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

Abigail J. Murray, Secretary
Clough Global Dividend and Income Fund
1290 Broadway, Suite 1100
Denver, Colorado 80203
(Name and address of agent for service)

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

Date of fiscal year end:   October 31

Date of reporting period: November 1, 2015 – October 31, 2016


 
Item 1. Reports to Stockholders.
 
(COVER PAGE)

S ection 19( b ) D isclosure
 
October 31, 2016 (Unaudited)
 
Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each a “Fund” and collectively, the “Funds”), acting pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Fund’s Board of Trustees (the “Board”), have adopted a plan, consistent with each Fund’s investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plan, Clough Global Dividend and Income Fund currently distributes $0.1032 per share on a monthly basis, Clough Global Equity Fund currently distributes $0.0989 per share on a monthly basis and Clough Global Opportunities Fund currently distributes $0.0860 per share on a monthly basis.
 
The fixed amount distributed per share is subject to change at the discretion of each Fund’s Board. Under the Plan, each Fund will distribute all available investment income to its shareholders, consistent with each Fund’s primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient investment income is not available on a monthly basis, each Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases or decreases to enable each Fund to comply with the distribution requirements imposed by the Code.
 
Shareholders should not draw any conclusions about each Fund’s investment performance from the amount of these distributions or from the terms of the Plan. Each Fund’s total return performance on net asset value is presented in its financial highlights table.
 
The Board may amend, suspend or terminate each Fund’s Plan without prior notice if it deems such action to be in the best interest of either the Fund or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if a Fund’s stock is trading at or above net asset value) or widening an existing trading discount. Each Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, increased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to each Fund’s prospectus for a more complete description of its risks.
 
Please refer to Additional Information for a cumulative summary of the Section 19(a) notices for each Fund’s current fiscal period. Section 19(a) notices for each Fund, as applicable, are available on the Clough Global Closed-End Funds website www.cloughglobal.com.

Clough Global Funds
Table of Contents

 
Shareholder Letter
2
Portfolio Allocation
 
Clough Global Dividend and Income Fund
7
Global Equity Fund
8
Global Opportunities Fund
9
Statement of Investments
 
Clough Global Dividend and Income Fund
10
Global Equity Fund
15
Global Opportunities Fund
20
Statements of Assets and Liabilities
27
Statements of Operations
28
Statements of Changes in Net Assets
29
Statements of Cash Flows
32
Financial Highlights
 
Clough Global Dividend and Income Fund
33
Global Equity Fund
34
Global Opportunities Fund
35
Notes to Financial Statements
36
Report of Independent Registered Public Accounting Firm
53
Dividend Reinvestment Plan
54
Additional Information
 
Fund Proxy Voting Policies & Procedures
55
Portfolio Holdings
55
Notice
55
Shareholder Meeting
55
Section 19(A) Notices
55
Tax Designations
56
Trustees & Officers
57
Privacy Policy
61

Clough Global Funds
Shareholder Letter

October 31, 2016 (Unaudited)
 
To Our Investors:
 
Annual Results
 
Clough Global Dividend and Income Fund (GLV)
During the year ended October 31, 2016, the Clough Global Dividend and Income Fund’s total return, assuming reinvestment of all distributions, was -1.14% based on the net asset value and -4.14% based on the market price of the Fund. The S&P 500 and the Blended Index (50% Barclays U.S. Aggregate Index, 50% MSCI World Index) returned 4.51% and 3.22% respectively over the same period. During the year ended October 31, 2016, the Fund paid $1.39 per share in distributions. As of October 31st, the Fund had a dividend distribution rate on the market price of 10.66%.
 
Clough Global Equity Fund (GLQ)
During the year ended October 31, 2016, the Clough Global Equity Fund’s total return, assuming reinvestment of all distributions, was -5.36% based on the net asset value and -6.90% based on the market price of the Fund. The S&P 500 and the MSCI World Index returned 4.51% and 1.79% respectively over the same period. During the year ended October 31, 2016, the Fund paid $1.33 per share in distributions. As of October 31st, the Fund had a dividend distribution rate on the market price of 11.10%.
 
Clough Global Opportunities Fund (GLO)
During the year ended October 31, 2016, the Clough Global Opportunities Fund’s total return, assuming reinvestment of all distributions, was  -3.48% based on the net asset value and -9.49% based on the market price of the Fund. The S&P 500 and the Blended Index (25% Barclays U.S. Aggregate Index, 75% MSCI World Index) returned 4.51% and 2.54% respectively over the same period. During the year ended October 31, 2016, the Fund paid $1.16 per share in distributions. As of October 31st, the Fund had a dividend distribution rate on the market price of 11.42%.
 
Final Thoughts for Fiscal Year 2016
While most of this letter will be focused on the most recent quarter and our thoughts for 2017, we did want to give some final thoughts on fiscal 2016 top and bottom performers as well as some expense-saving initiatives started in all three funds.
 
The top contributors to the funds for the year ending October 31, 2016 came from fixed income, information technology, energy, and high-dividend specialty finance. Long-dated 30 year Treasury and corporate bonds, Nintendo, Facebook, WPX Energy, and American Capital Agency were some of the top performing names. Financials and healthcare led the detractors. While we were frustrated by these two sectors, the unexpected election of Donald J. Trump could potentially provide a significant tailwind. We will further expand our thoughts here later in the letter.
 
During the course of the year, all three funds have made steps to shrink the gross asset exposure as well as reducing  leverage. The net benefits of the restructuring of the funds will be a meaningful reduction in expenses to our shareholders. Lower leverage will reduce interest expense. A smaller short book and gross exposure will lower expenses from borrowing securities as well as management and administrative expenses.
 
Positive Contributors and Negative Contributors in the Fourth Quarter
The funds’ top contributors were in energy, technology, and high dividend paying specialty finance names. We are encouraged by the strength of our bank holdings. The market suddenly discovered them because of the belief that fiscal stimulus will steepen the yield curve, and it has modestly. However, we think there is more to the story than that. We believe the major U.S. large banks are becoming ever more valuable franchises as their credit card and consumer banking operations become more dominant competitively. They continue to add to excess reserves and we still think the large banks will be viewed as capital return vehicles in coming years.
 
Business Development Companies (BDCs) are Real Estate Investment Trust (REIT)-like structures that lend to middle market companies in the U.S. Companies like Ares Capital (ARCC) trade at a discount to book value despite paying a double-digit dividend and a long-term track record of superior issuers of credit. Ares’ assets, the loans that it originates, are Libor-based and benefit from a rise in rates off the zero bound. We believe that Ares can trade back to a premium-to-book value in addition to paying the double digit dividend. We view quality BDCs as a very attractive alternative to high yield Exchange-Traded Funds (ETFs) that do not trade at a meaningful discount and only yield roughly 5.5%.
 
The top individual detractors were 30 year U.S. Treasuries and Community Health Systems. We had been reducing our long Treasury positions prior to the election and we sold off a majority of our long duration Treasury positions on Donald Trump’s win. It is not because we think the long term bond bull market is over. Debt-to-GDP ratios are still too high for that and we think any rise in interest rates will quickly result in debt servicing issues. However, many investors with leveraged bond positions may be forced into selling, and we expect the volatility that would cause will allow us to reestablish the position in future months at better prices.
 

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Clough Global Funds
Shareholder Letter

October 31, 2016 (Unaudited)
 
We understand the strength in employment but that will likely slow with the front-end of the economy so weak. M2 1 velocity is still declining year-on-year at the fastest rate since 1937 and investment is still falling. Balance sheets are still heavy. If the Fed raises the fed funds rate in December, we think yields at the long end of the Treasury curve could easily fall since that will have deflationary consequences.
 
