(c)
 
28,500
     
3,859,185
 
CRISPR Therapeutics AG(a)
 
338,610
     
5,922,289
 
Envision Healthcare Corp.(a)(b)(c)
 
21,200
     
1,196,316
 
 
Shares
   
Value
 
Health Care (continued)
 
GW Pharmaceuticals PLC - ADR(a)(b)(c)
 
25,800
   
$
2,883,924
 
Hologic, Inc.(a)(b)(c)
 
100,800
     
4,456,368
 
Intra-Cellular Therapies, Inc.(a)(b)
 
161,100
     
1,863,927
 
Kura Oncology, Inc.(a)
 
51,636
     
467,306
 
Merck & Co., Inc.(b)(c)
 
156,700
     
10,009,996
 
NuVasive, Inc.(a)(b)
 
49,000
     
3,223,710
 
Pfizer, Inc.(b)(c)
 
157,200
     
5,212,752
 
Sienna Biopharmaceuticals -
Series B(a)(d)(e)(f)
 
190,624
     
3,709,486
 
Sienna Biopharmaceuticals, Inc.(a)
 
128,600
     
2,631,156
 
Vertex Pharmaceuticals, Inc.(a)(b)(c)
 
25,800
     
3,916,956
 
           
88,118,284
 
               
Industrials 1.67%
 
AMERCO(b)(c)
 
26,340
     
10,234,670
 
               
Information Technology 28.23%
 
Alibaba Group Holding, Ltd. - Sponsored ADR(a)(b)(c)
 
35,200
     
5,454,240
 
Apple, Inc.(b)(c)
 
173,090
     
25,743,676
 
Baidu, Inc. - Sponsored ADR(a)(b)
 
8,450
     
1,912,657
 
Broadcom, Ltd.(b)(c)
 
67,954
     
16,761,534
 
Cognizant Technology Solutions Corp. - Class A(b)(c)
 
124,800
     
8,651,136
 
Cypress Semiconductor Corp.(b)
 
505,600
     
7,179,520
 
Dialog Semiconductor PLC(a)
 
131,599
     
5,749,321
 
Ellie Mae, Inc.(a)(b)(c)
 
47,900
     
4,177,838
 
Facebook, Inc. - Class A(a)(b)(c)
 
94,300
     
15,960,275
 
Foxconn Technology Co., Ltd.
 
1,264,000
     
3,800,937
 
Lam Research Corp.(b)
 
60,800
     
9,695,168
 
Microsoft Corp.(b)(c)
 
89,600
     
6,513,920
 
Nintendo Co., Ltd.
 
14,800
     
5,031,557
 
salesforce.com, Inc.(a)(b)(c)
 
33,000
     
2,996,400
 
Samsung Electronics Co., Ltd.
 
10,197
     
21,960,386
 
Semiconductor Manufacturing International Corp.(a)
 
1,960,000
     
2,158,038
 
Ulvac, Inc.
 
62,700
     
3,366,901
 
ViaSat, Inc.(a)(b)(c)
 
157,835
     
10,431,315
 
Western Digital Corp.(b)(c)
 
54,400
     
4,630,528
 
Yelp, Inc.(a)(b)(c)
 
347,700
     
11,310,681
 
           
173,486,028
 
               
Materials 0.51%
 
Chr Hansen Holding A/S
 
39,001
     
3,141,312
 
               
TOTAL COMMON STOCKS
 
(Cost $457,998,931)
         
527,314,732
 
               
PARTICIPATION NOTES 1.18%
 
Consumer Discretionary 0.76%
 
Midea Group Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 05/13/2019(d)
 
770,300
     
4,716,426
 
 

   
Shares
   
Value
 
Consumer Staples 0.42%
 
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017(d)
   
36,007
   
$
2,575,055
 
                 
TOTAL PARTICIPATION NOTES
 
(Cost $5,464,668)
           
7,291,481
 
                 
PREFERRED STOCKS 1.61%
 
Annaly Capital Management, Inc.(b)
 
Series E, 7.625%
   
162,911
     
4,160,747
 
Ares Management LP(b)
 
Series A, 7.000%
   
147,000
     
3,964,590
 
PennyMac Mortgage Investment Trust
 
Series B, 8.000%
   
70,000
     
1,753,500
 
             
9,878,837
 
                 
TOTAL PREFERRED STOCKS
 
(Cost $9,364,164)
           
9,878,837
 
                 
WARRANTS 0.00%(a)(g)
 
Atlas Mara, Ltd., Strike price 11.50, Expires 12/17/2017(d)
   
487,322
     
1,340
 
                 
TOTAL WARRANTS
 
(Cost $4,873)
           
1,340
 
 
Description and
 
Principal
       
Maturity Date
 
Amount
   
Value
 
CORPORATE BONDS 27.40%
 
Amazon.com, Inc.
           
