Item 1. Reports to Stockholders.

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.

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.

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

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.

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.

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 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.

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).

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.

April 30, 2022 (Unaudited)

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 $23,035,803.

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.