Community Health Systems, a hospital chain, was held because we thought the stock had declined enough to offer good value. We anticipated a turnaround in operations as formerly merged acquisitions were restructured and sold off to reduce debt. However, earnings continued to disappoint and we have eliminated the position.
 
Looking Ahead
Obviously we started 2016 on a difficult foot with the collapse in financial stocks early in the year, but that strategy is now working. The stocks of U.S. global banks are rising while those of European banks and U.S. subprime lenders—where we hold shorts—are not so strong.
 
We still believe energy should be a source of investments as new crude supplies are limited and the only incremental production has to come from the U.S. Permian Basin and other North American shale reserves. We have further focused our long book on Permian producers.
 
In healthcare, price-to-earnings multiples for some of our major biotech and drug holdings, which currently include Bristol-Myers Squibb, Celgene Corporation, and  Biogen, Inc. among others, average 10x earnings. A form of government price regulation may be coming, but our sense is that companies with a strong research pipeline will likely do well. History shows Health Maintenance Organizations (HMOs) have been successful, as the industry consolidated in a price-controlled environment. We think political concerns are excessive and the stocks offer good value.
 
China and India are the Two Most Attractive Emerging Markets
Many emerging markets, especially those with negative current accounts and foreign dollar liabilities, fell sharply on the heels of Trump’s victory and the subsequent rise in interest rates. One market was a notable exception, Shanghai, which is where most of China’s domestically-focused companies are listed. Emerging markets are strained for capital, profits are falling and growth is weak. China and India are exceptions to that. We have often argued that Asian consumers represent the only growth story on the planet. If their spending patterns are insulated from the debt concerns which dominate investor perceptions, there is a long-term investment story there. Albeit selectively, we are invested in China for several reasons. First, more Chinese consumers are reaching the point where disposable incomes are accelerating: China’s consumers are beginning to spend again and discretionary purchases are rising rapidly. Passenger vehicle sales reached 20% year-over-year after rising every month this year. Second, investment is moving away from capital destroying steel, coal and real estate projects to focus on private investment in Chinese needs for pollution  control and healthcare. One services sector measure, China’s Caixin/Markit purchasing manager’s index (PMI), rose from 52.0 in September  to  52.4  in  October  according  to  13D  Research.  Thirdly,  interest  rates  are  falling  in  China  and  its  domestic  consumer  stocks  are responding.
 
Our view remains that the threat of a credit collapse in China is mitigated by the fact that the bulk of Chinese debt is lent by state-owned banks to state-owned enterprises and local governments and, of course, is totally denominated in yuan, a currency whose supply the government controls. We hold a contrary view, that the threat of import tariffs on Chinese exports could ultimately be bullish. We believe it will only accelerate China’s march to a consumer-driven economy. As of October 31, 2016, 2.74% of the total portfolio in GLV, 3.21% of the total portfolio in GLQ, and 3.11% of the total portfolio in GLO were invested in China.
 
European Banks may be Closer to Recapitalization
The funds still hold short positions in some undercapitalized European banks. Next year voters in the Netherlands, France, Germany, and—if the referendum on state bailout of Italy’s banks fails—Italy will have parliamentary elections and possibly, the election of populist governments. They will have little interest in bailing out the weakest of Europe’s financial institutions. The threat to the shareholders of many Italian and even German banking institutions is that bailouts essentially eliminate shareholder equity.
 
Homebuilders, So Far a Disappointment, Could Come to Life
We have held a portfolio of homebuilding stocks for some time and they have lagged. Household formations are rising, millennials are having children and housing construction has seriously fallen behind pent up demand. The average age of a private home is the oldest it has been since 1950, according to a Jeffries report. If people are concerned about inflation, houses are the best hedge for the average family. Higher personal income is a positive and credit is finally loosening up. We recently added to these positions.
 
How Could the Election Affect the Portfolio?
Equities responded positively to the election of Trump and yet, to us, how equities behave longer term obviously depends on the policies he implements. While the promise of fiscal stimulus and tax reduction improves return on capital and is a positive, the threat to free trade has the opposite effect. Tax reduction will increase after-tax income spending, and is a strong positive to equities. Moreover, if policy allows repatriation of the $2-3 trillion stashed abroad, returns on capital may be even higher.
 

Annual Report | October 31, 2016
3

Clough Global Funds
Shareholder Letter

October 31, 2016 (Unaudited)
 
Regulatory reform could also remove expensive shackles and is generally a positive for stocks. The effect of infrastructure investment is far less certain. Fiscal policy takes a long time to implement and its effect on capital returns is questionable. Japan’s experience is an excellent example  of that.
 
Tax reform would likely be a major tailwind for many of our value holdings for a simple reason. The larger, more powerful companies can spend resources to reduce regulatory costs and move operations to more favorable tax regimes. Small companies cannot, and that advantage for large multinationals would be muted in a lower tax world. Meanwhile, a move toward fiscal stimulus would allow the Fed to be less accommodative. If a tighter monetary policy caused U.S. interest rates to rise, the dollar would rise as well and that would also be negative for the earnings of  large multinationals.
 
The exhibit below gives illustration to the values in the portfolio. It represents a ten year moving average of the ratio of the MSCI World Value to MSCI World Growth Indexes, which stands at the most depressed level in decades. It tends to perform best when that ratio is positive or rising.
 
(LINE GRAPH)
 
Source: Bloomberg as of 11/30/16 1
 
So far 2016 has been a difficult year for the value stocks and that is where we are positioned. As you can see from the above exhibit, the kind of investments held in the funds have seldom been cheaper than they are today. Our experience is once value emerges, it tends to be the market leader for years. We treasure our relationship with all of you and we are convinced a value strategy will work in the long run.
 
If you have any questions about your investment, please call 1-877-256-8445.
 
Sincerely,
 
-S- CHARLES I. CLOUGH, JR.
 
Charles I. Clough, Jr.
 
-S- ROBERT M. ZDUNCZYK
 
Robert M. Zdunczyk
 
1
See disclosures page
 

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Clough Global Funds
Shareholder Letter

October 31, 2016 (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. 
 
Free cash flow: a way of looking at a business’s cash flow to see what is available for distribution among all the securities holders of a  corporate entity. 
 
Free cash flow yield: An overall return evaluation ratio of a stock, which standardizes the free cash flow per share a company is expected to earn against its market price per share.
 
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 S&P 500 Index: Broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks commonly known as the Standard & Poor’s 500 ® or S&P 500 ® . Index is unmanaged.
 
M2 is a measure of the money supply that includes all elements of M1 as well as "near money." M1 includes cash and checking deposits, while near money refers to savings deposits, money market securities, mutual funds and other time deposits. These assets are less liquid than M1 and not as suitable as exchange mediums, but they can be quickly converted into cash or checking deposits.
 
The MSCI World Value Index is an unmanaged index designed to measure large- and mid-cap securities exhibiting overall value style characteristics across 23 developed market countries. 
 
The MSCI World Growth Index is an unmanaged index designed to measure large- and mid-cap securities exhibiting overall growth style characteristics across 23 Developed Market countries.
 
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.
 

