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Section 19(b) Disclosure

 

April 30, 2017 (Unaudited)

 

Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each a “Fund” and collectively, the “Funds”), acting pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Fund’s Board of Trustees (the “Board”), have adopted a plan, consistent with each Fund’s investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plan, Clough Global Dividend and Income Fund currently distributes $0.1032 per share on a monthly basis, Clough Global Equity Fund currently distributes $0.0989 per share on a monthly basis and Clough Global Opportunities Fund currently distributes $0.0860 per share on a monthly basis.

 

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

 

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

 

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

 

Please refer to Additional Information for a cumulative summary of the Section 19(a) notices for each Fund’s current fiscal period. Section 19(a) notices for each Fund, as applicable, are available on the Clough Global Closed-End Funds website www.cloughglobal.com.

Clough Global Funds

Table of Contents

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

Clough Global Funds

Shareholder Letter

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April 30, 2017 (Unaudited)

To Our Investors:

 

Semi Annual Results

 

Clough Global Dividend and Income Fund (GLV)

During the semiannual period ended April 30, 2017, the Clough Dividend and Income Fund’s total return, assuming the reinvestment of all dividends, was 9.36% based on the net asset value and 24.55% based on the market price.  The blended benchmark (50% MSCI World Index and 50% Barclays U.S. Aggregate Index) returned 5.72%. During the last six months, the fund paid 0.62 per share in distributions.  As of April 30, 2017, the Fund had a distribution rate on market price of 8.98%.

 

Clough Global Equity Fund (GLQ)

During the semiannual period ended April 30, 2017, the Clough Global Equity Fund‘s total return, assuming the reinvestment of dividends, was 13.38% based on net asset value and 26.43% based on market price.  The MSCI World Index returned 12.44%.  During the last six months, the fund paid 0.59 per share in distributions.  As of April 30, 2017, the Fund had a distribution rate on market price of 9.23%.

 

Clough Global Opportunities Fund (GLO)

During the semiannual period ended April 30, 2017, the Clough Global Opportunities Fund’s total return was 9.41% based on net asset value and 24.19% based on market price.  The blended benchmark (75% MSCI World Index and 25% Barclays U.S. Aggregate Index) returned 9.04%. During the last six months, the fund paid 0.52 per share in distributions.  As of April 30, 2017, the Fund had a distribution rate on market price of 9.69%.

 

The largest sector gains came from investments in companies which we think will capture the bulk of the profits from the emerging smartphone cycle. Other positive contributors were Liberty Ventures; Bank of America and Citigroup; and Ares Capital Corp., a business development company. Industrial and energy shorts and long maturity United States Treasuries were among the top detractors from performance. On an individual basis, top detractors include short positions in Lufthansa AG and Deutsche Bank.

 

During the last six months we were particularly active in adding to three of the Fund’s major strategies: the emerging smartphone cycle, our growing emerging market interest in India, and healthcare.

 

Investments along the smartphone chain are a large commitment in the fund. Profitable holdings in the first half of the fiscal year included Apple Inc., Broadcom Ltd., and Samsung Electronics Co. We noted earlier that we thought the most productive smartphone investments may be among the component suppliers rather than the phone assemblers themselves. The suppliers are likely to offer proprietary (and therefore higher margin) products and to be sole source suppliers than was the case  in earlier product cycles.

 

Samsung is a perennially inexpensive stock which straddles both functions. It is at once an assembler of the successful Galaxy line of phones, but it also sits at the center of three important product cycles: OLED (organic light‐emitting diodes), NAND (negative AND gate) and DRAM (dynamic random‐access memory). The stock sells at approximately three times enterprise value to EBITDA (earnings before interest, tax, depreciation and amortization) in a Korean market that sells at only one times book, yet it is one of the most innovative companies in the world. It is the sole supplier of OLED panels which even Apple will start using this year. OLED technology will completely change the phone’s physical appearance, enhancing both the brightness and apparent size of the screen.  Many of its businesses, including OLED screens, are technologically insulated from meaningful competition. Whenever demand emerges in one of its product lines Samsung is usually among the most profitable participants. Today we also like it for its flash memory business where unit sales are growing more than 30% per annum. Profit margins are surging because new smartphones demand prodigious amounts of flash memory at a time supplies are restricted. This is an industry in which costs and prices ordinarily decline 20% per year but today prices are stable and unit growth is flowing through to profits. This dynamic could last for some time because in flash, new supply growth comes on grudgingly. Even in more traditional DRAM, capital expenditures have barely been sustained at maintenance levels so prices are rising in that product line as well.

