Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21583

Clough Global Dividend and Income Fund
(exact name of Registrant as specified in charter)

1290 Broadway, Suite 1000, Denver, Colorado 80203
(Address of principal executive offices) (Zip code)

Sareena Khwaja-Dixon, Secretary
Clough Global Dividend and Income Fund
1290 Broadway, Suite 1000
Denver, Colorado 80203
(Name and address of agent for service)

Registrant’s telephone number, including area code: 877-256-8445

Date of fiscal year end: October 31

Date of reporting period: November 1, 2021 – April 30, 2022

Item 1. Reports to Stockholders.

(a)

Section 19(b) Disclosure

April 30, 2022 (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, the Funds’ managed distribution policy sets the monthly distribution rate at an amount equal to one twelfth of 10% of each Fund’s adjusted year-ending NAV, which is the average of the NAVs as of the last five business days of the prior calendar year.

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 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.

Each Board may amend, suspend or terminate each Fund’s Plan without prior notice. 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 the Notes to Financial Statements in the Annual Report to Shareholders for a more complete description of its risks.

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

Clough Global Funds

Table of Contents

Shareholder Letter & Portfolio Allocation
Clough Global Dividend and Income Fund	2
Clough Global Equity Fund	7
Clough Global Opportunities Fund	12
Statement of Investments
Clough Global Dividend and Income Fund	17
Clough Global Equity Fund	22
Clough Global Opportunities Fund	26
Statements of Assets and Liabilities	30
Statements of Operations	31
Statements of Changes in Net Assets	32
Statements of Cash Flows	35
Financial Highlights
Clough Global Dividend and Income Fund	38
Clough Global Equity Fund	42
Clough Global Opportunities Fund	46
Notes to Financial Statements	49
Dividend Reinvestment Plan	67
Additional Information
Fund Proxy Voting Policies & Procedures	68
Portfolio Holdings	68
Notice	68
Section 19(A) Notices	68
Investment Advisory Agreement Approval	69

Clough Global Dividend and Income Fund

Shareholder Letter

April 30, 2022 (Unaudited)

To Our Investors,

For the semi-annual period ending April 30, 2022, the Clough Global Dividend and Income Fund (“GLV” or the “Fund”) had a total net return of -15.80% on net asset value (“NAV”) and -21.76% on market price, compared to -10.19% for the 50% MSCI World/50% Bloomberg U.S. Aggregate Bond Index and -11.65% for the Morningstar Global Allocation Index for the same period.

Top 5 Contributors and Detractors for the Fund’s First Fiscal Half of the Year

The two top contributors to performance for the first six months of the fiscal year were short positions in Rivian Automotive Inc., a fledgling produce of electric vehicle (“EV”) trucks, and Zscaler Inc., a security software company, whose lofty company valuations proved to be unsustainable as interest rates moved higher. Raytheon Technologies Corp., a leading aerospace and defense company, also contributed to performance (see comments below on aerospace and defense sector). Two healthcare companies, Eli Lilly & Co. and Pfizer Inc., round out the top five contributors. Eli Lilly gained on positive earnings momentum while Pfizer rallied as its estimated $36 billion in COVID vaccine revenues in 2021 exceeded Wall Street expectations.

Two of the weakest holdings to start the year were BYD Co Ltd. and Contemporary Amperex Technology Co Ltd. Both are leading battery makers for electric vehicles in China that struggled as continued COVID-related shutdowns in China lead to a decline in sales and production. Micron Technology Inc., the only U.S.-based producer of semiconductor memory, also declined in line with the technology sector during the first half of the year. The Fund has since exited these three positions. Finally, Microsoft Corp. and Redwood Trust Inc., a leading mortgage provider to prime jumbo borrowers, rounded out the bottom five. The Fund continues to hold these two positions.

New Themes Added in the Fund’s First Fiscal Half of the Year

DEFENSE AEROSPACE

During the period we added new positions in Northrop Grumman Corp. and Lockheed Martin Corp to the position in Raytheon Technologies Corp. we already held in the Fund. Defense stocks have been underperforming for years, reflecting a long period of underinvestment in our armed forces which began around the time of the fall of the former Soviet Union. One indication of our declining military proficiency is the number of hours per week flown by U.S. fighter pilots, which have fallen from the 60-70 norm to 10 hours per week according to a Wall Street Journal report. Few new aircraft have been developed over the past few decades. Only the F-35 fighter aircraft and an undetermined number of B-21 bombers are entering western fleets in large numbers. So, a defense investment cycle was perhaps inevitable, but Russia’s invasion of Ukraine likely brought it forward. Shortages of military platforms such as submarines, naval vessels, aircraft and land vehicles has become extreme at a time of growing geopolitical threats which can no longer be ignored. Demand comes not only from the need to supply U.S. forces, but those of Europe and Asian nations like Japan and Korea, as well.

Defense stocks tend to carry a premium multiple to the S&P 500 Index because they are backlogged businesses making operating results easier to predict, and they also typically have strong balance sheets and high cashflows. Free cash flow yields average 7-9% annually. We anticipate a move down to 5% or so as new programs are authorized.

Raytheon Technologies currently remains our largest holding in the sector. The company has a leading position in both commercial and military aerospace and space technologies. Its subsidiaries hold dominant and highly profitable positions in flight control systems (Collins Aerospace) and aircraft engines (Pratt and Whitney, whose engines hold the largest percentages on the A-320 neo). The company also sports a defense systems business with leading technologies in hyper sonics, as well as cyber missile defense systems. We also expect further synergies will continue to arise from the company’s 2020 merger with United Technologies.

ENERGY

Years of underinvestment in fossil fuel energy has caused global oil supplies to fall short of demand. That has taken inventories from the highest to the lowest level in over 30 years, according to Alpine Macro Research. So, the reality of actual shortages is only now becoming apparent. There have been little institutional capital flows into energy and despite the recent rally the sector only accounts for 4.2% of S&P 500 Index market capitalization. Since January 2020, domestic crude prices have increased by 50% while Henry Hub natural gas prices have tripled. Our focus is in the energy services and LNG sectors.

What is new in the present experience is the absence of any buffer of spare capacity in the energy system. During the energy crises of 1973 and 1979, the Organization of the Petroleum Exporting Countries (“OPEC”) maintained several million barrels per day of spare oil pumping capacity. That buffer fell to 2 million barrels a day in 2008, even as oil hit $145 per barrel. Now, that excess capacity is gone. For the past 15 years, nearly 90% of total non-OPEC oil production growth has come from U.S. shale operations. But that supply seems to be peaking and early signs of resource exhaustion are noticeable. The best drilling prospects have already been drilled and many fields are now declining. Since late 2019 production in the U.S. has declined by 1.5 million barrels a day. There is no other source of non-OPEC oil production available. Iran and Iraq may have a modest amount of excess capacity, but they have been producing close to as much as they can. Russia’s invasion of Ukraine simply brought these issues forward.

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Clough Global Dividend and Income Fund

Shareholder Letter

April 30, 2022 (Unaudited)

It appears to us that a new cycle of energy exploration will be required and since the oil service and equipment industry has been consolidating for two decades pricing and profitability in this new cycle should be very strong.

The natural gas investment cycle could be even stronger. Global demand is strong, and a cold European 2020-2021 winter drove European inventories to dangerously low levels. Ample shale gas in the U.S. has already led to a U.S. liquid natural gas export boom and so far, this has occurred while leaving the U.S. market well supplied. But that could change since the best wells have been drilled and the two earliest gas shale basins (Barnett and Fayetteville) have rolled over and are now running 60% below their peak production levels. The Fund currently holds a position in Cheniere Energy, Inc. the largest LNG producer and transportation company.

FIXED INCOME

The Fund is currently conservatively positioned due to the extreme volatility in the markets. Rather than hold a significant amount in cash sweep vehicles that pay very little in interest, the Fund has invested in two to three-year investment grade corporate bonds that yield between three and four percent. We view this as an attractive return for taking very little interest rate risk while waiting out very choppy markets.

The year so far has been a challenge, but we believe that over the summer inflationary pressures may reverse, perhaps sharply, and the markets’ perception of central bank policies will shift towards a more bullish liquidity stance. However, there is no upside to trying to anticipate when that may occur so we will sustain a conservative stance until the backdrop has unquestionably turned more bullish.

As always, please don’t hesitate to reach out to us with any questions or comments.

Sincerely,

Charles I Clough, Jr.

Robert M. Zdunczyk

This letter is provided for informational purposes only and is not an offer to purchase or sell shares. Clough Global Dividend and Income Fund (the “Fund”) is a closed-end fund, which is traded on the NYSE American LLC, 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.

Although not generally stated throughout, the information in this letter reflects the opinions of the individual portfolio managers, which opinion is subject to change, and is not intended to be a forecast of future events, a guarantee of future results or investment advice.

The Morningstar Global Allocation Index represents a multi-asset class portfolio of 60% global equities and 40% global bonds. The asset allocation within each class is driven by Morningstar asset allocation methodology. To maintain broad global exposure and diversification, the index consists of equities & fixed income and utilizes global, float-weighted index methodology to determine allocation to U.S. and non-U.S.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed markets countries. Both indices referenced herein reflect the reinvestment of dividends. Effective July 31, 2010, the MSCI World Index returns prior to January 1, 2002 were revised to reflect the total returns, with dividends reinvested, reported by MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

Semi-Annual Report | April 30, 2022

Clough Global Dividend and Income Fund

Shareholder Letter

April 30, 2022 (Unaudited)

The Bloomberg U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The Bloomberg U.S. Aggregate Bond index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States, including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.

The blended indices, 50% MSCI World/50% Bloomberg U.S. Aggregate Bond Index and 75% MSCI World/25% Bloomberg U.S. Aggregate Bond Index, have been calculated by Clough Capital Partners L.P. based on the sources listed above.