Annual Report | October 31, 2016
5

Clough Global Funds
Shareholder Letter

October 31, 2016 (Unaudited)

CLOUGH GLOBAL DIVIDEND AND INCOME FUND
 
Top 10 Equity Holdings*
% of Total Portfolio
1. Ares Capital Corp.
2.63%
2. Microsoft Corp.
2.13%
3. AGNC Investment Corp.
1.96%
4. Cable One, Inc.
1.76%
5. Starwood Property Trust, Inc.
1.62%
6. Bank of America Corp.
1.57%
7. Citigroup, Inc.
1.54%
8. Community Healthcare Trust, Inc.
1.43%
9. EOG Resources, Inc.
1.42%
10. Liberty Broadband Corp. ‐ Class C
1.36%

CLOUGH GLOBAL EQUITY FUND
 
Top 10 Equity Holdings*
% of Total Portfolio
1. Ares Capital Corp.
2.29%
2. Charter Communications, Inc. ‐ Class A
2.23%
3. AGNC Investment Corp.
2.06%
4. Liberty Broadband Corp. ‐ Class C
1.89%
5. Cable One, Inc.
1.83%
6. Starwood Property Trust, Inc.
1.74%
7. ViaSat, Inc.
1.71%
8. Alphabet, Inc. ‐ Class C
1.71%
9. Bank of America Corp.
1.66%
10. Citigroup, Inc.
1.64%

CLOUGH GLOBAL OPPORTUNITIES FUND
 
Top 10 Equity Holdings*
% of Total Portfolio
1. Ares Capital Corp.
2.36%
2. Charter Communications, Inc. ‐ Class A
2.21%
3. AGNC Investment Corp.
2.01%
4. Cable One, Inc.
1.79%
5. Liberty Broadband Corp. ‐ Class C
1.78%
6. Starwood Property Trust, Inc.
1.68%
7. Alphabet, Inc. ‐ Class C
1.64%
8. Bank of America Corp.
1.62%
9. Citigroup, Inc.
1.61%
10. ViaSat, Inc.
1.52%
 
Holdings are subject to change.
* Only long positions are listed.


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Clough Global Dividend and Income Fund
Portfolio Allocation

October 31, 2016 (Unaudited)
 
Asset Allocation*
 
   
Common Stock ‐ US
40.06%
Common Stock ‐ Foreign
7.18%
Participation Notes
0.95%
Total Return Swap Contracts
1.60%
Exchange Traded Funds
‐4.62%
Total Equities
45.17%
   
Corporate Debt
26.72%
Government L/T
22.30%
Asset/Mortgage Backed
4.07%
Preferred Stock
0.81%
Total Fixed Income
53.90%
   
Short‐Term Investments
1.70%
Other (Foreign Cash)
0.57%
Future
‐1.34%
Warrant
0.00%
   
TOTAL INVESTMENTS
100.00%

Country Allocation**
Long Exposure%TNA
Short Exposure%TNA
Gross Exposure%TNA
Net Exposure%TNA
         
United States
109.59%
‐4.85%
114.44%
104.74%
U.S. Multinationals
19.88%
‐13.97%
33.85%
5.92%
China
3.23%
0.00%
3.23%
3.23%
Japan
2.13%
0.00%
2.13%
2.13%
India
1.90%
0.00%
1.90%
1.90%
Canada
0.92%
0.00%
0.92%
0.92%
Singapore
0.77%
0.00%
0.77%
0.77%
South Korea
0.70%
0.00%
0.70%
0.70%
Taiwan
0.50%
0.00%
0.50%
0.50%
Denmark
0.45%
0.00%
0.45%
0.45%
Ireland
0.31%
0.00%
0.31%
0.31%
United Kingdom
0.70%
‐0.41%
1.11%
0.30%
Switzerland
0.28%
0.00%
0.28%
0.28%
Italy
0.00%
‐0.20%
0.20%
‐0.20%
Finland
0.00%
‐0.69%
0.69%
‐0.69%
Germany
0.00%
‐1.04%
1.04%
‐1.04%
Sweden
0.00%
‐1.07%
1.07%
‐1.07%
TOTAL INVESTMENTS
141.37%
‐22.22%
163.59%
119.15%

* Percentages are based on total investments, including securities sold short and derivative contracts. Holdings are subject  to change.
^ Includes securities sold short, derivative contracts and foreign  cash balances.
US Multinational Corporations – has more than 50% of revenues derived outside of the U.S.
** Calculated as percent of total net assets using value of cash traded securities and foreign cash balances, and notional value of derivative contracts.
Global Securities Holdings ^
 
   
United States
88.60%
U.S. Multinationals
5.00%
China
2.74%
India
1.60%
Japan
0.83%
South Korea
0.79%
Canada
0.78%
Singapore
0.65%
Taiwan
0.42%
Denmark
0.38%
Other
‐1.79%
TOTAL INVESTMENTS
100.00%
 

Annual Report  |  October 31, 2016
7
 

Clough Global Equity Fund
Portfolio Allocation

October 31, 2016 (Unaudited)
 
Asset Allocation*
 
   
Common Stock ‐ US
49.10%
Common Stock ‐ Foreign
9.92%
Participation Notes
1.03%
Total Return Swap Contracts
2.52%
Exchange Traded Funds
‐4.79%
Total Equities
57.78%
   
Government L/T
24.84%
Corporate Debt
2.54%
Asset/Mortgage Backed
0.83%
Preferred Stock
0.69%
Total Fixed Income
28.90%
   
Short‐Term Investments
14.63%
Other (Foreign Cash)
0.60%
Future
‐1.91%
Warrant
0.00%
   
TOTAL INVESTMENTS
100.00%

Country Allocation**
Long Exposure%TNA
Short Exposure%TNA
Gross Exposure%TNA
Net Exposure%TNA
         
United States
112.67%
‐5.71%
118.37%
106.96%
China
3.77%
0.00%
3.77%
3.77%
India
2.96%
0.00%
2.96%
2.96%
Japan
2.49%
0.00%
2.49%
2.49%
U.S. Multinationals
15.81%
‐14.38%
30.20%
1.43%
Switzerland
1.15%
0.00%
1.15%
1.15%
South Korea
1.00%
0.00%
1.00%
1.00%
Singapore
0.79%
0.00%
0.79%
0.79%
Canada
0.51%
0.00%
0.51%
0.51%
Denmark
0.47%
0.00%
0.47%
0.47%
Ireland
0.32%
0.00%
0.32%
0.32%
United Kingdom
0.52%
‐0.42%
0.94%
0.10%
European Union
0.00%
0.00%
0.00%
0.00%
Mexico
0.00%
0.00%
0.00%
0.00%
Italy
0.00%
‐0.21%
0.21%
‐0.21%
Finland
0.00%
‐0.71%
0.71%
‐0.71%
Germany
0.00%
‐1.07%
1.07%
‐1.07%
Sweden
0.00%
‐1.13%
1.13%
‐1.13%
TOTAL INVESTMENTS
142.46%
‐23.64%
166.10%
118.83%

* Percentages are based on total investments, including securities sold short and derivative contracts. Holdings are subject  to change.
^ Includes securities sold short, derivative contracts and foreign  cash balances.
†  US Multinational Corporations – has more than 50% of revenues derived outside of the U.S.
** Calculated as percent of total net assets using value of cash traded securities and foreign cash balances, and notional value of derivative contracts.
Global Securities Holdings ^
 
   
United States
91.20%
China
3.21%
India
2.52%
U.S. Multinationals
1.22%
South Korea
1.06%
Switzerland
0.98%
Singapore
0.67%
Japan
0.61%
Canada
0.44%
Denmark
0.40%
Other
‐2.31%
TOTAL INVESTMENTS
100.00%
 

8
www.cloughglobal.com

Clough Global Opportunities Fund
Portfolio Allocation

October 31, 2016 (Unaudited)
 
Asset Allocation*
 
   
Common Stock ‐ US
44.34%
Common Stock ‐ Foreign
8.74%
Participation Notes
0.98%
Total Return Swap Contracts
2.48%
Exchange Traded Funds
‐4.71%
Total Equities
51.83%
   
Government L/T
26.10%
Corporate Debt
18.13%
Asset/Mortgage Backed
3.25%
Preferred Stock
0.56%
Total Fixed Income
48.04%
   
Short‐Term Investments
1.43%
Other (Foreign Cash)
0.59%
Future
‐1.89%
Warrant
0.00%
   