11/29/2022, 2.500%(b)
 
$
4,000,000
     
4,056,216
 
Ares Capital Corp.
               
01/15/2020, 3.875%(b)(c)
   
7,383,000
     
7,549,657
 
01/19/2022, 3.625%(b)
   
6,012,000
     
6,118,929
 
AvalonBay Communities, Inc.
               
09/15/2022, 2.950%
   
5,200,000
     
5,293,340
 
Bank of America Corp.
               
10/21/2022, 2.503%
   
1,000,000
     
992,575
 
Biogen, Inc.
               
09/15/2020, 2.900%
   
20,000
     
20,540
 
BMW US Capital LLC
               
09/15/2021, 1.850%(h)
   
3,890,000
     
3,835,910
 
Boston Properties LP
               
05/15/2021, 4.125%(b)(c)
   
4,000,000
     
4,246,956
 
Chubb INA Holdings, Inc.
               
11/03/2020, 2.300%(b)
   
3,500,000
     
3,541,426
 
Citizens Bank National Association
               
12/04/2019, 2.450%(b)
   
2,802,000
     
2,828,709
 
05/13/2021, 2.550%(b)
   
4,910,000
     
4,931,712
 
EMC Corp.
               
06/01/2020, 2.650%(b)
   
3,000,000
     
2,961,738
 
06/01/2023, 3.375%(b)
   
4,000,000
     
3,884,576
 
Description and
 
Principal
       
Maturity Date
 
Amount
   
Value
 
CORPORATE BONDS (continued)
 
Exelon Generation Co. LLC
           
01/15/2020, 2.950%(b)
 
$
3,510,000
   
$
3,585,970
 
First Republic Bank
               
06/17/2019, 2.375%(b)
   
3,000,000
     
3,021,273
 
02/13/2047, 4.625%(b)
   
4,000,000
     
4,077,816
 
Five Corners Funding Trust
               
11/15/2023, 4.419%(b)(d)
   
3,000,000
     
3,266,103
 
Ford Motor Credit Co. LLC
               
03/18/2021, 3.336%(b)(c)
   
6,000,000
     
6,147,900
 
General Motors Financial Co., Inc.
               
07/06/2021, 3.200%(b)
   
5,000,000
     
5,085,875
 
Goldman Sachs Group, Inc.
               
09/15/2020, 2.750%(b)(c)
   
4,000,000
     
4,060,012
 
11/15/2021, 2.350%(b)
   
4,500,000
     
4,464,724
 
Jackson National Life Global Funding
               
04/29/2021, 2.250%(b)(d)
   
4,160,000
     
4,133,917
 
JPMorgan Chase & Co.
               
06/07/2021, 2.400%(b)
   
4,000,000
     
4,014,264
 
09/23/2022, 3.250%
   
4,000,000
     
4,133,092
 
Lear Corp.
               
01/15/2023, 4.750%(b)
   
6,500,000
     
6,729,008
 
01/15/2025, 5.250%(b)
   
4,000,000
     
4,287,860
 
Liberty Mutual Group, Inc.
               
03/15/2037, 4.151%(b)(d)(i)
   
7,500,000
     
7,368,750
 
Manufacturers & Traders Trust Co.
               
02/06/2020, 2.100%(b)
   
4,000,000
     
4,019,460
 
Metropolitan Life Global Funding I
               
09/15/2021, 1.950%(b)(d)
   
6,000,000
     
5,910,744
 
Morgan Stanley
               
06/16/2020, 2.800%(b)(c)
   
5,000,000
     
5,093,590
 
New York Life Global Funding
               
04/09/2020, 2.000%(b)(d)
   
4,000,000
     
4,006,024
 
PNC Bank National Association
               
11/05/2020, 2.450%(b)
   
4,000,000
     
4,055,600
 
Royal Bank of Canada
               
02/05/2020, 1.875%(b)(c)
   
5,000,000
     
5,000,305
 
Scripps Networks Interactive, Inc.
               