The performance of the indices referenced herein is used for informational purposes only. One cannot invest directly in an index. Indices are not subject to any of the fees or expenses to which the Fund is subject, and there are significant differences between the Fund’s investments and the components of the indices referenced.

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.

RISKS

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semiannual report which contains this and other information visit www.cloughglobal.com or call 1-855-425-6844. Read them carefully before investing.

The 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 the 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. For the fiscal year 2021, the Fund's distribution policy resulted in distributions of capital in the amount of $3,855,628.

The 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.

The 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 the Fund in real estate investment trusts (“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 the 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 neither a guarantee, nor necessarily indicative, of future results, which may be significantly affected by changes in economic and other conditions.

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Clough Global Dividend and Income Fund

Portfolio Allocation

April 30, 2022 (Unaudited)

Top 10 Equity Holdings^(a)(d)	% of Total Portfolio
1. Visa, Inc.	6.70%
2. Raytheon Technologies Corp.	6.66%
3. Microsoft Corp.	4.36%
4. Apple, Inc.	3.94%
5. Starwood Property Trust, Inc.	3.40%
6. Eli Lilly & Co.	2.62%
7. TransDigm Group, Inc.	2.25%
8. First American Financial Corp.	2.21%
9. Exxon Mobil Corp.	2.19%
10. Kinder Morgan, Inc.	2.10%

Global Securities Holdings^(a)	% of Total Portfolio
United States	82.15%
U.S. Multinationals^(b)	17.87%
France	1.35%
Canada	0.71%
Netherlands	0.65%
Hong Kong	0.16%
Other	-2.89%
TOTAL INVESTMENTS	100.00%

Asset Allocation^(a)	% of Total Portfolio
Common Stock - US	24.02%
Common Stock - Foreign	19.39%
Exchange Traded Funds	-3.26%
Total Equities	40.15%

Government L/T	36.00%
Corporate Debt	20.73%
Preferred Stock	0.80%
Asset-Backed Securities	0.03%
Total Fixed Income	57.56%

Short-Term Investments	3.49%
Purchased & Written Options	0.19%
Other (Cash)	-1.39%

TOTAL INVESTMENTS	100.00%

Country Allocation^(c)	Long Exposure %NAV	Short Exposure %NAV	Gross Exposure %NAV	Net Exposure %NAV
United States	117.3%	-8.8%	126.1%	108.5%
U.S. Multinationals^(b)	34.5%	-10.9%	45.4%	23.6%
France	1.8%	0.0%	1.8%	1.8%
Canada	0.9%	0.0%	0.9%	0.9%
Netherlands	0.9%	0.0%	0.9%	0.9%
Hong Kong	0.2%	0.0%	0.2%	0.2%
Other	0.0%	-3.8%	3.8%	-3.8%
TOTAL INVESTMENTS	155.6%	-23.5%	179.1%	132.1%

^(a)

Percentages calculated based on total portfolio, including securities sold short, cash balances, market value of futures, and notional value of return swaps.

^(b)

U.S. Multinationals includes companies organized or located in the United States that have more than 50% of revenues derived outside of the United States.

^(c)

Percentages calculated based on the net asset value of the Fund.

^(d)

Only long equity and equity-related positions are listed.

Semi-Annual Report | April 30, 2022

Clough Global Dividend and Income Fund

Portfolio Allocation

April 30, 2022 (Unaudited)

Total Return as of April 30, 2022^(a)

	1 Year	3 Year	5 Year	Since Inception^(b)
Clough Global Dividend and Income Fund - NAV^(c)	-14.67%	1.66%	2.42%	5.73%
Clough Global Dividend and Income Fund - Market Price^(d)	-18.83%	3.98%	2.30%	5.18%
Morningstar Global Allocation Index	-8.37%	5.46%	6.07%	6.70%
50% Bloomberg Barclays US Aggregate/ 50% MSCI World GR	-5.67%	5.95%	6.19%	6.27%

^(a)

Total returns assume reinvestment of all distributions.

^(b)

The Fund commenced operation on July 28, 2004.

^(c)

Performance returns are net of management fees and other Fund expenses.

^(d)

Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its NAV.

Distribution to Common Stockholders

The Fund intends to make monthly distributions to common shareholders according to its managed distribution policy. The Fund’s managed distribution policy is to set the monthly distribution rate at an amount equal to one twelfth of 10% of the Fund’s adjusted year-ending net asset value per share (“NAV”), which will be the average of the NAVs as of the last five business days of the prior calendar year. The Board of Directors approve the distribution and may adjust it from time to time. The monthly distribution amount paid from October 1, 2021 to December 31, 2021 was $0.0967 per share and the Fund paid $0.0906 per share monthly between January 1, 2022 and April 30, 2022. At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or pay out accumulated undistributed income, or return of capital, in addition to current net investment income.

Performance of $10,000 Initial Investment (as of April 30, 2022)

The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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Clough Global Equity Fund

Shareholder Letter

April 30, 2022 (Unaudited)

To Our Investors,

For the semi-annual period ending April 30, 2022, the Clough Global Equity Fund (“GLQ” or the “Fund”) had a total net return of -28.08% on net asset value (“NAV”) and -28.41% on market price, compared to -11.09% for the MSCI World Index for the same period.

Top 5 Contributors and Detractors for the Fund’s First Fiscal Half of the Year

The top contributor to performance for the first six months of the fiscal year was a long position in iRhythm Technologies Inc., a medical device company focused on cardiac monitoring, that gained on positive reimbursement news. Checkmate Pharmaceuticals Inc., a clinical stage immunotherapy company, that announced it will be acquired by Regeneron Pharmaceuticals Inc. in a $250 million all cash deal. Two short positions in Rivian Automotive Inc., a fledgling produce of electric vehicle (“EV”) trucks, as well as Zscaler Inc., a security software company, contributed to performance, as interest rates moved higher and the lofty company valuations proved to be unsustainable. Finally, Vertex Pharmaceuticals Inc., a biotechnology company focused on cystic fibrosis, rallied as their earnings exceeded Wall Street expectations.

Two of the weakest holdings to start the year were BYD Co Ltd. and Contemporary Amperex Technology Co Ltd. Both are leading battery makers for electric vehicles in China that struggled as continued COVID-related shutdowns in China lead to a decline in sales and production. Amazon.com Inc. suffered sharp declines as concerns regarding investment in its retail operations trumped its strong results in Amazon Web Services. Micron Technology Inc., the only U.S.-based producer of semiconductor memory, also declined in line with the technology sector during the first half of the year. Finally, C4 Therapeutics Inc., a biotechnology company, rounded out the bottom five.

New Themes Added in the Fund’s First Fiscal Half of the Year

DEFENSE AEROSPACE

ENERGY

Semi-Annual Report | April 30, 2022

Clough Global Equity Fund

Shareholder Letter

April 30, 2022 (Unaudited)

As always, please don’t hesitate to reach out to us with any questions or comments.

Sincerely,

Charles I Clough, Jr.

Robert M. Zdunczyk

This letter is provided for informational purposes only and is not an offer to purchase or sell shares. Clough Global Equity Fund (the “Fund”) is a closed-end fund, which is traded on the NYSE American LLC, and does not Equity Fund 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.

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Clough Global Equity Fund

Shareholder Letter

April 30, 2022 (Unaudited)

RISKS

Past performance is neither a guarantee, nor necessarily indicative, of future results, which may be significantly affected by changes in economic and other conditions.

Semi-Annual Report | April 30, 2022

Clough Global Equity Fund

Portfolio Allocation

April 30, 2022 (Unaudited)

Top 10 Equity Holdings^(a)(d)	% of Total Portfolio
1. Microsoft Corp.	4.69%
2. Apple, Inc.	4.13%
3. Raytheon Technologies Corp.	3.63%
4. Starwood Property Trust, Inc.	3.54%
5. Visa, Inc.	2.54%
6. Exxon Mobil Corp.	2.29%
7. Booking Holdings, Inc.	2.24%
8. Kinder Morgan, Inc.	2.19%
9. The Boeing Co.	2.10%
10. Royal Caribbean Cruises Ltd.	2.09%

Global Securities Holdings^(a)	% of Total Portfolio
United States	80.64%
U.S. Multinationals^(b)	19.70%
France	1.71%
Switzerland	0.98%
Other	-3.03%
TOTAL INVESTMENTS	100.00%

Asset Allocation^(a)	% of Total Portfolio
Common Stock - US	37.94%
Common Stock - Foreign	22.54%
Exchange Traded Funds	-3.39%
Total Equities	57.11%

Government L/T	28.62%
Corporate Debt	0.04%
Total Fixed Income	28.66%

Short-Term Investments	12.17%
Other (Cash)	0.97%
Warrant	0.91%
Purchased & Written Options	0.20%

TOTAL INVESTMENTS	100.00%

Country Allocation^(c)	Long Exposure %NAV	Short Exposure %NAV	Gross Exposure %NAV	Net Exposure %NAV
United States	121.8%	-8.8%	130.6%	113.0%
U.S. Multinationals^(b)	39.9%	-12.4%	52.3%	27.5%
France	2.4%	0.0%	2.4%	2.4%
Switzerland	1.4%	0.0%	1.4%	1.4%
Other	0.0%	-4.2%	4.2%	-4.2%
TOTAL INVESTMENTS	165.5%	-25.4%	190.9%	140.1%

^(a)

Percentages calculated based on total portfolio, including securities sold short, cash balances, market value of futures, and notional value of return swaps.

^(b)

U.S. Multinationals includes companies organized or located in the United States that have more than 50% of revenues derived outside of the United States.

^(c)

Percentages calculated based on the net asset value of the Fund.

^(d)

Only long equity and equity-related positions are listed.

10	www.cloughglobal.com

Clough Global Equity Fund

Portfolio Allocation

April 30, 2022 (Unaudited)

Total Return as of April 30, 2022^(a)

	1 Year	3 Year	5 Year	Since Inception^(b)
Clough Global Equity Fund - NAV^(c)	-28.76%	3.42%	6.68%	6.61%
Clough Global Equity Fund - Market Price^(d)	-24.50%	4.71%	7.83%	6.27%
MSCI World Index - GR	-3.10%	10.95%	10.74%	8.17%

^(a)

Total returns assume reinvestment of all distributions.

