# EDGAR Filing Document

**Accession Number:** 0001350869
**File Stem:** 0001999371-26-000271
**Filing Date:** 2026-1
**Character Count:** 656189
**Document Hash:** 926cd5f52336a95d08dbc28684b1baed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000271.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001999371-26-000271

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clough Global Opportunities Fund
- **CENTRAL INDEX KEY:** 0001350869

**ORGANIZATION NAME:**
- **EIN:** 204157961
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21846
- **FILM NUMBER:** 26510645

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY, SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290
- **BUSINESS PHONE:** 855-425-6844

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY, SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290

?xml version='1.0' encoding='ASCII'?

**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: **811-21846**

**Clough Global Opportunities Fund**

(exact name of Registrant as specified in charter)

**1700 Broadway, Suite 2100, Denver, Colorado 80290**

(Address of principal executive offices) (Zip code)

**Chris Moore, Secretary**

**Clough Global Opportunities Fund**

**1700 Broadway, Suite 2100**

**Denver, Colorado 80290**

(Name and address of agent for service)

Registrant's telephone number, including area code: **<u>855-425-6844</u>**

Date of fiscal year end: **<u>October 31</u>**

Date of reporting period: **<u>November 1, 2024 – October 31, 2025</u>**

Item 1. **Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ![](glvncsr001.jpg)

**CLOUGH GLOBAL DIVIDEND AND INCOME FUND CLOUGH GLOBAL EQUITY FUND CLOUGH GLOBAL OPPORTUNITIES FUND**

**Annual Report**

**October 31, 2025**

Clough Global Funds

**SECTION 19(B) DISCLOSURE**

**October 31, 2025 (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 at least one twelfth of 10% of each Fund's adjusted year-end net asset value ("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.cloughcapital.com/cefs.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Shareholder Letter](#glvncsra001) | 4 |
| [Performance & Fund Allocation](#glvncsra002) | 8 |
| [Schedules of Investments](#glvncsra003) | 14 |
| [Statements of Assets and Liabilities](#glvncsra004) | 24 |
| [Statements of Operations](#glvncsra005) | 25 |
| [Statements of Changes in Net Assets](#glvncsra006) | 26 |
| [Statements of Cash Flows](#glvncsra007) | 28 |
| [Financial Highlights](#glvncsra008) | 30 |
| [Notes to Financial Statements](#glvncsra009) | 33 |
| [Report of Independent Registered Public Accounting Firm](#glvncsra010) | 43 |
| [Dividend Reinvestment Plan](#glvncsra011) | 44 |
| [Additional Information](#glvncsra012) | 45 |
| [Trustees and Officers](#glvncsra013) | 47 |
| [Summaries of Updated Information](#glvncsra014) | 50 |

---

Clough Global Funds

**SHAREHOLDER LETTER** 

**October 31, 2025 (Unaudited)**

To Our Investors:

**Clough Global Dividend and Income Fund**

For the annual period ending October 31, 2025, the Clough Global Dividend and Income Fund ("GLV") returned +18.40% on net asset value ("NAV") and +19.71% on market price. GLV's benchmark, the Morningstar Global Allocation Total Return Index, gained +15.65% over the same period.

Among GLV's top five contributors to performance for the annual period, Broadcom, Inc., a semiconductor company, gained after the company guided to $60-90 billion in potential artificial intelligence ("AI") revenue by FY27, exceeding market estimates. The company reported a record backlog of over $110 billion, providing multi-year revenue visibility. Airbus SE, the European aerospace and defense leader, rose following encouraging order updates and continued progress toward supply-chain normalization. Airbus boasts a record backlog extending beyond 2032. Amphenol Corp., a manufacturer of electrical and electronic interconnectors, gained as the company reported strong results, highlighted by +41% organic revenue growth and 86% earnings per share growth in its most recent quarterly release. JPMorgan Chase & Co. generated well-received earnings reports, highlighted by market share gains, continued cost discipline, and ongoing share repurchases. In the most recently reported quarter, the company delivered 9% revenue growth and 16% earnings growth, with a return on tangible common equity (ROTCE) of approximately 20%. SK Hynix, Inc., the South Korean semiconductor company, rounded out the contributors. Earnings benefited from rising dynamic random-access memory ("DRAM") prices driven by accelerating AI demand, and the company reported that its entire calendar-year 2026 production has already been booked.

Among GLV's top five detractors from performance for the annual period, three short positions tied to construction and contracting services detracted, as the companies benefited from data-center development. These positions functioned as hedges for our hyperscaler and semiconductor exposure, and we subsequently exited all three. A short position in a software company also hurt performance as the company's earnings multiple expanded despite slowing of underlying organic growth. Finally, short position in an application-software company rounded out the detractors after reporting a better-than-expected quarter, and we exited this position as well.

**Clough Global Equity Fund**

For the annual period ending October 31, 2025, the Clough Global Equity Fund ("GLQ") returned +27.09% on NAV and 29.78% on market price. GLQ's benchmark, the Bloomberg Developed Markets Large & Mid Cap Total Return Index, gained +22.51% over the same period.

Among GLQ's top five contributors to performance for the annual period, Broadcom, Inc., a semiconductor company, gained after the company guided to $60-90 billion in potential AI revenue by FY27, exceeding market estimates. The company reported a record backlog of over $110 billion, providing multi-year revenue visibility. Amphenol Corp., a manufacturer of electrical and electronic interconnectors, gained as the company reported strong results, highlighted by +41% organic revenue growth and 86% earnings per share growth in its most recent quarterly release. Carnival Corp., a leading global cruise operator, reported strong earnings, driven by high-margin onboard spending and resilient pricing. Carnival is beginning to monetize its $600 million investment in its first exclusive destination island, Celebration Key, where the company believes its return on investment can exceed 30%, roughly 2.5x its current level. Airbus SE, the European aerospace and defense leader, rose following encouraging order updates and continued progress toward supply-chain normalization. Airbus boasts a record backlog extending beyond 2032. Microsoft Corp, reported strong results over the period, with Azure's growth accelerating to +39% in the most recently reported quarter, driven by increasing AI adoption and related cloud demand.

Among GLQ's top five detractors from performance for the annual period, two short positions tied to construction and contracting services detracted as the companies benefited from data-center construction. These positions functioned as hedges for our hyperscaler and semiconductor exposure, and we subsequently exited both positions. Criteo SA, an advertising-technology company, declined after the loss of a major customer, and we exited this position as well. UnitedHealth Group, Inc., the leading managed-care provider, declined after reducing forward guidance due to elevated medical costs. Coinbase Global, Inc., a crypto-financial platform, declined alongside Bitcoin in a broader risk-off environment, and we have since exited the position.

**Clough Global Opportunities Fund**

For the annual period ending October 31, 2025, the Clough Global Opportunities Fund ("GLO") returned +21.36% on NAV and +24.39% on market price. GLO's benchmark, the Morningstar Global Allocation Total Return Index, gained +15.65% over the same period.

Among GLO's top five contributors to performance for the annual period, Carnival Corp., a leading global cruise operator, reported strong earnings, driven by high-margin onboard spending and resilient pricing. Carnival is beginning to monetize its $600 million investment in its first exclusive destination island, Celebration Key, where the company believes its return on investment can exceed 30%, roughly 2.5x its current level. Broadcom, Inc., a semiconductor company, gained after the company guided to $60-90 billion in potential AI revenue by FY27, exceeding market estimates. The company reported a record backlog of over $110 billion, providing multi-year revenue visibility. Airbus SE, the European aerospace and defense leader, rose following encouraging order updates and continued progress toward supply-chain normalization. Airbus boasts a record backlog extending beyond 2032. Amphenol Corp., a manufacturer of electrical and electronic interconnectors, gained as the company reported strong results, highlighted by +41% organic revenue growth and 86% earnings per share growth in its most recent quarterly release. SK Hynix, Inc., the South Korean semiconductor company, rounded out the contributors. Earnings benefited from rising DRAM prices driven by accelerating AI demand, and the company reported that its entire calendar-year 2026 production has already been booked.

Among GLO's top five detractors from performance for the annual period, three short positions tied to construction and contracting services detracted as the companies benefited from data-center construction. These positions functioned as hedges for our hyperscaler and semiconductor exposure, and we subsequently exited the positions. Coinbase Global, Inc., a crypto-financial platform, declined alongside Bitcoin, and we have since exited this position. Criteo SA, an advertising technology company, declined after the loss of a major customer, and we have since exited the position.

Clough Global Funds

**SHAREHOLDER LETTER** 

**October 31, 2025 (Continued) (Unaudited)**

**Market Commentary**

The financial markets, particularly equities, have performed well even in the face of restrictive monetary policies. Quantitative tightening has cut the size of the Federal Reserve's (the "Fed") balance sheet by over one third and expectations are modest as to how rapidly the Fed will ease looking forward. Both bank credit and money supply growth remain on the weak side. Superficially, these all argue for a weak economy and disappointing profits.

But the securities markets are telling us something different. High yield bond managers have raised hundreds of billions of dollars expecting a flood of distressed bonds for sale, but high yield spreads remain low, distressed bonds are few, and volatility measures which use option premium to identify stress in bond and equity markets, remain low. These indicators tell us that securities market conditions are good. We think the private sector is throwing off excess cash and that leaves the economy and financial markets less dependent on what the Fed is doing. Liquidity is building up despite tight monetary conditions, and outside of recession, that is unique in the post-war period.

The rise in private savings markets allows the economy to grow faster without creating inflation problems. It also suggests the multi-decade trend to lower interest rates will resume. We have been arguing there are three reasons for this.

First, apart from the Fed, we believe demographics play the strongest role in determining the secular trend of interest rates. People tend to save more as they age, and that becomes even more likely as lifespans become longer. Japan is the most vibrant example; as its population aged, Japan generated excess savings and in recent decades, interest rates have rarely been positive. One concern in the U.S. is that as baby boomers retire, labor force shortages will force inflation higher. But that leaves out part of the equation. Retirees spend less. They buy fewer homes and cars. They might spend more on leisure, but travel and leisure represent only 3% of the economy. The fact that the baby boomers are about to turn over ~40% of the housing stock should only intensify deflationary forces.

Second, private sector balance sheets are too levered to allow interest rates to remain at current levels. Nearing 150% of gross domestic product ("GDP"), private debt is increasingly difficult to service when interest rates rise, and that puts a lid on spending. The aggressive use of installment credit at rates as high as 22% plus interest rates to sustain current spending will be difficult to sustain.

Third, technology remains a major force for improving productivity, particularly labor productivity. While difficult to measure, the U.S. economy has been generating higher levels of real GDP with fewer workers: since 2019, hours worked have declined ~2% while real GDP has risen ~13%. Productivity equals profits and the advent of artificial intelligence promises to accelerate that trend.

We hold a contrary view here, but as the Fed eases, we think bank deposit rates will decline sharply. Bank credit and M2 growth have been sluggish in this cycle, and banks have allowed deposits to run off. That implies that at current interest rates there are not enough legitimate assets to allow banks to leverage the $18.5 trillion in deposits they hold. In other words, to grow, banks must add bad loans to their balance sheets. Most of the action in bank lending seems to be in aggressive credit card rates and leveraged loans. Simple checking account deposits earn 5-10 basis points, and that suggests deposit rates would be far lower were the Fed not so aggressive. The growth of private credit testifies to the buildup of savings in the private sector.

There is a secular dynamic here. The developed world is gradually entering a savings to investment imbalance, where the desire to save exceeds the ability to spend and invest. That began in Japan thirty years ago, migrated to Europe around the time of the Greek debt credit crisis, and could describe the U.S. economy in coming years, particularly if immigration is constrained. All of this tends to force the natural rate of interest lower.

We suspect any weakness in economic data, especially on the labor front, will rally bonds. The dollar's foreign exchange value, at 100, is currently near the middle of its trading range over the past 10 years.

If our thinking is correct, short rates will eventually decline because the financial sector will have little incentive to pay up for its liabilities. Even private equity is facing difficulties in finding investments for the enormous funds they have raised, and most private borrowing is used to leverage asset purchases.

**Theme-Based Updates on Major Positions**

**Hyperscalers and Artificial Intelligence**

The Funds hold three of the major hyperscalers, Alphabet, Inc., Amazon.com, Inc., and Microsoft Corp., plus Meta Platforms, Inc. We think they hold the key to transforming AI into useful functions. These companies control the cloud, and their ability to create the software used to deliver AI to the user at low cost suggests it will make it difficult for pure software companies to compete. In the wake of the dot-com collapse, the inability of most Internet companies to compete with Microsoft and Apple, the two companies which controlled the operating systems at the time, is instructive, we think. Netscape may have possessed the better browser, but Microsoft's ability to bundle a competitive browser into Microsoft Explorer (now Microsoft Edge) for free, led to its Internet dominance, and Netscape's downfall. The business of operating large language models ("LLMs") may be low margin, but the software which makes AI work will likely capture most of the profitability. It is notable that while investment in information processing equipment and software made up only 4% of GDP, it was responsible for 92% of the economy's growth in the first half of calendar year 2025.

● Alphabet's (GOOG) cloud business is enhanced by its YouTube operation because video is quickly becoming a valuable data source. LLMs alone cannot reason or plan like humans. But the thousands of daily video uptakes onto YouTube help with the understanding of the human environment and the physical world which is highly useful for robotics development and the design of self-driving cars. Google's DeepMind can take frame by frame analysis to sense how people behave. Google's streaming already makes up ~15% of the streaming universe.

● Amazon.com, Inc. (AMZN): Amazon Web Services remains the global leader in cloud computing, supported by secular demand tailwinds from AI and enterprise cloud adoption. We also believe Wall Street underestimates the margin potential in Amazon's retail business, which could drive earnings higher.

● Alibaba Group Holdings Ltd. (BABA): Alibaba Cloud is the leading provider in China, positioned to benefit from AI adoption and rising enterprise digitization. The company provides the cloud infrastructure that powers model training and deployment. The stock trades at roughly 20x forward earnings, a discount to global peers, with potential for multiple re-rating as Chinese policy stabilizes and share repurchases continue.

Clough Global Funds

**SHAREHOLDER LETTER** 

**October 31, 2025 (Continued) (Unaudited)**

**Cruise Lines**

Cruise lines offer a compelling value proposition for consumers, typically providing vacations at an estimated 30% discount to hotels. We are optimistic about both 2026 bookings and the outlook for onboard spending, which provides higher profits. Carnival Corp. and Royal Caribbean Cruises Ltd. plan to put fewer new ships into service, while investing in exclusive private islands which offer far higher returns on investment. Carnival has begun to monetize its $600 million investment in Celebration Key, its first island destination in the Bahamas, which is expected to materially increase profits because it captures onshore revenues. Royal Caribbean's CocoCay island has already proven to be quite successful.

**Homebuilders**

The U.S. housing market faces an estimated undersupply of ~5 million homes, representing significant pent-up demand. Homebuilders remain undervalued, trading at ~10x earnings or less, while continuing to generate strong cash flow even at the low point in the cycle. These are interest-rate sensitive businesses, and the macro backdrop of falling rates supports the investment case. Once interest rates drop, we believe the homebuilding stocks will rise.

**Aerospace and Defense**

An increase in funding for defense programs looks to last through the next decade. A Bloomberg report noted China showed off a new uncrewed submarine while the U.S. struggles with delays and labor shortages. Expansion of the U.S. underwater fleet, particularly the Columbia-class ballistic missile and Virginia-class nuclear powered attack boats have already been delayed 2-3 years. On the commercial side, mounting backlogs for commercial aircraft stretch into the 2030s and that has created a shortage mentality since a large number of aircraft must be replaced in coming years. This suggests pricing and profitability built into commercial aircraft backlogs over the coming 3-10 years could be substantially higher than expected.

**Macau**

Macau's gaming industry has been in a long recession due to a weak Chinese economy and visitation restrictions. We think the industry is at an important inflection point as consumer spending in China and the broader Southeast Asia community moves to become the strongest in the world. Gross gaming revenue ("GGR") growth has accelerated from the low single digits earlier in the year to double digits in recent months. Wall Street earnings expectations appear too conservative. The Macau sector currently trades at a discounted ~9.5x forward enterprise value to earnings before interest, tax, depreciation and amortization ("EBITDA") versus a ~13x average since January 2012, according to Morgan Stanley.

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

Sincerely,

![](glvncsr002.jpg)

Charles I Clough, Jr.

![](glvncsr003.jpg)

William Whelan

*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 Global Opportunities Fund (the "Funds") are closed-end funds, which are traded on the NYSE American LLC, and do not continuously issue shares for sale as open-end mutual funds do. The net asset value ("NAV") price of a closed-end fund is the market value of the underlying investments (e.g. 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 at which it trades on an exchange. This market price can be more or less than its NAV.*

*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 Total Return 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 Bloomberg Developed Markets Large & Mid Cap Total Return Index is a float market capitalization-weighted equity benchmark that covers 85% market capitalization of the measured market.*

*All indices referenced herein reflect the reinvestment of dividends. 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 Funds are subject, and there are significant differences between the Funds' investments and the components of the indices referenced.*

Clough Global Funds

**SHAREHOLDER LETTER** 

**October 31, 2025 (Continued) (Unaudited)**

**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.cloughcapital.com/cefs or call 1-855-425-6844. Read them carefully before investing.**

*The Funds' distribution policies will, under certain circumstances, have certain adverse consequences to the Funds and their shareholders because it may result in a return of capital resulting in less of a shareholder's assets being invested in the Funds and, over time, increase the Funds' expense ratios.*

*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 Funds' investment experiences 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 Funds provide 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.*

*The Funds' 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 Funds' 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 Funds 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 Funds 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 Funds' 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.*

Clough Global Dividend and Income Fund

**PERFORMANCE** 

**October 31, 2025 (Unaudited)**

**Growth of $10,000 Investment**

![](glvncsr004.jpg)

*The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. 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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Return as of October 31, 2025<sup>(a)</sup>** | <br>**1 Year**<br>| <br>**3 Year<sup>(b)</sup>**<br>| <br>**5 Year<sup>(b)</sup>** | <br>**10 Year<sup>(b)</sup>**<br>| <br>**Since Inception**<br> **(7/28/2004)<sup>(b)</sup>** |
| Clough Global Dividend and Income Fund - NAV<sup>(c)</sup> | 18.40% | 10.38% | 4.61% | 3.94% | 5.70% |
| Clough Global Dividend and Income Fund - Market Price<sup>(d)</sup> | 19.71% | 8.63% | 5.51% | 4.05% | 4.83% |
| Morningstar Global Allocation Total Return Index | 15.65% | 15.19% | 8.27% | 7.57% | 7.19% |

---

*<sup>(a)</sup>* *Total returns assume reinvestment of all distributions.*

*<sup>(b)</sup>* *Annualized.*

*<sup>(c)</sup>* *Performance returns are net of management fees and other Fund expenses.*

*<sup>(d)</sup>* *Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its NAV.*

**Distributions to Common Shareholders**

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 approves the distribution and may adjust it from time to time. The monthly distribution amount paid from November 1, 2024 to October 31, 2025 was $0.0526. 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.