 

The coming iPhone cycle will not only mark the ten year anniversary of the iconic product, but the new phone will appear in a totally different form and add new features. We think this adds a new dimension to the investment opportunity. Apple is a major holding but our exposure is greater in the suppliers whose content will increase in the coming version. Other investments also include Broadcom, Dialog Semiconductor and AMS.

 

Broadcom  supplies  radio  frequency  (RF)  circuitry  which  enables  faster  download  speeds.  Dialog  Semiconductor  supplies  a  custom  power management chip whose complexity enables a number of new features on the phone. AMS’s optical sensing technologies is key to enabling the 3D sensing features on the phone, which if done right could lead to new capabilities in virtual and augmented reality. We believe these capabilities and demand for the new phone could be as significant as the initial smartphone revolution was ten years ago.

 

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2	www.cloughglobal.com

Clough Global Funds

Shareholder Letter

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April 30, 2017 (Unaudited)

Our commitments in India are growing. India is rapidly becoming Asia’s fastest growing economy. Its population is growing 2% per year and it could well be the world’s most populous economy inside of 5 years. It benefits from low commodity prices, its currency has already depreciated and the market is cheap. But more importantly reform is underway.

 

India is recovering slowly as the impact of Prime Minister Modi’s demonetization policies dissipate. Purchasing Managers’ Indexes (PMI) for both manufacturing and services are recovering. The longer term story includes a fast growing consumer economy and a visibly reformist government. Perhaps the best example of that are the moves being taken to reform India’s public banks where non‐performing credits reportedly reach high teens percentages of total assets. Our view is the faster reforms are brought on, the faster capital spending will rise and a capital spending cycle is key to unlocking the productivity boom India promises. In the meantime, because the Reserve Bank is forcing recognition of bad loans, capital is being depleted and lending for capital expenditures is temporarily depressed.  That may slow things in the short term but give the economy far better underpinnings longer term.

 

An important issue remains the situation surrounding India’s 27 public sector banks. Because of nonperforming loans which reach as high as 20% at some banks, they sell at half of book. Credit growth is stuck at 3% and that is a temporary headwind to private sector investment. Current reforms call for the establishment of an asset manager to whom bad loans can be assigned, much as China did at the turn of the century. A new bankruptcy code already in existence allows bad loans to be expunged from the banking system. Bad banks can no longer take deposits, a policy which sends them on the path to extinction. Our view is the private finance industry would benefit enormously as the state banks recede from the stage.

 

There is no lack of sources of growth in India. Even in the face of current financing headwinds, capital investment projects already announced rose to 2.6 trillion rupees up from 1.4 trillion in late 2016. An additional spur to growth will come from the government’s determination to build India’s housing stock. That policy is ingrained in incentives for home buying in the current year budget which reduces the cost of home buying up to 10%. Mortgage financing is a growth industry in India; growth averages 15‐20% per year. This incentive could accelerate that to upwards of 25%. One reason for that is the success  Prime Minister Modi’s demonetization scheme had in moving more of the population into the banking system, allowing mortgages to become the preferred way of financing property purchases. We believe  few financial firms can expect that type of growth with the low risk of loss which exists in India.

 

The Funds hold two of the more dominant mortgage providers, HDFC Ltd. and the lesser known Indiabulls Housing Finance Ltd. Because of an expanding footprint, the latter company is growing revenues and earnings at 20% per annum, has a 1% non‐performing loan ratio, a 28% return on equity (ROE) and low teens price to earnings (P/E) multiple.

 

Our healthcare focus is on companies bringing new drugs to market and increasing patient populations. Our expectation that a rebound in sentiment and performance  among healthcare stocks post the presidential election played out. However, healthcare investing demands selectivity. Our exposure to growing biotechnology companies is the center post of our strategy in the sector. Large, cash rich drug companies are already bidding for undervalued growth assets, paying well above market prices to shore up their existing pipelines and plug patent cliffs. The potential for tax reform which would allow major drug companies to access hundreds of billions of dollars in offshore cash could underpin a prolonged bidding cycle for small and mid‐cap companies.

 

We understand the healthcare sector’s proclivity for being a political football and we have held only small positions in those companies most tied to healthcare reform, particularly those exposed to the inner workings of the healthcare insurance exchanges, Medicaid expansion or reduction, or the specter of government bidding and price pressures on Medicare drug spending. For example, we have avoided exposure to hospitals and health maintenance organizations (HMO’s), until regulatory changes are clearer.