^(b)

The Fund commenced operation on April 27, 2005.

^(c)

Performance returns are net of management fees and other Fund expenses.

^(d)

Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its NAV.

Distribution to Common Stockholders

The Fund intends to make monthly distributions to common shareholders according to its managed distribution policy. The Fund’s managed distribution policy is to set the monthly distribution rate at an amount equal to one twelfth of 10% of the Fund’s adjusted year-ending net asset value per share (“NAV”), which will be the average of the NAVs as of the last five business days of the prior calendar year. The Board of Directors approve the distribution and may adjust it from time to time. The monthly distribution amount paid from October 1, 2021 to December 31, 2021 was $0.1341 per share and the Fund paid $0.1162 per share monthly between January 1, 2022 and April 30, 2022. At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or pay out accumulated undistributed income, or return of capital, in addition to current net investment income.

Performance of $10,000 Initial Investment (as of April 30, 2022)

Semi-Annual Report | April 30, 2022

Clough Global Opportunities Fund

Shareholder Letter

April 30, 2022 (Unaudited)

To Our Investors,

For the semi-annual period ending April 30, 2022, the Clough Global Opportunities Fund (“GLO” or the “Fund”) had a total net return of -28.90% on net asset value (“NAV”) and -31.25% on market price compared to -10.62% for the 75% MSCI World Index/25% Bloomberg U.S. Aggregate Bond Index and -11.65% for the Morningstar Global Allocation Index for the same period.

Top 5 Contributors and Detractors for the Fund’s First Fiscal Half of the Year

The top contributor to performance for the first six months of the fiscal year was a long position in Checkmate Pharmaceuticals Inc., a clinical stage immunotherapy company, that announced it will be acquired by Regeneron Pharmaceuticals Inc. in a $250 million all cash deal. Two short positions in Rivian Automotive Inc., a fledgling produce of electric vehicle (“EV”) trucks, as well as Zscaler Inc., a security software company, contributed to performance as interest rates moved higher and the lofty company valuations proved to be unsustainable. Finally, long positions in two healthcare companies rounded out the top five contributors. McKesson Corp., a drug distributor and Vertex Pharmaceuticals Inc., a biotechnology company focused on cystic fibrosis, both rallied as their earnings exceeded Wall Street expectations.

Two of the weakest holdings to start the year were BYD Co Ltd. and Contemporary Amperex Technology Co Ltd. Both are leading battery makers for electric vehicles in China that struggled as continued COVID-related shutdowns in China lead to a decline in sales and production. Amazon.com Inc. suffered sharp declines as concerns regarding investment in its retail operations trumped its strong results in Amazon Web Services. Micron Technology Inc., the only U.S.-based producer of semiconductor memory, also declined in line with the technology sector during the first half of the year. Finally, C4 Therapeutics Inc., a biotechnology company, rounded out the bottom five.

New Themes Added in the Fund’s First Fiscal Half of the Year

DEFENSE AEROSPACE

ENERGY

12	www.cloughglobal.com

Clough Global Opportunities Fund

Shareholder Letter

April 30, 2022 (Unaudited)

FIXED INCOME

As always, please don’t hesitate to reach out to us with any questions or comments.

Sincerely,

Charles I Clough, Jr.

Robert M. Zdunczyk

This letter is provided for informational purposes only and is not an offer to purchase or sell shares. Clough Global Opportunities Fund (the “Fund”) is a closed- end fund, which is traded on the NYSE American LLC, and does not Equity Fund 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.

Semi-Annual Report | April 30, 2022

Clough Global Opportunities Fund

Shareholder Letter

April 30, 2022 (Unaudited)

RISKS

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 the 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. For the fiscal year 2021, the Fund’s distribution policy resulted in distributions of capital in the amount of $44,110,259.

Past performance is neither a guarantee, nor necessarily indicative, of future results, which may be significantly affected by changes in economic and other conditions.

14	www.cloughglobal.com

Clough Global Opportunities Fund

Portfolio Allocation

April 30, 2022 (Unaudited)

Top 10 Equity Holdings^(a)(d)		% of Total Portfolio
1.	Microsoft Corp.	4.92%
2.	Apple, Inc.	4.25%
3.	Raytheon Technologies Corp.	3.72%
4.	Starwood Property Trust, Inc.	3.62%
5.	Visa, Inc.	2.62%
6.	Exxon Mobil Corp.	2.34%
7.	Booking Holdings, Inc.	2.28%
8.	Kinder Morgan, Inc.	2.25%
9.	The Boeing Co.	2.20%
10.	Royal Caribbean Cruises Ltd.	2.17%

Global Securities Holdings^(a)	% of Total Portfolio
United States	79.83%
U.S. Multinationals^(b)	19.87%
France	1.79%
Switzerland	0.99%
Canada	0.61%
Other	-3.09%
TOTAL INVESTMENTS	100.00%

Asset Allocation^(a)	% of Total Portfolio
Common Stock - US	39.55%
Common Stock - Foreign	22.80%
Exchange Traded Funds	-3.45%
Total Equities	58.91%

Government L/T	25.63%
Corporate Debt	10.33%
Total Fixed Income	35.96%

Short-Term Investments	7.04%
Warrant	0.95%
Purchased & Written Options	0.21%
Other (Cash)	-3.06%

TOTAL INVESTMENTS	100.00%

Country Allocation^(c)	Long Exposure %NAV	Short Exposure %NAV	Gross Exposure %NAV	Net Exposure %NAV
United States	122.2%	-12.4%	134.6%	109.8%
U.S. Multinationals^(b)	39.8%	-12.4%	52.2%	27.4%
France	2.5%	0.0%	2.5%	2.5%
Switzerland	1.4%	0.0%	1.4%	1.4%
Canada	0.8%	0.0%	0.8%	0.8%
Other	0.0%	-4.3%	4.3%	-4.3%
TOTAL INVESTMENTS	166.7%	-29.1%	195.8%	137.6%

^(a)

Percentages calculated based on total portfolio, including securities sold short, cash balances, market value of futures, and notional value of return swaps.

^(b)

U.S. Multinationals includes companies organized or located in the United States that have more than 50% of revenues derived outside of the United States.

^(c)

Percentages calculated based on the net asset value of the Fund.

^(d)

Only long equity and equity-related positions are listed.

Semi-Annual Report | April 30, 2022

Clough Global Opportunities Fund

Portfolio Allocation

April 30, 2022 (Unaudited)

Total Return as of April 30, 2022^(a)

	1 Year	3 Year	5 Year	Since Inception^(b)
Clough Global Opportunities Fund - NAV^(c)	-29.08%	3.14%	5.28%	4.84%
Clough Global Opportunities Fund - Market Price^(d)	25.84%	7.32%	7.15%	4.62%
Morningstar Global Allocation Index	-8.37%	5.46%	6.07%	5.66%
25% Bloomberg Barclays US Aggregate / 75% MSCI World GR	-4.35%	8.53%	8.53%	6.56%

^(a)

Total returns assume reinvestment of all distributions.

^(b)

The Fund commenced operation on April 25, 2006.

^(c)

Performance returns are net of management fees and other Fund expenses.

^(d)

Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its NAV.

Distribution to Common Stockholders

The Fund intends to make monthly distributions to common shareholders according to its managed distribution policy. The Fund’s managed distribution policy is to set the monthly distribution rate at an amount equal to one twelfth of 10% of the Fund’s adjusted year-ending net asset value per share (“NAV”), which will be the average of the NAVs as of the last five business days of the prior calendar year. The Board of Directors approve the distribution and may adjust it from time to time. The monthly distribution amount paid from October 1, 2021 to December 31, 2021 was $0.1087 per share and the Fund paid $0.0943 per share monthly between January 1, 2022 and April 30, 2022. At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or pay out accumulated undistributed income, or return of capital, in addition to current net investment income.

Performance of $10,000 Initial Investment (as of April 2022)

16	www.cloughglobal.com

Clough Global Dividend and Income Fund

Statement of Investments

April 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS 72.12%
Consumer Discretionary 2.86%
DR Horton, Inc.^(a)(b)		23,500	$	1,635,365
Lennar Corp. - Class A^(a)(b)		16,640		1,272,794
				2,908,159

Energy 7.58%
Cheniere Energy, Inc.		14,300		1,942,083
Exxon Mobil Corp.^(a)(b)		34,500		2,941,125
Kinder Morgan, Inc.		155,500		2,822,324
				7,705,532

Financials 12.86%
Equitable Holdings, Inc.^(a)(b)		51,400		1,481,862
First American Financial Corp.^(a)(b)		50,890		2,967,396
Redwood Trust, Inc.^(a)(b)		234,700		2,276,590
Starwood Property Trust, Inc.^(a)(b)		199,300		4,559,984
Walker & Dunlop, Inc.^(a)(b)		14,870		1,780,831
				13,066,663

Health Care 9.40%
Eli Lilly & Co.^(a)(b)		12,013		3,509,358
McKesson Corp.^(a)		904		279,887
Pfizer, Inc.^(a)(b)		48,100		2,360,267
Stryker Corp.		3,700		892,662
UnitedHealth Group, Inc.^(a)(b)		2,740		1,393,427
Zimmer Biomet Holdings, Inc.		9,200		1,110,900
				9,546,501

Industrials 17.44%
Airbus SE		16,265		1,810,940
Lockheed Martin Corp.		3,380		1,460,566
Northrop Grumman Corp.		5,670		2,491,398
Raytheon Technologies Corp.^(a)(b)		94,150		8,935,776
TransDigm Group, Inc.^(a)(b)(c)		5,077		3,019,850
				17,718,530