Clough Global Dividend & Income Fund

**PORTFOLIO ALLOCATION** 

**October 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Global Securities Holdings** | **% of Total Portfolio<sup>(a)</sup>** |
| United States of America | 56.05% |
| U.S. Multinational<sup>(b)</sup> | 26.73% |
| France | 4.83% |
| South Korea | 3.96% |
| Ireland | 3.04% |
| India | 2.55% |
| China | 2.54% |
| Hong Kong | 1.17% |
| United Kingdom | 0.69% |
| Germany | -0.39% |
| Canada | -0.46% |
| Belgium | -0.71% |
| TOTAL INVESTMENTS | 100.00% |

---

---

| | |
|:---|:---|
| **Asset Allocation**  | **% of Total Portfolio<sup>(a)</sup>** |
| Common Stock – U.S. | 40.91% |
| Common Stock – Foreign | 39.21% |
| Total Equities | 80.12% |
| Corporate Bonds | 14.44% |
| U.S. Treasury Obligations | 3.12% |
| Asset-Backed Securities | 0.01% |
| Total Fixed Income | 17.57% |
| Purchased Options | 1.81%  |
| Money Market Funds | 1.00% |
| Cash | 0.02% |
| Written Options | -0.52% |
| TOTAL INVESTMENTS | 100.00% |

---

*<sup>(a)</sup>* *Percentages calculated based on total portfolio, including securities sold short, call options written and cash balances.*

*<sup>(b)</sup>* *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.*

Clough Global Equity Fund

**PERFORMANCE**

**October 31, 2025 (Unaudited)**

**Growth of $10,000 Investment**

![](glvncsr005.jpg)

*The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. 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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Return as of October 31, 2025<sup>(a)</sup>** | <br>**1 Year**<br>| <br>**3 Year<sup>(b)</sup>**<br>| <br>**5 Year<sup>(b)</sup>**  | <br>**10 Year<sup>(b)</sup>**  | <br>**Since Inception**<br>**(4/27/2005)<sup>(b)</sup>**<br>|
| Clough Global Equity Fund - NAV<sup>(c)</sup> | 27.09% | 18.10% | 5.80% | 7.20% | 7.02% |
| Clough Global Equity Fund - Market Price<sup>(d)</sup> | 29.78% | 16.41% | 6.75% | 7.31% | 6.02% |
| Bloomberg Developed Markets Large & Mid Cap Total Return Index | 22.51% | 22.23% | 16.03% | 12.30% | 9.35% |

---

*<sup>(a)</sup>* *Total returns assume reinvestment of all distributions.*

*<sup>(b)</sup>* *Annualized.*

*<sup>(c)</sup>* *Performance returns are net of management fees and other Fund expenses.*

*<sup>(d)</sup>* *Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its NAV.*

**Distributions to Common Shareholders**

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 approves the distribution and may adjust it from time to time. The monthly distribution amount paid from November 1, 2024 to December 31, 2024 was $0.0603 per share and the Fund paid $0.0650 per share monthly between January 1, 2025 and October 31, 2025. 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.

Clough Global Equity Fund

**PORTFOLIO ALLOCATION** 

**October 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Global Securities Holdings**  | **% of Total Portfolio<sup>(a)</sup>** |
| United States of America | 54.82% |
| U.S. Multinational<sup>(b)</sup> | 26.95% |
| France | 3.93% |
| South Korea | 3.88% |
| China | 3.60% |
| India | 3.38% |
| Ireland | 1.66% |
| Hong Kong | 1.56% |
| Brazil | 0.90% |
| United Kingdom | 0.85% |
| Germany | -0.37% |
| Canada | -0.46% |
| Belgium | -0.70% |
| TOTAL INVESTMENTS | 100.00% |

---

---

| | |
|:---|:---|
| **Asset Allocation**  | **% of Total Portfolio<sup>(a)</sup>** |
| Common Stock – U.S. | 53.72% |
| Common Stock - Foreign | 45.17% |
| Total Equities | 98.89% |
| Money Market Funds | 1.09% |
| Cash | 0.02% |
| TOTAL INVESTMENTS | 100.00% |

---

*<sup>(a)</sup>* *Percentages calculated based on total portfolio, including securities sold short and cash balances.*

*<sup>(b)</sup>* *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.*

Clough Global Opportunities Fund

**PERFORMANCE** 

**October 31, 2025 (Unaudited)**

**Growth of $10,000 Investment**

![](glvncsr006.jpg)

*The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. 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.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total Return as of October 31, 2025<sup>(a)</sup>** | <br>**1 Year** | <br>**3 Year<sup>(b)</sup>** | <br>**5 Year<sup>(b)</sup>** | <br>**10 Year<sup>(b)</sup>** | <br>**Since Inception**<br> **(4/25/2006)<sup>(b)</sup>** |
| Clough Global Opportunities Fund - NAV<sup>(c)</sup> | 21.36% | 14.92% | 3.44% | 5.37% | 5.09% |
| Clough Global Opportunities Fund - Market Price<sup>(d)</sup> | 24.39% | 13.19% | 4.53% | 5.59% | 4.21% |
| Morningstar Global Allocation Total Return Index | 15.65% | 15.19% | 8.27% | 7.57% | 6.38% |

---

*<sup>(a)</sup>* *Total returns assume reinvestment of all distributions.*

*<sup>(b)</sup>* *Annualized.*

*<sup>(c)</sup>* *Performance returns are net of management fees and other Fund expenses.*

*<sup>(d)</sup>* *Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its NAV.*

**Distributions to Common Shareholders**

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 approves the distribution and may adjust it from time to time. The monthly distribution amount paid from November 1, 2024 to December 31, 2024 was $0.0480 per share and the Fund paid $0.0501 per share monthly between January 1, 2025 and October 31, 2025. 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.

Clough Global Opportunities Fund

**PORTFOLIO ALLOCATION** 

**October 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Global Securities Holdings** | **% of Total Portfolio<sup>(a)</sup>** |
| United States of America | 60.13% |
| U.S. Multinational<sup>(b)</sup> | 23.30% |
| France | 4.18% |
| South Korea | 3.71% |
| India | 2.99% |
| China | 2.86% |
| Hong Kong | 1.61% |
| Brazil | 0.97% |
| Ireland | 0.92% |
| United Kingdom | 0.91% |
| Germany | -0.39% |
| Canada | -0.47% |
| Belgium | -0.72% |
| TOTAL INVESTMENTS | 100.00% |

---

---

| | |
|:---|:---|
| **Asset Allocation** | **% of Total Portfolio<sup>(a)</sup>** |
| Common Stock – U.S. | 44.64% |
| Common Stock - Foreign | 37.80% |
| Total Equities | 82.44% |
| Corporate Bonds | 9.91% |
| U.S. Treasury Obligations | 5.33% |
| Total Fixed Income | 15.24% |
| Purchased Options | 1.81% |
| Money Market Funds | 1.03% |
| Cash | 0.01% |
| Written Options | -0.53% |
| TOTAL INVESTMENTS | 100.00% |

---

*<sup>(a)</sup>* *Percentages calculated based on total portfolio, including securities sold short, call options written and cash balances.*

*<sup>(b)</sup>* *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.*

Clough Global Dividend and Income Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 103.52%** |  |  |
| *Communication Services **-** 6.22%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | 3520 | $992006 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | 6675 | 4327736 |
|  |  | 5319742 |
| *Consumer Discretionary **-** 15.16%* |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - Sponsored ADR<sup>(a)</sup> | 11050 | 1883251 |
| &nbsp;&nbsp;&nbsp;BYD Co. Ltd., Class H | 23100 | 299060 |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 17770 | 2649152 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.<sup>(a)</sup> | 42800 | 2540180 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc.<sup>(a)</sup> | 22620 | 2711459 |
| &nbsp;&nbsp;&nbsp;Sands China Ltd. | 384300 | 1000989 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd. | 15900 | 1891941 |
|  |  | 12976032 |
| *Energy **-** 5.20%* |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc.<sup>(a)(b)</sup> | 5270 | 1117240 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp.<sup>(a)(b)</sup> | 24150 | 2494936 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp.<sup>(a)</sup> | 7310 | 835972 |
|  |  | 4448148 |
| *Financials **-** 17.58%* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> | 24000 | 1282800 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp.<sup>(a)</sup> | 30440 | 2877189 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc.<sup>(a)</sup> | 9600 | 971808 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd.<sup>(a)</sup> | 1695 | 533111 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 32860 | 590823 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - Sponsored ADR<sup>(a)(b)</sup> | 72200 | 2187660 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)(b)</sup> | 12600 | 3920112 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley<sup>(a)</sup> | 9928 | 1628192 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 8400 | 1056804 |
|  |  | 15048499 |
| *Health Care **-** 8.47%* |  |  |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp.<sup>(a)(b)</sup> | 12200 | 1388970 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc.<sup>(a)</sup> | 6300 | 754677 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson<sup>(a)(b)</sup> | 3107 | 586819 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 128850 | 1781996 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3100 | 1058836 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 7720 | 1675317 |
|  |  | 7246615 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 103.52% (continued)** | **COMMON STOCKS - 103.52% (continued)** | **COMMON STOCKS - 103.52% (continued)** |
| *Industrials **-** 21.63%* |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV<sup>(a)</sup> | 9040 | $1177370 |
| &nbsp;&nbsp;&nbsp;Airbus SE | 16888 | 4154015 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp.<sup>(a)</sup> | 4955 | 1708979 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 5330 | 1646703 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 5710 | 1838734 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc.<sup>(a)(b)</sup> | 5800 | 1676780 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp.<sup>(a)</sup> | 3250 | 1598610 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 1070 | 624292 |
| &nbsp;&nbsp;&nbsp;RTX Corp.<sup>(a)(b)</sup> | 15695 | 2801558 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 15860 | 1281647 |
|  |  | 18508688 |
| *Information Technology **-** 26.76%* |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A<sup>(a)</sup> | 23000 | 3204820 |
| &nbsp;&nbsp;&nbsp;Apple, Inc.<sup>(a)(b)</sup> | 10290 | 2782107 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | 9299 | 3437189 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C<sup>(a)(b)</sup> | 16460 | 2666685 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp.<sup>(a)(b)</sup> | 5360 | 2775462 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp.<sup>(a)</sup> | 15800 | 3199342 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | 16300 | 1229865 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 5530 | 2169693 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 5800 | 1432658 |
|  |  | 22897821 |
| *Real Estate **-** 0.99%* |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc.<sup>(a)(b)</sup> | 4800 | 843648 |
| *Utilities **-** 1.51%* |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp.<sup>(a)(b)</sup> | 10400 | 1292720 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $63,557,166)** |  | 88581913 |
| **Underlying Security/Expiration Date/<br> Exercise Price/Notional Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 1.82%** |  |  |
| *Call Options Purchased - 1.82%* |  |  |
| &nbsp;&nbsp;&nbsp;3 Month SOFR Future |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/10/2028, $97.5, $431,681,250 | 1771 | 974050 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR Future |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/10/2028, $98.0, $453,985,000 | 1853 | 579062 |
|  |  | 1553112 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,189,241)** |  | 1553112 |

---

See Notes to Financial Statements.

Clough Global Dividend and Income Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025 (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** |  |  |
| <br>**Description/Maturity Date/Rate** | **Amount** | **Amount** | **Value** | **Value** |
| **CORPORATE BONDS - 14.50%** |  |  |  |  |
| *Communication Services **-** 0.81%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc., 11/1/2045, 5.550% | $| 710000 | $| 696999 |
| *Energy **-** 3.70%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NGL Energy Operating LLC, 2/15/2029, 8.125%<sup>(c)(d)</sup> |  | 1580000 |  | 1618479 |
| &nbsp;&nbsp;&nbsp;Transocean, Inc., 5/15/2031, 8.500%<sup>(c)(d)</sup> |  | 1560000 |  | 1550085 |
|  |  |  |  | 3168564 |
| *Financials **-** 3.50%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., Perpetual Maturity, 6.950%<sup>(e)</sup> |  | 2430000 |  | 2502927 |
| &nbsp;&nbsp;&nbsp;Trinity Capital, Inc., 8/24/2026, 4.375%<sup>(a)</sup> |  | 500000 |  | 490684 |
|  |  |  |  | 2993611 |
| *Industrials **-** 2.42%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Boeing Co., 5/1/2050, 5.805% |  | 2080000 |  | 2067797 |
| *Information Technology **-** 2.52%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dell International LLC, 12/15/2051, 3.450% |  | 3070000 |  | 2153112 |
| *Utilities **-** 1.55%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp., 8/15/2052, 5.000% |  | 1470000 |  | 1329427 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $12,207,614)** |  |  |  | 12409510 |
|  | **Principal** | **Principal** |  |  |
| **Maturity Date/Rate** | **Amount** | **Amount** | **Value** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 3.13%** | **U.S. TREASURY OBLIGATIONS - 3.13%** | **U.S. TREASURY OBLIGATIONS - 3.13%** | **U.S. TREASURY OBLIGATIONS - 3.13%** | **U.S. TREASURY OBLIGATIONS - 3.13%** |
| Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11/15/2054, 4.500% |  | 1936000 |  | 1883403 |
| &nbsp;&nbsp;&nbsp;2/15/2055, 4.625% |  | 800000 |  | 794375 |
|  |  |  |  | 2677778 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,650,933)** |  |  |  | 2677778 |

---

---

| | | |
|:---|:---|:---|
| <br>**Description/Maturity Date/Rate** | **Principal**<br>**Amount** | <br>**Value** |
| **ASSET-BACKED SECURITIES - 0.01%** | **ASSET-BACKED SECURITIES - 0.01%** | **ASSET-BACKED SECURITIES - 0.01%** |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, 12/1/2028, 6.220%<sup>(a)</sup> | 12053 | $12334 |
| **TOTAL ASSET-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $12,053)** |  | 12334 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.01%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds, T-Fund Portfolio, Institutional Class, 3.970% (7-day yield) | 862975 | 862975 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $862,975)** |  | 862975 |
| **TOTAL INVESTMENTS - 123.99%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $81,479,982)** |  | $106097622 |
| **Liabilities in Excess of Other Assets - (23.99)%<sup>(f)</sup>** | **Liabilities in Excess of Other Assets - (23.99)%<sup>(f)</sup>** | (20525315) |
| **NET ASSETS - 100.00%** |  | $85572307 |
| **SCHEDULE OF SECURITIES SOLD SHORT** | **Shares** | **Value** |
| **COMMON STOCKS - (18.15)%** |  |  |
| *Consumer Discretionary **-** (3.76)%* |  |  |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. | (135) | (496048) |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc. | (10800) | (580284) |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A | (7880) | (492343) |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | (1610) | (413706) |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | (1680) | (400058) |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | (11960) | (383079) |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | (2080) | (450590) |
|  |  | (3216108) |
| *Consumer Staples **-** (3.48)%* |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV | (10040) | (611436) |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. | (13600) | (370328) |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co, Inc. | (5900) | (517371) |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | (5700) | (590235) |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | (7900) | (345388) |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | (3600) | (541332) |
|  |  | (2976090) |

---

See Notes to Financial Statements.

Clough Global Dividend and Income Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT (continued)** | **Shares** | **Value** |
| **COMMON STOCKS - (18.15)% (continued)** | **COMMON STOCKS - (18.15)% (continued)** | **COMMON STOCKS - (18.15)% (continued)** |
| *Financials - (2.78)%* |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc., Class A | (5990) | $(430561) |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | (8700) | (1081497) |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc., Class A | (54590) | (860884) |
|  |  | (2372942) |
| *Industrials - (1.41)%* |  |  |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | (8354) | (334229) |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc. | (28000) | (475160) |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | (2610) | (399487) |
|  |  | (1208876) |
| *Information Technology - (3.45)%* |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. | (1190) | (404969) |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | (1400) | (430374) |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | (3090) | (804667) |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. | (642) | (590178) |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A | (3020) | (724558) |
|  |  | (2954746) |
| *Real Estate - (3.27)%* |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | (9830) | (1675131) |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | (1330) | (1125193) |
|  |  | (2800324) |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Proceeds $15,749,573)** |  | (15529086) |
| **EXCHANGE-TRADED FUNDS - (4.93)%** |  |  |
| &nbsp;&nbsp;&nbsp;ARK Innovation ETF | (7010) | (623750) |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | (3700) | (911051) |
| &nbsp;&nbsp;&nbsp;iShares U.S. Transportation ETF | (8000) | (578800) |
| &nbsp;&nbsp;&nbsp;SPDR S&P Regional Banking ETF | (14710) | (882600) |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P Retail ETF | (15110) | (1224363) |
|  |  | (4220564) |
| **TOTAL EXCHANGE-TRADED FUNDS** | **TOTAL EXCHANGE-TRADED FUNDS** |  |
| &nbsp;&nbsp;&nbsp;**(Proceeds $4,032,628)** |  | (4220564) |
| **TOTAL SECURITIES SOLD SHORT - (23.08%)** | **TOTAL SECURITIES SOLD SHORT - (23.08%)** |  |
| &nbsp;&nbsp;&nbsp;**(Proceeds $19,782,201)** |  | $(19749650) |

---

Investment Abbreviations:

ADR - American Depositary Receipt

AG - Aktiengesellschaft (German: Stock Corporation)

LLC – Limited Liability Company

Ltd. – Limited

NV - Naamloze Vennootschap (Dutch: Public Limited Company)

PLC - Public Limited Company

SA - Société Anonyme (French: Public Limited Company)

SE - Société Européenne (French: European Society/Company)

SOFR – Secured Overnight Financing Rate

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short, written options, or borrowings. As of October 31, 2025, the aggregate value of those securities was $47,035,808, representing 54.97% of net assets.*

*<sup>(b)</sup>* *Loaned security; a portion or all of the security is on loan as of October 31, 2025.*

*<sup>(c)</sup>* *Restricted security.*

*<sup>(d)</sup>* *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 October 31, 2025, these securities had an aggregate value of $3,168,564 or 3.70% of net assets.*

*<sup>(e)</sup>* *This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.*

*<sup>(f)</sup>* *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 Financial Statements.

Clough Global Dividend and Income Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025 (Continued)**

**Call Options Written**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Underlying Security** | <br>**Expiration Date** |<br>**Strike Price** | <br>**Contracts** | **Premiums**<br>**Received** |<br>**Notional Value** |<br>**Value** |
| 3 Month SOFR Future | 3/10/2028 | $99.0 | (1853) | $(323182) | $(458617500) | $(162138) |
| 3 Month SOFR Future | 3/10/2028 | 98.5 | (1771) | (494090) | (436108750) | (287787) |
|  |  |  |  | $(817272) | $(894726250) | $(449925) |

---

See Notes to Financial Statements.