TOTAL INVESTMENTS
100.00%

Country Allocation**
Long Exposure%TNA
Short Exposure%TNA
Gross Exposure%TNA
Net Exposure%TNA
         
United States
108.46%
‐4.98%
113.44%
103.48%
U.S. Multinationals
20.20%
‐14.28%
34.48%
5.92%
China
3.69%
0.00%
3.69%
3.69%
India
2.94%
0.00%
2.94%
2.94%
Japan
2.47%
0.00%
2.47%
2.47%
Switzerland
1.16%
0.00%
1.16%
1.16%
South Korea
0.99%
0.00%
0.99%
0.99%
Singapore
0.79%
0.00%
0.79%
0.79%
Canada
0.50%
0.00%
0.50%
0.50%
United Kingdom
0.91%
‐0.42%
1.32%
0.49%
Denmark
0.47%
0.00%
0.47%
0.47%
Ireland
0.32%
0.00%
0.32%
0.32%
Italy
0.00%
‐0.21%
0.21%
‐0.21%
Finland
0.00%
‐0.71%
0.71%
‐0.71%
Germany
0.00%
‐1.06%
1.06%
‐1.06%
Sweden
0.00%
‐1.11%
1.11%
‐1.11%
TOTAL INVESTMENTS
142.90%
‐22.77%
165.66%
120.13%

* Percentages are based on total investments, including securities sold short and derivative contracts. Holdings are subject  to change.
^ Includes securities sold short, derivative contracts and foreign  cash balances.
US Multinational Corporations – has more than 50% of revenues derived outside of the U.S.
** Calculated as percent of total net assets using value of cash traded securities and foreign cash balances, and notional value of derivative contracts.
Global Securities Holdings ^
 
   
United States
87.29%
U.S. Multinationals
4.99%
China
3.11%
India
2.48%
South Korea
1.04%
Switzerland
0.97%
Singapore
0.66%
Japan
0.58%
Canada
0.42%
United Kingdom
0.41%
Other
‐1.95%
TOTAL INVESTMENTS
100.00%


Annual Report  |  October 31, 2016
9
 

Clough Global Dividend and Income Fund
Statement of Investments

October 31, 2016
 
   
Shares
   
Value
 
COMMON STOCKS 70.66%
           
Consumer Discretionary 11.24%
           
Cable One, Inc. (a)(b)
   
5,165
   
$
2,978,862
 
Charter Communications, Inc. ‐
Class A (a)(b)(c)
   
6,510
     
1,626,784
 
DR Horton, Inc. (a)(b)
   
70,826
     
2,041,914
 
IMAX Corp. (a)(c)
   
36,600
     
1,107,150
 
Lennar Corp. ‐ Class A (a)(b)
   
41,400
     
1,725,966
 
Liberty Broadband Corp. ‐ Class C (a)(b)(c)
   
34,548
     
2,302,624
 
Liberty Ventures ‐ Series A (a)(c)
   
25,572
     
1,020,323
 
PulteGroup, Inc. (a)(b)
   
74,500
     
1,385,700
 
Service Corp. International (a)
   
40,300
     
1,031,680
 
Sony Corp.
   
27,700
     
887,763
 
             
16,108,766
 
                 
Consumer Staples 0.51%
               
B&G Foods, Inc. (a)
   
17,300
     
733,520
 
                 
Energy 14.44%
               
Anadarko Petroleum Corp. (a)(b)
   
21,100
     
1,254,184
 
Apache Corp. (a)(b)
   
24,200
     
1,439,416
 
Concho Resources, Inc. (a)(b)(c)
   
3,500
     
444,290
 
Continental Resources, Inc. (c)
   
4,300
     
210,313
 
Devon Energy Corp. (a)(b)
   
28,600
     
1,083,654
 
Energen Corp. (a)(b)
   
17,400
     
872,262
 
EOG Resources, Inc. (a)
   
26,600
     
2,405,172
 
Fairway Energy LP (c)(d)(e)(f)
   
130,700
     
1,323,337
 
Halliburton Co. (a)
   
15,300
     
703,800
 
Helmerich & Payne, Inc. (a)
   
15,300
     
965,583
 
Nabors Industries, Ltd.
   
101,900
     
1,212,610
 
Newfield Exploration Co. (c)
   
5,400
     
219,186
 
Parsley Energy, Inc. ‐ Class A (a)(b)(c)
   
28,200
     
927,780
 
Patterson‐UTI Energy, Inc. (a)
   
54,900
     
1,234,152
 
Pioneer Natural Resources Co. (a)(b)
   
11,900
     
2,130,338
 
Range Resources Corp. (a)
   
46,800
     
1,581,372
 
Sanchez Energy Corp. (a)(c)
   
30,600
     
194,922
 
Southwestern Energy Co. (c)
   
62,800
     
652,492
 
The Williams Cos., Inc. (a)
   
39,100
     
1,141,720
 
WPX Energy, Inc. (a)(b)(c)
   
64,600
     
701,556
 
             
20,698,139
 
                 
Financials 24.92%
               
AGNC Investment Corp. (a)
   
165,300
     
3,315,918
 
Annaly Capital Management, Inc. (a)(b)
   
120,700
     
1,250,452
 
Ares Capital Corp. (a)
   
291,600
     
4,461,480
 
Bank of America Corp. (a)(b)
   
160,791
     
2,653,052
 
Blackstone Mortgage Trust, Inc. ‐
Class A (a)
   
50,500
     
1,525,100
 
Citigroup, Inc. (a)(b)
   
53,130
     
2,611,340
 
   
Shares
   
Value
 
Financials (continued)
           
Community Healthcare Trust, Inc. (a)
   
108,100
   
$
2,419,278
 
Credit Acceptance Corp. (a)(b)(c)
   
2,114
     
389,187
 
CYS Investments, Inc. (a)
   
137,100
     
1,181,802
 
Global Medical REIT, Inc. (a)
   
77,000
     
750,750
 
Golub Capital BDC, Inc. (a)
   
128,400
     
2,272,680
 
Hercules Capital, Inc. (a)
   
97,300
     
1,333,983
 
JPMorgan Chase & Co. (a)(b)
   
12,800
     
886,528
 
Ladder Capital Corp. (a)
   
55,102
     
698,693
 
MedEquities Realty Trust, Inc. (a)(c)
   
121,200
     
1,404,708
 
MTGE Investment Corp. (a)
   
76,800
     
1,309,440
 
PennyMac Mortgage Investment Trust (a)
   
89,714
     
1,365,447
 
Solar Capital, Ltd. (a)(b)
   
47,100
     
947,652
 
Solar Senior Capital, Ltd. (a)(b)
   
60,000
     
930,000
 
Starwood Property Trust, Inc. (a)
   
123,500
     
2,746,640
 
Two Harbors Investment Corp. (a)
   
150,891
     
1,256,922
 
             
35,711,052
 
                 
Health Care 4.20%
               
Actelion, Ltd.
   
2,789
     
403,039
 
Akorn, Inc. (c)
   
13,900
     
332,905
 
Albany Molecular Research, Inc. (a)(b)(c)
   
43,800
     
682,842
 
Allergan PLC (a)(b)(c)
   
1,040
     
217,298
 
Amsurg Corp. (c)
   
5,700
     
340,575
 
Bristol‐Meyers Squibb Co. (a)(b)
   
12,687
     
645,895
 
Cardiome Pharma Corp. (a)(b)(c)
   
149,200
     
411,792
 
Gilead Sciences, Inc.
   