Information Technology 21.98%
Apple, Inc.^(a)(b)		33,520		5,284,428
Microsoft Corp.^(a)(b)		21,065		5,845,959
NVIDIA Corp.^(a)(b)		11,885		2,204,311
Visa, Inc. - Class A^(a)(b)		42,190		8,991,955
				22,326,653

TOTAL COMMON STOCKS
(Cost $70,745,112)				73,272,038

	Shares		Value
EXCHANGE TRADED FUNDS 2.47%
VanEck Vectors^® Oil Services ETF^(a)(b)		9,510	$	2,508,358

TOTAL EXCHANGE TRADED FUNDS
(Cost $2,470,208)				2,508,358

PREFERRED STOCKS 1.05%
Gabelli Equity Trust, Inc.
Series K, Perpetual Maturity 5.000%^(d)		21,200		487,600
Trinity Capital, Inc., 01/16/2025 7.000%^(a)		22,400		586,600

TOTAL PREFERRED STOCKS
(Cost $1,090,000)				1,074,200

Underlying Security/Expiration Date/Exercise Price/Notional Amount	Contracts		Value
PURCHASED OPTIONS 0.38%
Put Options Purchased 0.38%
S&P 500^® Index 05/20/22, $4,150, $13,222,176		32		383,200

Total Put Options Purchased
(Cost $508,284)				383,200


Description/Maturity Date/Rate	Principal Amount		Value
CORPORATE BONDS 24.56%
Consumer Discretionary
Carnival Corp.
03/01/2026, 7.625%^(e)(f)	$	1,000,000		979,890
Carvana Co.
10/01/2025, 5.625%^(e)(f)		500,000		434,015
Melco Resorts Finance, Ltd.
07/21/2028, 5.750%^(e)(f)		250,000		211,322
PulteGroup, Inc.
01/15/2027, 5.000%		500,000		514,220
				2,139,447

Consumer Staples
JDE Peet's NV
01/15/2027, 1.375%^(e)(f)		1,000,000		873,523

Financials
Bank of Montreal
01/10/2025, 1.500%		1,000,000		949,136
Blackstone Secured Lending Fund
01/15/2026, 3.625%		500,000		478,930
Capital One Financial Corp.
12/06/2024, 1D US SOFR + 0.69%^(g)		1,000,000		961,646

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2022

Clough Global Dividend and Income Fund

Statement of Investments

April 30, 2022 (Unaudited)

Description/Maturity Date/Rate	Principal Amount		Value
CORPORATE BONDS (continued)
Golub Capital BDC, Inc.
04/15/2024, 3.375%	$	500,000	$	491,034
08/24/2026, 2.500%^(a)		1,035,000		923,677
JPMorgan Chase & Co.
04/26/2026, 1D US SOFR + 1.32%^(g)		1,000,000		997,914
Main Street Capital Corp.
12/01/2022, 4.500%^(a)		1,043,000		1,054,073
07/14/2026, 3.000%^(a)(b)		1,600,000		1,457,562
Morgan Stanley
Series GMTN, 01/27/2026, 3.875%		1,000,000		992,059
Nationstar Mortgage Holdings, Inc.
12/15/2030, 5.125%^(a)(b)(e)(f)		1,500,000		1,306,717
11/15/2031, 5.750%^(e)(f)		500,000		444,428
Owl Rock Capital Corp.
01/15/2027, 2.625%^(a)		1,260,000		1,112,022
Owl Rock Technology Finance Corp.
06/30/2025, 6.750%^(a)(e)(f)		1,000,000		1,023,745
12/15/2025, 4.750%^(a)(e)(f)		1,000,000		970,290
Signature Bank
11/01/2029, 3M US L + 2.559%^(g)		500,000		496,135
Sixth Street Specialty Lending, Inc.
11/01/2024, 3.875%		1,000,000		994,529
SLR Investment Corp.
01/20/2023, 4.500%		500,000		500,131
SVB Financial Group
01/29/2025, 3.500%		510,000		507,077
Trinity Capital, Inc.
08/24/2026, 4.375%		500,000		464,666
				16,125,771

Industrials
Alaska Airlines 2020-1 Class B Pass Through Trust
08/15/2025, 8.000%^(a)(e)(f)		1,443,688		1,506,761
American Airlines 2014-1 Class A Pass Through Trust
10/01/2026, 3.700%		900,438		858,558
Hexcel Corp.
02/15/2027, 4.200%^(a)		1,000,000		981,815
Raytheon Technologies Corp.
08/16/2025, 3.950%		1,000,000		1,011,781
United Airlines 2018-1 Class AA Pass Through Trust
Series AA, 03/01/2030, 3.500%		833,896		774,681
US Airways 2012-2 Class A Pass Through Trust
06/03/2025, 4.625%		710,690		682,887
				5,816,483

TOTAL CORPORATE BONDS
(Cost $26,513,994)				24,955,224

Description/Maturity Date/Rate	Principal Amount		Value
CONVERTIBLE CORPORATE BONDS 2.82%
Financials
Starwood Property Trust, Inc.
04/01/2023, 4.375%^(a)(b)	$	977,000	$	980,664

Health Care
Gossamer Bio, Inc.
06/01/2027, 5.000%^(a)(b)		1,070,000		762,375
Teladoc Health, Inc.
06/01/2027, 1.250%^(a)(b)		1,500,000		1,119,750
				1,882,125

TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $3,483,144)				2,862,789

ASSET-BACKED SECURITIES 0.04%
United States Small Business Administration
Series 2008-20L, Class 1, 12/01/2028, 6.220%^(a)(b)		37,993		40,252

TOTAL ASSET-BACKED SECURITIES
(Cost $37,993)				40,252

GOVERNMENT & AGENCY OBLIGATIONS 47.53%
U.S. Treasury Notes
12/31/2023, 0.750%^(a)		16,000,000		15,512,500
01/31/2024, 0.875%^(a)		5,000,000		4,848,828
06/30/2024, 1.750%^(a)		2,000,000		1,957,187
02/28/2025, 1.125%^(a)		3,900,000		3,715,969
03/15/2025, 1.750%^(a)		8,000,000		7,750,625
01/31/2026, 2.625%		2,500,000		2,471,973
02/28/2027, 1.125%^(a)		6,600,000		6,062,461
11/15/2027, 2.250%^(a)		6,200,000		5,975,734

TOTAL GOVERNMENT & AGENCY OBLIGATIONS
(Cost $50,823,775)				48,295,277

	Shares		Value
SHORT-TERM INVESTMENTS 4.60%
Money Market Funds 4.60%
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.296% 7-day yield)		4,676,335		4,676,335

TOTAL SHORT-TERM INVESTMENTS				4,676,335
(Cost $4,676,335)

See Notes to the Financial Statements.

18	www.cloughglobal.com

Clough Global Dividend and Income Fund

Statement of Investments

April 30, 2022 (Unaudited)

	Shares	Value
SHORT-TERM INVESTMENTS (continued)
Total Investments - 155.57%
(Cost $160,348,845)		$	158,067,673

Other Assets in Excess of Liabilities - (55.57%)^(h)			(56,464,870	)

NET ASSETS - 100.00%		$	101,602,803

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS (14.80%)
Communication Services (0.69%)
Sea, Ltd. - ADR^(c)		(8,420	)		(696,839	)

Consumer Discretionary (3.76%)
CarMax, Inc.^(c)		(22,100	)		(1,895,738	)
QuantumScape Corp.^(c)		(62,600	)		(935,244	)
Rivian Automotive, Inc. - Class A^(c)		(32,600	)		(985,824	)
					(3,816,806	)

Financials (2.03%)
Deutsche Bank AG^(c)		(144,300	)		(1,425,684	)
Rocket Cos., Inc.^(c)		(46,600	)		(412,410	)
UWM Holdings Corp.^(c)		(59,900	)		(222,229	)
					(2,060,323	)

Health Care (1.60%)
ABIOMED, Inc.^(c)		(1,600	)		(458,528	)
Envista Holdings Corp.^(c)		(29,600	)		(1,172,752	)
					(1,631,280	)

Industrials (1.06%)
Snap-on, Inc.^(c)		(5,080	)		(1,079,449	)

Information Technology (5.66%)
International Business Machines Corp.^(c)		(14,310	)		(1,891,925	)
MongoDB, Inc.^(c)		(1,160	)		(411,719	)
Monolithic Power Systems, Inc.^(c)		(1,530	)		(600,127	)
RingCentral, Inc. - Class A^(c)		(8,370	)		(710,195	)
United Microelectronics Corp. -Sponsored ADR^(c)		(220,400	)		(1,754,384	)
Zscaler, Inc.^(c)		(1,900	)		(385,206	)
					(5,753,556	)

TOTAL COMMON STOCKS
(Proceeds $18,138,657)					(15,038,253	)

EXCHANGE TRADED FUNDS (6.77%)
Invesco QQQ ™ Trust Series 1^(c)		(8,900	)		(2,787,925	)
iShares^® U.S. Medical Devices ETF^(c)		(26,400	)		(1,452,528	)

SCHEDULE OF SECURITIES SOLD
SHORT (continued)	Shares			Value
EXCHANGE TRADED FUNDS (continued)
SPDR S&P 500^® ETF Trust^(c)		(6,400	)	$	(2,636,800	)

TOTAL EXCHANGE TRADED FUNDS
(Proceeds $7,150,488)					(6,877,253	)

TOTAL SECURITIES SOLD SHORT
(Proceeds $25,289,145)				$	(21,915,506	)

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2022

Clough Global Dividend and Income Fund

Statement of Investments

April 30, 2022 (Unaudited)

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

FEDEF Rates:

3M US L - 3 Month LIBOR as of April 30, 2022 was 1.36%

1D US SOFR-1 Day SOFR as of April 30, 2022 was 0.28%

^(a)

Pledged security; a portion or all of the security is pledged as collateral for securities sold short, or borrowings. As of April 30, 2022, the aggregate value of those securities was $112,454,525, representing 110.68% of net assets.
(See Note 1)

^(b)

Loaned security; a portion or all of the security is on loan as of April 30, 2022.