Clough Global Equity Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 122.61%** |  |  |
| *Communication Services **-** 8.61%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)(b)</sup> | 24360 | $6865135 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(b)</sup> | 11682 | 7574025 |
|  |  | 14439160 |
| *Consumer Discretionary **-** 30.45%* |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - Sponsored ADR | 19250 | 3280777 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)(b)(c)</sup> | 35630 | 8701559 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.<sup>(a)(b)</sup> | 350 | 1777209 |
| &nbsp;&nbsp;&nbsp;BYD Co. Ltd., Class H | 111700 | 1446104 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.<sup>(a)(b)(c)</sup> | 223110 | 6432261 |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc.<sup>(a)(b)</sup> | 38725 | 5773123 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.<sup>(b)</sup> | 69700 | 4136695 |
| &nbsp;&nbsp;&nbsp;Melco Resorts & Entertainment Ltd. - ADR<sup>(c)</sup> | 87200 | 715040 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(c)</sup> | 650 | 1512719 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. - ADR<sup>(c)</sup> | 9700 | 1308239 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc.<sup>(a)(b)</sup> | 47210 | 5659063 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> | 18790 | 5389536 |
| &nbsp;&nbsp;&nbsp;Sands China Ltd. | 728300 | 1897007 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd.<sup>(b)</sup> | 25300 | 3010447 |
|  |  | 51039779 |
| *Energy **-** 4.80%* |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc.<sup>(b)</sup> | 9170 | 1944040 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp.<sup>(a)(b)</sup> | 31167 | 3219863 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.<sup>(a)(b)(c)</sup> | 750177 | 2880679 |
|  |  | 8044582 |
| *Financials **-** 15.82%* |  |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 50330 | 4757191 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 22200 | 2247306 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 3600 | 1132272 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 79100 | 1422218 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - Sponsored ADR<sup>(a)(b)</sup> | 187400 | 5678220 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)(b)</sup> | 15800 | 4915696 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 13000 | 1635530 |
| &nbsp;&nbsp;&nbsp;Rocket Cos, Inc., Class A<sup>(b)</sup> | 283850 | 4728941 |
|  |  | 26517374 |
| *Health Care **-** 6.92%* |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(c)</sup> | 34370 | 3461747 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc.<sup>(c)</sup> | 343800 | 3187026 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp.<sup>(a)(b)</sup> | 12800 | 1457280 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 16140 | 3502541 |
|  |  | 11608594 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 122.61% (continued)** | **COMMON STOCKS - 122.61% (continued)** | **COMMON STOCKS - 122.61% (continued)** |
| *Industrials **-** 21.04%* |  |  |
| &nbsp;&nbsp;&nbsp;Airbus SE | 26814 | $6595557 |
| &nbsp;&nbsp;&nbsp;Boeing Co.<sup>(a)(b)(c)</sup> | 26745 | 5376280 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 15900 | 3396399 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp.<sup>(a)(b)</sup> | 8030 | 2769547 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 8910 | 2752745 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 8870 | 2856318 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 10600 | 3064460 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4480 | 2203622 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 21080 | 3762780 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 30830 | 2491372 |
|  |  | 35269080 |
| *Information Technology **-** 33.17%* |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A<sup>(b)</sup> | 53700 | 7482558 |
| &nbsp;&nbsp;&nbsp;Apple, Inc.<sup>(b)</sup> | 15260 | 4125846 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc.<sup>(b)</sup> | 24408 | 9021929 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C<sup>(a)(b)</sup> | 32940 | 5336609 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp.<sup>(b)</sup> | 15470 | 8010521 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp.<sup>(b)</sup> | 30800 | 6236692 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)(b)(c)</sup> | 10600 | 2334544 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | 30400 | 2293736 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 10760 | 4221681 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 11300 | 2791213 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.<sup>(b)(c)</sup> | 7120 | 3750958 |
|  |  | 55606287 |
| *Utilities **-** 1.80%* |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp.<sup>(a)(b)</sup> | 24252 | 3014524 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $144,184,291)** |  | 205539380 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.10%** | **MONEY MARKET FUNDS - 1.10%** | **MONEY MARKET FUNDS - 1.10%** |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds, T-Fund Portfolio, Institutional Class, 3.970% (7-day yield) | 1835662 | 1835662 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,835,662)** |  | 1835662 |
| **TOTAL INVESTMENTS - 123.71%** | **TOTAL INVESTMENTS - 123.71%** |  |
| &nbsp;&nbsp;&nbsp;**(Cost $146,019,953)** |  | $207375042 |
| **Liabilities in Excess of Other Assets - (23.71)%<sup>(d)</sup>** | **Liabilities in Excess of Other Assets - (23.71)%<sup>(d)</sup>** | (39748098) |
| **NET ASSETS - 100.00%** |  | $167626944 |

---

See Notes to Financial Statements.

Clough Global Equity Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT** | **Shares** | **Value** |
| **COMMON STOCKS - (18.78)%** |  |  |
| *Consumer Discretionary - (3.74)%* |  |  |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. | (262) | $(962701) |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc. | (21100) | (1133703) |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A | (15330) | (957819) |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | (3140) | (806854) |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | (3270) | (778685) |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | (23300) | (746299) |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | (4100) | (888183) |
|  |  | (6274244) |
| *Consumer Staples - (3.43)%* |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV | (19390) | (1180851) |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. | (26600) | (724318) |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co, Inc. | (11400) | (999666) |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | (10900) | (1128695) |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | (15500) | (677660) |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | (6900) | (1037553) |
|  |  | (5748743) |
| *Financials - (3.57)%* |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc., Class A | (11740) | (843871) |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | (16960) | (2108298) |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc., Class A | (106060) | (1672566) |
| &nbsp;&nbsp;&nbsp;KKR & Co, Inc. | (11420) | (1351329) |
|  |  | (5976064) |
| *Industrials - (1.36)%* |  |  |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | (15467) | (618808) |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc. | (51500) | (873955) |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | (5090) | (779076) |
|  |  | (2271839) |
| *Information Technology - (3.44)%* |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. | (2330) | (792922) |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | (2720) | (836155) |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | (5970) | (1554648) |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. | (1267) | (1164728) |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A | (5910) | (1417927) |
|  |  | (5766380) |
| *Real Estate - (3.24)%* |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | (19060) | (3248014) |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | (2590) | (2191166) |
|  |  | (5439180) |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Proceeds $31,989,705)** |  | (31476450) |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT (continued)** | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - (4.80)%** |  |  |
| &nbsp;&nbsp;&nbsp;ARK Innovation ETF | (13460) | $(1197671) |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | (7000) | (1723610) |
| &nbsp;&nbsp;&nbsp;iShares U.S. Transportation ETF | (14200) | (1027370) |
| &nbsp;&nbsp;&nbsp;SPDR S&P Regional Banking ETF | (28600) | (1716000) |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P Retail ETF | (29510) | (2391195) |
|  |  | (8055846) |
| **TOTAL EXCHANGE-TRADED FUNDS** | **TOTAL EXCHANGE-TRADED FUNDS** |  |
| &nbsp;&nbsp;&nbsp;**(Proceeds $7,708,883)** |  | (8055846) |
| **TOTAL SECURITIES SOLD SHORT - (23.58%)** | **TOTAL SECURITIES SOLD SHORT - (23.58%)** |  |
| &nbsp;&nbsp;&nbsp;**(Proceeds $39,698,588)** |  | $(39532296) |

---

Investment Abbreviations:

ADR - American Depository Receipt

AG - Aktiengesellschaft (German: Stock Corporation)

NV – Naamloze Vennootschap (Dutch: Public Limited Company)

PLC - Public Limited Company

SA – Société Anonyme (French: Public Limited Company)

SE - Société Européenne (French: European Society/Company)

*<sup>(a)</sup>* *Loaned security; a portion or all of the security is on loan as of October 31, 2025.*

*<sup>(b)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of October 31, 2025, the aggregate value of those securities was $94,846,788, representing 56.58% of net assets.*

*<sup>(c)</sup>* *Non-income producing security.*

*<sup>(d)</sup>* *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 Financial Statements.

Clough Global Opportunities Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 106.22%** |  |  |
| *Communication Services **-** 7.26%* |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)(b)</sup> | 36735 | $10352658 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(b)</sup> | 15610 | 10120743 |
|  |  | 20473401 |
| *Consumer Discretionary **-** 29.45%* |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - Sponsored ADR | 33000 | 5624190 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(b)(c)</sup> | 60780 | 14843692 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.<sup>(a)(b)</sup> | 574 | 2914623 |
| &nbsp;&nbsp;&nbsp;BYD Co. Ltd., Class H | 186000 | 2408015 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.<sup>(a)(b)(c)</sup> | 318470 | 9181490 |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc.<sup>(a)(b)</sup> | 65310 | 9736415 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.<sup>(b)</sup> | 129200 | 7668020 |
| &nbsp;&nbsp;&nbsp;Melco Resorts & Entertainment Ltd. - ADR<sup>(c)</sup> | 149700 | 1227540 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(c)</sup> | 1170 | 2722894 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc.<sup>(a)(b)</sup> | 81690 | 9792180 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)(b)</sup> | 29247 | 8388917 |
| &nbsp;&nbsp;&nbsp;Sands China Ltd. | 1264400 | 3293390 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd.<sup>(b)</sup> | 43710 | 5201053 |
|  |  | 83002419 |
| *Energy **-** 3.93%* |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc.<sup>(a)(b)</sup> | 9900 | 2098800 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp.<sup>(a)(b)</sup> | 54907 | 5672442 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.<sup>(a)(b)(c)</sup> | 862795 | 3313133 |
|  |  | 11084375 |
| *Financials **-** 13.44%* |  |  |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp.<sup>(a)(b)</sup> | 84890 | 8023803 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 21650 | 2191629 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd.<sup>(b)</sup> | 5350 | 1682682 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 142100 | 2554958 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - Sponsored ADR<sup>(a)(b)</sup> | 277500 | 8408250 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.<sup>(a)(b)</sup> | 24300 | 7560216 |
| &nbsp;&nbsp;&nbsp;Rocket Cos, Inc., Class A | 447710 | 7458849 |
|  |  | 37880387 |
| *Health Care **-** 4.79%* |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(c)</sup> | 30720 | 3094118 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp.<sup>(a)(b)</sup> | 21900 | 2493315 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 8600 | 2937416 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 22890 | 4967359 |
|  |  | 13492208 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 106.22% (continued)** | **COMMON STOCKS - 106.22% (continued)** | **COMMON STOCKS - 106.22% (continued)** |
| *Industrials **-** 19.03%* |  |  |
| &nbsp;&nbsp;&nbsp;Airbus SE | 47831 | $11765201 |
| &nbsp;&nbsp;&nbsp;Boeing Co.<sup>(a)(b)(c)</sup> | 46965 | 9440904 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp.<sup>(b)</sup> | 10450 | 3604205 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 16200 | 5004990 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 21830 | 7029697 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 18700 | 5406170 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp.<sup>(b)</sup> | 5140 | 2528263 |
| &nbsp;&nbsp;&nbsp;RTX Corp.<sup>(a)(b)</sup> | 25720 | 4591020 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 53000 | 4282930 |
|  |  | 53653380 |
| *Information Technology **-** 27.50%* |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A<sup>(b)</sup> | 47000 | 6548980 |
| &nbsp;&nbsp;&nbsp;Apple, Inc.<sup>(a)(b)</sup> | 29730 | 8038100 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc.<sup>(b)</sup> | 30788 | 11380168 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C<sup>(b)</sup> | 44970 | 7285590 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp.<sup>(a)(b)</sup> | 21650 | 11210587 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp.<sup>(b)</sup> | 51200 | 10367488 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(c)</sup> | 14400 | 3171456 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | 53000 | 3998947 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 16390 | 6430609 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 10450 | 2581255 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.<sup>(b)(c)</sup> | 12350 | 6506227 |
|  |  | 77519407 |
| *Utilities **-** 0.82%* |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp.<sup>(a)(b)</sup> | 18700 | 2324410 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $212,676,048)** |  | 299429987 |
| **Underlying Security/Expiration Date/<br> Exercise Price/Notional Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 1.81%** |  |  |
| *Call Options Purchased - 1.81%* |  |  |
| &nbsp;&nbsp;&nbsp;3 Month SOFR Future |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/10/2028, $97.5, $1,418,381,250 | 5819 | 3200450 |
| &nbsp;&nbsp;&nbsp;3 Month SOFR Future |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/10/2028, $98.0, $1,491,560,000 | 6088 | 1902500 |
|  |  | 5102950 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $7,193,212)** |  | 5102950 |
|  | **Principal** |  |
| **Description/Maturity Date/Rate** | **Amount** | **Value** |
| **CORPORATE BONDS - 9.89%** |  |  |
| *Communication Services **-** 1.57%* |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc., 11/1/2045, 5.550% | $4510000 | 4427414 |

---

See Notes to Financial Statements.

Clough Global Opportunities Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS - 9.89% (continued)** | **CORPORATE BONDS - 9.89% (continued)** | **CORPORATE BONDS - 9.89% (continued)** |
| *Energy - 1.88%* |  |  |
| &nbsp;&nbsp;&nbsp;NGL Energy Operating LLC, 2/15/2029, 8.125%<sup>(d)(e)</sup> | $5180000 | $5306154 |
| *Financials - 2.05%* |  |  |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., Perpetual Maturity, 6.950%<sup>(f)</sup> | 5610000 | 5778362 |
| *Industrials - 1.69%* |  |  |
| &nbsp;&nbsp;&nbsp;The Boeing Co., 5/1/2050, 5.805% | 4800000 | 4771839 |
| *Information Technology - 1.80%* |  |  |
| &nbsp;&nbsp;&nbsp;Dell International LLC, 12/15/2051, 3.450% | 7220000 | 5063671 |
| *Utilities - 0.90%* |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp., 8/15/2052, 5.000% | 2800000 | 2532242 |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $27,532,953)** |  | 27879682 |
| **Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 5.33%** | **U.S. TREASURY OBLIGATIONS - 5.33%** | **U.S. TREASURY OBLIGATIONS - 5.33%** |
| Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;8/15/2053, 4.125% | 2600000 | 2373312 |
| &nbsp;&nbsp;&nbsp;11/15/2054, 4.500% | 4350000 | 4231819 |
| &nbsp;&nbsp;&nbsp;2/15/2055, 4.625% | 5245000 | 5208121 |
| &nbsp;&nbsp;&nbsp;8/15/2055, 4.750% | 3145000 | 3188244 |
|  |  | 15001496 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $15,034,705)** |  | 15001496 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.02%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds, T-Fund Portfolio, Institutional Class, 3.970% (7-day yield) | 2888454 | 2888454 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,888,454)** |  | 2888454 |

---

---

| | | |
|:---|:---|:---|
| **TOTAL INVESTMENTS - 124.27%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $265,325,372)** |  | $350302569 |
| **Liabilities in Excess of Other Assets - (24.27)%(g)** | **Liabilities in Excess of Other Assets - (24.27)%(g)** | (68411092) |
| **NET ASSETS - 100.00%** |  | $281891477 |
| **SCHEDULE OF SECURITIES SOLD SHORT** | **Shares** | **Value** |
| **COMMON STOCKS - (19.06)%** |  |  |
| *Consumer Discretionary - (3.78)%* |  |  |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. | (447) | $(1642470) |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc. | (35900) | (1928907) |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A | (26100) | (1630728) |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | (5350) | (1374736) |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | (5570) | (1326384) |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | (39660) | (1270310) |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | (6900) | (1494747) |
|  |  | (10668282) |
| *Consumer Staples - (3.50)%* |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV | (33230) | (2023707) |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. | (45600) | (1241688) |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co, Inc. | (19600) | (1718724) |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | (18700) | (1936385) |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | (26500) | (1158580) |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | (11800) | (1774366) |
|  |  | (9853450) |
| *Financials - (3.60)%* |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc., Class A | (20000) | (1437600) |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | (28890) | (3591316) |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc., Class A | (178540) | (2815576) |
| &nbsp;&nbsp;&nbsp;KKR & Co, Inc. | (19390) | (2294418) |
|  |  | (10138910) |
| *Industrials - (1.40)%* |  |  |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | (27227) | (1089306) |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc. | (90600) | (1537482) |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | (8660) | (1325500) |
|  |  | (3952288) |
| *Information Technology - (3.48)%* |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. | (3960) | (1347628) |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | (4590) | (1411012) |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | (10250) | (2669202) |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. | (2158) | (1983806) |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A | (10050) | (2411196) |
|  |  | (9822844) |

---

See Notes to Financial Statements.

Clough Global Opportunities Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES SOLD SHORT (continued)** | **Shares** | **Value** |
| **COMMON STOCKS - (19.06)% (continued)** |  |  |
| *Real Estate **-** (3.30)%* |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | (32660) | $(5565591) |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | (4410) | (3730904) |
|  |  | (9296495) |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Proceeds $54,582,000)** |  | (53732269) |
| **EXCHANGE-TRADED FUNDS - (4.92)%** |  |  |
| &nbsp;&nbsp;&nbsp;ARK Innovation ETF | (23130) | (2058108) |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF | (12100) | (2979383) |
| &nbsp;&nbsp;&nbsp;iShares U.S. Transportation ETF | (25300) | (1830455) |
| &nbsp;&nbsp;&nbsp;SPDR S&P Regional Banking ETF | (48930) | (2935800) |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P Retail ETF | (50140) | (4062844) |
|  |  | (13866590) |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Proceeds $13,259,163)** |  | (13866590) |
| **TOTAL SECURITIES SOLD SHORT - (23.98%)** | **TOTAL SECURITIES SOLD SHORT - (23.98%)** |  |
| &nbsp;&nbsp;&nbsp;**(Proceeds $67,841,163)** |  | $(67598859) |

---

Investment Abbreviations:

ADR - American Depositary Receipt

AG - Aktiengesellschaft (German: Stock Corporation)

LLC – Limited Liability Company

Ltd. – Limited

PLC - Public Limited Company

SA - Société Anonyme (French: Public Limited Company)

SE - Société Européenne (French: European Society/Company)

SOFR – Secured Overnight Financing Rate

*<sup>(a)</sup>* *Loaned security; a portion or all of the security is on loan as of October 31, 2025.*

*<sup>(b)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short, written options, or borrowings. As of October 31, 2025, the aggregate value of those securities was $164,988,645, representing 58.53% of net assets.*

*<sup>(c)</sup>* *Non-income producing security.*

*<sup>(d)</sup>* *Restricted security.*

*<sup>(e)</sup>* *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 October 31, 2025, these securities had an aggregate value of $5,306,154 or 1.88% of net assets.*

*<sup>(f)</sup>* *This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.*

*<sup>(g)</sup>* *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 Financial Statements.

Clough Global Opportunities Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025 (Continued)**

**Call Options Written**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Underlying Security** | <br>**Expiration Date** |<br>**Strike Price** | <br>**Contracts** | **Premiums**<br>**Received** |<br>**Notional Value** |<br>**Value** |
| 3 Month SOFR Future | 3/10/2028 | $99.0 | (6088) | $(1061835) | $(1506780000) | $(532700) |
| 3 Month SOFR Future | 3/10/2028 | 98.5 | (5819) | (1623466) | (1432928750) | (945588) |
|  |  |  |  | $(2685301) | $(2939708750) | $(1478288) |

---

See Notes to Financial Statements.