06/15/2022, 3.500%
   
2,700,000
     
2,765,070
 
Toronto-Dominion Bank
               
12/14/2020, 2.500%(b)
   
3,332,000
     
3,385,169
 
VF Corp.
               
09/01/2021, 3.500%
   
4,000,000
     
4,178,108
 
Wells Fargo & Co.
               
12/07/2020, 2.550%(b)
   
10,000,000
     
10,138,080
 
Welltower, Inc.
               
04/01/2019, 4.125%(b)
   
5,033,000
     
5,193,794
 
                 
TOTAL CORPORATE BONDS
         
(Cost $167,269,359)
           
168,384,792
 
                 
ASSET/MORTGAGE BACKED SECURITIES 6.58%
 
Federal National Mortgage Association - REMICS
               
Series 2017-60, Class C,
08/25/2047, 3.500%(f)
   
4,000,000
     
3,960,000
 
 

Description and
 
Principal
       
Maturity Date
 
Amount
   
Value
 
ASSET/MORTGAGE BACKED SECURITIES (continued)
 
Government National Mortgage Association - REMICS
           
Series 2014-67, Class AE,
05/16/2039, 2.150%
 
$
7,806,069
   
$
7,897,863
 
Series 2012-83, Class A,
07/16/2041, 1.368%
   
3,853,879
     
3,743,142
 
Series 2014-172, Class AC,
09/16/2041, 1.900%
   
4,203,439
     
4,200,538
 
Series 2013-68, Class AC,
02/16/2046, 1.300%
   
3,596,932
     
3,432,537
 
Series 2015-130, Class AB,
08/16/2047, 2.550%
   
3,144,111
     
3,152,769
 
Series 2014-166, Class PJ,
07/16/2051, 2.500%
   
4,073,772
     
4,089,224
 
Series 2012-111, Class A,
09/16/2052, 2.387%
   
2,576,582
     
2,574,613
 
Series 2013-101, Class AD,
12/16/2053, 2.623%(i)
   
2,980,559
     
2,931,768
 
Series 2017-29, Class A,
01/16/2058, 2.400%
   
4,476,106
     
4,421,829
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
         
(Cost $40,939,448)
           
40,404,283
 
                 
GOVERNMENT & AGENCY OBLIGATIONS 7.94%
 
U.S. Treasury Bonds
 
11/15/2026, 6.500%(b)
   
6,300,000
     
8,548,558
 
08/15/2029, 6.125%(b)
   
6,750,000
     
9,397,924
 
02/15/2038, 4.375%
   
4,000,000
     
5,066,796
 
05/15/2040, 4.375%
   
4,500,000
     
5,709,901
 
11/15/2040, 4.250%
   
12,000,000
     
14,988,984
 
02/15/2047, 3.000%
   
5,000,000
     
5,106,640
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
 
(Cost $49,169,282)
           
48,818,803
 
                 
MUNICIPAL BONDS 3.43%
 
Florida State Board of Administration
Finance Corp. Revenue Bonds,
Series A
               
07/01/2021, 2.638%(b)(c)
   
7,000,000
     
7,070,910
 
New York City Transitional Finance Authority Revenue Bonds, Series E-2
               
02/01/2026, 3.080%
   
4,000,000
     
4,015,840
 
New York State Transportation Development Corp. Revenue Bonds, Series B
               
07/01/2024, 3.023%
   
3,150,000
     
3,068,258
 
New York State Urban Development Corp. Revenue Bonds, Series B
               
03/15/2023, 2.670%
   
3,000,000
     
3,023,820
 
Description and
 
Principal
       
Maturity Date
 
Amount
   
Value
 
MUNICIPAL BONDS (continued)
 
Wisconsin State General Fund Annual
Appropriation Revenue Bonds,
Series A
           
05/01/2023, 2.049%
 
$
4,000,000
   
$
3,925,920
 
                 
TOTAL MUNICIPAL BONDS
         
(Cost $21,081,846)
           
21,104,748
 
 
   
Shares
   
Value
 
SHORT-TERM INVESTMENTS 5.06%
 
Money Market Fund 5.06%
 
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.887% 7-day yield)
   
31,074,496
     
31,074,496
 
                 
TOTAL SHORT-TERM INVESTMENTS
         
(Cost $31,074,496)
           
31,074,496
 
                 
Total Investments - 139.01%
         
(Cost $782,367,067)
           
854,273,512
 
                 
Liabilities in Excess of Other Assets - (39.01%)(j)
     
(239,736,816
)
                 
NET ASSETS - 100.00%
         
$
614,536,696
 
 
SCHEDULE OF SECURITIES SOLD SHORT (a)
 
Shares
   
Value
 
COMMON STOCKS (7.14%)
 
Consumer Discretionary (1.41%)
 
Viacom, Inc. - Class B
   
(134,100
)
   
(4,682,772
)
Williams-Sonoma, Inc.
   