^(c)

Non-income producing security.

^(d)

This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(e)

Security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of April 30, 2022, these securities had an aggregate value of $7,750,691 or 7.63% of net assets.

^(f)

Restricted Security (See Note 1).

^(g)

Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at April 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

^(h)

Includes cash which is being held as collateral for securities sold short.

For Fund compliance purposes, the Fund’s 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 Fund management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease. Sectors are shown as a percent of net assets. These sector classifications are unaudited.

See Notes to the Financial Statements.

20	www.cloughglobal.com

Clough Global Dividend and Income Fund

Statement of Investments

April 30, 2022 (Unaudited)

CALL OPTIONS WRITTEN

Underlying Security	Counterparty	Expiration Date	Strike Price		Contracts	Notional Amount		Value
S&P 500^® Index	Morgan Stanley	05/20/2022	$	3,850	(32)	$	13,222,176	$	(124,160	)
						$	13,222,176	$	(124,160	)

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2022

Clough Global Equity Fund

Statement of Investments

April 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS 102.56%
Communication Services 1.62%
Alphabet, Inc. - Class C^(a)(b)(c)		1,330	$	3,058,109

Consumer Discretionary 15.68%
Amazon.com, Inc.^(a)(b)(c)		2,173		5,401,274
Booking Holdings, Inc.^(a)(b)(c)		2,681		5,925,841
Carnival Corp.^(a)(b)(c)		275,200		4,760,960
DR Horton, Inc.^(b)(c)		48,000		3,340,320
Lennar Corp. - Class A^(b)(c)		33,980		2,599,130
Royal Caribbean Cruises Ltd.^(a)(b)(c)		71,120		5,528,158
Tesla, Inc.^(a)(b)(c)		2,352		2,048,027
				29,603,710

Energy 8.38%
Cheniere Energy, Inc.^(b)		29,300		3,979,233
Exxon Mobil Corp.^(b)(c)		70,900		6,044,225
Kinder Morgan, Inc.^(b)(c)		319,500		5,798,925
				15,822,383

Financials 9.45%
Equitable Holdings, Inc.^(b)(c)		108,200		3,119,406
First American Financial Corp.^(b)(c)		92,290		5,381,430
Starwood Property Trust, Inc.^(b)(c)		408,600		9,348,768
				17,849,604

Health Care 21.72%
Amphivena Therapeutics, Inc. - Series C^{(a)(d)(e)(f)(g)(h)}		334,425		1,337,366
Apellis Pharmaceuticals, Inc.^(a)(b)(c)		32,177		1,400,665
Arcellx, Inc.^(a)(b)		189,127		2,067,158
Arcellx, Inc.^(a)(d)(f)(h)		90,937		967,712
Boston Scientific Corp.^(a)(b)		55,700		2,345,527
C4 Therapeutics, Inc.^(a)(b)		88,500		758,445
Centrexion Therapeutics Corp.^{(a)(d)(e)(g)(h)}		4,336		52,331
Centrexion Therapeutics Corp. - Series D Preferred Shares^{(a)(d)(e)(f)(g)(h)}		66,719		805,232
Community Health Systems, Inc.^(a)(b)(c)		126,712		971,881
CRISPR Therapeutics AG^(a)(b)(c)		52,050		2,582,721
Doximity, Inc. - Class A^(a)(b)(c)		54,990		2,192,451
Hologic, Inc.^(a)(b)(c)		31,540		2,270,565
Intuitive Surgical, Inc.^(a)		6,240		1,493,232
iRhythm Technologies, Inc.^(a)(b)		11,045		1,362,622
Legend Biotech Corp. - ADR^(a)(b)(c)		30,400		1,220,560
McKesson Corp.^(b)(c)		1,956		605,597
Pfizer, Inc.^(b)(c)		99,500		4,882,465
Stryker Corp.^(b)		7,760		1,872,178
Surgery Partners, Inc.^(a)(b)(c)		73,000		3,734,680
Tenet Healthcare Corp.^(a)(b)(c)		39,650		2,875,021
UnitedHealth Group, Inc.^(b)(c)		5,660		2,878,393

	Shares		Value
Health Care (continued)
Zimmer Biomet Holdings, Inc.^(b)		19,310	$	2,331,682
				41,008,484

Industrials 17.68%
Airbus SE		40,545		4,514,268
The Boeing Co.^(a)(b)		37,340		5,557,685
Hertz Global Holdings, Inc.^(a)(b)(c)		43,000		862,580
Lockheed Martin Corp.^(b)		6,930		2,994,592
Northrop Grumman Corp.^(b)(c)		11,820		5,193,708
Raytheon Technologies Corp.^(b)(c)		101,070		9,592,554
TransDigm Group, Inc.^(a)(b)(c)		7,832		4,658,552
				33,373,939

Information Technology 28.03%⁽ⁱ⁾
Apple, Inc.^(b)(c)		69,310		10,926,722
Block, Inc. - Class A^(a)(b)		39,960		3,977,618
GoDaddy, Inc. - Class A^(a)(b)(c)		47,700		3,854,637
Lumentum Holdings, Inc.^(a)		19,600		1,591,716
Microsoft Corp.^(b)(c)		44,715		12,409,307
NVIDIA Corp.^(b)		23,940		4,440,152
Palo Alto Networks, Inc.^(a)(b)(c)		9,705		5,447,222
ServiceNow, Inc.^(a)(b)(c)		7,410		3,542,721
Visa, Inc. - Class A^(b)(c)		31,540		6,722,120
				52,912,215

TOTAL COMMON STOCKS
(Cost $200,278,976)				193,628,444

EXCHANGE TRADED FUNDS 2.70%
VanEck Vectors^® Oil Services ETF^(b)(c)		19,320		5,095,843

TOTAL EXCHANGE TRADED FUNDS
(Cost $5,013,906)				5,095,843

WARRANTS 1.27%^(a)
Hertz Global Holdings, Inc., Strike Price $13.80, Expires 6/30/2051^(b)		171,590		2,402,260

TOTAL WARRANTS
(Cost $2,854,844)				2,402,260


Underlying Security/Expiration Date/Exercise Price/Notional Amount	Contracts	Value
PURCHASED OPTIONS 0.40%
Put Options Purchased 0.40%
S&P 500^® Index

See Notes to the Financial Statements.

22	www.cloughglobal.com

Clough Global Equity Fund

Statement of Investments

April 30, 2022 (Unaudited)

Underlying Security/Expiration Date/
Exercise Price/Notional Amount	Contracts		Value
Put Options Purchased (continued)
05/20/22, $4,150, $26,444,352		64	$	766,400

Total Put Options Purchased
(Cost $1,017,842)				766,400

Description/Maturity Date/Rate	Principal Amount		Value
CONVERTIBLE CORPORATE BONDS 0.06%
Health Care
Amphivena Convertible Note PP
08/25/2022 ^{(d)(e)(f)(g)(h)}	$	108,750		108,750

TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $108,750)				108,750

GOVERNMENT & AGENCY OBLIGATIONS 40.07%
U.S. Treasury Notes
09/30/2023, 0.250%^(b)		10,000,000		9,692,969
12/31/2023, 0.750%^(b)		29,000,000		28,116,406
01/31/2024, 0.875%^(b)		7,000,000		6,788,359
03/15/2025, 1.750%^(b)		20,000,000		19,376,563
01/31/2026, 2.625%^(b)		9,000,000		8,899,102
11/30/2026, 1.250%^(b)		3,000,000		2,783,320

TOTAL GOVERNMENT & AGENCY OBLIGATIONS
(Cost $77,425,562)				75,656,719

	Shares		Value
SHORT-TERM INVESTMENTS 17.04%
Money Market Funds 17.04%
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.296% 7-day yield)		32,164,692		32,164,692

TOTAL SHORT-TERM INVESTMENTS
(Cost $32,164,692)				32,164,692

Total Investments - 164.10%
(Cost $318,864,572)				309,823,108

Other Assets in Excess of Liabilities - (64.10%)^(j)				(121,024,749	)

NET ASSETS - 100.00%			$	188,798,359

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS (17.84%)
Communication Services (0.77%)
Sea, Ltd. - ADR^(a)		(17,680	)	$	(1,463,197	)

Consumer Discretionary (4.16%)
CarMax, Inc.^(a)		(45,600	)		(3,911,568	)
QuantumScape Corp.^(a)		(129,000	)		(1,927,260	)
Rivian Automotive, Inc. - Class A^(a)		(66,500	)		(2,010,960	)
					(7,849,788	)
Financials (2.93%)
Deutsche Bank AG^(a)		(298,600	)		(2,950,168	)
Rocket Cos., Inc.^(a)		(239,700	)		(2,121,345	)
UWM Holdings Corp.^(a)		(124,100	)		(460,411	)
					(5,531,924	)
Health Care (2.51%)
ABIOMED, Inc.^(a)		(3,300	)		(945,714	)
Atara Biotherapeutics, Inc.^(a)		(43,400	)		(276,024	)
Bluebird Bio, Inc.^(a)		(87,700	)		(318,351	)
Deciphera Pharmaceuticals, Inc.^(a)		(74,600	)		(754,952	)
Envista Holdings Corp.^(a)		(61,500	)		(2,436,630	)
					(4,731,671	)
Industrials (1.23%)
Snap-on, Inc.^(a)		(10,920	)		(2,320,391	)

Information Technology (6.24%)
International Business Machines Corp.^(a)		(29,100	)		(3,847,311	)
MongoDB, Inc.^(a)		(2,380	)		(844,733	)
Monolithic Power Systems, Inc.^(a)		(3,110	)		(1,219,866	)
RingCentral, Inc. - Class A^(a)		(17,450	)		(1,480,633	)
United Microelectronics Corp. -Sponsored ADR^(a)		(453,200	)		(3,607,472	)
Zscaler, Inc.^(a)		(3,900	)		(790,686	)
					(11,790,701	)

TOTAL COMMON STOCKS
(Proceeds $40,990,518)					(33,687,672	)

EXCHANGE TRADED FUNDS (7.45%)
Invesco QQQ ™ Trust Series 1^(a)		(18,000	)		(5,638,500	)
iShares^® U.S. Medical Devices ETF^(a)		(54,100	)		(2,976,582	)
SPDR S&P 500^® ETF Trust^(a)		(13,200	)		(5,438,400	)

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2022

Clough Global Equity Fund

Statement of Investments

April 30, 2022 (Unaudited)

SCHEDULE OF SECURITIES SOLD SHORT (continued)	Shares	Value
EXCHANGE TRADED FUNDS (continued)

TOTAL EXCHANGE TRADED FUNDS
(Proceeds $14,610,687)		$	(14,053,482	)

TOTAL SECURITIES SOLD SHORT
(Proceeds $55,601,205)		$	(47,741,154	)

^(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 April 30, 2022, the aggregate value of those securities was $237,979,058, representing 126.05% of net assets.
(See Note 1)

^(c)

Loaned security; a portion or all of the security is on loan as of April 30, 2022.