 

The largest detractor in the funds was our short position in Lufthansa AG, the German airline. Customer traffic increased more than we expected, but the stock’s upward move on that news was exaggerated in our view. We still think the company’s pricing and market share will suffer from intensive capacity additions by short haul, Middle Eastern wide body global carriers plus low cost competition in Europe.  We will step aside from our position for now and look to reestablish it at a more attractive entry point.

 

The fixed income positions in the Global Dividend and Income Fund as well as the Global Opportunities Fund continue to be barbelled.  The funds have modest exposure to 30 year US Treasuries in the long end of the yield curve and exposure to investment grade corporate credits in the front end of the yield curve. We continue to have a low interest rate bias and believe future rate hikes by the Federal Reserve will force the yield curve to flatten over time.  We look to add to our long US Treasury position opportunistically.

 

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Semi-Annual Report | April 30, 2017

3

Clough Global Funds

Shareholder Letter

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April 30, 2017 (Unaudited)

 

We continue to look to build our positions in high dividend paying income stocks like commercial mortgage real estate investment trust (REIT) Starwood Property Trust (STWD) and business development company Ares Capital Corp (ARCC).  Both of these names benefit in the long term from decreased competition from banks in financing commercial developers and middle market companies.  Because the majority of their loans are LIBOR* based, they benefit from a gradual rising rate environment.  Finally, we believe the 9 percent dividend yield in these names will continue to be attractive to investors starving for yield.

 

All three funds continue to make significant progress on the expense reduction initiative we started writing about last year. We can now report that the expense ratio is down 162 basis points or nearly 34% on a year over year basis in the Global Opportunities Fund. The Global Dividend and Income Fund expense ratio is down 144 basis points or roughly 36% and the Global Equity Fund expense ratio is down 173 basis points or roughly 38%. Please note that roughly half of the expense reduction has come from lower management and administration fees as a percentage of net assets while the remainder comes from reducing the costs associated with each fund’s short book.

 

While delivering positive returns like this last quarter is always a top priority, increasing shareholder value outside of performance is a constant focus of our Board  of Directors (the “Board”). In addition to the expense  reductions mentioned above, the Board has also maintained a very attractive distribution rate for each Fund since its inception, and over the course of the last few years has authorized two share buyback programs, and  switched  the  distribution  frequency  from  a  quarterly  to  a  monthly  basis.  We  are  always  welcome  to  any  further  suggestion  from our shareholders.

 

Sincerely,

 

 

Charles I. Clough, Jr.

 

 

Robert M. Zdunczyk

 

*	London interbank offered rate, a widely use reference rate for short term financing

 

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4	www.cloughglobal.com

Clough Global Funds

Shareholder Letter

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April 30, 2017 (Unaudited)

 

This letter is provided for informational purposes only and is not an offer to purchase or sell shares. Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Opportunities Fund (the “Funds”) are closed-end funds, which are traded on the New York Stock Exchange MKT, and does not continuously issue shares for sale as open-end mutual funds do. The market price of a closed-end Fund is based on the  market’s value. 

 

The information in this letter represents the opinions of the individual Portfolio Managers and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Past performance is no guarantee of future results. 

 

MSCI World Index: a stock market index of world stocks. It is maintained by MSCI Inc. and is often used as a common benchmark for world or global stock funds. The index includes a collection of stocks of all the developed markets in the world as defined by MSCI. 

 

The net asset value (NAV) of a closed-end fund is the market price of the underlying investments (i.e., stocks and bonds) in the fund’s portfolio, minus liabilities, divided by the total number of fund shares outstanding. However, the fund also has a market price; the value of which it trades on an exchange. This market price can be more or less than its NAV. 

 

It is not possible to invest directly in an Index.

 

RISKS

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, annual report or semiannual report which contains this and other information visit www.cloughglobal.com or call 1-877-256-8445. Read them carefully  before investing. 

 

A Fund’s distribution policy will, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital resulting in less of a shareholder’s assets being invested in the Fund and, over time, increase the Fund’s expense ratio. 

 

Distributions may be paid from sources of income other than ordinary income, such as net realized short-term capital gains, net realized long-term capital gains and return of capital. Based on current estimates, we anticipate the most recent distribution has been paid from short-term and long-term capital gains. The actual amounts and sources of the amounts for tax reporting purposes will depend upon a Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year. 