Clough Global Funds

**STATEMENTS OF ASSETS AND LIABILITIES**

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **Clough Global** <br> **Dividend and** <br> **Income Fund** | **Clough Global** <br> **Equity Fund** | **Clough Global** <br> **Opportunities** <br> **Fund** |
| &nbsp;&nbsp;&nbsp;**ASSETS:** | | | |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | $106097622 | $207375042 | $350302569 |
| &nbsp;&nbsp;&nbsp;Cash | 19389 | 30672 | 39243 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value | 87 |  | 5 |
| &nbsp;&nbsp;&nbsp;Deposit with broker for securities sold short | 20475198 | 41052053 | 69994612 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 49202 | 50246 | 80692 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 297537 |  | 657517 |
| &nbsp;&nbsp;&nbsp;Interest receivable on deposits with broker | 63056 | 123818 | 211573 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 8052 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 127010143 | 248631831 | 421286211 |
| &nbsp;&nbsp;&nbsp;**LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan payable | 21000000 | 41000000 | 69500000 |
| &nbsp;&nbsp;&nbsp;Interest on loan payable | 88521 | 172826 | 292962 |
| &nbsp;&nbsp;&nbsp;Securities sold short, at value | 19749650 | 39532296 | 67598859 |
| &nbsp;&nbsp;&nbsp;Written options, at value | 449925 |  | 1478288 |
| &nbsp;&nbsp;&nbsp;Dividends payable - short sales | 5820 | 11216 | 19154 |
| &nbsp;&nbsp;&nbsp;Accrued investment advisory fee | 77389 | 192552 | 366109 |
| &nbsp;&nbsp;&nbsp;Accrued administration fee | 31509 | 60975 | 104341 |
| &nbsp;&nbsp;&nbsp;Accrued trustees' fees | 3377 | 3377 | 3377 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued expenses | 31645 | 31645 | 31644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 41437836 | 81004887 | 139394734 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $85572307 | $167626944 | $281891477 |
| &nbsp;&nbsp;&nbsp;**COMPOSITION OF NET ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $83369198 | $163674369 | $309940408 |
| &nbsp;&nbsp;&nbsp;Distributable earnings/(Accumulated loss) | 2203109 | 3952575 | (28048931) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $85572307 | $167626944 | $281891477 |
| &nbsp;&nbsp;&nbsp;Shares outstanding of no par amount, unlimited shares authorized | 12409683 | 18738121 | 42766222 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, per share | $6.90 | $8.95 | $6.59 |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $81479982 | $146019953 | $265325372 |
| &nbsp;&nbsp;&nbsp;Foreign Currencies, at cost | 88 |  | 5 |
| &nbsp;&nbsp;&nbsp;Proceeds of Securities Sold Short | 19782201 | 39698588 | 67841163 |
| &nbsp;&nbsp;&nbsp;Premiums Received on Written Options | 817272 |  | 2685301 |
| &nbsp;&nbsp;&nbsp;\* Securities Loaned, at value | $18297485 | $37938352 | $63904145 |

---

See Notes to Financial Statements.

Clough Global Funds

**STATEMENTS OF OPERATIONS**

**For the Year Ended October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **Clough Global**<br> **Dividend and**<br> **Income Fund** | **Clough Global**<br> **Equity Fund** | **Clough Global**<br> **Opportunities**<br> **Fund** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** | | | |
| &nbsp;&nbsp;&nbsp;Dividends\* | $1514232 | $1945007 | $2714394 |
| &nbsp;&nbsp;&nbsp;Interest | 1164678 |  | 2873667 |
| &nbsp;&nbsp;&nbsp;Interest on deposits with broker | 671915 | 1256327 | 2201463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | 3350825 | 3201334 | 7789524 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | 794939 | 1950150 | 3806833 |
| &nbsp;&nbsp;&nbsp;Administration fee | 323654 | 617548 | 1084948 |
| &nbsp;&nbsp;&nbsp;Interest on loan | 869967 | 1843134 | 3274487 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 134885 | 132235 | 132236 |
| &nbsp;&nbsp;&nbsp;Dividend expense - short sales | 238655 | 454128 | 796583 |
| &nbsp;&nbsp;&nbsp;Other expenses | 49354 | 56737 | 55970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 2411454 | 5053932 | 9151057 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME/(LOSS)** | 939371 | (1852598) | (1361533) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 5850141 | 20119132 | 34039241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (4193321) | (7951044) | (14026924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 2998 | 2097 | (18943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | 1659818 | 12170185 | 19993374 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 9391845 | 23838282 | 26879642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 316270 | 663112 | 1154897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 367347 |  | 1207013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related translations | 306 | 592 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change In Unrealized Appreciation/Depreciation | 10075768 | 24501986 | 29242664 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 11735586 | 36672171 | 49236038 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $12674957 | $34819573 | $47874505 |
| &nbsp;&nbsp;&nbsp;\*Foreign taxes withheld on dividends | $20770 | $31958 | $53149 |

---

See Notes to Financial Statements.

Clough Global Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Clough Global Dividend and Income Fund** | **For the Year**<br> **Ended** <br> **October 31, 2025** | **For the Year**<br> **Ended** <br> **October 31, 2024** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $939371 | $910613 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1659818 | 595373 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 10075768 | 14150659 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 12674957 | 15656645 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (705311) | (447639) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (7127681) | (7596141) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (7832992) | (8043780) |
| &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase of fund shares | – | (542149) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets derived from capital share transactions | – | (542149) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets attributable to common shares | 4841965 | 7070716 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS ATTRIBUTABLE TO COMMON SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 80730342 | 73659626 |
| &nbsp;&nbsp;&nbsp;End of year | $85572307 | $80730342 |
| &nbsp;&nbsp;&nbsp;**Clough Global Equity Fund** | **For the Year** <br> **Ended** <br> **October 31, 2025** | **For the Year** <br> **Ended** <br> **October 31, 2024** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(1852598) | $(610711) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 12170185 | 9262794 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 24501986 | 31335572 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 34819573 | 39987655 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (14439596) | (13583703) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (14439596) | (13583703) |
| &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase of fund shares | – | (676095) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets derived from capital share transactions | – | (676095) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets attributable to common shares | 20379977 | 25727857 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS ATTRIBUTABLE TO COMMON SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 147246967 | 121519110 |
| &nbsp;&nbsp;&nbsp;End of year | $167626944 | $147246967 |

---

See Notes to Financial Statements.

Clough Global Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Clough Global Opportunities Fund** | **For the Year** <br> **Ended** <br> **October 31, 2025** | **For the Year** <br> **Ended** <br> **October 31, 2024** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** | | |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(1361533) | $102693 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 19993374 | 12482542 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 29242664 | 49478991 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 47874505 | 62064226 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (25531435) | (24690073) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (25531435) | (24690073) |
| &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase of fund shares | – | (514562) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets derived from capital share transactions | – | (514562) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets attributable to common shares | 22343070 | 36859591 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS ATTRIBUTABLE TO COMMON SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 259548407 | 222688816 |
| &nbsp;&nbsp;&nbsp;End of year | $281891477 | $259548407 |

---

See Notes to Financial Statements.

Clough Global Funds

**STATEMENTS OF CASH FLOWS**

**For the Year Ended October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Clough Global** <br> **Dividend and Income** <br> **Fund** | **Clough Global Equity** <br> **Fund** | **Clough Global** <br> **Opportunities Fund** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | | | |
| Net increase in net assets from operations | $12674957 | $34819573 | $47874505 |
| Adjustments to reconcile change in net assets applicable to Common Stockholders resulting from operations to net cash provided for operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of investment securities | (134610120) | (292702247) | (516316915) |
| &nbsp;&nbsp;&nbsp;Net sales of short-term investment securities | 803334 | 2103747 | 2112740 |
| &nbsp;&nbsp;&nbsp;Proceeds from disposition of investment securities | 140651013 | 301103560 | 539325292 |
| &nbsp;&nbsp;&nbsp;Amortization of premium and accretion of discount on investments | (18771) |  | (71819) |
| &nbsp;&nbsp;&nbsp;Proceeds from securities sold transactions | 91812996 | 177587911 | 310853797 |
| &nbsp;&nbsp;&nbsp;Cover securities sold short transactions | (90697960) | (171599913) | (302987280) |
| &nbsp;&nbsp;&nbsp;Purchased options transactions | (2189241) | (144116) | (7455242) |
| &nbsp;&nbsp;&nbsp;Proceeds from purchased options transactions |  | 394473 | 717224 |
| &nbsp;&nbsp;&nbsp;Premiums received from written options transactions | 817272 |  | 2685301 |
| Net realized (gain)/loss on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (5850141) | (20119132) | (34039241) |
| &nbsp;&nbsp;&nbsp;Securities sold short | 4193321 | 7951044 | 14026924 |
| Net change in unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (9391845) | (23838282) | (26879642) |
| &nbsp;&nbsp;&nbsp;Securities sold short | (316270) | (663112) | (1154897) |
| &nbsp;&nbsp;&nbsp;Written options | (367347) |  | (1207013) |
| (Increase)/Decrease in assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 60269 | 72735 | 92068 |
| &nbsp;&nbsp;&nbsp;Interest receivable | (169629) | 20966 | (106828) |
| &nbsp;&nbsp;&nbsp;Interest receivable on deposits with broker | 4699 | (6671) | (3253) |
| Increase/(Decrease) in liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued administration fee | 3347 | 10291 | 14421 |
| &nbsp;&nbsp;&nbsp;Interest on loan payable | 10952 | 32232 | 40863 |
| &nbsp;&nbsp;&nbsp;Accrued investment advisory fee | 8220 | 32496 | 50592 |
| &nbsp;&nbsp;&nbsp;Dividends payable - short sales | (1416) | (1658) | (3892) |
| &nbsp;&nbsp;&nbsp;Accrued trustees' fees | (5038) | (5038) | (5038) |
| &nbsp;&nbsp;&nbsp;Other payables and accrued expenses | 31645 | 31645 | 31644 |
| Net Cash Provided for Operating Activities | 7454247 | 15080504 | 27594311 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |
| Proceeds from loan payable | 5000000 | 12000000 | 17500000 |
| Cash distributions paid | (7832992) | (14439596) | (25531435) |
| Net Cash Used in Financing Activities | (2832992) | (2439596) | (8031435) |
| Net increase in cash | 4621255 | 12640908 | 19562876 |
| Cash and restricted cash, beginning balance | $15873419 | $28441817 | $50470984 |
| Cash and restricted cash, ending balance | $20494674 | $41082725 | $70033860 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |  |
| Cash paid during the year for interest from loan payable: | $859015 | $1810902 | $3233624 |
| **RECONCILIAITION OF BEGINNING BALANCE OF RESTRICTED AND UNRESTRICTED CASH TO STATEMENT OF ASSETS AND LIABILITIES** |  |  |  |
| Cash | $26457 | $19750 | $33875 |
| Foreign currencies, at value | 6 |  | 5 |
| Deposits with broker |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold short | 15846956 | 28422067 | 50437104 |
| Total | $15873419 | $28441817 | $50470984 |

---

See Notes to Financial Statements.

Clough Global Funds

**STATEMENTS OF CASH FLOWS**

**For the Year Ended October 31, 2025 (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Clough Global** <br> **Dividend and Income** <br> **Fund** | **Clough Global Equity** <br> **Fund** | **Clough Global** <br> **Opportunities Fund** |
| **RECONCILIAITION OF ENDING BALANCE OF RESTRICTED AND** <br> **UNRESTRICTED CASH TO STATEMENT OF ASSETS AND LIABILITIES** | | | |
| Cash | $19389 | $30672 | $39243 |
| Foreign currencies, at value | 87 |  | 5 |
| Deposits with broker |  |  |  |
| &nbsp;&nbsp;Securities sold short | 20475198 | 41052053 | 69994612 |
| Total | $20494674 | $41082725 | $70033860 |

---

See Notes to Financial Statements.

Clough Global Dividend and Income Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **October 31,**<br> **2025** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2024** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2023** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2022** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2021** |
| &nbsp;&nbsp;&nbsp;**PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $6.51 | $5.89 | $7.34 | $11.02 | $10.23 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.08 | 0.07 | 0.02 | (0.02) | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.94 | 1.19 | (0.71) | (2.59) | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.02 | 1.26 | (0.69) | (2.61) | 2.34 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.04) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.41) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.57) | (0.61) | (0.76) | (1.10) | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions to Common Shareholders | (0.63) | (0.65) | (0.78) | (1.10) | (1.17) |
| &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Impact of capital share transactions | – | 0.01 | 0.02 | 0.03 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capital Share Transactions | – | 0.01 | 0.02 | 0.03 | (0.38) |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 0.39 | 0.62 | (1.45) | (3.68) | 0.79 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $6.90 | $6.51 | $5.89 | $7.34 | $11.02 |
| &nbsp;&nbsp;&nbsp;Market Value - End of Period | $6.13 | $5.72 | $4.90 | $6.84 | $11.43 |
| &nbsp;&nbsp;&nbsp;Total Investment Return - Net Asset Value<sup>(b)</sup> | 18.40% | 24.06% | (8.45%) | (24.49%) | 23.34% |
| &nbsp;&nbsp;&nbsp;Total Investment Return - Market Price<sup>(c)</sup> | 19.71% | 31.03% | (18.27%) | (32.14%) | 49.90% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:<sup>(d)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $85572 | $80730 | $73660 | $93284 | $124485 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets attributable to common shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expense ratio | 3.06% | 3.09% | 5.32% | 3.58% | 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expense ratio excluding interest expense and dividends on short sales expense | 1.65% | 1.63% | 1.97% | 1.91% | 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) | 1.19% | 1.12% | 0.26% | (0.17%) | 0.49% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 145% | 68% | 72% | 199% | 147% |
| &nbsp;&nbsp;&nbsp;**BORROWINGS AT END OF PERIOD:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate Amount Outstanding (000s) | $21000 | $16000 | $16000 | $53000 | $61500 |
| &nbsp;&nbsp;&nbsp;Asset Coverage Per $1,000<sup>(e)</sup> | 5075 | 6046 | 5604 | 2760 | 3024 |

---

*(a)* *Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b)* *Total investment return - Net Asset Value is calculated based on the funds calculated net asset value, assuming a purchase of a common share at the opening on the first day and a sale at the closing on the last day of each period reported and that all rights in the Fund's rights offering were exercised. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at price obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions on the purchase or sale of the Fund's common shares. Past performance is not a guarantee of future results. Total returns include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes and may differ from those reported to the market.* 

*(c)* *Total investment return - Market Price is calculated based on where the fund is trading in the market, assuming a purchase of a common share at the opening on the first day and a sale at the closing on the last day of each period reported. Total investment returns do not reflect brokerage commissions on the purchase or sale of the Fund's common shares. Past performance is not a guarantee of future results.* 

*(d)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

*(e)* *Calculated by subtracting the Fund's total liabilities (excluding the principal amount of Leverage Facility) from the Fund's total assets and dividing by the principal amount of the Leverage Facility and then multiplying by $1,000.* 

See Notes to Financial Statements.

Clough Global Equity Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **October 31,**<br> **2025** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2024** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2023** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2022** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2021** |
| &nbsp;&nbsp;&nbsp;**PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $7.86 | $6.45 | $7.73 | $15.11 | $12.81 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.10) | (0.03) | (0.14) | (0.25) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.96 | 2.15 | (0.33) | (5.71) | 4.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.86 | 2.12 | (0.47) | (5.96) | 4.53 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.75) | (1.44) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.77) | (0.72) | (0.83) | (0.68) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions to Common Shareholders | (0.77) | (0.72) | (0.83) | (1.43) | (1.56) |
| &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Impact of capital share transactions | – | 0.01 | 0.02 | 0.01 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capital Share Transactions | – | 0.01 | 0.02 | 0.01 | (0.67) |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 1.09 | 1.41 | (1.28) | (7.38) | 2.30 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $8.95 | $7.86 | $6.45 | $7.73 | $15.11 |
| &nbsp;&nbsp;&nbsp;Market Value - End of Period | $7.86 | $6.76 | $5.26 | $7.09 | $15.27 |
| &nbsp;&nbsp;&nbsp;Total Investment Return - Net Asset Value<sup>(b)</sup> | 27.09% | 36.12% | (4.78%) | (40.97%) | 36.34% |
| &nbsp;&nbsp;&nbsp;Total Investment Return - Market Price<sup>(c)</sup> | 29.78% | 43.56% | (15.34%) | (46.43%) | 63.73% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:<sup>(d)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $167627 | $147247 | $121519 | $147870 | $267675 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets attributable to common shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expense ratio | 3.41% | 3.29% | 5.60% | 4.39% | 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expense ratio excluding interest expense and dividends on short sales expense | 1.86% | 1.81% | 2.23% | 2.44% | 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment (loss) | (1.25%) | (0.42%) | (1.99%) | (2.31%) | (1.21%) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 147% | 89% | 122% | 198% | 194% |
| &nbsp;&nbsp;&nbsp;**BORROWINGS AT END OF PERIOD:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate Amount Outstanding (000s) | $41000 | $29000 | $29000 | $110000 | $131500 |
| &nbsp;&nbsp;&nbsp;Asset Coverage Per $1,000<sup>(e)</sup> | 5088 | 6077 | 5190 | 2344 | 3036 |

---

*(a)* *Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b)* *Total investment return - Net Asset Value is calculated based on the funds calculated net asset value, assuming a purchase of a common share at the opening on the first day and a sale at the closing on the last day of each period reported and that all rights in the Fund's rights offering were exercised. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at price obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions on the purchase or sale of the Fund's common shares. Past performance is not a guarantee of future results. Total returns include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes and may differ from those reported to the market.* 

*(c)* *Total investment return - Market Price is calculated based on where the fund is trading in the market, assuming a purchase of a common share at the opening on the first day and a sale at the closing on the last day of each period reported. Total investment returns do not reflect brokerage commissions on the purchase or sale of the Fund's common shares. Past performance is not a guarantee of future results.* 

*(d)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

*(e)* *Calculated by subtracting the Fund's total liabilities (excluding the principal amount of Leverage Facility) from the Fund's total assets and dividing by the principal amount of the Leverage Facility and then multiplying by $1,000.* 

See Notes to Financial Statements.

Clough Global Opportunities Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **October 31,**<br> **2025** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2024** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2023** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2022** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2021** |
| &nbsp;&nbsp;&nbsp;**PER COMMON SHARE OPERATING PERFORMANCE:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $6.07 | $5.19 | $6.21 | $12.37 | $10.48 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.03) | 0.00 <sup>(b)</sup> | (0.11) | (0.18) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.15 | 1.46 | (0.25) | (4.83) | 3.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.12 | 1.46 | (0.36) | (5.01) | 3.44 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.52) | (1.27) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | (0.60) | (0.58) | (0.67) | (0.64) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions to Common Shareholders | (0.60) | (0.58) | (0.67) | (1.16) | (1.27) |
| &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Impact of capital share transactions | – | 0.00 <sup>(b)</sup> | 0.01 | 0.01 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capital Share Transactions | – | 0.00 <sup>(b)</sup> | 0.01 | 0.01 | (0.28) |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 0.52 | 0.88 | (1.02) | (6.16) | 1.89 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $6.59 | $6.07 | $5.19 | $6.21 | $12.37 |
| &nbsp;&nbsp;&nbsp;Market Value - End of Period | $5.82 | $5.23 | $4.20 | $5.74 | $12.87 |
| &nbsp;&nbsp;&nbsp;Total Investment Return - Net Asset Value<sup>(c)</sup> | 21.36% | 30.94% | (4.49%) | (42.06%) | 34.71% |
| &nbsp;&nbsp;&nbsp;Total Investment Return - Market Price<sup>(d)</sup> | 24.39% | 39.41% | (16.38%) | (48.53%) | 66.16% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:<sup>(e)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $281891 | $259548 | $222689 | $270392 | $495734 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets attributable to common shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expense ratio | 3.54% | 3.36% | 5.71% | 4.57% | 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expense ratio excluding interest expense and dividends on short sales expense | 1.97% | 1.89% | 2.36% | 2.60% | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) | (0.53%) | 0.04% | (1.91%) | (2.09%) | (1.26%) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 145% | 85% | 115% | 212% | 209% |
| &nbsp;&nbsp;&nbsp;**BORROWINGS AT END OF PERIOD:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate Amount Outstanding (000s) | $69500 | $52000 | $52000 | $204000 | $245500 |
| &nbsp;&nbsp;&nbsp;Asset Coverage Per $1,000<sup>(f)</sup> | 5056 | 5991 | 5282 | 2325 | 3019 |

---

*(a)* *Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(b)* *Amount represents less than $0.005 per common share.* 

*(c)* *Total investment return - Net Asset Value is calculated based on the funds calculated net asset value, assuming a purchase of a common share at the opening on the first day and a sale at the closing on the last day of each period reported and that all rights in the Fund's rights offering were exercised. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at price obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions on the purchase or sale of the Fund's common shares. Past performance is not a guarantee of future results. Total returns include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes and may differ from those reported to the market.* 

*(d)* *Total investment return - Market Price is calculated based on where the fund is trading in the market, assuming a purchase of a common share at the opening on the first day and a sale at the closing on the last day of each period reported. Total investment returns do not reflect brokerage commissions on the purchase or sale of the Fund's common shares. Past performance is not a guarantee of future results.* 

*(e)* *Ratios do not reflect the proportionate share of income and expenses of the underlying investee funds.* 

*(f)* *Calculated by subtracting the Fund's total liabilities (excluding the principal amount of Leverage Facility) from the Fund's total assets and dividing by the principal amount of the Leverage Facility and then multiplying by $1,000.* 

See Notes to Financial Statements.