^(d)

Restricted Security (See Note 1).

^(e)

As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. (See Note 1)

^(f)

All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of April 30, 2022, these securities had an aggregate value of $3,219,060 or 1.71% of net assets.

^(g)

Private Placement; these securities may only be resold in transactions exempt from registration under the Securities Act of 1933. As of April 30, 2022, these securities had an aggregate value of $2,303,679 or 1.22% of net assets.

^(h)

Fair valued security; valued by management in accordance with procedures approved by the Board. As of April 30, 2022, these securities had an aggregate value of $2,303,679 or 1.22% of total net assets.

⁽ⁱ⁾

When sector categorization is categorized by industry, no industry exceeds the 25% maximum specified in the Statement of Additional Information.

^(j)

Includes cash which is being held as collateral for securities sold short.

See Notes to the Financial Statements.

24	www.cloughglobal.com

Clough Global Equity Fund

Statement of Investments

April 30, 2022 (Unaudited)

CALL OPTIONS WRITTEN

Underlying Security	Counterparty	Expiration Date	Strike Price		Contracts	Notional Amount		Value
S&P 500^® Index	Morgan Stanley	05/20/2022	$	3,850	(64)	$	26,444,352	$	(248,320	)
						$	26,444,352	$	(248,320	)

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2022

Clough Global Opportunities Fund

Statement of Investments

April 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS 103.09%
Communication Services 1.67%
Alphabet, Inc. - Class C^(a)(b)(c)		2,482	$	5,706,937

Consumer Discretionary 15.91%
Amazon.com, Inc.^(a)(b)(c)		4,072		10,121,485
Booking Holdings, Inc.^(a)(b)		4,854		10,728,845
Carnival Corp.^(a)(b)(c)		507,670		8,782,691
DR Horton, Inc.^(b)(c)		87,500		6,089,125
Lennar Corp. - Class A^(b)(c)		61,979		4,740,774
Royal Caribbean Cruises Ltd.^(a)(b)(c)		131,647		10,232,921
Tesla, Inc.^(a)(b)(c)		4,275		3,722,499
				54,418,340

Energy 8.43%
Cheniere Energy, Inc.^(b)(c)		53,400		7,252,254
Exxon Mobil Corp.^(b)		129,100		11,005,775
Kinder Morgan, Inc.^(b)(c)		582,034		10,563,917
				28,821,946

Financials 9.58%
Equitable Holdings, Inc.^(b)(c)		195,900		5,647,797
First American Financial Corp.^(b)(c)		172,470		10,056,726
Starwood Property Trust, Inc.^(b)(c)		745,000		17,045,600
				32,750,123

Health Care 21.85%
Amphivena Therapeutics, Inc. - Series C^{(a)(d)(e)(f)(g)(h)}		780,326		3,120,524
Apellis Pharmaceuticals, Inc.^(a)(b)(c)		59,466		2,588,555
Arcellx, Inc.^(a)(b)		328,113		3,586,275
Arcellx, Inc.^(a)(d)(e)(h)		209,080		2,224,939
Boston Scientific Corp.^(a)(b)		101,400		4,269,954
C4 Therapeutics, Inc.^(a)(b)		161,281		1,382,178
Centrexion Therapeutics Corp.^{(a)(d)(f)(g)(h)}		14,166		170,969
Centrexion Therapeutics Corp. - Series D Preferred Shares^{(a)(d)(e)(f)(g)(h)}		217,952		2,630,463
Community Health Systems, Inc.^(a)(b)(c)		234,387		1,797,748
CRISPR Therapeutics AG^(a)(b)(c)		93,798		4,654,257
Doximity, Inc. - Class A^(a)(b)(c)		101,840		4,060,361
Hologic, Inc.^(a)(b)(c)		58,390		4,203,496
Intuitive Surgical, Inc.^(a)(b)		11,280		2,699,304
Legend Biotech Corp. - ADR^(a)(b)(c)		56,391		2,264,099
McKesson Corp.^(b)(c)		3,616		1,119,550
Pfizer, Inc.^(b)(c)		181,200		8,891,484
Stryker Corp.^(b)		14,050		3,389,703
Surgery Partners, Inc.^(a)(b)(c)		135,081		6,910,744
Tenet Healthcare Corp.^(a)(b)(c)		73,540		5,332,385
UnitedHealth Group, Inc.^(b)(c)		10,240		5,207,552

	Shares		Value
Health Care (continued)
Zimmer Biomet Holdings, Inc.^(b)		35,020	$	4,228,665
				74,733,205

Industrials 17.20%
Airbus SE		75,828		8,442,665
The Boeing Co.^(a)(b)(c)		69,585		10,357,032
Hertz Global Holdings, Inc.^(a)(b)		79,600		1,596,776
Lockheed Martin Corp.^(b)		12,610		5,449,033
Northrop Grumman Corp.^(b)(c)		21,420		9,411,948
Raytheon Technologies Corp.^(b)(c)		184,220		17,484,320
TransDigm Group, Inc.^(a)(b)(c)		10,258		6,101,561
				58,843,335

Information Technology 28.45%⁽ⁱ⁾
Apple, Inc.^(b)		126,720		19,977,408
Block, Inc. - Class A^(a)(b)		72,670		7,233,572
GoDaddy, Inc. - Class A^(a)(b)(c)		88,400		7,143,604
Lumentum Holdings, Inc.^(a)(b)		35,900		2,915,439
Microsoft Corp.^(b)(c)		83,390		23,142,393
NVIDIA Corp.^(b)(c)		44,350		8,225,595
Palo Alto Networks, Inc.^(a)(b)(c)		17,690		9,929,043
ServiceNow, Inc.^(a)(b)(c)		13,440		6,425,664
Visa, Inc. - Class A^(b)(c)		57,780		12,314,651
				97,307,369

TOTAL COMMON STOCKS
(Cost $366,799,211)				352,581,255

EXCHANGE TRADED FUNDS 2.71%
VanEck Vectors^® Oil Services ETF^(b)(c)		35,190		9,281,714

TOTAL EXCHANGE TRADED FUNDS
(Cost $9,131,756)				9,281,714

WARRANTS 1.30%^(a)
Hertz Global Holdings, Inc., Strike Price $13.80, Expires 6/30/2051^(b)(c)		318,034		4,452,476

TOTAL WARRANTS
(Cost $5,290,776)				4,452,476

Underlying Security/Expiration Date/Exercise Price/Notional Amount	Contracts	Value
PURCHASED OPTIONS 0.42%
Put Options Purchased 0.42%
S&P 500^® Index

See Notes to the Financial Statements.

26	www.cloughglobal.com

Clough Global Opportunities Fund

Statement of Investments

April 30, 2022 (Unaudited)

Underlying Security/Expiration Date/Exercise Price/Notional Amount	Contracts		Value
Put Options Purchased (continued)
05/20/22, $4,150, $49,583,160		120	$	1,437,000

Total Put Options Purchased
(Cost $1,907,658)				1,437,000


Description/Maturity Date/Rate	Principal Amount		Value
CORPORATE BONDS 13.79%
Financials
Bank of Montreal
01/10/2025, 1.500%	$	3,000,000		2,847,408
Goldman Sachs Group, Inc.
04/01/2025, 3.500%		3,000,000		2,958,450
Golub Capital BDC, Inc.
08/24/2026, 2.500%^(b)		4,130,000		3,685,786
JPMorgan Chase & Co.
04/26/2026, 1D US SOFR + 1.32%^(j)		3,000,000		2,993,742
Main Street Capital Corp.
07/14/2026, 3.000%^(b)		1,500,000		1,366,464
Morgan Stanley
Series GMTN, 01/27/2026, 3.875%		3,000,000		2,976,176
Nationstar Mortgage Holdings, Inc.
12/15/2030, 5.125%^(b)(d)(e)		1,510,000		1,315,429
11/15/2031, 5.750%^(d)(e)		2,500,000		2,222,138
Owl Rock Technology Finance Corp.
12/15/2025, 4.750%^(b)(d)(e)		4,000,000		3,881,161
Signature Bank
11/01/2029, 3M US L + 2.559%^(b)(j)		2,000,000		1,984,538
Sixth Street Specialty Lending, Inc.
08/01/2026, 2.500%		1,000,000		903,932
SVB Financial Group
01/29/2025, 3.500%		3,050,000		3,032,520
				30,167,744

Industrials
Alaska Airlines 2020-1 Class B Pass Through Trust
08/15/2025, 8.000%^(b)(c)(d)(e)		4,331,064		4,520,283
American Airlines 2014-1 Class A Pass Through Trust
10/01/2026, 3.700%		3,601,753		3,434,232
American Airlines 2019-1 Class A Pass Through Trust
Series A, 02/15/2032, 3.500%		3,566,291		3,114,283
Hexcel Corp.
08/15/2025, 4.950%^(b)		1,000,000		1,013,319