 

A Fund’s investments in securities of foreign issuers are subject to risks not usually associated with owning securities of U.S. issuers. These risks can include fluctuations in foreign currencies, foreign currency exchange controls, social, political and economic instability, differences in securities regulation and trading, expropriation or nationalization of assets, and foreign taxation issues. 

 

A Fund’s investments in preferred stocks and bonds of below investment grade quality (commonly referred to as “high yield” or “junk bonds”), if any, are predominately speculative because of the credit risk of their issuers. 

 

An investment by a Fund in REITs will subject it to various risks. The first, real estate industry risk, is the risk that the REIT share prices will decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. The second, investment style risk, is the risk that returns from REITs—which typically are small or medium capitalization stocks—will trail returns from the overall stock market. The third, interest rate risk, is the risk that changes in interest rates may hurt real estate values or make REIT shares less attractive than other income-producing investments. Credit risk is the risk that an issuer of a preferred or debt security will become unable to meet its obligation to make dividend, interest and principal payments. 

 

Interest rate risk is the risk that preferred stocks paying fixed dividend rates and fixed-rate debt securities will decline in value because of changes in market interest rates. When interest rates rise the value of such securities generally will fall. Derivative transactions (such as futures contracts and options thereon, options, swaps, and short sales) subject a Fund to increased risk of principal loss due to imperfect correlation or unexpected price or interest rate movements. Compared to investment companies that focus only on large companies, the Fund’s share price may be more volatile because it also invests in small and medium capitalization companies.

 

Past performance is no guarantee of future results.

 

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Semi-Annual Report | April 30, 2017

5

Clough Global Funds

Portfolio Allocation

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April 30, 2017 (Unaudited)

 

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

CLOUGH GLOBAL EQUITY FUND
Top 10 Equity Holdings*	% of Total Portfolio
1. Apple, Inc.	4.44%
2. Liberty Ventures ‐ Series A	3.07%
3. Samsung Electronics Co., Ltd.	2.35%
4. Broadcom, Ltd.	2.32%
5. Ares Capital Corp.	2.23%
6. Starwood Property Trust, Inc.	2.01%
7. Blackstone Mortgage Trust, Inc. ‐ Class A	2.00%
8. Liberty Broadband Corp. ‐ Class C	2.00%
9. Citigroup, Inc.	1.83%
10. Bank of America Corp.	1.78%

 

CLOUGH GLOBAL OPPORTUNITIES FUND
Top 10 Equity Holdings*	% of Total Portfolio
1. Apple, Inc.	4.16%
2. Liberty Ventures ‐ Series A	2.83%
3. Samsung Electronics Co., Ltd.	2.37%
4. Liberty Broadband Corp. ‐ Class C	1.90%
5. Citigroup, Inc.	1.79%
6. Starwood Property Trust, Inc.	1.77%
7. Ares Capital Corp.	1.74%
8. Bank of America Corp.	1.70%
9. Merck & Co., Inc.	1.54%
10. Broadcom, Ltd.	1.46%

 

Holdings are subject to change.

*	Only long positions are listed.

 

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6	www.cloughglobal.com

Clough Global Dividend and Income Fund

Portfolio Allocation

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April 30, 2017 (Unaudited)

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

Country Allocation**	Long Exposure %TNA	Short Exposure %TNA	Gross Exposure %TNA	Net Exposure %TNA
United States	103.7%	‐3.5%	107.2%	100.2%
U.S. Multinationals†	24.6%	‐3.9%	28.5%	20.7%
India	10.7%	0.0%	10.7%	10.7%
South Korea	3.4%	0.0%	3.4%	3.4%
Singapore	2.2%	0.0%	2.2%	2.2%
Canada	1.7%	0.0%	1.7%	1.7%
Japan	2.6%	‐1.0%	3.6%	1.6%
China	1.4%	0.0%	1.4%	1.4%
United Kingdom	1.3%	0.0%	1.3%	1.3%
Denmark	0.9%	0.0%	0.9%	0.9%
Other	1.3%	‐1.2%	2.5%	0.1%
TOTAL INVESTMENTS	153.8%	‐9.5%	163.4%	144.2%

 

Global Securities Holdings^	% of Total Portfolio
United States	69.50%
U.S. Multinationals†	14.37%
India	7.44%
South Korea	2.33%
Singapore	1.52%
Canada	1.16%
Japan	1.12%
China	0.96%
United Kingdom	0.93%
Denmark	0.60%
Other	0.07%
TOTAL INVESTMENTS	100.00%