6,500
     
478,595
 
Pfizer, Inc. (a)(b)
   
16,400
     
520,044
 
Puma Biotechnology, Inc. (c)
   
14,100
     
540,030
 
Shire PLC ‐ ADR
   
2,600
     
438,464
 
Sinopharm Group Co., Ltd. ‐ Class H
   
142,400
     
693,129
 
Vertex Pharmaceuticals, Inc. (a)(b)(c)
   
4,200
     
318,612
 
 
           
6,023,220
 
                 
Industrials 1.05%
               
Macquarie Infrastructure Corp. (a)(b)
   
18,300
     
1,497,123
 
                 
Information Technology 12.35%
               
Alibaba Group Holding, Ltd. ‐ Sponsored ADR (a)(b)(c)
   
10,400
     
1,057,576
 
Alphabet, Inc. ‐ Class A (a)(b)(c)
   
2,050
     
1,660,295
 
Alphabet, Inc. ‐ Class C (a)(b)(c)
   
2,364
     
1,854,653
 
Apple, Inc. (a)
   
19,720
     
2,239,009
 
Broadcom, Ltd.
   
6,505
     
1,107,671
 
Crown Castle International Corp. (a)
   
5,800
     
527,742
 
Inventec Corp.
   
910,000
     
712,255
 
Microsoft Corp. (a)(b)
   
60,100
     
3,601,192
 
Monolithic Power Systems, Inc.
   
7,700
     
606,837
 
 

10
www.cloughglobal.com


Clough Global Dividend and Income Fund
Statement of Investments

October 31, 2016
 
   
Shares
   
Value
 
Information Technology (continued)
       
Nintendo Co., Ltd.
   
5,300
   
$
1,285,706
 
Samsung Electronics Co., Ltd.
   
698
     
999,801
 
ViaSat, Inc. (a)(b)(c)
   
28,949
     
2,045,536
 
             
17,698,273
 
                 
Materials 0.45%
               
Chr Hansen Holding A/S
   
10,855
     
650,102
 
                 
Telecommunication Services 1.50%
               
China Mobile, Ltd.
   
111,500
     
1,277,379
 
Softbank Group Corp.
   
13,900
     
875,062
 
             
2,152,441
 
                 
TOTAL COMMON STOCKS
(Cost $98,638,548)
           
101,272,636
 
                 
CLOSED‐END FUNDS 1.94%
               
Adams Diversified Equity Fund, Inc. (a)(b)
   
132,430
     
1,692,455
 
Avenue Income Credit Strategies Fund
   
13,800
     
173,880
 
Gabelli Equity Trust, Inc. (a)
   
37,700
     
199,056
 
Liberty All‐Star Equity Fund (a)
   
146,700
     
720,297
 
             
2,785,688
 
                 
TOTAL CLOSED‐END FUNDS
(Cost $2,661,497)
           
2,785,688
 
                 
PARTICIPATION NOTES 1.12%
               
Consumer Discretionary 0.55%
               
Zhengzhou Yutong Bus Co., Ltd. ‐ Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 10/27/2017 (e)
   
248,050
     
789,490
 
                 
Consumer Staples 0.57%
               
Kweichow Moutai Co., Ltd. ‐ Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017 (e)
   
17,417
     
817,885
 
                 
TOTAL PARTICIPATION NOTES
(Cost $1,424,407)
           
1,607,375
 
   
Shares
   
Value
 
PREFERRED STOCKS 0.96%
           
Ares Management LP (a)
Series A, 7.000%
   
35,000
   
$
907,550
 
Hercules Capital, Inc., 6.250%
   
7,700
     
197,351
 
                 
MTGE Investment Corp. (a)
Series A, 8.125%
   
10,640
     
266,639
 
             
1,371,540
 
TOTAL PREFERRED STOCKS
(Cost $1,339,238)
           
1,371,540
 
                 
WARRANTS 0.00% (c)(g)
               
Atlas Mara, Ltd., Strike price  $11.50, Expires 12/17/2017 (e)
   
116,958
     
1,754
 
                 
TOTAL WARRANTS
(Cost $1,170)
           
1,754
 

Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS 31.59%
           
American International Group, Inc.
           
01/15/2055, 4.375% (a)(b)
 
$
1,500,000
     
1,413,699
 
Apple, Inc.
               
02/09/2045, 3.450% (a)(b)
   
1,000,000
     
923,622
 
02/23/2046, 4.650% (a)(b)
   
1,000,000
     
1,109,271
 
Ares Capital Corp.
               
11/30/2018, 4.875% (a)(b)
   
1,000,000
     
1,042,015
 
01/19/2022, 3.625% (a)
   
1,000,000
     
1,000,540
 
Bank of America Corp.
               
Series L, 01/15/2019, 2.600% (a)(b)
   
1,000,000
     
1,017,152
 
BankUnited, Inc.
               
11/17/2025, 4.875% (a)(b)
   
1,550,000
     
1,580,118
 
CalAtlantic Group, Inc.
               
06/01/2026, 5.250% (a)(b)
   
1,200,000
     
1,197,000
 
Care Capital Properties LP
               
08/15/2026, 5.125% (a)(e)
   
1,000,000
     
993,909
 
Citigroup, Inc.
               
Series N, Perpetual Maturity,
5.800% (a)(b)(h)(i)
   
1,300,000
     
1,319,500
 
Citizens Bank National Association
               
12/04/2019, 2.450% (a)(b)
   
1,000,000
     
1,014,789
 
Comcast Corp.
               
07/15/2046, 3.400% (a)(b)
   
2,000,000
     
1,852,622
 
eBay, Inc.
               
07/15/2042, 4.000% (a)(b)
   
920,000
     
813,344
 
EMC Corp.
               
06/01/2018, 1.875% (a)
   
500,000
     
493,270
 
06/01/2023, 3.375% (a)(b)
   
1,000,000
     
940,928
 
Exelon Generation Co., LLC
               
10/01/2017, 6.200% (a)
   
1,000,000
     
1,042,725
 
 

Annual Report | October 31, 2016
11


Clough Global Dividend and Income Fund
Statement of Investments

October 31, 2016
 
Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS (continued)
           
First Republic Bank
           
08/01/2046, 4.375% (a)
 
$
1,000,000
   
$
962,240
 
Ford Motor Credit Co., LLC
               
03/12/2019, 2.375% (a)
   
1,000,000
     
1,009,155
 
05/03/2019, 2.021% (a)
   
1,000,000
     
999,816
 
General Motors Co.
               
04/01/2045, 5.200% (a)
   
1,000,000
     
1,024,356
 
General Motors Financial Co., Inc.
               
04/10/2018, 2.400% (a)
   
1,000,000
     
1,005,848
 
The Goldman Sachs Group, Inc.
               
04/25/2019, 2.000%
   
1,000,000
     
1,006,253
 
Healthcare Realty Trust, Inc.
               
05/01/2025, 3.875% (a)
   
660,000
     
673,150
 
Jackson National Life Global Funding
               
04/29/2021, 2.250% (a)(e)
   
1,000,000
     
1,007,232
 
Jersey Central Power & Light Co.
               
06/15/2018, 4.800% (a)(b)
   
1,000,000
     
1,038,725
 
Ladder Capital Finance Holdings LLLP /Ladder Capital Finance Corp.
               
10/01/2017, 7.375% (a)
   
1,080,000
     
1,098,900
 
08/01/2021, 5.875% (a)(b)(e)
   
1,000,000
     
953,750
 
Liberty Mutual Group, Inc.
               
08/01/2044, 4.850% (a)(b)(e)
   
2,015,000
     
2,093,069
 
Manufacturers & Traders Trust Co.
               
12/01/2021, 5.629% (a)(b)(h)
   
1,750,000
     
1,723,400
 
Merck & Co., Inc.
               
02/10/2045, 3.700% (a)(b)
   
1,400,000
     
1,441,810
 
Microsoft Corp.
               
08/08/2046, 3.700% (a)
   
1,000,000
     
981,976
 
Omega Healthcare Investors, Inc.
               