Clough Global Funds

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025**

**NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING AND OPERATING POLICIES**

Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each a "Fund", collectively the "Funds"), are closed-end management investment companies registered under the Investment Company Act of 1940 (the "1940 Act"). The Funds were organized under the laws of the state of Delaware on April 27, 2004, January 25, 2005, and January 12, 2006, respectively for Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund. The Funds were previously registered as non-diversified investment companies. As a result of ongoing operations, each of the Funds became a diversified company. The Funds may not resume operating in a non-diversified manner without first obtaining shareholder approval. Each Fund's investment objective is to provide a high level of total return. Each Declaration of Trust provides that the Board of Trustees (the "Board") may authorize separate classes of shares of beneficial interest. The common shares of Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund are listed on the NYSE American LLC and trade under the ticker symbols "GLV", "GLQ" and "GLO" respectively.

The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities, in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon sale of the securities. Each Fund is considered an investment company for financial reporting purposes under GAAP and follows the accounting and reporting guidance applicable to investment companies as codified in Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies.

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

During the year ended October 31, 2025, the Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is a component of a Fund that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the Fund's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio Manager acts as the Funds' CODM. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**Investment Valuation** – Securities and securities sold short, held by each Fund, for which exchange quotations are readily available, are valued at the last sale price, or if no sale price or if traded on the over-the-counter market, at the mean of the bid and asked prices on such day. Money market funds are valued based on the closing NAV. Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is primarily traded. In certain countries market maker prices are used since they are the most representative of the daily trading activity. Market maker prices are usually the mean between the bid and ask prices. Certain markets are not closed at the time that the Funds price their portfolio securities. In these situations, snapshot prices are provided by the individual pricing services or other alternate sources at the close of the NYSE as appropriate. Securities not traded on a particular day are valued at the mean between the last reported bid and the asked quotes, or the last sale price when appropriate; otherwise fair value will be determined by the Board-appointed fair valuation committee. Debt securities for which the over-the-counter market is the primary market are normally valued on the basis of prices furnished by one or more pricing services or dealers at the mean between the latest available bid and asked prices. As authorized by the Board, debt securities (including short-term obligations that will mature in 60 days or less) may be valued on the basis of valuations furnished by a pricing service which determines valuations based upon market transactions for normal, institutional-size trading units of securities or a matrix method which considers yield or price of comparable bonds provided by a pricing service. Over-the-counter options are valued at the mean between bid and asked prices provided by dealers. Exchange-traded options are valued at the mean of the bid and asked prices. Futures and options on futures are valued at settlement price.

If the price of a security is unavailable, or the price of a security is unreliable, e.g., due to the occurrence of a significant event, the security may be valued at its fair value determined the valuation designee. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund's investment adviser, Clough Capital Partners L.P. ("Clough" or the "Adviser"), as the valuation designee with respect to the fair valuation of each Fund's portfolio securities, subject to oversight by and periodic reporting to the Board. For this purpose, fair value is the price that a Fund reasonably expects to receive on a current sale of the security. Due to the number of variables affecting the price of a security, however; it is possible that the fair value of a security may not accurately reflect the price that a Fund could actually receive on a sale of the security.

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

Various inputs are used in determining the value of each Fund's investments as of the reporting period end. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

Clough Global Funds

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Continued)**

The following is a summary of the inputs used as of October 31, 2025, in valuing each Fund's investments carried at value.

**Clough Global Dividend and Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted <br> Quoted Prices**  | **Level 2 - Other Significant**<br>**Observable Inputs**  | **Level 3 - Significant** <br> **Unobservable Inputs**  | **Total** |
| Common Stocks | $88581913 | $– | $– | $88581913 |
| Purchased Options | 1553112 |  |  | 1553112 |
| Corporate Bonds |  | 12409510 |  | 12409510 |
| U.S. Treasury Obligations |  | 2677778 |  | 2677778 |
| Asset-Backed Securities |  | 12334 |  | 12334 |
| Money Market Funds | 862975 | – | – | 862975 |
| Total | $90998000 | $15099622 | $– | $106097622 |
| **Other Financial Instruments** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Securities Sold Short |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | (15529086) |  |  | (15529086) |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | (4220564) |  |  | (4220564) |
| Written Options | (449925) | – | – | (449925) |
| Total | $(20199575) | $– | $– | $(20199575) |

---

**Clough Global Equity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted** <br> **Quoted Prices**  | **Level 2 - Other Significant** <br> **Observable Inputs**  | **Level 3 - Significant** <br> **Unobservable Inputs**  | **Total** |
| Common Stocks | $205539380 | $– | $– | $205539380 |
| Money Market Funds | 1835662 | – | – | 1835662 |
| Total | $207375042 | $– | $– | $207375042 |
| **Other Financial Instruments** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Securities Sold Short |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | (31476450) |  |  | (31476450) |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | (8055846) | – | – | (8055846) |
| Total | $(39532296) | $– | $– | $(39532296) |

---

**Clough Global Opportunities Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted** <br> **Quoted Prices**  | **Level 2 - Other Significant** <br> **Observable Inputs**  | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stocks | $299429987 | $– | $– | $299429987 |
| Purchased Options | 5102950 |  |  | 5102950 |
| Corporate Bonds |  | 27879682 |  | 27879682 |
| U.S. Treasury Obligations |  | 15001496 |  | 15001496 |
| Money Market Funds | 2888454 | – | – | 2888454 |
| Total | $307421391 | $42881178 | $– | $350302569 |
| **Other Financial Instruments** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Securities Sold Short |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | (53732269) |  |  | (53732269) |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | (13866590) |  |  | (13866590) |
| Written Options | (1478288) | – | – | (1478288) |
| Total | $(69077147) | $– | $– | $(69077147) |

---

*<sup>(a)</sup>* *For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.*

In the event an independent pricing service is unable to provide an evaluated price for a security or the Adviser believes the price provided is not reliable, securities of each Fund may be valued at fair value as described above. In these instances the Adviser may seek to find an alternative independent source, such as a broker/ dealer to provide a price quote, or by using evaluated pricing models similar to the techniques and models used by the independent pricing service. These fair value measurement techniques may utilize unobservable inputs (Level 3).

**Cash and Cash Equivalents –** Cash and cash equivalents may include demand deposits and highly liquid investments, typically with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value.

**Foreign Securities** – Each Fund may invest a portion of its assets in foreign securities. In the event that a Fund executes a foreign security transaction, the Fund will generally enter into a foreign currency spot contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks.

Clough Global Funds

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Continued)**

The accounting records of each Fund are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. Although the net assets and the values are presented at the foreign exchange rates at market close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held.

The effect of changes in foreign currency exchange rates on investments is reported with investment securities realized and unrealized gains and losses in the Funds' Statements of Operations.

A foreign currency spot contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. Each Fund may enter into foreign currency spot contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to a Fund include the potential inability of the counterparty to meet the terms of the contract.

The net U.S. dollar value of foreign currency underlying all contractual commitments held by a Fund and the resulting unrealized appreciation or depreciation are determined using prevailing forward foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency spot contracts are reported in the Funds' Statements of Assets and Liabilities as a receivable for investments sold or a payable for investments purchased and in the Funds' Statements of Operations with the change in unrealized appreciation or depreciation on translation of assets and liabilities denominated in foreign currencies. These spot contracts are used by the broker to settle investments denominated in foreign currencies.

A Fund may realize a gain or loss upon the closing or settlement of the foreign transactions. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statements of Operations.

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

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

Each Fund's obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other liquid securities. Each Fund will also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current value of the security sold short. The cash amount is reported on the Statements of Assets and Liabilities as Deposit with broker for securities sold short which is held with one counterparty. Each Fund is obligated to pay interest to the broker for any debit balance of the margin account relating to short sales. The interest incurred by the Funds, if any, is reported on the Statements of Operations as Interest expense – margin account. Interest amounts payable, if any, are reported on the Statements of Assets and Liabilities as Interest payable – margin account.

Each Fund may also sell a security short if it owns at least an equal amount of the security sold short or another security convertible or exchangeable for an equal amount of the security sold short without payment of further compensation (a short sale against-the-box). In a short sale against-the-box, the short seller is exposed to the risk of being forced to deliver stock that it holds to close the position if the borrowed stock is called in by the lender, which would cause gain or loss to be recognized on the delivered stock. Each Fund expects normally to close its short sales against-the-box by delivering newly acquired stock. Since the Funds intend to hold securities sold short for the short term, these securities are excluded from the purchases and sales of investment securities in Note 4 and each Fund's Portfolio Turnover in the Financial Highlights.

**Derivatives Instruments and Hedging Activities** – The following discloses the Funds' use of derivative instruments and hedging activities.

The Funds' investment objectives not only permit the Funds to purchase investment securities, they also allow the Funds to enter into various types of derivative contracts, including, but not limited to, purchased and written options, swaps, futures and warrants. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Risk of Investing in Derivatives - The Funds' use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease or hedge exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected, resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds' performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

Clough Global Funds

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Continued)**

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

Each Fund may acquire put and call options and options on stock indices and enter into stock index futures contracts, certain credit derivatives transactions and short sales in connection with its equity investments. In connection with a Fund's investments in debt securities, it may enter into related derivatives transactions such as interest rate futures, swaps and options thereon and certain credit derivatives transactions. Derivatives transactions of the types described above subject a Fund to increased risk of principal loss due to imperfect correlation or unexpected price or interest rate movements. Each Fund also will be subject to credit risk with respect to the counterparties to the derivatives contracts purchased by a Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivatives contract due to financial difficulties, each Fund may experience significant delays in obtaining any recovery under the derivatives contract in a bankruptcy or other reorganization proceeding. Each Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

Market Risk Factors – In addition, in pursuit of their investment objectives, certain Funds may seek to use derivatives, which may increase or decrease exposure to the following market risk factors:

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

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

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

When a Fund writes an option, an amount equal to the premium received by a Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is recorded as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether a Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by a Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

The effect of derivatives instruments on each Fund's Statement of Assets and Liabilities as October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Clough Global Dividend and Income Fund**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Interest Rate Contracts (Purchased Options) | Investments, at value | $1553112 |
| Total |  | $1553112 |
| **Liability Derivatives** |  |  |
| Interest Rate Contracts (Written Options) | Written options, at value | $(449925) |
| Total |  | $(449925) |

---

---

| | | |
|:---|:---|:---|
| **Clough Global Opportunities Fund**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Interest Rate Contracts (Purchased Options) | Investments, at value | $5102950 |
| Total |  | $5102950 |
| **Liability Derivatives** |  |  |
| Interest Rate Contracts (Written Options) | Written options, at value | $(1478288) |
| Total |  | $(1478288) |

---

Clough Global Funds

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Continued)**

The effect of derivatives instruments on each Fund's Statement of Operations for the year ended October 31, 2025:

**Clough Global Dividend and Income Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) on Derivatives** | **Change in Unrealized Appreciation/ Depreciation on Derivatives** |
| Interest Rate Contracts (Purchased Options) | Net realized gain/(loss) on investment securities/ Net change in unrealized appreciation/ depreciation on investment securities |  | (636128) |
| Interest Rate Contracts (Written Options) | Net realized gain/(loss) on written options/Net change in unrealized appreciation/depreciation on written options | – | 367347 |
|  |  | $– | $(268781) |

---

**Clough Global Equity Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) on Derivatives** | **Change in Unrealized Appreciation/ Depreciation on Derivatives** |
| Equity Contracts (Purchased Options) | Net realized gain/(loss) on investment securities/ Net change in unrealized appreciation/ depreciation on investment securities | 250357 | – |
|  |  | $250357 | $– |

---

**Clough Global Opportunities Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) on Derivatives** | **Change in Unrealized Appreciation/ Depreciation on Derivatives** |
| Equity Contracts (Purchased Options) | Net realized gain/(loss) on investment securities/ Net change in unrealized appreciation/ depreciation on investment securities | 455194 |  |
| Interest Rate Contracts (Purchased Options) | Net realized gain/(loss) on investment securities/ Net change in unrealized appreciation/ depreciation on investment securities |  | (2090262) |
| Interest Rate Contracts (Written Options) | Net realized gain/(loss) on written options/Net change in unrealized appreciation/depreciation on written options | – | 1207013 |
|  |  | $455194 | $(883249) |

---

The average month end notional value of option contracts for the period in which the Funds held options during the year ended October 31, 2025, is noted below.

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Average Purchased Option Contract**<br>**Notional Value** | **Average Written Option Contract**<br>**Notional Value** |
| Clough Global Dividend and Income Fund | $663642361 | $670431250 |
| Clough Global Equity Fund | 1375000 |  |
| Clough Global Opportunities Fund | 2180881250 | 2202629861 |

---

**Restricted Securities**: Although the Funds will invest primarily in publicly traded securities, they may invest a portion of their assets (up to 10% of its value) in restricted securities. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the "Securities Act") or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration.

Restricted securities as of October 31, 2025, were as follows:

**Clough Global Dividend and Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | % of Net Assets | Acquisition <br> Date | Principal <br>Amount | Cost | Value |
| NGL Energy Operating LLC | 1.89% | 11/15/2024 | $1580000 | $1606924 | $1618479 |
| Transocean, Inc. | 1.81 | 1/29/2025 | 1560000 | 1546242 | 1550085 |
| TOTAL | 3.70% |  | $3140000 | $3153166 | $3168564 |

---

Clough Global Funds

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Continued)**

**Clough Global Opportunities Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | % of Net Assets | Acquisition <br> Date  | Principal <br> Amount  | Cost | Value |
| NGL Energy Operating LLC | 1.88% | 11/15/2024 | $5180000 | $5268270 | $5306154 |
| TOTAL | 1.88% |  | $5180000 | $5268270 | $5306154 |

---

**Income Taxes**: Each Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. As of and during the year ended October 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize the interest and penalties, if any, related to the unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended October 31, 2025, the Funds did not incur any interest or penalties.

The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**Distributions to Shareholders**: Each Fund intends to make a dividend distribution each month to Common Shareholders after payment of interest on any outstanding borrowings. Any net capital gains earned by a Fund are distributed at least annually to the extent necessary to avoid federal income and excise taxes. Distributions to shareholders are recorded by each Fund on the ex-dividend date. Each Fund has received approval from the Securities and Exchange Commission (the "Commission") for exemption from Section 19(b) of the 1940 Act, and Rule 19b-1 there under permitting each Fund to make periodic distributions of long-term capital gains, provided that the distribution policy of a Fund with respect to its Common Shares calls for periodic (e.g. quarterly/monthly) distributions in an amount equal to a fixed percentage of each Fund's average NAV over a specified period of time or market price per common share at or about the time of distributions or pay-out of a level dollar amount.

Effective August 2017, each Fund's Board approved a managed dividend distribution rate of 10% of each Fund's prior month average NAV. Subject to certain conditions, these distribution policies remained in effect through July 2019. Effective August 2019, each Fund's Board agreed that the Fund would pay monthly distributions in an amount not less than the average distribution rate of a peer group of closed-end funds selected by the Board. Each Fund's current managed distribution policy is to set 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.

**Securities Transactions and Investment Income**: Investment security transactions are accounted for on a trade date basis. Dividend income and dividend expense-short sales are recorded on the ex-dividend date. Certain dividend income from foreign securities will be recorded, in the exercise of reasonable diligence, as soon as a Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date and may be subject to withholding taxes in these jurisdictions. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. Interest income, which includes amortization of premium and accretion of discount, is recorded on the accrual basis. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis for both financial reporting and income tax purposes.

**Foreign Taxes**: The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

Certain foreign countries impose a capital gains tax which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund's NAV. The tax is paid when the gain is realized and is included in capital gains tax in the Statements of Operations.

**Counterparty Risk**: Each of the Funds run the risk that the issuer or guarantor of a fixed income security, the counterparty to an over-the-counter derivatives contract, a borrower of each Fund's securities or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to make timely principal, interest, or settlement payments or otherwise honor its obligations. In addition, to the extent that each of the Funds use over-the-counter derivatives, and/or has significant exposure to a single counterparty, this risk will be particularly pronounced for each of the Funds.

**Other Risk Factors**: Investing in the Funds may involve certain risks including, but not limited to, the following:

Unforeseen developments in market conditions may result in the decline of prices of, and the income generated by, the securities held by the Funds. These events may have adverse effects on the Funds such as a decline in the value and liquidity of many securities held by the Funds, and a decrease in NAV. Such unforeseen developments may limit or preclude the Funds' ability to achieve their investment objective.

Investing in stocks may involve larger price fluctuation and greater potential for loss than other types of investments. This may result in the securities held by the Funds being subject to larger short-term declines in value compared to other types of investments.

The Funds may have elements of risk due to their investments in foreign issuers located in various countries outside the U.S. Such investments may subject the Funds to additional risks resulting from future political or economic conditions and/or possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

Fixed income securities are subject to credit risk, which is the possibility that a security could have its credit rating downgraded or that the issuer of the security could fail to make timely payments or default on payments of interest or principal. Additionally, fixed income securities are subject to interest rate risk, meaning the decline in the price of debt securities that accompanies a rise in interest rates. Bonds with longer maturities are subject to greater price fluctuations than bonds with shorter maturities.

Clough Global Funds

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Continued)**

The Funds invest in bonds which are rated below investment grade. These high yield bonds may be more susceptible than higher grade bonds to real or perceived adverse economic or industry conditions. The secondary market, on which high yield bonds are traded, may also be less liquid than the market for higher grade bonds.

The economic impacts of a global pandemic may adversely impact the Funds' ability to reach their investment objectives and may adversely affect the value and liquidity of the Funds' investments. Because of uncertainties in valuation, values reflected in these financial statements may differ from the value received upon sales of those investments. These circumstances may continue for an extended period of time, and may adversely affect the value and liquidity of the Funds' investments.