(85,700
)
   
(3,979,051
)
             
(8,661,823
)
                 
Financials (1.17%)
 
Ally Financial, Inc.
   
(212,500
)
   
(4,811,000
)
Deutsche Bank AG
   
(124,800
)
   
(2,226,432
)
Santander Consumer USA Holdings, Inc.
   
(8,507
)
   
(108,975
)
             
(7,146,407
)
                 
Health Care (1.70%)
 
AmerisourceBergen Corp.
   
(36,500
)
   
(3,424,430
)
McKesson Corp.
   
(21,600
)
   
(3,496,392
)
Owens & Minor, Inc.
   
(109,427
)
   
(3,526,832
)
             
(10,447,654
)
                 
Information Technology (2.86%)
 
Amkor Technology, Inc.
   
(290,100
)
   
(3,008,337
)
AU Optronics Corp. - Sponsored ADR
   
(305,512
)
   
(1,228,158
)
Ingenico Group SA
   
(26,190
)
   
(2,747,553
)
International Business Machines Corp.
   
(49,400
)
   
(7,146,698
)
LINE Corp. - Sponsored ADR
   
(79,500
)
   
(2,922,420
)
 

SCHEDULE OF SECURITIES SOLD SHORT (a) (continued)
 
Shares
   
Value
 
Information Technology (continued)
 
Manhattan Associates, Inc.
   
(12,200
)
 
$
(539,240
)
             
(17,592,406
)
                 
TOTAL COMMON STOCKS
 
(Proceeds $43,471,241)
           
(43,848,290
)
                 
EXCHANGE TRADED FUNDS (0.60%)
 
United States Natural Gas Fund LP
   
(588,000
)
   
(3,716,160
)
   
TOTAL EXCHANGE TRADED FUNDS
 
(Proceeds $4,643,995)
           
(3,716,160
)
                 
TOTAL SECURITIES SOLD SHORT
         
(Proceeds $48,115,236)
         
$
(47,564,450
)
 
(a)
Non-income producing security.
(b)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of July 31, 2017, the aggregate value of those securities was $596,940,055, representing 97.14% of net assets. (See Note 1 and Note 3)
(c)
Loaned security; a portion or all of the security is on loan as of July 31, 2017.
(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 July 31, 2017, these securities had an aggregate value of $40,195,605 or 6.54% 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 July 31, 2017, these securities had a total value of $8,217,246 or 1.33% 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 July 31, 2017, these securities had an aggregate market value of $12,177,246 or 1.98% of total net assets.
(g)
Less than 0.005% or (0.005%) of net assets.
(h)
Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of July 31, 2017, the aggregate value of those securities was $3,835,910, representing 0.62% of net assets.
(i)
Floating or variable rate security - rate disclosed as of July 31, 2017.
(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
 
40
 
09/18/2017
 
$
(4,545,500
)
 
$
(18,180
)
                
$
(4,545,500
)
 
$
(18,180
)
 
TOTAL RETURN SWAP CONTRACTS
     
       
Counter Party
Reference
Entity/Obligation
 
Notional
Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
 Date
 
Net Unrealized
Appreciation
 
Credit Suisse
Hero MotoCorp, Ltd.
 
$
6,691,280
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
1,253,994
 
Morgan Stanley
Hero MotoCorp, Ltd.
   
2,789,428
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
322,885
 
Credit Suisse
Housing Development Finance Corp.
   
9,409,145
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
4,225,288
 
Morgan Stanley
Housing Development Finance Corp.
   
8,000,581
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
2,357,399
 
Credit Suisse
Indiabulls Housing Finance
   
4,891,873
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
2,342,689
 
Morgan Stanley
ITC, Ltd.
   
4,878,884
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
708,710
 
Credit Suisse
Larsen & Toubro, Ltd.
   
7,078,221
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
1,914,848
 
Morgan Stanley
Larsen & Toubro, Ltd.
   