Description/Maturity Date/Rate	Principal Amount		Value
CORPORATE BONDS (continued)
02/15/2027, 4.200%^(b)	$	5,000,000	$	4,909,075
				16,991,192

TOTAL CORPORATE BONDS
(Cost $49,749,154)				47,158,936

CONVERTIBLE CORPORATE BONDS 0.43%
Financials
Starwood Property Trust, Inc. 04/01/2023, 4.375%^(b)		1,200,000		1,204,500

Health Care
Amphivena Convertible Note PP 08/25/2022 (e)(f)(g)(h)		253,750		253,750


TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $1,459,052)				1,458,250

GOVERNMENT & AGENCY OBLIGATIONS 35.25%
U.S. Treasury Notes
09/30/2023, 0.250%^(b)		15,000,000		14,539,453
12/31/2023, 0.750%^(b)		40,000,000		38,781,250
01/31/2024, 0.875%^(b)		13,000,000		12,606,953
03/15/2025, 1.750%^(b)		36,000,000		34,877,813
01/31/2026, 2.625%^(b)		20,000,000		19,775,781

TOTAL GOVERNMENT & AGENCY OBLIGATIONS
(Cost $122,868,590)				120,581,250

	Shares		Value
SHORT-TERM INVESTMENTS 9.68%
Money Market Funds 9.68%
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.296% 7-day yield)		33,104,033		33,104,033

TOTAL SHORT-TERM INVESTMENTS
(Cost $33,104,033)				33,104,033

Total Investments - 166.67%
(Cost $590,310,230)				570,054,914

Other Assets in Excess of Liabilities - (66.67%)^(k)				(228,036,822	)

NET ASSETS - 100.00%			$	342,018,092

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2022

Clough Global Opportunities Fund

Statement of Investments

April 30, 2022 (Unaudited)

SCHEDULE OF SECURITIES SOLD SHORT	Shares			Value
COMMON STOCKS (17.30%)
Communication Services (0.78%)
Sea, Ltd. - ADR^(a)		(32,030	)	$	(2,650,803	)

Consumer Discretionary (4.17%)
CarMax, Inc.^(a)		(82,500	)		(7,076,850	)
QuantumScape Corp.^(a)		(233,600	)		(3,489,984	)
Rivian Automotive, Inc. - Class A^(a)		(122,300	)		(3,698,352	)
					(14,265,186	)

Financials (2.25%)
Deutsche Bank AG^(a)		(540,400	)		(5,339,152	)
Rocket Cos., Inc.^(a)		(172,500	)		(1,526,625	)
UWM Holdings Corp.^(a)		(226,507	)		(840,341	)
					(7,706,118	)

Health Care (2.54%)
ABIOMED, Inc.^(a)		(6,100	)		(1,748,138	)
Atara Biotherapeutics, Inc.^(a)		(80,700	)		(513,252	)
Bluebird Bio, Inc.^(a)		(163,300	)		(592,779	)
Deciphera Pharmaceuticals, Inc.^(a)		(138,900	)		(1,405,668	)
Envista Holdings Corp.^(a)		(111,800	)		(4,429,516	)
					(8,689,353	)

Industrials (1.26%)
Snap-on, Inc.^(a)		(20,200	)		(4,292,298	)

Information Technology (6.30%)
International Business Machines Corp.^(a)		(52,880	)		(6,991,265	)
MongoDB, Inc.^(a)		(4,420	)		(1,568,790	)
Monolithic Power Systems, Inc.^(a)		(5,750	)		(2,255,380	)
RingCentral, Inc. - Class A^(a)		(31,690	)		(2,688,896	)
United Microelectronics Corp. -
Sponsored ADR^(a)		(825,481	)		(6,570,829	)
Zscaler, Inc.^(a)		(7,250	)		(1,469,865	)
					(21,545,025	)

TOTAL COMMON STOCKS
(Proceeds $71,927,218)					(59,148,783	)

EXCHANGE TRADED FUNDS (7.46%)
Invesco QQQ ™ Trust Series 1^(a)		(32,500	)		(10,180,625	)
iShares^® U.S. Medical Devices ETF^(a)		(98,400	)		(5,413,968	)
SPDR S&P 500^® ETF Trust^(a)		(24,100	)		(9,929,200	)

SCHEDULE OF SECURITIES SOLD SHORT (continued)	Shares	Value
EXCHANGE TRADED FUNDS (continued)

TOTAL EXCHANGE TRADED FUNDS
(Proceeds $26,533,721)		$	(25,523,793	)

TOTAL SECURITIES SOLD SHORT
(Proceeds $98,460,939)		$	(84,672,576	)

Investment Abbreviations:

FEDEF - Federal Funds Effective Rate

SOFR - Secured Overnight Financing Rate

Libor Rates:

3M US L - 3 Month LIBOR as of April 30, 2022 was 1.36%

1D US SOFR -1 Day SOFR as of April 30, 2022 was 0.28%

^(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 April 30, 2022, the aggregate value of those securities was $463,484,584, representing 135.51% of net assets. (See Note 1)

^(c)

Loaned security; a portion or all of the security is on loan as of April 30, 2022.

^(d)

Restricted Security (See Note 1).

^(e)

^(f)

^(g)

As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. (See Note 1)

^(h)

Fair valued security; valued by management in accordance with procedures approved by the Board. As of April 30, 2022, these securities had an aggregate value of $6,175,706 or 1.81% of total net assets.

⁽ⁱ⁾

When sector categorization is categorized by industry, no industry exceeds the 25% maximum specified in the Statement of Additional Information.

^(j)

^(k)

Includes cash which is being held as collateral for securities sold short.

See Notes to the Financial Statements.

28	www.cloughglobal.com

Clough Global Opportunities Fund

Statement of Investments

April 30, 2022 (Unaudited)

CALL OPTIONS WRITTEN

Underlying Security	Counterparty	Expiration Date	Strike Price		Contracts	Notional Amount		Value
S&P 500^® Index	Morgan Stanley	05/20/2022	$	3,850	(120)	$	49,583,160	$	(465,600	)
						$	49,583,160	$	(465,600	)

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2022

Clough Global Funds

Statements of Assets and Liabilities

April 30, 2022 (Unaudited)

	Clough Global Dividend and Income Fund			Clough Global Equity Fund			Clough Global Opportunities Fund
ASSETS:

Investments, at value (Cost - see below)*	$	158,067,673		$	309,823,108		$	570,054,914
Cash		3,262,666			6,087,416			10,545,699
Deposit with broker for securities sold short		24,233,092			53,233,421			94,888,018
Deposit with broker for written options		556,546			1,048,147			2,077,248
Dividends receivable		91,460			127,400			235,842
Interest receivable		483,275			153,074			757,828
Receivable for investments sold		2,339,675			11,307,329			17,200,063
Total Assets		189,034,387			381,779,895			695,759,612

LIABILITIES:

Notes payable and other debt		63,393,800			139,706,715			257,380,829
Securities sold short, at value (Proceeds $25,289,145, $55,601,205 and $98,460,938)		21,915,506			47,741,154			84,672,576
Written options, at value (Premiums received $292,095, $584,190 and $1,095,358)		124,160			248,320			465,600
Payable for investments purchased		1,712,617			4,693,705			10,178,443
Accrued investment advisory fee		112,848			302,243			609,102
Accrued administration fee		46,655			107,123			193,576
Accrued trustees fee		4,846			4,846			4,846
Other payables and accrued expenses		121,152			177,430			236,548
Total Liabilities		87,431,584			192,981,536			353,741,520
Net Assets	$	101,602,803		$	188,798,359		$	342,018,092
Cost of Investments	$	160,348,845		$	318,864,572		$	590,310,230

COMPOSITION OF NET ASSETS:

Paid-in capital	$	112,437,861		$	226,979,927		$	425,348,642
Distributable earnings/(Accumulated loss)		(10,835,058	)		(38,181,568	)		(83,330,550	)
Net Assets	$	101,602,803		$	188,798,359		$	342,018,092
Shares of common stock outstanding of no par value, unlimited shares authorized		11,595,622			18,454,503			41,318,153
Net asset value per share	$	8.76		$	10.23		$	8.28

* Securities Loaned, at value	$	55,719,214		$	118,131,383		$	226,732,335

See Notes to the Financial Statements.

30	www.cloughglobal.com

Clough Global Funds

Statements of Operations

For the six months ended April 30, 2022 (Unaudited)

	Clough Global Dividend and Income Fund			Clough Global Equity Fund			Clough Global Opportunities Fund
INVESTMENT INCOME:

Dividends (net of foreign withholding taxes of $8,326, $19,366 and $35,603)	$	1,192,763		$	1,709,828		$	2,834,177
Interest on investment securities		527,564			113,749			714,781
Interest income - margin account		–			(846	)		(1,845	)
Hypothecated securities income (See Note 6)		15,420			35,539			139,650
Total Income		1,735,747			1,858,270			3,686,763

EXPENSES:

Investment advisory fee		681,358			1,830,402			3,736,941
Administration fee		283,174			656,303			1,201,579
Interest on loan		401,758			859,805			1,605,079
Trustees fee		75,566			75,566			75,566
Dividend expense - short sales		156,599			329,586			603,708
Other expenses		13,053			28,281			52,467
Total Expenses		1,611,508			3,779,943			7,275,340
Net Investment Income/(Loss)		124,239			(1,921,673	)		(3,588,577	)