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Semi-Annual Report | April 30, 2017

7

Clough Global Equity Fund

Portfolio Allocation

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April 30, 2017 (Unaudited)

 

Asset Allocation*	% of Total Portfolio
Common Stock ‐ US	46.55%
Common Stock ‐ Foreign	26.39%
Exchange Traded Funds	‐1.46%
Participation Notes	0.51%
Total Return Swap Contracts	8.30%
Total Equities	80.29%
Government L/T	9.62%
Preferred Stock	2.46%
Corporate Debt	0.59%
Asset/Mortgage Backed	0.42%
Total Fixed Income	13.09%
Short‐Term Investments	7.12%
Warrant	0.00%
Other (Foreign Cash)	0.00%
Future	‐0.50%
TOTAL INVESTMENTS	100.00%

 

Country Allocation**	Long Exposure %TNA	Short Exposure %TNA	Gross Exposure %TNA	Net Exposure %TNA
United States	96.2%	‐3.8%	100.0%	92.4%
U.S. Multinationals†	22.5%	‐4.1%	26.6%	18.4%
India	11.7%	0.0%	11.7%	11.7%
China	3.6%	0.0%	3.6%	3.6%
South Korea	3.3%	0.0%	3.3%	3.3%
Singapore	3.3%	0.0%	3.3%	3.3%
United Kingdom	3.1%	0.0%	3.1%	3.1%
Japan	2.8%	‐1.1%	3.9%	1.7%
Switzerland	0.9%	0.0%	0.9%	0.9%
Denmark	0.9%	0.0%	0.9%	0.9%
Other	2.8%	‐1.4%	4.2%	1.4%
TOTAL INVESTMENTS	151.1%	‐10.4%	161.5%	140.7%

 

Global Securities Holdings^	% of Total Portfolio
United States	65.65%
U.S. Multinationals†	13.11%
India	8.30%
China	2.54%
South Korea	2.34%
Singapore	2.32%
United Kingdom	2.23%
Japan	1.25%
Switzerland	0.66%
Denmark	0.62%
Other	0.98%
TOTAL INVESTMENTS	100.00%

 

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8	www.cloughglobal.com

Clough Global Opportunities Fund

Portfolio Allocation

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April 30, 2017 (Unaudited)

Asset Allocation*	% of Total Portfolio
Common Stock ‐ US	28.93%
Common Stock ‐ Foreign	19.69%
Exchange Traded Funds	‐1.48%
Participation Notes	0.51%
Total Return Swap Contracts	7.83%
Total Equities	55.48%
Corporate Debt	32.20%
Government L/T	6.12%
Asset/Mortgage Backed	4.23%
Preferred Stock	0.95%
Municipal Bond	0.84%
Total Fixed Income	44.34%
Short‐Term Investments	0.71%
Warrant	0.00%
Other (Foreign Cash)	0.00%
Future	‐0.53%
TOTAL INVESTMENTS	100.00%

 

Country Allocation**	Long Exposure %TNA	Short Exposure %TNA	Gross Exposure %TNA	Net Exposure %TNA
United States	98.8%	‐3.5%	102.3%	95.3%
U.S. Multinationals†	23.4%	‐3.9%	27.3%	19.5%
India	11.2%	0.0%	11.2%	11.2%
South Korea	3.4%	0.0%	3.4%	3.4%
Canada	3.2%	0.0%	3.2%	3.2%
United Kingdom	2.6%	0.0%	2.6%	2.6%
China	2.3%	0.0%	2.3%	2.3%
Singapore	2.1%	0.0%	2.1%	2.1%
Japan	2.9%	‐1.1%	4.0%	1.8%
Switzerland	1.0%	0.0%	1.0%	1.0%
Other	1.6%	‐1.2%	2.8%	0.4%
TOTAL INVESTMENTS	152.5%	‐9.7%	162.2%	142.8%

 

Global Securities Holdings^	% of Total Portfolio
United States	66.86%
U.S. Multinationals†	13.68%
India	7.83%
South Korea	2.37%
Canada	2.23%
United Kingdom	1.80%
China	1.59%
Singapore	1.46%
Japan	1.26%
Switzerland	0.68%
Other	0.24%
TOTAL INVESTMENTS	100.00%

Semi-Annual Report | April 30, 2017

9

 

Clough Global Dividend and Income Fund

Statement of Investments

10	www.cloughglobal.com

Clough Global Dividend and Income Fund

Statement of Investments

 

 

 

 

Semi-Annual Report | April 30, 2017

11

Clough Global Dividend and Income Fund

Statement of Investments

12	www.cloughglobal.com

Clough Global Dividend and Income Fund

Statement of Investments

Clough Global Dividend and Income Fund

Statement of Investments

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

Counter Party

Reference Entity/Obligation

Notional Amount

Floating Rate Paid by the Fund

Floating Rate Index

Termination Date

Net Unrealized Appreciation

Credit Suisse

Hero MotoCorp, Ltd.