2,267,279
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
446,350
 
Credit Suisse
Mahindra & Mahindra, Ltd.
   
3,470,932
 
125 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
42,172
 
Morgan Stanley
Mahindra & Mahindra, Ltd.
   
6,934,657
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
1,003,907
 
Morgan Stanley
State Bank of India
   
4,436,355
 
225 bps + 1D FEDEF
1 D FEDEF
07/25/2019
   
156,633
 
      
$
60,848,635
           
$
14,774,875
 
 
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
LLC - Limited Liability Corporation
Ltd. - Limited
PLC - Public Limited Company
REIT - Real Estate Investment Trust
REMICS - Real Estate Mortgage Investment Conduits

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
JULY 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, January 25, 2005, and January 12, 2006, respectively for Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund. The Funds were previously registered as non-diversified investment companies. As a result of ongoing operations, each of the Funds became a diversified company. The Funds may not resume operating in a non-diversified manner without first obtaining shareholder approval. Each Fund’s investment objective is to provide a high level of total return. Each Declaration of Trust provides that the Board of Trustees (the “Board”) may authorize separate classes of shares of beneficial interest. The common shares of Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund are listed on the NYSE MKT and trade under the ticker symbols “GLV”, “GLQ” and “GLO” respectively. The Board of each Fund announced, on September 12, 2014, that it had approved a change to the Funds' fiscal year-end from March 31 to October 31.

The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of 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 July 31, 2017.

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

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

If the price of a security is unavailable in accordance with the aforementioned pricing procedures, or the price of a security is unreliable, e.g., due to the occurrence of a significant event, the security may be valued at its fair value determined by management pursuant to procedures adopted by the Board. For this purpose, fair value is the price that a Fund reasonably expects to receive on a current sale of the security. Due to the number of variables affecting the price of a security, however; it is possible that the fair value of a security may not accurately reflect the price that a Fund could actually receive on a sale of the security.

A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best
information available.


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 July 31, 2017, in valuing each Fund’s investments carried at value.
 
Clough Global Dividend and Income Fund
 
                         
Investments in Securities at Value*
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
Consumer Discretionary
 
$
15,912,777
   
$
   
$
   
$
15,912,777
 
Consumer Staples
   
1,763,198
     
     
     
1,763,198
 
Energy
   
     
     
1,099,187
     
1,099,187
 
Financials
   
43,030,166
     
     
     
43,030,166
 
Health Care
   
9,487,862
     
     
     
9,487,862
 
Industrials
   
2,576,153
     
     
     
2,576,153
 
Information Technology
   
30,665,574
     
     
     
30,665,574
 
Materials
   
774,998
     
     
     
774,998
 
Closed-End Funds
   
3,012,985
     
     
     
3,012,985
 
Participation Notes
   
     
1,803,884
     
     
1,803,884
 
Preferred Stocks
   
4,285,053
     
     
     
4,285,053
 
Warrants
   
322
     
     
     
322
 
Corporate Bonds
   
     
54,296,324
     
     
54,296,324
 
Asset/Mortgage Backed Securities
   
     
11,948,859
     
     
11,948,859
 
Government & Agency Obligations
   
     
13,148,234
     
     
13,148,234
 
Municipal Bonds
   
     
9,613,300
     
     
9,613,300
 
Short-Term Investments
                               
Money Market Fund
   
6,772,040
     
     
     
6,772,040
 
TOTAL
 
$
118,281,128
   
$
90,810,601
   
$
1,099,187
   
$
210,190,916
 
   
Other Financial Instruments
    Level 1      
Level 2
     
Level 3
     
Total
 
Assets
                               
Total Return Swap Contracts**
 
$
   
$
3,778,541
   
$
   
$
3,778,541
 
                                 
Liabilities
 
Securities Sold Short
                             
Common Stocks
   
(10,949,502
)
   
     
     
(10,949,502
)
Exchange Traded Funds
   
(930,304
)
   
     
     
(930,304
)
Futures Contracts**
   
(3,636
)
   
     
     
(3,636
)
TOTAL
 
$
(11,883,442
)
 
$
3,778,541
   
$
   
$
(8,104,901
)

Clough Global Equity Fund
 
                         
Investments in Securities at Value*
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
Consumer Discretionary
 
$
45,322,835
   
$
   
$
   
$
45,322,835
 
Consumer Staples
   
2,841,288
     
     
     