03/15/2024, 5.875% (a)(b)
   
1,000,000
     
1,039,385
 
04/01/2027, 4.500% (a)(b)
   
1,000,000
     
999,470
 
Philip Morris International, Inc.
               
11/15/2041, 4.375% (a)(b)
   
1,000,000
     
1,064,328
 
08/21/2042, 3.875% (a)
   
1,000,000
     
991,434
 
SunTrust Banks, Inc.
               
Perpetual Maturity, 5.625% (a)(b)(h)(i)
   
900,000
     
929,250
 
Textron Financial Corp.
               
02/15/2067, 6.000% (a)(e)(h)
   
910,000
     
659,750
 
The Toronto‐Dominion Bank
               
08/13/2019, 1.450% (a)
   
917,000
     
913,295
 
Under Armour, Inc.
               
06/15/2026, 3.250% (a)
   
2,500,000
     
2,470,995
 
Western Digital Corp.
               
04/01/2024, 10.500% (a)(e)
   
1,236,000
     
1,432,215
 
                 
TOTAL CORPORATE BONDS
(Cost $45,316,665)
           
45,274,306
 
Description and Maturity Date
 
Principal Amount
   
Value
 
ASSET/MORTGAGE BACKED SECURITIES 4.81%
 
Government National Mortgage Association ‐ REMICS
           
Series 2012‐83, Class A,
           
07/16/2041, 1.368%
 
$
800,269
   
$
786,144
 
Series 2011‐47, Class C,
               
02/16/2042, 3.817% (h)
   
632,601
     
649,146
 
Series 2013‐68, Class AC,
               
02/16/2046, 1.300%
   
895,884
     
868,608
 
Series 2011‐144, Class B,
               
04/16/2046, 3.291%
   
1,500,000
     
1,518,078
 
Series 2015‐130, Class AB,
               
08/16/2047, 2.550%
   
865,568
     
873,602
 
Series 2016‐92, Class AB,
               
04/16/2050, 2.100%
   
497,708
     
497,605
 
Series 2014‐166, Class PJ,
               
07/16/2051, 2.500%
   
768,727
     
789,778
 
Series 2012‐125, Class AB,
               
02/16/2053, 2.111% (h)
   
727,502
     
713,114
 
United States Small Business Administration
               
Series 2008‐20L, Class 1,
               
12/01/2028, 6.220%
   
181,689
     
204,968
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
(Cost $6,939,771)
           
6,901,043
 
                 
GOVERNMENT & AGENCY OBLIGATIONS 26.37%
 
U.S. Treasury Bonds
               
08/15/2026, 6.750% (a)
   
700,000
     
1,010,761
 
11/15/2026, 6.500% (a)
   
1,600,000
     
2,287,094
 
08/15/2027, 6.375% (a)
   
2,000,000
     
2,878,828
 
08/15/2029, 6.125% (a)
   
6,250,000
     
9,188,113
 
02/15/2031, 5.375% (a)
   
5,700,000
     
8,102,237
 
U.S. Treasury Notes
               
05/15/2017, 4.500%
   
1,300,000
     
1,327,548
 
08/15/2017, 4.750% (a)
   
5,000,000
     
5,159,960
 
02/15/2018, 3.500%
   
2,000,000
     
2,069,766
 
05/15/2018, 3.875% (a)
   
5,500,000
     
5,762,647
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
(Cost $37,415,703)
           
37,786,954
 
 

12
www.cloughglobal.com
 

Clough Global Dividend and Income Fund
Statement of Investments

October 31, 2016
 
 
   
Shares
   
Value
 
SHORT‐TERM INVESTMENTS 2.02%
       
Money Market Fund 2.02%
           
BlackRock Liquidity Funds, T‐Fund Portfolio ‐ Institutional Class (0.222% 7‐day yield)
   
2,889,376
   
$
2,889,376
 
                 
TOTAL SHORT‐TERM INVESTMENTS
(Cost $2,889,376)
           
2,889,376
 
                 
Total Investments ‐ 139.47%
(Cost $196,626,375)
           
199,890,672
 
                 
Liabilities in Excess of Other Assets ‐ (39.47%) (j)
     
(56,571,566
)
                 
NET ASSETS ‐ 100.00%
         
$
143,319,106
 

SCHEDULE OF SECURITIES SOLD SHORT (c)
 
Shares
   
Value
 
COMMON STOCKS (16.75%)
           
Consumer Discretionary (0.41%)
           
Fiat Chrysler Automobiles NV
   
(79,458
)
   
(581,791
)
                 
Consumer Staples (0.75%)
               
Tyson Foods, Inc. ‐ Class A
   
(15,100
)
   
(1,069,835
)
                 
Energy (3.36%)
               
Atwood Oceanics, Inc.
   
(88,800
)
   
(677,544
)
Diamond Offshore Drilling, Inc.
   
(16,000
)
   
(263,840
)
Ensco PLC ‐ Class A
   
(59,400
)
   
(464,508
)
National Oilwell Varco, Inc.
   
(58,600
)
   
(1,881,060
)
Noble Corp., PLC
   
(127,300
)
   
(628,862
)
Rowan Cos., PLC ‐ Class A
   
(40,400
)
   
(536,108
)
Transocean, Ltd.
   
(38,300
)
   
(368,063
)
             
(4,819,985
)
                 
Financials (2.37%)
               
Ally Financial, Inc.
   
(41,200
)
   
(744,484
)
American Express Co.
   
(14,500
)
   
(963,090
)
Capital One Financial Corp.
   
(8,300
)
   
(614,532
)
Deutsche Bank AG
   
(54,500
)
   
(784,255
)
Intesa Sanpaolo SpA
   
(125,797
)
   
(291,378
)
             
(3,397,739
)
                 
Health Care (1.78%)
               
AmerisourceBergen Corp.
   
(6,300
)
   
(443,016
)
Eli Lilly & Co.
   
(7,500
)
   
(553,800
)
Express Scripts Holding Co.
   
(7,000
)
   
(471,800
)
Lannett Co., Inc.
   
(13,200
)
   
(289,080
)
Mallinckrodt PLC
   
(8,400
)
   
(497,784
)
SCHEDULE OF SECURITIES SOLD SHORT (c) (continued)
 
Shares
   
Value
 
Health Care (continued)
           
McKesson Corp.
   
(2,300
)
 
$
(292,491
)
             
(2,547,971
)
                 
Industrials (6.17%)
               
The Boeing Co.
   
(10,300
)
   
(1,467,029
)
Caterpillar, Inc.
   
(32,300
)
   
(2,695,758
)
Deutsche Lufthansa AG
   
(55,146
)
   
(704,948
)
Emerson Electric Co.
   
(12,600
)
   
(638,568
)
Metso OYJ
   
(37,471
)
   
(983,098
)
Sandvik AB
   
(135,147
)
   
(1,536,688
)
United Rentals, Inc.
   
(10,900
)
   
(824,694
)
             
(8,850,783
)
                 
Information Technology (1.91%)
               
Accenture PLC ‐ Class A
   
(8,800
)
   
(1,022,912
)
International Business Machines Corp.
   