$

1,169,385

75 bps + 1M LIBOR

1 M LIBOR

12/31/2020

$

75,773

Morgan Stanley

Hero MotoCorp, Ltd.

699,924

225 bps + 1D FEDEF

1 D FEDEF

07/12/2018

7,027

Credit Suisse

Housing Development Finance Corp.

2,349,638

75 bps + 1M LIBOR

1 M LIBOR

12/31/2020

566,956

Morgan Stanley

Housing Development Finance Corp.

2,020,030

225 bps + 1D FEDEF

1 D FEDEF

07/12/2018

220,486

Credit Suisse

Indiabulls Housing Finance

1,233,808

75 bps + 1M LIBOR

1 M LIBOR

12/31/2020

340,702

Morgan Stanley

ITC, Ltd.

1,533,660

225 bps + 1D FEDEF

1 D FEDEF

07/12/2018

201,210

Credit Suisse

Larsen & Toubro, Ltd.

2,331,974

75 bps + 1M LIBOR

1 M LIBOR

12/31/2020

551,020

Morgan Stanley

Larsen & Toubro, Ltd.

568,927

225 bps + 1D FEDEF

1 D FEDEF

07/12/2018

94,518

Morgan Stanley

Mahindra & Mahindra, Ltd.

1,862,982

225 bps + 1D FEDEF

1 D FEDEF

07/12/2018

188,841

$

13,770,328

$

2,246,533

14	www.cloughglobal.com

Clough Global Equity Fund

Statement of Investments

Semi-Annual Report | April 30, 2017

15

Clough Global Equity Fund

Statement of Investments

16	www.cloughglobal.com

Clough Global Equity Fund

Statement of Investments

Semi-Annual Report | April 30, 2017

17

Clough Global Equity Fund

Statement of Investments

Description	Position			Contracts		Expiration Date		Underlying Face Amount at Value				Unrealized Depreciation
Foreign Currency Contracts
Japanese Yen Currency Futures	Short			15		06/19/2017		$	(1,686,375	)		$	(47,786	)
								$	(1,686,375	)		$	(47,786	)

18	www.cloughglobal.com

Clough Global Equity Fund

Statement of Investments

Counter Party

Reference Entity/Obligation

Notional Amount

Floating Rate Paid by the Fund

Floating Rate Index

Termination Date

Net Unrealized Appreciation

Credit Suisse

Hero MotoCorp, Ltd.

$

3,531,574

75 bps + 1M LIBOR

1 M LIBOR

12/31/2020

$

255,489

Morgan Stanley

Hero MotoCorp, Ltd.

1,115,874

225 bps + 1D FEDEF

1 D FEDEF

07/12/2018

11,202

Credit Suisse

Housing Development Finance Corp.

3,713,827

75 bps + 1M LIBOR

1 M LIBOR

12/31/2020

896,166

Morgan Stanley

Housing Development Finance Corp.

3,254,547

225 bps + 1D FEDEF

1 D FEDEF

07/12/2018

355,234

Credit Suisse

Indiabulls Housing Finance

1,868,055

75 bps + 1M LIBOR

1 M LIBOR

12/31/2020

515,842

Morgan Stanley

ITC, Ltd.

2,458,962

225 bps + 1D FEDEF

1 D FEDEF

07/12/2018

321,820

Credit Suisse

Larsen & Toubro, Ltd.

3,675,362

75 bps + 1M LIBOR

1 M LIBOR

12/31/2020

867,699

Morgan Stanley

Larsen & Toubro, Ltd.

906,980

225 bps + 1D FEDEF

1 D FEDEF

07/12/2018

150,679

Morgan Stanley

Mahindra & Mahindra, Ltd.

2,747,948

225 bps + 1D FEDEF

1 D FEDEF

07/12/2018

236,704

$

23,273,129

$

3,610,835

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

Semi-Annual Report | April 30, 2017

19