2,841,288
 
Energy
   
     
     
1,830,016
     
1,830,016
 
Financials
   
87,479,590
     
     
     
87,479,590
 
Health Care
   
43,864,131
     
1,490,126
     
     
45,354,257
 
Industrials
   
4,093,480
     
     
     
4,093,480
 
Information Technology
   
87,030,253
     
     
     
87,030,253
 
Materials
   
1,264,869
     
     
     
1,264,869
 
Utilities
   
17,702,056
     
     
     
17,702,056
 
Participation Notes
   
     
2,946,630
     
     
2,946,630
 
Preferred Stocks
   
8,667,337
     
     
     
8,667,337
 
Warrants
   
538
     
     
     
538
 
Asset/Mortgage Backed Securities
   
     
1,242,508
     
     
1,242,508
 
Government & Agency Obligations
   
     
22,501,531
     
     
22,501,531
 
Short-Term Investments
                               
Money Market Fund
   
8,369,498
     
     
     
8,369,498
 
TOTAL
 
$
306,635,875
   
$
28,180,795
   
$
1,830,016
   
$
336,646,686
 
 

Other Financial Instruments
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Total Return Swap Contracts**
 
$
   
$
6,222,816
   
$
   
$
6,222,816
 
                                 
Liabilities
 
Securities Sold Short
                               
Common Stocks
   
(20,570,152
)
   
     
     
(20,570,152
)
Exchange Traded Funds
   
(1,483,936
)
   
     
     
(1,483,936
)
Futures Contracts**
   
(6,818
)
   
     
     
(6,818
)
TOTAL
 
$
(22,060,906
)
 
$
6,222,816
   
$
   
$
(15,838,090
)
 
Clough Global Opportunities Fund
 
                         
Investments in Securities at Value*
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
Consumer Discretionary
 
$
83,683,812
   
$
   
$
   
$
83,683,812
 
Consumer Staples
   
7,063,226
     
     
     
7,063,226
 
Energy
   
     
     
4,507,760
     
4,507,760
 
Financials
   
157,079,640
     
     
     
157,079,640
 
Health Care
   
84,408,798
     
3,709,486
     
     
88,118,284
 
Industrials
   
10,234,670
     
     
     
10,234,670
 
Information Technology
   
173,486,028
     
     
     
173,486,028
 
Materials
   
3,141,312
     
     
     
3,141,312
 
Participation Notes
   
     
7,291,481
     
     
7,291,481
 
Preferred Stocks
   
9,878,837
     
     
     
9,878,837
 
Warrants
   
1,340
     
     
     
1,340
 
Corporate Bonds
   
     
168,384,792
     
     
168,384,792
 
Asset/Mortgage Backed Securities
   
     
40,404,283
     
     
40,404,283
 
Government & Agency Obligations
   
     
48,818,803
     
     
48,818,803
 
Municipal Bonds
   
     
21,104,748
     
     
21,104,748
 
Short-Term Investments
                               
Money Market Fund
   
31,074,496
     
     
     
31,074,496
 
TOTAL
 
$
560,052,159
   
$
289,713,593
   
$
4,507,760
   
$
854,273,512
 
   
Other Financial Instruments
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                               
Total Return Swap Contracts**
 
$
   
$
14,774,875
   
$
   
$
14,774,875
 
                                 
Liabilities
 
Securities Sold Short
                               
Common Stocks
   
(43,848,290
)
   
     
     
(43,848,290
)
Exchange Traded Funds
   
(3,716,160
)
   
     
     
(3,716,160
)
Futures Contracts**
   
(18,180
)
   
     
     
(18,180
)
TOTAL
 
$
(47,582,630
)
 
$
14,774,875
   
$
   
$
(32,807,755
)
 
*
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.
 

The Funds recognize transfers between the levels as of the end of the period in which the transfer occurred. As of the period ended July 31, 2017, the Funds had the following transfers between level 1 and level 2.

Clough Global Equity Fund

   
Level 1
   
Level 2
 
   
Transfers In
   
Transfers (Out)
   
Transfers In
   
Transfers (Out)
 
Common Stock
 
$
1,218,476
   
$
-
   
$
-
   
$
(1,218,476
)
Total
 
$
1,218,476
   
$
-
   
$
-
   
$
(1,218,476
)
 
Clough Global Opportunities fund

   
Level 1
   
Level 2
 
   
Transfers In
   
Transfers (Out)
   
Transfers In
   
Transfers (Out)
 
Common Stock
 
$
3,115,144
   
$
-
   
$
-
   
$
(3,115,144
)
Total
 
$
3,115,144
   
$
-
   
$
-
   
$
(3,115,144
)
 
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.