Prices of bonds and other fixed rate fixed-income securities are subject to interest rate risk as the price tends to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the Funds' investments in these securities to decline. Interest rates in the United States have been rising and might increase in the near future. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates.

**NOTE 2 - FEDERAL INCOME TAXES**

**Classification of Distributions**: Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Funds.

The tax character of the distributions paid by the Funds during the year ended October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Ordinary Income** | **Long-Term Capital**<br>**Gains** | <br>**Return of Capital** | <br>**Total** |
| Clough Global Dividend and Income Fund | $705311 | $– | $7127681 | $7832992 |
| Clough Global Equity Fund |  |  | 14439596 | 14439596 |
| Clough Global Opportunities Fund |  |  | 25531435 | 25531435 |

---

The tax character of the distributions paid by the Funds during the year ended October 31, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Ordinary Income** | **Long-Term Capital**<br>**Gains** | <br>**Return of Capital** | <br>**Total** |
| Clough Global Dividend and Income Fund | $447639 | $– | $7596141 | $8043780 |
| Clough Global Equity Fund |  |  | 13583703 | 13583703 |
| Clough Global Opportunities Fund |  |  | 24690073 | 24690073 |

---

**Components of Net Assets:** For the year ended October 31, 2025, permanent differences identified and reclassified among the components of net assets primarily related to net operating losses. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Funds.

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable** <br> **Earnings/(Accumulated** <br> **Losses)**  |
| Clough Global Dividend and Income Fund | $52102 | $(52102) |
| Clough Global Equity Fund*<sup>(a)</sup>* | (1127484) | 1127484 |
| Clough Global Opportunities Fund*<sup>(b)</sup>* | (2647744) | 2647744 |

---

*<sup>(a)</sup>* *Included in the amounts reclassed was a net operating loss offset to paid-in capital of $1,226,266.* 

*<sup>(b)</sup>* *Included in the amounts reclassed was a net operating loss offset to paid-in capital of $2,823,628.* 

**Tax Basis of Distributable Earnings/(Accumulated Losses):** Tax components of distributable earnings/(accumulated losses) are determined in accordance with income tax regulations which may differ from composition of net assets reported under GAAP.

As of October 31, 2025, the components of distributable earnings/(accumulated losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated Net Realized Gain/(Loss)** | **Net Unrealized Appreciation/ (Depreciation)** | **Other Accumulated Gain/(Loss)** | **Total** |
| Clough Global Dividend and Income Fund | $(22552254) | $24755363 | $– | $2203109 |
| Clough Global Equity Fund | (52120339) | 59315880 | (3242966) | 3952575 |
| Clough Global Opportunities Fund | (112712277) | 84663346 |  | (28048931) |

---

Clough Global Funds

**NOTES TO FINANCIAL STATEMENTS**

**October 31, 2025 (Continued)**

**Capital Losses:** Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Clough Global Dividend and Income Fund | $(22552254) | $– |
| Clough Global Equity Fund | (52120339) |  |
| Clough Global Opportunities Fund | (112712277) |  |

---

The capital loss carryover utilized by the Funds during the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Clough Global Dividend and Income Fund | $855601 |
| Clough Global Equity Fund | 12497842 |
| Clough Global Opportunities Fund | 19238320 |

---

**Tax Basis of Investments**: Net unrealized appreciation/(depreciation) of investments and derivatives based on federal tax cost as of October 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross** <br> **Appreciation** <br> **(excess of value** <br> **over tax cost)<sup>(a)</sup>**  | **Gross** <br> **Depreciation** <br> **(excess of tax** <br> **cost over** <br> **value)<sup>(a)</sup>**  | **Net** <br> **Appreciation/** <br> **(Depreciation)** <br> **of Foreign Currency** <br> **and Written Options**  | **Net Unrealized** <br> **Appreciation/** <br> **(Depreciation)**  | **Cost of** <br> **Investments for** <br> **Income Tax** <br> **Purposes<sup>(b)</sup>**  |
| Clough Global Dividend and Income Fund | $26420691 | $(2032806) | $367478 | $24755363 | $81742288 |
| Clough Global Equity Fund | 62274926 | (2959261) | 215 | 59315880 | 148225669 |
| Clough Global Opportunities Fund | 90488482 | (7032513) | 1207377 | 84663346 | 267088905 |

---

*<sup>(a)</sup>* *Includes appreciation/(depreciation) on securities sold short.* 

*<sup>(b)</sup>* *Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to various book-to-tax differences.* 

The difference between book and tax basis unrealized appreciation is attributable primarily to wash sales, the tax treatment of derivatives and perpetual bonds.

**NOTE 3 - CAPITAL TRANSACTIONS**

**Common Shares**: There are an unlimited number of no par value common shares of beneficial interest authorized for each Fund.

The Board of each Fund announced, on June 13, 2025, that it had approved the renewal of the repurchase program in accordance with Section 23(c) of the 1940 Act. Under the share repurchase program, each Fund may purchase up to 5% of its outstanding common shares in open market transactions through June 30, 2026.

Transactions in common shares were as follows:

---

| | | |
|:---|:---|:---|
| | **For the Year Ended** <br> **October 31, 2025**  | **For the Year Ended** <br> **October 31, 2024** |
| **Clough Global Dividend and Income Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Common shares outstanding - beginning of period | 12409683 | 12506783 |
| &nbsp;&nbsp;&nbsp;Repurchase of fund shares | – | (97100) |
| &nbsp;&nbsp;&nbsp;Common shares outstanding - end of period | 12409683 | 12409683 |
| **Clough Global Equity Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Common shares outstanding - beginning of period | 18738121 | 18839921 |
| &nbsp;&nbsp;&nbsp;Repurchase of fund shares | – | (101800) |
| &nbsp;&nbsp;&nbsp;Common shares outstanding - end of period | 18738121 | 18738121 |
| **Clough Global Opportunities Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Common shares outstanding - beginning of period | 42766222 | 42866120 |
| &nbsp;&nbsp;&nbsp;Repurchase of fund shares | – | (99898) |
| &nbsp;&nbsp;&nbsp;Common shares outstanding - end of period | 42766222 | 42766222 |

---

Clough Global Funds

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Continued)**

**NOTE 4 - PORTFOLIO SECURITIES**

Purchases and sales of investment securities, excluding securities sold short intended to be held for less than one year and short-term securities, for the year ended October 31, 2025, are listed in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of Investments Purchased** | **Proceeds from Investments Sold** | **Purchases of Long-Term U.S. Government Obligations** | **Proceeds from Sales of Long-Term U.S. Government Obligations** |
| Clough Global Dividend and Income Fund | $128805177 | $131792761 | $7581328 | $8413684 |
| Clough Global Equity Fund | 290965140 | 299435084 |  |  |
| Clough Global Opportunities Fund | 496842810 | 507966166 | 23623886 | 28364876 |

---

**NOTE 5 - INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENTS**

Clough serves as each Fund's investment adviser pursuant to an Investment Advisory Agreement (each an "Advisory Agreement" and collectively, the "Advisory Agreements") with each Fund. As compensation for its services to each Fund, Clough receives an annual investment advisory fee of 0.70%, 0.90% and 1.00% based on Clough Global Dividend and Income Fund's, Clough Global Equity Fund's and Clough Global Opportunities Fund's, respectively, average daily total assets, computed daily and payable monthly.

Paralel Technologies LLC ("Paralel") serves as each Fund's administrator pursuant to an administration and fund accounting agreement with each Fund. As compensation for its services to each Fund, Paralel receives a monthly administration fee based on each Fund's average daily total assets, computed daily and payable monthly. Paralel will pay all routine operating expenses of the Funds, except the following: advisory fees; taxes and governmental fees; expenses related to portfolio transactions and management of the portfolio (inclusive of leverage costs); expenses associated with secondary offerings of shares (including costs related to the offering, redemption and/or maintenance of preferred shares or similar instruments); trustee fees and retainers; expenses associated with tender offers and other share repurchases; and other extraordinary expenses as may arise, including, without limit, litigation, claims, and indemnification expenses.

**NOTE 6 - COMMITTED FACILITY AGREEMENT AND LENDING AGREEMENT**

Each Fund entered into a financing package that includes a Committed Facility Agreement (the "Agreement") dated January 16, 2009, as amended and restated, between each Fund and BNP Paribas Prime Brokerage, Inc. ("BNP") that allows each Fund to borrow funds from BNP. Each Fund entered a Special Custody and Pledge Agreement (the "Pledge Agreement") dated December 9, 2013, as amended, between each Fund, the Funds' custodian, and BNP. As of October 31, 2016, the Pledge Agreement was assigned from BNP to BNP Paribas Prime Brokerage International, Ltd. Per the Pledge Agreement, borrowings under the Agreement are secured by assets of each Fund that are held by the Fund's custodian in a separate account (the "pledged collateral"). On October 31, 2025, the pledged collateral was valued at $40,989,480, $82,810,359, and $142,566,707 for the Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, respectively. Each Fund may, with 30 days' notice, reduce the Maximum Commitment Financing to the highest possible amount that, if fully drawn, would be in compliance with the applicable asset coverage requirement of Section 18 of the 1940 Act. Interest is charged at the Overnight Banking Funding Rate ("OBFR") plus 0.80% on the amount borrowed.

The Maximum Commitment Financing allowed under the Agreement is the lower of the outstanding borrowings of each Fund or $63,300,000, $139,500,000 and $257,000,000 for the Clough Global Dividend and Income Fund, Clough Global Equity Fund and the Clough Global Opportunities Fund, respectively. For the year ended October 31, 2025, the average borrowings outstanding for Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund under the agreement were $16,712,329, $35,427,397 and $62,917,808, respectively, and the average interest rate for the borrowings was 5.14%. As of October 31, 2025, the outstanding borrowings for Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund were $21,000,000, $41,000,000 and $69,500,000, respectively. The interest rate applicable to the borrowings of Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund on October 31, 2025, was 4.67%. The interest incurred on borrowed amounts is recorded as Interest on loan in the Statements of Operations, a part of Total Expenses.

The Lending Agreement is a separate side-agreement between each Fund and BNP pursuant to which BNP may borrow a portion of the pledged collateral (the "Lent Securities") in an amount not to exceed the outstanding borrowings owed by a Fund to BNP under the Agreement. The Lending Agreement is intended to permit each Fund to significantly reduce the cost of its borrowings under the Agreement. BNP has the ability to re-register the Lent Securities in its own name or in another name other than the Fund to pledge, re-pledge, sell, lend or otherwise transfer or use the collateral with all attendant rights of ownership. (It is each Fund's understanding that BNP will perform due diligence to determine the creditworthiness of any party that borrows Lent Securities from BNP.) Each Fund may designate any security within the pledged collateral as ineligible to be a Lent Security, provided there are eligible securities within the pledged collateral in an amount equal to the outstanding borrowing owed by a Fund. During the year in which the Lent Securities are outstanding, BNP must remit payment to each Fund equal to the amount of all dividends, interest or other distributions earned or made by the Lent Securities.

Under the terms of the Lending Agreement, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by a Fund to BNP under the Agreement (the "Current Borrowings"), BNP must, on that day, either (1) return Lent Securities to each Fund's custodian in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings; or (2) post cash collateral with each Fund's custodian equal to the difference between the value of the Lent Securities and the value of the Current Borrowings. If BNP fails to perform either of these actions as required, each Fund will recall securities, as discussed below, in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings. Each Fund can recall any of the Lent Securities and BNP shall, to the extent commercially possible, return such security or equivalent security to each Fund's custodian no later than three business days after such request. If a Fund recalls a Lent Security pursuant to the Lending Agreement, and BNP fails to return the Lent Securities or equivalent securities in a timely fashion, BNP shall remain liable for the ultimate delivery to each Fund's custodian of such Lent Securities, or equivalent securities, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to

Clough Global Funds

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Continued)**

deliver. Should the borrower of the securities fail financially, the Funds have the right to reduce the outstanding amount of the Current Borrowings against which the pledged collateral has been secured. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. Under the terms of the Lending Agreement, each Fund shall have the right to apply and set-off an amount equal to one hundred percent (100%) of the then current fair value of such Lent Securities against the Current Borrowings. As of October 31, 2025, the value of the Lent Securities for Clough Global Dividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund were $18,297,485, $37,938,352, and $63,904,145, respectively.

Clough Global Funds

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each a "Fund", collectively the "Funds") as of October 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations, their cash flows for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2012.

![](glvncsr007.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 19, 2025

Clough Global Funds

**DIVIDEND REINVESTMENT PLAN** 

**October 31, 2025 (Unaudited)**

Unless the registered owner of Common Shares elects to receive cash by contacting SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS") (the "Plan Administrator"), all dividends declared on Common Shares will be automatically reinvested by the Plan Administrator for shareholders in each Fund's Dividend Reinvestment Plan (the "Plan"), in additional Common Shares. Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. You may elect not to participate in the Plan and to receive all dividends in cash by contacting the Plan Administrator, as dividend disbursing agent, at the address set forth below. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re–invest that cash in additional Common Shares for you. If you wish for all dividends declared on your Common Shares to be automatically reinvested pursuant to the Plan, please contact your broker.

The Plan Administrator will open an account for each Common Shareholder under the Plan in the same name in which such Common Shareholder's Common Shares are registered. Whenever a Fund declares a dividend or other distribution (together, a "Dividend") payable in cash, non–participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Administrator for the participants' accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from a Fund ("Newly Issued Common Shares") or (ii) by purchase of outstanding Common Shares on the open market ("Open–Market Purchases") on the American Stock Exchange or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions per Common Share is equal to or greater than the net asset value per Common Share, the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant's account will be determined by dividing the dollar amount of the Dividend by the net asset value per Common Share on the payment date; provided that, if the net asset value is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the net asset value per Common Share is greater than the closing market value plus estimated brokerage commissions, the Plan Administrator will invest the Dividend amount in Common Shares acquired on behalf of the participants in Open–Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade on an "ex–dividend" basis or 30 days after the payment date for such Dividend, whichever is sooner (the "Last Purchase Date"), to invest the Dividend amount in Common Shares acquired in Open–Market Purchases. If, before the Plan Administrator has completed its Open–Market Purchases, the market price per Common Share exceeds the net asset value per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the net asset value of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open–Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open–Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open–Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the net asset value per Common Share at the close of business on the Last Purchase Date provided that, if the net asset value is less than or equal to 95% of the then current market price per Common Share; the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.

The Plan Administrator maintains all shareholders' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of Common Shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder's name and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to Common Shares issued directly by a Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open–Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a sale of Common Shares through the Plan Administrator are subject to brokerage commissions.

Each Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, each Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All correspondence or questions concerning the Plan should be directed to the Plan Administrator, SS&C Global Investor & Distribution Solutions, Inc., 430 W 7th Street Kansas City, MO 64105.

Clough Global Funds

**ADDITIONAL INFORMATION** 

**October 31, 2025 (Unaudited)**

**FUND PROXY VOTING POLICIES AND PROCEDURES**

Each Fund's policies and procedures used in determining how to vote proxies relating to portfolio securities are available on the Funds' website at http://www. cloughcefs.com. Information regarding how each Fund voted proxies relating to portfolio securities held by each Fund for the period ended June 30, are available without charge, on the Funds' website at http:// www.cloughcapital.com/cefs, on the Commission's website at http://www.sec.gov or by contacting the Funds at 1-855-425-6844.

**PORTFOLIO HOLDINGS**

The Funds file their complete schedule of portfolio holdings with the Commission for each fiscal quarter on Form N-PORT within 60 days after the end of the period. Copies of the Funds' Form N-PORT are available without a charge, on the Funds' website at http://www.cloughcapital.com/cefs, by contacting the Funds at 1- 855-425-6844 and on the Commission's website at http://www.sec.gov.

**NOTICE**

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that each Fund may purchase at market prices from time to time shares of its common stock in the open market.

**PRIVACY STATEMENT**

Pursuant to SEC Regulation S-P (Privacy of Consumer Financial Information) the Board established the following policy regarding information about the Funds' shareholders. We consider shareholder data to be private and confidential, and we hold ourselves to the highest standards in its safekeeping and use.

**General Statement.** The Fund may collect nonpublic information (e.g., your name, address, email address, Social Security Number, Fund holdings (collectively, "Personal Information")) about shareholders from transactions in Fund shares. The Fund will not release Personal Information about current or former shareholders unless one of the following conditions is met: (i) we receive your prior written consent; (ii) we believe the recipient to be you or your authorized representative; (iii) to service or support the business functions of the Fund (as explained in more detail below), or (iv) we are required by law to release Personal Information to the recipient. The Fund has not and will not in the future give or sell Personal Information about its current or former shareholders to any company, individual, or group (except as permitted by law) and as otherwise provided in this policy.

**Use of Personal Information**. The Fund will only use Personal Information (i) as necessary to service or maintain shareholder accounts in the ordinary course of business and (ii) to support business functions of the Fund and its affiliated businesses. This means that the Fund may share certain Personal Information, only as permitted by law, with affiliated businesses of the Fund, and that such information may be used for non-Fund-related solicitation. When Personal Information is shared with the Fund's business affiliates, the Fund may do so without providing you the option of preventing these types of disclosures as permitted by law.

**Safeguards Regarding Personal Information.** Internally, we also restrict access to Personal Information to those who have a specific need for the records. We maintain physical, electronic, and procedural safeguards that comply with federal standards to safeguard Personal Information.

**SECTION 19(A) NOTICES**

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted there under. Each Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the fiscal year-to-date cumulative distribution amount per share for each Fund.

The amounts and sources of distributions reported in these 19(a) notices are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions for the year<br> ended October 31, 2025 | Total Cumulative Distributions for the year<br> ended October 31, 2025 | Total Cumulative Distributions for the year<br> ended October 31, 2025 | Total Cumulative Distributions for the year<br> ended October 31, 2025 | % Breakdown of the Total Cumulative<br> Distributions for the year<br> ended October 31, 2025 | % Breakdown of the Total Cumulative<br> Distributions for the year<br> ended October 31, 2025 | % Breakdown of the Total Cumulative<br> Distributions for the year<br> ended October 31, 2025 | % Breakdown of the Total Cumulative<br> Distributions for the year<br> ended October 31, 2025 |
|  | **Net Investment Income** | **Net Realized Capital Gains** | **Return of Capital** | **Total Per Common Share** | **Net Investment Income** | **Net Realized Capital Gains** | **Return of Capital** | **Total Per Common Share** |
| Clough Global Dividend and Income Fund | $0.08017 | $– | $0.55103 | $0.63120 | 12.70% |  | 87.30% | 100.00% |
| Clough Global Equity Fund | $– | $– | $0.77060 | $0.77060 | – |  | 100.00% | 100.00% |
| Clough Global Opportunities Fund | $– | $– | $0.59700 | $0.59700 | – |  | 100.00% | 100.00% |

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Each Fund's dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, each Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by each Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month. Each Fund's current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

Clough Global Funds

**ADDITIONAL INFORMATION** 

**October 31, 2025 (Continued) (Unaudited)**

Each Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'

You should not draw any conclusions about each Fund's investment performance from the amount of the distributions or from the terms of each Fund's plan.