(11,200
)
   
(1,721,328
)
             
(2,744,240
)
                 
TOTAL COMMON STOCKS
(Proceeds $25,044,173)
           
(24,012,344
)
                 
EXCHANGE TRADED FUNDS (5.47%)
         
Health Care Select Sector SPDR ® Fund
   
(20,200
)
   
(1,360,672
)
SPDR ® S&P ® Biotech ETF
   
(21,800
)
   
(1,224,070
)
SPDR ® S&P ® Oil & Gas Exploration & Production ETF
   
(115,600
)
   
(4,086,460
)
VanEck Vectors® Oil Services ETF
   
(41,500
)
   
(1,164,905
)
                 
TOTAL EXCHANGE TRADED FUNDS
(Proceeds $8,223,001)
           
(7,836,107
)
                 
TOTAL SECURITIES SOLD SHORT
(Proceeds $33,267,174)
         
$
(31,848,451
)

(a)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of October 31, 2016, the aggregate value of those securities was $160,793,831, representing 112.19% of net assets. (See Note 1 and Note 6)
(b)
Loaned security; a portion or all of the security is on loan as of October 31, 2016.
(c)
Non-income producing security.
(d)
Fair valued security; valued by management in accordance with procedures approved by the Fund's Board of Trustees. As of October 31, 2016, these securities had an aggregate value of $1,323,337 or 0.92% of total net assets.


Annual Report | October 31, 2016
13


Clough Global Dividend and Income Fund
Statement of Investments

October 31, 2016
 
(e)
Security exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of October 31, 2016, these securities had an aggregate value of $10,072,391 or 7.03% of net assets.
(f)
Private Placement; these securities may only be resold in transactions exempt from registration under the Securities Act of 1933. As of October 31, 2016, these securities had a total value of $1,323,337 or 0.92% of net assets and have been deemed illiquid by the Adviser based on procedures approved by the Board of Trustees. (See Note 1)
(g)
Less than 0.005% or (0.005%) of net assets.
(h)
Floating or variable rate security - rate disclosed as of October 31, 2016.
(i)
This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
(j)
Includes cash which is being held as collateral for total return swap contracts, securities sold short or futures contracts.
 
 
FUTURES CONTRACTS

Description
Position
Contracts
 
Expiration Date
Underlying Face Amount at Value
 
Unrealized Appreciation
 
Foreign Currency Contracts
               
Japanese Yen Currency Futures
Short
   
19
 
12/19/2016
 
$
(2,267,056
)
 
$
48,860
 
               
$
(2,267,056
)  
$
48,860
 

TOTAL RETURN SWAP CONTRACTS

Counter Party
Reference Entity/Obligation
 
Notional Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
Date
 
Net Unrealized Appreciation
 
Credit Suisse
Housing Development Finance Corp.
 
$
395,015
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
18,181
 
Morgan Stanley
ITC, Ltd.
   
838,361
 
225 bps + 1D FEDEF
1 D FEDEF
07/12/2018
   
9,360
 
Credit Suisse
Ultratech Cement, Ltd.
   
398,055
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
56,525
 
       
$
1,631,431
             
$
84,066
 

Counter Party
Reference Entity/Obligation
 
Notional Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
Date
 
Net Unrealized Depreciation
 
Credit Suisse
Axis Bank, Ltd.
 
$
394,150
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
 
$
(49,027
)
Credit Suisse
Larsen & Toubro, Ltd.
   
689,973
 
75 bps + 1M LIBOR
1 M LIBOR
12/31/2020
   
(32,558
)
     
$
1,084,123          
$
(81,585
     
$
2,715,554          
$
2,481  

See Notes to the Financial Statements.
 

14
www.cloughglobal.com
 

Clough Global Equity Fund
Statement of Investments

October 31, 2016
 
 
   
Shares
   
Value
 
COMMON STOCKS 87.23%
           
Consumer Discretionary 18.03%
           
Amazon.com, Inc. (a)(b)(c)
   
4,105
   
$
3,242,211
 
Byd Co., Ltd. ‐ Class H (a)
   
150,500
     
989,678
 
Cable One, Inc. (b)(c)
   
8,325
     
4,801,361
 
Charter Communications, Inc. ‐
Class A (a)(b)(c)
   
23,488
     
5,869,416
 
DR Horton, Inc. (b)(c)
   
117,921
     
3,399,662
 
IMAX Corp. (a)(b)
   
122,995
     
3,720,599
 
Lennar Corp. ‐ Class A (b)(c)
   
70,800
     
2,951,652
 
Liberty Broadband Corp. ‐ Class C (a)(b)(c)
   
74,666
     
4,976,489
 
Liberty SiriusXM Group ‐ Class A (a)(b)
   
5,368
     
178,593
 
Liberty SiriusXM Group ‐ Class C (a)(b)(c)
   
17,736
     
588,658
 
Liberty Ventures ‐ Series A (a)(b)(c)
   
63,203
     
2,521,800
 
PulteGroup, Inc. (b)(c)
   
121,800
     
2,265,480
 
Service Corp. International (b)(c)
   
67,600
     
1,730,560
 
Sony Corp.
   
44,600
     
1,429,395
 
Wayfair, Inc. ‐ Class A (a)(b)(c)
   
52,600
     
1,753,158
 
             
40,418,712
 
                 
Energy 19.24%
               
Anadarko Petroleum Corp. (b)
   
26,700
     
1,587,048
 
Apache Corp. (b)(c)
   
33,300
     
1,980,684
 
Concho Resources, Inc. (a)(b)(c)
   
20,400
     
2,589,576
 
Continental Resources, Inc. (a)(b)
   
18,300
     
895,053
 
Devon Energy Corp. (b)(c)
   
36,000
     
1,364,040
 
Diamondback Energy, Inc. (a)(b)(c)
   
13,800
     
1,259,802
 
Energen Corp. (b)(c)
   
29,900
     
1,498,887
 
EOG Resources, Inc. (b)
   
43,100
     
3,897,102
 
Fairway Energy LP (a)(d)(e)(f)
   
217,600
     
2,203,200
 
Halliburton Co. (b)
   
24,700
     
1,136,200
 
Helmerich & Payne, Inc. (b)
   
24,800
     
1,565,128
 
Matador Resources Co. (a)(b)(c)
   
75,100
     
1,637,931
 
Nabors Industries, Ltd.
   
164,700
     
1,959,930
 
Newfield Exploration Co. (a)(b)(c)
   
28,800
     
1,168,992
 
Parsley Energy, Inc. ‐ Class A (a)(b)(c)
   
94,800
     
3,118,920
 
Patterson‐UTI Energy, Inc. (b)
   
88,900
     
1,998,472
 
Pioneer Natural Resources Co. (b)(c)
   
22,400
     
4,010,048
 
Range Resources Corp. (b)
   
76,000
     
2,568,040
 
RSP Permian, Inc. (a)(b)(c)
   
24,500
     
884,450
 
Sanchez Energy Corp. (a)(b)(c)
   
78,200
     
498,134
 
Southwestern Energy Co. (a)(b)
   
101,700
     
1,056,663
 
The Williams Cos., Inc. (b)(c)
   
63,200
     
1,845,440
 
WPX Energy, Inc. (a)(b)(c)
   
221,700
     
2,407,662
 
             
43,131,402
 
                 
Financials 23.97%
               
AGNC Investment Corp. (b)
   
269,600
     
5,408,176
 
Annaly Capital Management, Inc. (b)(c)
   
196,900
     
2,039,884
 

 
   
Shares
   
Value
 
Financials (continued)
           
Ares Capital Corp. (b)
   
393,200
   
$
6,015,960
 
Atlas Mara, Ltd. (a)(e)
   
265,980
     
771,342
 
Bank of America Corp. (b)(c)
   
265,305
     
4,377,532
 
Blackstone Mortgage Trust, Inc. ‐
Class A (b)
   
80,800
     
2,440,160
 
Citigroup, Inc. (b)(c)
   
87,519
     
4,301,559
 
Credit Acceptance Corp. (a)(b)(c)
   
12,762
     
2,349,484
 
CYS Investments, Inc. (b)
   
69,800
     
601,676
 
Global Medical REIT, Inc. (b)(c)
   
121,000
     
1,179,750
 
Goldman Sachs BDC, Inc. (b)
   
53,000
     
1,170,240
 
Golub Capital BDC, Inc. (b)
   
65,800
     
1,164,660
 
Hercules Capital, Inc. (b)
   
156,400
     
2,144,244
 
JPMorgan Chase & Co. (b)(c)
   
21,000
     
1,454,460
 
Ladder Capital Corp. (b)
   
130,392
     
1,653,371
 
MedEquities Realty Trust, Inc. (d)(e)(f)
   
51,100
     
587,640
 
MTGE Investment Corp. (b)
   
122,800
     
2,093,740
 
NMI Holdings, Inc. ‐ Class A (a)(b)(c)
   
120,300
     
920,295
 
PennyMac Mortgage Investment Trust (b)
   
206,988
     
3,150,357
 
Physicians Realty Trust (b)
   
88,800
     
1,755,576
 
Solar Capital, Ltd. (b)(c)
   
75,100
     
1,511,012
 
Starwood Property Trust, Inc. (b)
   
205,900
     
4,579,216
 
Two Harbors Investment Corp. (b)
   
247,657
     
2,062,983
 
             
53,733,317
 
                 
Health Care 7.21%
               
Actelion, Ltd.
   