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

Clough Global Dividend and Income Fund
                                           
Investments in Securities
 
Balance as of October 31, 2016
   
Realized
Gain/(Loss)
   
Change in Unrealized
Appreciation/ (Depreciation)
   
Purchases
   
Sales Proceeds
   
Transfer
into
Level 3
   
Transfer
out of
Level 3
   
Balance as of July 31, 2017
   
Net change in unrealized
appreciation/ (depreciation) attributable to Level 3 investments held at July 31, 2017
 
Common Stocks
 
$
   
$
   
$
   
$
   
$
   
$
1,099,187
   
$
   
$
1,099,187
   
$
(207,813
)
Total
 
$
   
$
   
$
   
$
   
$
   
$
1,099,187
   
$
   
$
1,099,187
   
$
(207,813
)

Clough Global Equity Fund
                                           
Investments in Securities
 
Balance as of October 31, 2016
   
Realized
Gain/(Loss)
   
Change in Unrealized
Appreciation/ (Depreciation)
   
Purchases
   
Sales Proceeds
   
Transfer
into
Level 3
   
Transfer
out of
Level 3
   
Balance as of July 31, 2017
   
Net change in unrealized
appreciation/ (depreciation) attributable to Level 3 investments held at July 31, 2017
 
Common Stocks
 
$
   
$
   
$
   
$
   
$
   
$
1,830,016
   
$
   
$
1,830,016
   
$
(345,984
)
Total
 
$
   
$
   
$
   
$
   
$
   
$
1,830,016
   
$
   
$
1,830,016
   
$
(345,984
)


Clough Global Opportunities Fund
                                           
Investments in Securities
 
Balance as of October 31, 2016
   
Realized
Gain/(Loss)
   
Change in Unrealized
Appreciation/ (Depreciation)
   
Purchases
   
Sales Proceeds
   
Transfer
into
Level 3
   
Transfer
out of
Level 3
   
Balance as of July 31, 2017
   
Net change in unrealized
appreciation/ (depreciation) attributable to Level 3 investments held at July 31, 2017
 
Common Stocks
 
$
   
$
   
$
   
$
   
$
   
$
4,507,760
   
$
   
$
4,507,760
   
$
(852,240
)
Total
 
$
   
$
   
$
   
$
   
$
   
$
4,507,760
   
$
   
$
4,507,760
   
$
(852,240
)

The following is a summary of valuation techniques and quantitative information used in determining the fair value of the Fund’s Level 3 investments at July 31, 2017:

Fund
Sector
 
Fair Value
 
Valuation Technique
Unobservable Input(a)
    Range
Clough Global Dividend Income Fund
Energy
 
$
1,099,187
 
Comparable Company Approach
Comparable Company Multiples
   
0.96x - 1.04x
Clough Global Equity Fund
Energy
 
$
1,830,016
 
Comparable Company Approach
Comparable Company Multiples
   
0.96x - 1.04x
Clough Global Opportunities Fund
Energy
 
$
4,507,760
 
Comparable Company Approach
Comparable Company Multiples
   
0.96x - 1.04x

(a)
A change to the unobservable input may result in a significant change to the value of the investment as follows:

Unobservable Input
Impact to Value if Input Increases
Impact to Value if Input Decreases
Comparable Company Multiples
Increase
Decrease

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.

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

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

Each Fund's obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other liquid securities. Each Fund will also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current value of the security sold short. 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 addition, in pursuit of their investment objectives, certain Funds may seek to use derivatives, which may increase or decrease exposure to the following market risk factors:

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

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

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


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 July 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. Management has reviewed the futures agreement under which the futures contracts are traded and has determined that the Funds do not have the right to set-off, and therefore the futures contracts are not subject to enforceable
netting arrangements.