**TAX DESIGNATIONS**

The Funds hereby designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **QDI** | **DRD** |
| Clough Global Dividend and Income Fund | 100.00% | 100.00% |
| Clough Global Equity Fund | 0.00% | 0.00% |
| Clough Global Opportunities Fund | 0.00% | 0.00% |

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Clough Global Funds

**TRUSTEES AND OFFICERS**

**(Unaudited)**

**INTERESTED TRUSTEE<sup>(a)</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth<sup>(b)</sup>** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(c)</sup>** | **Principal Occupation(s)** | **Number of Funds in Complex Overseen** | **Other Directorships Held by Trustees** |
| Kevin McNally<br> 1969<sup>(d)</sup>  | Trustee | Trustee since:<br> GLV: 2017<br> GLQ: 2017<br> GLO: 2017<br>Term Expires:<br> GLV: 2027<br> GLQ: 2028<br> GLO: 2026  | Mr. McNally is a Portfolio Manager at Absolute Investment Advisers beginning in 2024. Previously, he was a Managing Director at Clough and served as the portfolio manager for an investment fund and separately managed accounts advised by Clough that invested primarily in closed-end funds (2014-2024). | 3 |  |

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**NON-INTERESTED TRUSTEES**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth<sup>(b)</sup>** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(c)</sup>** | **Principal Occupation(s)** | **Number of Funds in Complex Overseen** | **Other Directorships Held by Trustees** |
| Adam D. Crescenzi<br> 1942  | Vice-Chairman of the Board and Trustee | Trustee since: <br> GLV: 2004 <br> GLQ: 2005 <br> GLO: 2006 <br>Term Expires: <br> GLV: 2026 <br> GLQ: 2027 <br> GLO: 2028 | Mr. Crescenzi has served as the Founding Partner of Simply Tuscan Imports LLC since 2007. He has been a founder and investor of several start-up technology and service firms and has served as a director of both public and private corporations. Currently, he advises businesses and non-profit organizations on issues of strategy, marketing, and governance. He has been named President Emeritus: The Naples Italian Cultural Society and the Founders Fund, Inc. | 3 |  |
| Karen DiGravio<br> 1969  | Trustee | Trustee since: <br> GLV: 2017 <br> GLQ: 2017<br> GLO: 2017<br>Term Expires: <br> GLV: 2027 <br> GLQ: 2028 <br> GLO: 2026 | Ms. DiGravio is retired. She was a Partner, Chief Financial Officer and Chief Compliance Officer of Westfield Capital Management. Thereafter, she served as a member of the Westfield Advisory Board until 2015. In addition, she is currently co-chair of Connecticut College's 1911 Society and was also a member of the college's President's Leadership Council from 2018 to 2025. | 3 |  |
| Hon. Vincent W. Versaci<br> 1971  | Trustee | Trustee since: <br> GLV: 2013 <br> GLQ: 2013 <br> GLO: 2013 <br>Term Expires: <br> GLV: 2028 <br> GLQ: 2026 <br> GLO: 2027 | Judge Versaci has served as a Judge in the New York State Courts since January 2003. Currently, Judge Versaci is assigned as an Acting Supreme Court Justice and also presides over the Surrogate's Court for Schenectady County, New York. Previously, Judge Versaci has served as an Adjunct Professor at Schenectady County Community College and a practicing attorney with an emphasis on civil and criminal litigation primarily in New York State Courts. | 3 |  |
| Clifford J. Weber<br> 1963  | Chairman of the Board and Trustee | Trustee since: <br> GLV: 2017 <br> GLQ: 2017 <br> GLO: 2017<br>Term Expires:<br> GLV: 2028<br> GLQ: 2026<br> GLO: 2027 | Mr. Weber is the founder of Financial Products Consulting Group, LLC (a consulting firm). | 3 | Janus Detroit Street Trust, Clayton Street Trust and Global-X Funds |

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Clough Global Funds

**TRUSTEES AND OFFICERS**

**(Unaudited)**

**NON-INTERESTED TRUSTEES**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth<sup>(b)</sup>** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served<sup>(c)</sup>** | **Principal Occupation(s)** | **Number of Funds in Complex Overseen** | **Other Directorships Held by Trustees** |
| Edmund J. Burke<br> 1961  | Trustee | Trustee since: <br> GLV: 2006 <br> GLQ: 2006 <br> GLO: 2006 <br>Term Expires: <br> GLV: 2028 <br> GLQ: 2026 <br> GLO: 2027 | Mr. Burke is currently a passive partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020) and BlueBiofuels Inc, a public company in the alternative energy sector (since 2020.) Mr. Burke joined ALPS in 1991, serving as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc., and ALPS Portfolio Solutions Distributor, Inc. until his retirement in 2019. | 3 | Financial Investors Trust, Liberty All-Star Equity Fund, Director of the Liberty All-Star Growth Fund, Inc., ALPS ETF Trust |

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**OFFICERS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth<sup>(e)</sup>** | **Position(s) Held With Trust<sup>(f)</sup>** | **Term of Office and Length of Time Served<sup>(f)</sup>** | **Principal Occupation(s)** | **Number of Funds in Complex Overseen** | **Other Directorships Held by Officers** |
| Jeremy May <br> 1970<br>| President | Officer Since: <br> GLV: 2023 <br> GLQ: 2023 <br> GLO:2023 | Founder and CEO of Paralel Technologies, LLC (a fintech firm) and its wholly owned subsidiaries, Paralel Advisors (a registered investment adviser) and Paralel Distributors (a registered broker/dealer) (Since June 2020); Previously, President and Director of ALPS Fund Services, Inc., ALPS Distributors, Inc., and ALPS Portfolio Solutions Distributor, Inc., Executive Vice President and Director of ALPS Holdings, Inc. and ALPS Advisors, Inc. (1995 to 2019). | N/A | N/A |
| Bradley J. Swenson<br> 1972  | Chief Compliance Officer | Officer Since: <br> GLV: 2023 <br> GLQ: 2023<br> GLO:2023 | Mr. Swenson is President of Paralel Distributors LLC (May 2022 to present) and Chief Compliance Officer of Paralel Technologies LLC (January 2023 to present). He previously served as President of TruePeak Consulting, LLC (August 2021 to December 2023). Mr. Swenson joined ALPS Fund Services, Inc. ("ALPS") in 2004 and served as its President from June 2019 until June 2021. In this role, he served as an officer to certain other closed-end and open-end investment companies. He previously served as the Chief Operating Officer of ALPS (2015-2019). Mr. Swenson also previously served as Chief Compliance Officer to ALPS, its affiliated entities, and to certain ETF, closed-end and open-end investment companies (2004-2015). | N/A | N/A |
| Christopher Moore<br> 1984  | Secretary | Officer Since: <br> GLV: 2023 <br> GLQ: 2023 <br> GLO:2023 | Mr. Moore is General Counsel of Paralel Technologies LLC and its affiliates, as well as General Counsel and CCO of Paralel Advisors LLC, each since 2021. Mr. Moore served as Deputy General Counsel and Legal Operations Manager of RiverNorth Capital Management, LLC from 2020-2021; and VP, Senior Counsel of ALPS Fund Services, Inc. from 2016- 2020. | N/A | N/A |
| Jill Kerschen<br> 1975  | Treasurer | Officer Since: <br> GLV: 2023 <br> GLQ: 2023 <br> GLO:2023 | Ms. Kerschen joined Paralel in 2021 and is currently Director of Client Engagement. Prior to joining Paralel she was Vice President at ALPS Advisors, Inc. from 2019 to 2021 and from 2013 to 2019 she served as Vice President and Fund Controller at ALPS Fund Services, Inc. | N/A | N/A |

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*<sup>(a)</sup>* *"Interested Trustees" refers to those Trustees who constitute "interested persons" of the Fund as defined in the 1940 Act.* 

*<sup>(b)</sup>* *Unless otherwise specified, the Trustees' respective addresses are 1700 Broadway, Suite 1850 Denver, CO 80290.* 

*<sup>(c)</sup>* *GLV commenced operations July 28, 2004, GLQ commenced operations April 27, 2005, and GLO commenced operations April 25, 2006.* 

*<sup>(d)</sup>* *Mr. McNally is considered to be an "Interested Trustee" because of his prior affiliation with Clough, which acts as each Fund's investment adviser.* 

Clough Global Funds

**TRUSTEES AND OFFICERS**

**(Unaudited)**

*<sup>(e)</sup>* *Unless otherwise specified, the Officers' respective addresses are 1700 Broadway, Suite 1850 Denver, CO 80290.* 

*<sup>(f)</sup>* *Officers are elected annually and each officer will hold such office until a successor has been elected by the Board.* 

*The Statement of Additional Information contains additional information about the Trustees and is available, free of charge, upon request by calling 1-855-425-6844.*

Clough Global Dividend and Income Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Unaudited)**

The following information in this annual report is a summary of certain information about the Fund and changes since the Fund's most recent annual report dated October 31, 2025 (the "prior disclosure date"). This information may not reflect all of the changes that have occurred since you purchased the Fund.

**PORTFOLIO MANAGER INFORMATION**

Since the prior disclosure date, there have been no changes to the Fund's portfolio managers.

**FUND ORGANIZATION STRUCTURE**

Since the prior disclosure date, there have been no changes in the Fund's charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by stockholders.

**INVESTMENT OBJECTIVE**

There have been no changes in the Fund's investment objective since the prior disclosure date that have not been approved by shareholders.

The Fund's investment objective is to provide a high level of total return. The Fund seeks to pursue this objective by applying a fundamental research-driven investment process and will under normal circumstances invest at least 80% of its net assets, including any borrowings for investment purposes, in equity securities in both U.S. and non-U.S. markets of companies of any market capitalization. There is no assurance that the Fund will achieve its investment objective.

The Fund invests primarily in a managed mix of global equity securities. The Fund is flexibly managed so that, depending on the Fund's investment adviser's outlook, it sometimes will be more heavily invested in equity securities in U.S. markets or in equity securities in other markets around the world. Under normal circumstances, the Fund expects to invest in securities of issuers located in at least three countries (in addition to the United States). Unless market conditions are deemed unfavorable, the Fund expects that the market value of the Fund's long and short positions in securities of issuers organized outside the United States and issuers doing a substantial amount of business outside the United States (greater than 50% of revenues derived from outside of the United States) will represent at least 40% of the Fund's net assets. Investments in non-U.S. markets will be made primarily through liquid securities, including depositary receipts (which evidence ownership of underlying foreign securities) such as American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and Exchange-Traded Funds ("ETFs"). The Fund may acquire put and call options and options on stock indices and enter into stock index futures contracts, certain credit derivatives transactions and short sales in connection with its equity investments. In connection with the Fund's investments in debt securities, it may enter into related derivatives transactions such as interest rate futures, swaps and options thereon and certain credit derivatives transactions. The Fund may invest up to 20% of its total assets in fixed income securities, including both corporate and sovereign debt in both U.S. and non-U.S. markets. Investments in corporate debt, if any, may include both investment grade and non-investment grade securities. Investments in sovereign debt may also include bonds issued by countries considered emerging markets.

The Fund will not invest more than 33% of its total assets, at the time of acquisition, in securities (including equity and fixed income securities) of governments and companies in emerging markets. The Fund may also invest a portion of its assets in real estate investment trusts, or "REITs", but the Fund does not expect that portion to be significant. The Fund will not invest more than 10% of its total assets in debt securities rated below investment grade (i.e., securities rated lower than Baa by Moody's Investors Service, Inc. ("Moody's") or lower than BBB by Standard & Poor's Rating Services, a division of The McGraw-Hill Companies, Inc. ("S&P")), or their equivalent as determined by Clough.

The Fund may use various hedging strategies for return generation, or to express a specific view on an industry or individual company. In addition to shorting to hedge equity risk, the Fund may utilize instruments including, for example, exchange traded funds ("ETFs"), derivative positions and U.S. Treasury securities as a means to seek to reduce volatility and limit exposure to market declines. These instruments can be effective in seeking to reduce volatility, and can help to prevent the Fund from selling long positions at sub-optimal times.

The Fund may also engage in frequent portfolio turnover.

The Fund will place a high priority on capital preservation and should the Fund's investment adviser believe that extraordinary conditions affecting global financial markets warrant, the Fund may temporarily be primarily invested in money market securities or money market mutual funds. When the Fund is invested in these instruments for temporary or defensive purposes, it may not achieve its investment objective. The Fund may use a variety of investment techniques including shorting strategies, use of derivatives, and use of long-dated bonds, designed to capitalize on declines in the market price of equity securities or declines in market indices (e.g., the Fund may establish short positions in specific stocks or stock indices) based on the Fund's investment adviser's investment outlook. Subject to the requirements of the 1940 Act and the Internal Revenue Code of 1986, as amended (the "Code"), the Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short by the Fund exceeds 30% of the value of its total assets. No assurances can be given that the Fund's investment objective will be achieved.

**PRINCIPAL INVESTMENT STRATEGIES**

Clough believes that above average investment returns can be achieved when key, proprietary insights into industry or economic trends are discovered, and their significance understood, before they become obvious to other investors. Within this context, the investment process will focus on investing in a number of major global investment themes identified by Clough. Industry consolidation, technological change, an emerging shortage of a product or raw material which derives from a period of under-investment, changes in government regulation or major economic or investment cycles are examples of themes Clough would emphasize in its investment focus. Attractive investment themes will often be influenced by global trends, which make investments in certain industries across more than one geographic market likely.

Once attractive themes are identified, Clough will generally utilize a "bottom-up" research process to identify companies it believes are best positioned to benefit from those specific themes. Individual positions will be selected based upon a host of qualitative and quantitative factors, including, but not limited to, such factors as a company's competitive position, quality of company management, quality and visibility of earnings and cash flow, balance sheet strength and relative valuation. This approach may provide investment opportunities in various levels of a company's capital structure, including common and preferred stock, as well as corporate bonds, including convertible debt securities.

Under the Fund's theme-oriented investment approach, the portfolio may be invested in only a relatively small number of industries. The Fund will attempt to diversify within its investment themes, as appropriate, to lower volatility. Individual equity positions on both the long and short side of the portfolio will typically be

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below 5% of total assets. The Fund also does not have restrictions on the levels of portfolio turnover. However, since major industry trends often last years, Clough believes that a theme-based investment approach can result in opportunities for tax efficient investing (as a result of lower portfolio turnover).

Clough believes that its theme-based portfolio strategy will present periods of time when Clough has a particularly high degree of confidence in the Fund's investment positions. During these occasions, the Fund may purchase call options in order to enhance investment returns. The Fund may also purchase such options at other times if Clough believes it would be beneficial to the Fund to do so. The Fund's use of such option strategies is expected to be opportunistic in nature and the Fund is not required to maintain any particular percentage of assets in call option premium. Call option premiums, when utilized, will typically be less than 12% of total assets.

Generally, securities will be purchased or sold by the Fund on national securities exchanges and in the over-the-counter market. From time to time, securities may be purchased or sold in private transactions, including securities that are not publicly traded or that are otherwise illiquid. Clough does not expect such investments to comprise more than 10% of the Fund's total assets (determined at the time the investment is made).

Clough may invest the Fund's cash balances in any investments it deems appropriate, including, without limitation and as permitted under the 1940 Act, money market funds, repurchase agreements, U.S. Treasury, U.S. agency securities, municipal bonds and bank accounts. Any income earned from such investments is ordinarily reinvested by the Fund in accordance with its investment program. Many of the considerations entering into Clough's recommendations and the portfolio managers' decisions are subjective.

The Fund's portfolio will be actively managed and securities may be bought or sold on a daily basis. Investments may be added to the portfolio if they satisfy value-based criteria or contribute to the portfolio's risk profile. Investments may be removed from the portfolio if Clough believes that their market value exceeds full value, they add inefficient risk or the initial investment thesis fails.

**PORTFOLIO INVESTMENTS**

**Common Stocks**

Common stock represents an equity ownership interest in an issuer. The Fund will have substantial exposure to common stocks. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the prices of common stocks to which the Fund has exposure. Common stock prices fluctuate for many reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuer occur. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase.

**Small and Medium Cap Companies**

The Fund may invest in securities of small capitalization companies, currently considered by Clough to mean companies with market capitalization at or below $1 billion. It may also invest in medium capitalization companies, currently considered by Clough to mean companies with market capitalization of between $1 billion and $5 billion.

**Preferred Stocks**

Preferred stock, like common stock, represents an equity ownership in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into common stock.

Although they are equity securities, preferred stocks have certain characteristics of both debt and common stock. They are debt-like in that their promised income is contractually fixed. They are common stock-like in that they do not have rights to precipitate bankruptcy proceedings or collection activities in the event of missed payments. Furthermore, they have many of the key characteristics of equity due to their subordinated position in an issuer's capital structure and because their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows.

In order to be payable, dividends on preferred stock must be declared by the issuer's board of directors or trustees. In addition, distributions on preferred stock may be subject to deferral and thus may not be automatically payable. Income payments on some preferred stocks are cumulative, causing dividends and distributions to accrue even if not declared by the board of directors or trustees or otherwise made payable. Other preferred stocks are non-cumulative, meaning that skipped dividends and distributions do not continue to accrue. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may invest in non- cumulative preferred stock, although Clough would consider, among other factors, their non-cumulative nature in making any decision to purchase or sell such securities.

Shares of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers' industries or sectors. They may also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates.

Because the claim on an issuer's earnings represented by preferred stock may become onerous when interest rates fall below the rate payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund's holdings of higher dividend-paying preferred stocks may be reduced and the Fund may be unable to acquire securities paying comparable rates with the redemption proceeds.

**Restricted and Illiquid Securities**

Although the Fund will invest primarily in publicly traded securities, it may invest a portion of its assets (generally, no more than 15% of its value) in restricted securities and other investments which are illiquid. Restricted securities are securities that may not be sold to the public without an effective registration statement

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under the Securities Act of 1933, as amended (the "Securities Act"), or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. In recognition of the increased size and liquidity of the institutional markets for unregistered securities and the importance of institutional investors in the formation of capital, the SEC has adopted Rule 144A under the Securities Act, which is designed to further facilitate efficient trading among eligible institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent privately placed securities held by the Fund qualify under Rule 144A, and an institutional market develops for those securities, the Fund likely will be able to dispose of the securities without registering them under the Securities Act. To the extent that institutional buyers become, for a time, uninterested in purchasing these securities, investing in Rule 144A securities could have the effect of increasing the level of the Fund's illiquidity. The Fund has adopted procedures under which certain Rule 144A securities will not be deemed to be illiquid, if certain criteria are satisfied with respect to those securities and the market therefor. Foreign securities that can be freely sold in the markets in which they are principally traded are not considered by the Fund to be restricted. Regulation S under the Securities Act permits the sale abroad of securities that are not registered for sale in the United States. Repurchase agreements with maturities of more than seven days will be treated as illiquid.

**Corporate Bonds, Government Debt Securities and Other Debt Securities**

The Fund may invest in corporate bonds, debentures and other debt securities. Debt securities in which the Fund may invest may pay fixed or variable rates of interest. Bonds and other debt securities generally are issued by corporations and other issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount borrowed on or before maturity. Certain debt securities are "perpetual" in that they have no maturity date.