NET REALIZED GAIN/(LOSS) ON:
Investment securities		(2,332,135	)		(24,042,190	)		(48,562,212	)
Futures contracts		197,839			436,894			849,059
Securities sold short		(799,024	)		(294,060	)		(655,030	)
Written options		492,496			1,210,505			1,974,235
Total return swap contracts		(3,810,044	)		(6,614,748	)		(12,219,724	)
Foreign currency transactions		(22,962	)		(49,652	)		(93,670	)
Net realized loss		(6,273,830	)		(29,353,251	)		(58,707,342	)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:
Investment securities		(17,104,143	)		(48,387,437	)		(89,026,241	)
Futures contracts		(298,941	)		(660,160	)		(1,282,953	)
Securities sold short		3,745,422			8,119,886			14,409,873
Written options		167,935			335,870			629,758
Total return swap contracts		(7,476	)		(2,878,383	)		(5,405,035	)
Translation of assets and liabilities denominated in foreign currencies		(589	)		(1,183	)		(2,537	)
Net change in unrealized depreciation		(13,497,792	)		(43,471,407	)		(80,677,135	)
Net Realized and Unrealized Loss		(19,771,622	)		(72,824,658	)		(139,384,477	)
Net Decrease in Net Assets Attributable to Common Shares from Operations	$	(19,647,383	)	$	(74,746,331	)	$	(142,973,054	)

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2022

Clough Global Dividend and Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended April 30, 2022 (Unaudited)			For the Year Ended October 31, 2021
COMMON SHAREHOLDERS OPERATIONS:

Net investment income	$	124,239		$	530,346
Net realized gain/(loss)		(6,273,830	)		17,770,103
Net change in unrealized appreciation/(depreciation)		(13,497,792	)		1,886,791
Net Increase/(Decrease) in Net Assets From Operations		(19,647,383	)		20,187,240

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From distributable earnings		(6,380,927	)		(3,855,628	)
Tax return of capital		–			(7,067,306	)
Net Decrease in Net Assets from Distributions		(6,380,927	)		(10,922,934	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares, net of offering costs		2,680,669			29,000,424
Reinvestment of dividends		479,732			466,418
Offering costs		(14,693	)		(261,801	)
Net Increase in Net Assets From Share Transactions		3,145,708			29,205,041

Net Increase/(Decrease) in Net Assets Attributable to Common Shares		(22,882,602	)		38,469,347

NET ASSETS ATTRIBUABLE TO COMMON SHARES:

Beginning of period		124,485,405			86,016,058
End of period	$	101,602,803		$	124,485,405

See Notes to the Financial Statements.

32	www.cloughglobal.com

Clough Global Equity Fund

Statements of Changes in Net Assets

	For the Six Months Ended April 30, 2022 (Unaudited)			For the Year Ended October 31, 2021
COMMON SHAREHOLDERS OPERATIONS:

Net investment loss	$	(1,921,673	)	$	(2,825,988	)
Net realized gain/(loss)		(29,353,251	)		45,071,358
Net change in unrealized appreciation/(depreciation)		(43,471,407	)		18,293,247
Net Increase/(Decrease) in Net Assets From Operations		(74,746,331	)		60,538,617

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From distributable earnings		(13,206,317	)		(23,035,803	)
Net Decrease in Net Assets from Distributions		(13,206,317	)		(23,035,803	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares, net of offering costs		8,363,837			60,403,350
Reinvestment of dividends		745,355			524,584
Offering costs		(32,842	)		(298,016	)
Net Increase in Net Assets From Share Transactions		9,076,350			60,629,918

Net Increase/(Decrease) in Net Assets Attributable to Common Shares		(78,876,298	)		98,132,732

NET ASSETS ATTRIBUABLE TO COMMON SHARES:

Beginning of period		267,674,657			169,541,925
End of period	$	188,798,359		$	267,674,657

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2022

Clough Global Opportunities Fund

Statements of Changes in Net Assets

	For the Six Months Ended April 30, 2022 (Unaudited)			For the Year Ended October 31, 2021
COMMON SHAREHOLDERS OPERATIONS:

Net investment loss	$	(3,588,577	)	$	(5,646,834	)
Net realized gain/(loss)		(58,707,342	)		87,176,412
Net change in unrealized appreciation/(depreciation)		(80,677,135	)		29,652,961
Net Increase/(Decrease) in Net Assets From Operations		(142,973,054	)		111,182,539

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From distributable earnings		(24,271,544	)		(44,110,259	)
Net Decrease in Net Assets from Distributions		(24,271,544	)		(44,110,259	)

CAPITAL SHARE TRANSACTIONS
Proceeds from sales of shares, net of offering costs		12,163,252			90,421,624
Reinvestment of dividends		1,394,268			967,110
Offering costs		(28,869	)		(488,236	)
Net Increase in Net Assets From Share Transactions		13,528,651			90,900,498

Net Increase/(Decrease) in Net Assets Attributable to Common Shares		(153,715,947	)		157,972,778

NET ASSETS ATTRIBUABLE TO COMMON SHARES:

Beginning of period		495,734,039			337,761,261
End of period	$	342,018,092		$	495,734,039

See Notes to the Financial Statements.

34	www.cloughglobal.com

Clough Global Funds

Statements of Cash Flows

For the six months ended April 30, 2022 (Unaudited)

	Clough Global Dividend and Income Fund			Clough Global Equity Fund			Clough Global Opportunities Fund
CASH FLOWS FROM OPERATING ACTIVITIES:
Net decrease in net assets from operations	$	(19,647,383	)	$	(74,746,331	)	$	(142,973,054	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(179,350,496	)		(450,810,749	)		(895,815,800	)
Proceeds from disposition of investment securities		188,049,089			476,311,938			930,951,901
Proceeds from securities sold short transactions		42,137,473			97,793,774			168,699,750
Cover securities sold short transactions		(28,996,878	)		(74,382,330	)		(130,814,475	)
Premiums received from written options transactions		2,591,304			5,309,749			9,844,794
Premiums paid on closing written options transactions		(800,674	)		(1,629,779	)		(3,020,587	)
Purchased options transactions		(5,349,271	)		(10,993,326	)		(20,379,380	)
Proceeds from purchased options transactions		2,437,065			4,973,862			9,217,843
Net purchases of short-term investment securities		(166,980	)		(14,213,539	)		(6,972,607	)
Net realized (gain)/loss on:
Investment securities		2,332,135			24,042,190			48,562,212
Securities sold short		799,024			294,060			655,030
Written options		(492,496	)		(1,210,505	)		(1,974,235	)
Net change in unrealized (appreciation)/depreciation on:
Investment securities		17,104,143			48,387,437			89,026,241
Securities sold short		(3,745,422	)		(8,119,886	)		(14,409,873	)
Written options		(167,935	)		(335,870	)		(629,758	)
Total return swap contracts		7,476			2,878,383			5,405,035
Net amortization/(accretion) of premiums/discounts		170,251			2,139			194,087
(Increase)/Decrease in assets:
Dividends receivable		(87,383	)		(119,668	)		(218,183	)
Interest receivable		90,187			(96,443	)		(327,763	)
Variation margin receivable		720			1,590			3,090
Deferred/Prepaid offering costs		61,037			74,881			160,312
Increase/(Decrease) in liabilities:
Interest due on loan payable		50,012			113,087			206,033
Payable for total return swap contracts payments		(13,168	)		(106,377	)		(200,361	)
Dividends payable - short sales		(21,307	)		(46,059	)		(87,165	)
Accrued investment advisory fee		(9,932	)		(33,760	)		(85,885	)
Accrued administration fee		(53,798	)		(131,314	)		(248,258	)
Accrued trustees fee		1,796			1,796			1,796
Other payables and accrued expenses		(67,722	)		(53,994	)		(124,506	)
Net cash provided by operating activities		16,860,867			23,154,956			44,646,234

CASH FLOWS FROM FINANCING ACTIVITIES:
Loan payable		1,800,000			8,000,000			11,500,000
Proceeds from sales of shares, net of offering costs		2,900,004			8,774,572			13,188,374
Reinvestment of dividends		479,732			745,355			1,394,268
Cash distributions paid		(6,380,927	)		(13,206,317	)		(24,271,544	)
Payable due to custodian		(559,196	)		(2,006,870	)		(3,750,493	)
Net cash (used in) provided by financing activities		(1,760,387	)		2,306,740			(1,939,395	)

Net Change in Cash, Restricted Cash and Foreign Rates on Cash		15,100,480			25,461,696			42,706,839

Cash and restricted cash, beginning of year	$	13,235,159		$	35,577,970		$	66,097,511
Cash and restricted cash, end of year	$	28,335,639		$	61,039,666		$	108,804,350

See Notes to the Financial Statements.

Semi-Annual Report | April 30, 2022

Clough Global Funds

Statements of Cash Flows

For the six months ended April 30, 2022 (Unaudited)

	Clough Global Dividend and Income Fund		Clough Global Equity Fund		Clough Global Opportunities Fund
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Non-cash financing activities not included herein consist of reinvestment of distributions of:	$	479,732	$	745,355	$	1,394,268
Cash paid during the year for interest from loan payable:	$	351,746	$	746,718	$	1,399,046

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF YEAR TO THE STATEMENT OF ASSETS AND LIABILITIES
Cash	$	97,886	$	773,159	$	373,636
Deposit with broker
Futures		658,818		1,269,820		2,507,576
Securities sold short		10,183,606		18,025,923		33,994,780
Total return swaps		2,294,849		15,509,068		29,221,519

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF YEAR TO THE STATEMENT OF ASSETS AND LIABILITIES
Cash	$	3,262,666	$	6,087,416	$	10,545,699
Deposit with broker
Securities sold short		24,233,092		53,233,421		94,888,018
Written options		556,546		1,048,147		2,077,248

See Notes to the Financial Statements.

36	www.cloughglobal.com

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Clough Global Dividend and Income Fund

Financial Highlights

For a share outstanding throughout the years indicated

	For the Six Months Ended April 30, 2022 (Unaudited)			For the Year Ended October 31, 2021		For the Year Ended October 31, 2020			For the Year Ended October 31, 2019
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value - beginning of period	$	11.02		$	10.23	$	12.21		$	12.54
Income from investment operations:
Net investment income/(loss)^*		0.01			0.06		0.12			0.16
Net realized and unrealized gain/(loss) on investments		(1.71	)		2.28		(0.89	)		1.08

GLV

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