3,231
     
466,912
 
Aduro Biotech, Inc. (a)(b)
   
75,800
     
814,850
 
Akorn, Inc. (a)(b)(c)
   
32,600
     
780,770
 
Albany Molecular Research, Inc. (a)(b)(c)
   
72,700
     
1,133,393
 
Alder Biopharmaceuticals, Inc. (a)(b)
   
19,200
     
465,600
 
Allergan PLC (a)(b)(c)
   
3,600
     
752,184
 
Amsurg Corp. (a)(b)(c)
   
11,100
     
663,225
 
Biogen, Inc. (a)(b)
   
3,770
     
1,056,279
 
BioMarin Pharmaceutical, Inc. (a)(b)
   
4,700
     
378,444
 
Bristol‐Meyers Squibb Co. (b)(c)
   
15,716
     
800,102
 
Cardiome Pharma Corp. (a)(b)(c)
   
418,200
     
1,154,232
 
Celgene Corp. (a)
   
4,200
     
429,156
 
CRISPR Therapeutics AG (a)
   
49,700
     
907,025
 
CRISPR Therapeutics AG ‐
Series B (a)(d)(e)(f)
   
69,667
     
1,212,087
 
Gilead Sciences, Inc. (b)(c)
   
10,500
     
773,115
 
GW Pharmaceuticals PLC ‐ ADR (a)(b)
   
3,300
     
387,387
 
Kura Oncology, Inc. (a)(b)
   
31,600
     
127,980
 
Ophthotech Corp. (a)(b)(c)
   
17,000
     
608,940
 
Puma Biotechnology, Inc. (a)(b)
   
22,600
     
865,580
 
Shire PLC ‐ ADR (b)(c)
   
4,200
     
708,288
 
Sinopharm Group Co., Ltd. ‐ Class H
   
236,800
     
1,152,620
 
 
 

Annual Report | October 31, 2016
15


Clough Global Equity Fund
Statement of Investments

October 31, 2016
 
   
Shares
   
Value
 
Health Care (continued)
           
Vertex Pharmaceuticals, Inc. (a)(b)(c)
   
7,000
   
$
531,020
 
             
16,169,189
 
                 
Industrials 1.54%
               
Macquarie Infrastructure Corp. (b)(c)
   
29,600
     
2,421,576
 
Rollins, Inc. (b)(c)
   
25,600
     
788,992
 
ZTO Express Cayman, Inc. ‐ ADR (a)
   
13,900
     
235,327
 
             
3,445,895
 
                 
Information Technology 14.98%
               
Alibaba Group Holding, Ltd. ‐ Sponsored ADR (a)(b)(c)
   
16,900
     
1,718,561
 
Alphabet, Inc. ‐ Class A (a)(b)(c)
   
3,383
     
2,739,892
 
Alphabet, Inc. ‐ Class C (a)(b)(c)
   
5,724
     
4,490,707
 
Apple, Inc. (b)
   
31,890
     
3,620,790
 
Broadcom, Ltd. (b)(c)
   
10,370
     
1,765,803
 
Crown Castle International Corp. (b)
   
9,300
     
846,207
 
Facebook, Inc. ‐ Class A (a)(b)(c)
   
14,140
     
1,852,199
 
HubSpot, Inc. (a)(b)
   
18,800
     
986,060
 
LINE Corp. ‐ Sponsored ADR (a)(b)(c)
   
15,100
     
610,946
 
Microsoft Corp. (b)(c)
   
48,600
     
2,912,112
 
Monolithic Power Systems, Inc. (b)
   
12,600
     
993,006
 
Nintendo Co., Ltd.
   
11,400
     
2,765,481
 
Samsung Electronics Co., Ltd.
   
1,131
     
1,620,021
 
ViaSat, Inc. (a)(b)(c)
   
63,742
     
4,504,010
 
Yelp, Inc. (a)(b)(c)
   
66,300
     
2,165,358
 
             
33,591,153
 
                 
Materials 0.47%
               
Chr Hansen Holding A/S
   
17,726
     
1,061,603
 
                 
Telecommunication Services 1.79%
               
China Mobile, Ltd.
   
144,000
     
1,649,709
 
Softbank Group Corp.
   
22,200
     
1,397,582
 
T‐Mobile US, Inc. (b)
   
19,500
     
969,735
 
             
4,017,026
 
                 
TOTAL COMMON STOCKS
(Cost $192,179,733)
           
195,568,297
 
 
 
   
Shares
   
Value
 
PARTICIPATION NOTES 1.21%
           
Consumer Discretionary 0.60%
           
Zhengzhou Yutong Bus Co., Ltd. ‐ Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 10/27/2017 (e)
   
417,600
   
$
1,329,131
 
                 
Consumer Staples 0.61%
               
Kweichow Moutai Co., Ltd. ‐ Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017 (e)
   
29,142
     
1,368,479
 
                 
TOTAL PARTICIPATION NOTES
(Cost $2,393,340)
           
2,697,610
 
                 
PREFERRED STOCKS 0.81%
               
Ares Management LP (b)
               
Series A, 7.000%
   
58,000
     
1,503,940
 
Hercules Capital, Inc., 6.250% (b)
   
12,300
     
315,249
 
             
1,819,189
 
                 
TOTAL PREFERRED STOCKS
(Cost $1,760,343)
           
1,819,189
 
                 
WARRANTS 0.00% (a)(g)
               
Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017 (e)
   
195,720
     
2,936
 
                 
TOTAL WARRANTS
(Cost $1,957)
           
2,936
 

Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS 2.99%
           
Citigroup, Inc.
           
Series N, Perpetual Maturity,
5.800% (b)(c)(h)(i)
 
$
1,900,000
     
1,928,500
 
Liberty Mutual Group, Inc.                  
08/01/2044, 4.850% (b)(e)
   
1,815,000
     
1,885,321
 
SunTrust Banks, Inc.
               
Perpetual Maturity, 5.625% (b)(c)(h)(i)
   
1,000,000
     
1,032,500
 
 
 

16
www.cloughglobal.com


Clough Global Equity Fund
Statement of Investments

October 31, 2016
 
Description and Maturity Date
 
Principal Amount
   
Value
 
CORPORATE BONDS (continued)
           
Western Digital Corp.                
04/01/2024, 10.500% (b)(e)
 
$
1,595,000
   
$
1,848,206
 
                 
TOTAL CORPORATE BONDS
(Cost $6,314,202)
           
6,694,527
 
                 
ASSET/MORTGAGE BACKED SECURITIES 0.97%
         
Government National Mortgage Association ‐ REMICS
               
Series 2011‐142, Class A, 10/16/2040, 2.337% (b)
   
2,169,486
     
2,182,712