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

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

During the period ended July 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 July 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 July 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
0.72%
6/30/2015
130,700
 
$
1,307,000
 
$
1,099,187
 
Total
 
0.72%
     
$
1,307,000
 
$
1,099,187
 
                        
Clough Global Equity Fund
Fairway Energy LP
0.73%
6/30/2015
217,600
 
$
2,176,000
 
$
1,830,016
 
 
Sienna Biopharmaceuticals ‐ Series B
0.60%
4/12/2017
76,575
   
937,021
   
1,490,126
 
Total
 
1.33%
     
$
3,113,021
 
$
3,320,142
 
                        
Clough Global Opportunities Fund
Fairway Energy LP
0.73%
6/30/2015
536,000
 
$
5,360,000
 
$
4,507,760
 
 
Sienna Biopharmaceuticals ‐ Series B 
0.60%
4/12/2017
190,624
   
2,332,592
   
3,709,486
 
Total
 
1.33%
     
$
7,692,592
 
$
8,217,246
 
 

2. TAXES
 
Tax Basis of Investments: Net unrealized appreciation/(depreciation) of investments based on federal tax cost as of July 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)
 
$
49,072,996
   
$
98,336,708
   
$
79,680,911
 
Gross depreciation (excess of tax cost over value)
   
(34,911,228
)
   
(65,582,471
)
   
(12,775,669
)
Net unrealized appreciation
 
$
14,161,768
   
$
32,754,237
   
$
66,905,242
 
Cost of investments for income tax purposes
 
$
196,029,148
   
$
303,892,449
   
$
787,368,270
 

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 entered a Special Custody and Pledge Agreement (the “Pledge Agreement”) dated December 9, 2013, as amended, between each Fund, the Funds’ custodian, and BNP. As of October 31, 2016, the Pledge Agreement was assigned from BNP to BNP Paribas Prime Brokerage International, Ltd. Per the Pledge Agreement, borrowings under the Agreement are secured by assets of each Fund that are held by a Fund’s custodian in a separate account (the “pledged collateral”) valued at $143,658,483, $212,256,119 and $573,657,964 for the Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, respectively. Each Fund may, with 30 days notice, reduce the Maximum Commitment Financing (Initial Limit amount plus the increased borrowing amount in excess of the Initial Limit) to a lesser amount if drawing on the full amount would result in a violation of the applicable asset coverage requirement of Section 18 of the 1940 Act. Interest is charged at the three month LIBOR (London Inter-bank Offered Rate) plus 0.70% on the amount borrowed and 0.65% on the undrawn balance. Each Fund also pays a one-time arrangement fee of 0.25% on (i) the Initial Limit and (ii) any increased borrowing amount in the excess of the Initial Limit, paid in monthly installments for the six months immediately following the date on which borrowings were drawn by the Fund.

The Agreement was amended on October 31, 2016, to decrease the Maximum Commitment Financing, effective October 28, 2016, to $72,000,000, $113,000,000 and $292,000,000 for the Clough Global Dividend and Income Fund, Clough Global Equity Fund and the Clough Global Opportunities Fund, respectively. Prior to October 28, 2016 the Maximum Commitment Financing was $93,300,000, $156,000,000 and $388,900,000 for the Clough Global Dividend and Income Fund, Clough Global Equity Fund and the Clough Global Opportunities Fund, respectively. For the period ended July 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 1.81%. As of July 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 July 31, 2017,
was 2.01%.

The Lending Agreement is a separate side-agreement between each Fund and BNP pursuant to which BNP may borrow a portion of the pledged collateral (the “Lent Securities”) in an amount not to exceed the outstanding borrowings owed by a Fund to BNP under the Agreement. The Lending Agreement is intended to permit each Fund to significantly reduce the cost of its borrowings under the Agreement. BNP has the ability to re-register the Lent Securities in its own name or in another name other than the Fund to pledge, re-pledge, sell, lend or otherwise transfer or use the collateral with all attendant rights of ownership. (It is each Fund’s understanding that BNP will perform due diligence to determine the creditworthiness of any party that borrows Lent Securities from BNP.) Each Fund may designate any security within the pledged collateral as ineligible to be a Lent Security, provided there are eligible securities within the pledged collateral in an amount equal to the outstanding borrowing owed by a Fund. During the 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 the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. Under the terms of the Lending Agreement, each Fund shall have the right to apply and set-off an amount equal to one hundred percent (100%) of the then current fair value of such Lent Securities against the Current Borrowings. As of July 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 $65,086,449, $104,933,680 and $274,617,809, 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 July 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:
September 26, 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:
September 26, 2017
 
 
 
By:
/s/ Jeremy O. May  
   
Jeremy O. May
 
   
Treasurer (Principal Financial Officer)
 
       
 
Date:
September 26, 2017