The Fund will invest in government debt securities, including those of emerging market issuers or of other non-U.S. issuers. These securities may be U.S. dollar-denominated on non-U.S. dollar-denominated and include: (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; and (b) debt obligations of supranational entities. Government debt securities include: debt securities issued or guaranteed by governments, government agencies or instrumentalities and political subdivisions; debt securities issued by government owed, controlled or sponsored entities; interests in entities organized and operated for the purpose of restructuring the investment characteristics issued by the above-noted issuers; or debt securities issued by supranational entities such as the World Bank or the European Union. The Fund may also invest in securities denominated in currencies of emerging market countries. Emerging market debt securities generally are rated in the lower rating categories of recognized credit rating agencies or are unrated and considered to be of comparable quality to lower rated debt securities. A non-U.S. issuer of debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited resources in the event of a default. Some of these risks do not apply to issuers in large, more developed countries. These risks are more pronounced in investments in issuers in emerging markets or if the Fund invests significantly in one country.

The Fund will not invest more than 10% of its total assets in debt securities rated below investment grade (i.e., securities rated lower than Baa by Moody's Investors Service, Inc. ("Moody's") or lower than BBB by Standard & Poor's Rating Services, a division of The McGraw-Hill Companies, Inc. ("S&P")), or their equivalent as determined by Clough. These securities are commonly referred to as "junk bonds." The foregoing credit quality policy applies only at the time a security is purchased, and the Fund is not required to dispose of securities already owned by the Fund in the event of a change in assessment of credit quality or the removal of a rating.

**Exchange Traded Funds**

The Fund may invest in ETFs, which are investment companies that typically aim to track or replicate a desired index, such as a sector, market or global segment. Such ETFs are passively managed and their shares are traded on a national exchange or the National Association of Securities Dealers' Automatic Quotation System ("NASDAQ"). Certain ETFs are actively managed by a portfolio manager or management team that makes investment decisions without seeking to replicate the performance of a reference index. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as "creation units." The investor purchasing a creation unit may sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no assurance that an ETF's investment objective will be achieved. ETFs based on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing in the underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF's expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund's own operations.

**Foreign Securities**

Under normal circumstances, the Fund intends to invest a portion of its assets in securities of issuers located in at least three countries (in addition to the United States). The value of foreign securities is affected by changes in currency rates, foreign tax laws (including withholding tax), government policies (in this country or abroad), relations between nations and trading, settlement, custodial and other operational risks. In addition, the costs of investing abroad are generally higher than in the United States, and foreign securities markets may be less liquid, more volatile and less subject to governmental supervision than markets in the United States. As an alternative to holding foreign-traded securities, the Fund may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the U.S. over-the- counter market (including depositary receipts as described below, which evidence ownership in underlying foreign securities, and ETFs as described above).

Because foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies, there may be less publicly available information about a foreign company than about a domestic company. Volume and liquidity in most foreign debt markets is less than in the United States and securities of some foreign companies are less liquid and more volatile than securities of comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges, broker-dealers and listed companies than in the United States. Mail service between the United States and foreign countries may be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Payment for securities before delivery may be required. In addition, with respect to certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments, which could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self- sufficiency and balance of payments position. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies.

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The Fund may purchase ADRs, EDRs and GDRs, which are certificates evidencing ownership of shares of foreign issuers and are alternatives to purchasing directly the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying issuer's country. ADRs, EDRs and GDRs may be sponsored or unsponsored. Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses, they may not pass-through voting or other shareholder rights, and they may be less liquid.

**Real Estate Investment Trusts (REITs)**

REITs are companies that own and manage real estate, including apartment buildings, offices, shopping centers, industrial buildings, and hotels. By investing in REITs, the Fund may gain exposure to the real estate market with greater liquidity and diversification than through direct ownership of property, which can be costly and require ongoing management and maintenance, and which can be difficult to convert into cash when needed. The Fund does not expect to invest a significant portion of its assets in REITs but does not have any investment restrictions with respect to such investments.

**Warrants**

The Fund may invest in equity and index warrants of domestic and international issuers. Equity warrants are securities that give the holder the right, but not the obligation, to subscribe for equity issues of the issuing company or a related company at a fixed price either on a certain date or during a set period. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss.

Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

**Convertible Securities and Bonds with Warrants Attached**

The Fund may invest in preferred stocks and fixed-income obligations that are convertible into common stocks of domestic and foreign issuers, and bonds issued as a unit with warrants to purchase equity or fixed income securities. Convertible securities in which the Fund may invest, comprised of both convertible debt and convertible preferred stock, may be converted at either a stated price or at a stated rate into underlying shares of common stock. Because of this feature, convertible securities generally enable an investor to benefit from increases in the market price of the underlying common stock. Convertible securities often provide higher yields than the underlying equity securities, but generally offer lower yields than non-convertible securities of similar quality. The value of convertible securities fluctuates in relation to changes in interest rates like bonds, and, in addition, fluctuates in relation to the underlying common stock.

Bonds with warrants attached to purchase equity securities have many characteristics of convertible bonds and their prices may, to some degree, reflect the performance of the underlying stock. Bonds may also be issued with warrants attached to purchase additional fixed income securities at the same coupon rate. A decline in interest rates would permit the Fund to buy additional bonds at a favorable rate or to sell the warrants at a profit. If interest rates rise, the warrants would generally expire with no value.

**INVESTMENT TECHNIQUES**

The Fund may, but is under no obligation to, from time to time employ a variety of investment techniques, including those described below, to hedge against fluctuations in the price of portfolio securities, to enhance total return or to provide a substitute for the purchase or sale of securities. Some of these techniques, such as purchases of put and call options, options on stock indices and stock index futures and entry into certain credit derivative transactions and short sales, may be used as hedges against or substitutes for investments in equity securities. Other techniques such as the purchase of interest rate futures and entry into transactions involving interest rate swaps, options on interest rate swaps and certain credit derivatives are hedges against or substitutes for investments in debt securities. The Fund's ability to utilize any of the techniques described below may be limited by restrictions imposed on its operations in connection with obtaining and maintaining its qualification as a regulated investment company under the Code. Additionally, other factors (such as cost) may make it impractical or undesirable to use any of these investment techniques from time to time.

**Options on Securities**

In order to hedge against adverse market shifts, the Fund may utilize up to 12% of its total assets (in addition to the 12% limit applicable to options on stock indices described below) to purchase put and call options on securities. The Fund also may invest in call options, both on specific equity securities, as well as securities representing exposure to equity sectors or indices and fixed income indices, including options on indices and exchange traded funds ("ETFs"). In addition, the Fund may seek to increase its income or may hedge a portion of its portfolio investments through writing (i.e., selling) covered put and call options. A put option embodies the right of its purchaser to compel the writer of the option to purchase from the option holder an underlying security or its equivalent at a specified price at any time during the option period. In contrast, a call option gives the purchaser the right to buy the underlying security or its equivalent covered by the option or its equivalent from the writer of the option at the stated exercise price. Under interpretations of the Securities and Exchange Commission currently in effect, which may change from time to time, a "covered" call option means that so long as the Fund is obligated as the writer of the option, it will own (1) the underlying instruments subject to the option, (2) instruments convertible or exchangeable into the instruments subject to the option or (3) a call option on the relevant instruments with an exercise price no higher than the exercise price on the call option written.

Similarly, the Securities and Exchange Commission currently requires that, to "cover" or support its obligation to purchase the underlying instruments if a put option is written by the Fund, the Fund must (1) deposit with its custodian in a segregated account liquid securities having a value at least equal to the exercise price of the underlying securities, (2) continue to own an equivalent number of puts of the same "series" (that is, puts on the same underlying security having the same exercise prices and expiration dates as those written by the Fund), or an equivalent number of puts of the same "class" (that is, puts on the same underlying security) with exercise prices greater than those it has written (or, if the exercise prices of the puts it holds are less than the exercise prices of those it has written, it will deposit the difference with its custodian in a segregated account) or (3) sell short the securities underlying the put option at the same or a higher price than the exercise price on the put option written.

The Fund will receive a premium when it writes put and call options, which increases the Fund's return on the underlying security in the event the option expires unexercised or is closed out at a profit. By writing a call, the Fund will limit its opportunity to profit from an increase in the market value of the underlying security above the exercise price of the option for as long as the Fund's obligation as the writer of the option continues. Upon the exercise of a put option written by the Fund,

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the Fund may suffer an economic loss equal to the difference between the price at which the Fund is required to purchase the underlying security and its market value at the time of the option exercise, less the premium received for writing the option. Upon the exercise of a call option written by the Fund, the Fund may suffer an economic loss equal to an amount not less than the excess of the security's market value at the time of the option exercise over the Fund's acquisition cost of the security, less the sum of the premium received for writing the option and the difference, if any, between the call price paid to the Fund and the Fund's acquisition cost of the security. Thus, in some periods the Fund might receive less total return and in other periods greater total return from its hedged positions than it would have received from leaving its underlying securities unhedged.

The Fund may purchase and write options on securities that are listed on national securities exchanges or are traded over the counter, although it expects, under normal circumstances, to effect such transactions on national securities exchanges.

As a holder of a put option, the Fund will have the right to sell the securities underlying the option and as the holder of a call option, the Fund will have the right to purchase the securities underlying the option, in each case at their exercise price at any time prior to the option's expiration date. The Fund may choose to exercise the options it holds, permit them to expire or terminate them prior to their expiration by entering into closing sale transactions. In entering into a closing sale transaction, the Fund would sell an option of the same series as the one it has purchased. The ability of the Fund to enter into a closing sale transaction with respect to options purchased and to enter into a closing purchase transaction with respect to options sold depends on the existence of a liquid secondary market. There can be no assurance that a closing purchase or sale transaction can be effected when the Fund so desires. The Fund's ability to terminate option positions established in the over-the-counter market may be more limited than in the case of exchange-traded options and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Fund.

In purchasing a put option, the Fund will seek to benefit from a decline in the market price of the underlying security, while in purchasing a call option, the Fund will seek to benefit from an increase in the market price of the underlying security. If an option purchased is not sold or exercised when it has remaining value, or if the market price of the underlying security remains equal to or greater than the exercise price, in the case of a put, or remains equal to or below the exercise price, in the case of a call, during the life of the option, the option will expire worthless. For the purchase of an option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price, in the case of a put, and must increase sufficiently above the exercise price, in the case of a call, to cover the premium and transaction costs. Because option premiums paid by the Fund are small in relation to the market value of the instruments underlying the options, buying options can result in large amounts of leverage. The leverage offered by trading in options could cause the Fund's net asset value to be subject to more frequent and wider fluctuation than would be the case if the Fund did not invest in options.

**Options on Stock Indices**

The Fund may utilize up to 12% of its total assets (in addition to the 12% limit applicable to options on securities) to purchase put and call options on domestic stock indices to hedge against risks of market-wide price movements affecting its assets. The Fund also may invest in call options, both on specific equity securities, as well as securities representing exposure to equity sectors or indices and fixed income indices, including options on indices and exchange traded funds ("ETFs"). In addition, the Fund may write covered put and call options on stock indices. A stock index measures the movement of a certain group of stocks by assigning relative values to the common stocks included in the index. Options on stock indices are similar to options on securities. Because no underlying security can be delivered, however, the option represents the holder's right to obtain from the writer, in cash, a fixed multiple of the amount by which the exercise price exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the exercise date. The advisability of using stock index options to hedge against the risk of market-wide movements will depend on the extent of diversification of the Fund's investments and the sensitivity of its investments to factors influencing the underlying index. The effectiveness of purchasing or writing stock index options as a hedging technique will depend upon the extent to which price movements in the Fund's securities investments correlate with price movements in the stock index selected. In addition, successful use by the Fund of options on stock indices will be subject to the ability of Clough to predict correctly changes in the relationship of the underlying index to the Fund's portfolio holdings. No assurance can be given that Clough's judgment in this respect will be correct.

When the Fund writes an option on a stock index, it will establish a segregated account with its custodian in which the Fund will deposit liquid securities in an amount equal to the market value of the option, and will maintain the account while the option is open.

**Short Sales**

The Fund intends to attempt to limit exposure to a possible market decline in the value of its portfolio securities through short sales of securities that Clough believes possess volatility characteristics similar to those being hedged. In addition, the Fund intends to use short sales for non-hedging purposes to pursue its investment objective. Subject to the requirements of the 1940 Act and the Code, the Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short by the Fund exceeds 30% of the value of its total assets.

A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. When the Fund makes a short sale, it must borrow the security sold short from a broker-dealer and deliver it to the buyer upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any payments received on such borrowed securities.

The Fund's obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other liquid securities. The Fund will also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such broker-dealer.

If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. Although the Fund's gain is limited to the price at which it sold the security short, its potential loss is unlimited.

The Fund may also sell a security short if it owns at least an equal amount of the security sold short or another security convertible or exchangeable for an equal amount of the security sold short without payment of further compensation (a short sale against-the-box). In a short sale against-the-box, the short seller is exposed to the risk of being forced to deliver stock that it holds to close the position if the borrowed stock is called in by the lender, which would cause gain or loss to be recognized on the delivered stock. The Fund expects normally to close its short sales against-the-box by delivering newly acquired stock.

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Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. Short-selling exposes the Fund to unlimited risk with respect to that security due to the lack of an upper limit on the price to which an instrument can rise. Although the Fund reserves the right to utilize short sales, and currently intends to utilize short sales, Clough is under no obligation to utilize short sales at all.

**Futures Contracts and Options on Futures Contracts**

The Fund may enter into interest rate and stock index futures contracts and may purchase and sell put and call options on such futures contracts. The Fund will enter into such transactions for hedging and other appropriate risk-management purposes or to increase return, in accordance with the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the Securities and Exchange Commission.

An interest rate futures contract is a standardized contract for the future delivery of a specified security (such as a U.S. Treasury Bond or U.S. Treasury Note) or its equivalent at a future date at a price set at the time of the contract. A stock index futures contract is an agreement to take or make delivery of an amount of cash equal to the difference between the value of the index at the beginning and at the end of the contract period. The Fund may only enter into futures contracts traded on regulated commodity exchanges.

Parties to a futures contract must make "initial margin" deposits to secure performance of the contract. There are also requirements to make "variation margin" deposits from time to time as the value of the futures contract fluctuates. Clough has claimed an exclusion from the definition of commodity pool operator under the Commodity Exchange Act ("CEA") and, therefore, Clough will not be subject to registration or regulation as a commodity pool operator under the CEA. The Fund reserves the right to engage in transactions involving futures and options thereon and in accordance with the Fund's policies. In addition, certain provisions of the Code may limit the extent to which the Fund may enter into futures contracts or engage in options transactions.

Pursuant to the views of the Securities and Exchange Commission currently in effect, which may change from time to time, with respect to futures contracts to purchase securities or stock indices, call options on futures contracts purchased by the Fund and put options on futures contracts written by the Fund, the Fund will set aside in a segregated account liquid securities with a value at least equal to the value of instruments underlying such futures contracts less the amount of initial margin on deposit for such contracts. The current view of the staff of the Securities and Exchange Commission is that the Fund's long and short positions in futures contracts as well as put and call options on futures written by it must be collateralized with cash or certain liquid assets held in a segregated account or "covered" in a manner similar to that described below for covered options on securities. However, even if "covered," these instruments could have the effect of leveraging the Fund's portfolio.

The Fund may either accept or make delivery of cash or the underlying instrument specified at the expiration of an interest rate futures contract or cash at the expiration of a stock index futures contract or, prior to expiration, enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to futures contracts are effected on the exchange on which the contract was entered into (or a linked exchange).

The Fund may purchase and write put and call options on interest rate futures contracts and stock index futures contracts in order to hedge all or a portion of its investments and may enter into closing purchase transactions with respect to options written by the Fund in order to terminate existing positions. There is no guarantee that such closing transactions can be effected at any particular time or at all. In addition, daily limits on price fluctuations on exchanges on which the Fund conducts its futures and options transactions may prevent the prompt liquidation of positions at the optimal time, thus subjecting the Fund to the potential of greater losses.

An option on an interest rate futures contract or stock index futures contract, as contrasted with the direct investment in such a contract, gives the purchaser of the option the right, in return for the premium paid, to assume a position in a stock index futures contract or interest rate futures contract at a specified exercise price at any time on or before the expiration date of the option. Upon exercise of an option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account, which represents the amount by which the market price of the futures contract exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option on the futures contract. The potential loss related to the purchase of an option on a futures contract is limited to the premium paid for the option (plus transaction costs).

With respect to options purchased by the Fund, there are no daily cash payments made by the Fund to reflect changes in the value of the underlying contract; however, the value of the option does change daily and that change would be reflected in the net asset value of the Fund.

While the Fund may enter into futures contracts and options on futures contracts for hedging purposes, the use of futures contracts and options on futures contracts might result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. If, for example, the Fund had insufficient cash, it might have to sell a portion of its underlying portfolio of securities in order to meet daily variation margin requirements on its futures contracts or options on futures contracts at a time when it might be disadvantageous to do so. There may be an imperfect correlation between the Fund's portfolio holdings and futures contracts or options on futures contracts entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Further, the Fund's use of futures contracts and options on futures contracts to reduce risk involves costs and will be subject to Clough's ability to predict correctly changes in interest rate relationships or other factors. No assurance can be given that Clough's judgment in this respect will be correct.

**When-Issued and Delayed Delivery Transactions**

New issues of preferred and debt securities may be offered on a when-issued or delayed delivery basis, which means that delivery and payment for the security normally take place within 45 days after the date of the commitment to purchase. The payment obligation and the dividends that will be received on the security are fixed at the time the buyer enters into the commitment. The Fund will make commitments to purchase securities on a when-issued or delayed delivery basis only with the intention of acquiring the securities, but may sell these securities before the settlement date if Clough deems it advisable. No additional when-issued or delayed delivery commitments will be made if more than 20% of the Fund's total assets would be so committed. Securities purchased on a when-issued or delayed delivery basis may be subject to changes in value based upon the public's perception of the creditworthiness of the issuer and changes, real or anticipated, in the level of interest rates. Securities purchased or sold on a when-issued or delayed delivery basis may expose the Fund to risk because they may experience these fluctuations prior to their actual delivery. The Fund will not accrue income with respect to a debt security it has purchased on a when-issued or delayed delivery basis prior to its stated delivery date but will accrue income on a delayed delivery security it has sold. Purchasing or selling securities on a when-issued or delayed delivery basis can involve the additional risk that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. A segregated account of the Fund consisting of liquid securities equal at all times to the amount of the Fund's when-issued and delayed delivery purchase commitments will be established and maintained with the Fund's custodian. Placing securities rather than cash in the segregated

Clough Global Dividend and Income Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

account may have a leveraging effect on the Fund's net asset value per share; that is, to the extent that the Fund remains substantially fully invested in securities at the same time that it has committed to purchase securities on a when-issued or delayed delivery basis, greater fluctuations in its net asset value per share may occur than if it has set aside cash to satisfy its purchase commitments.

**Interest Rate Swaps and Options Thereon ("Swaptions")**

The Fund may enter into interest rate swap agreements and may purchase and sell put and call options on such swap agreements, commonly referred to as swaptions. The Fund will enter into such transactions for hedging some or all of its interest rate exposure in its holdings of preferred securities and debt securities. Interest rate swap agreements and swaptions are highly specialized investments and are not traded on or regulated by any securities exchange or regulated by the CFTC or the Securities and Exchange Commission.

An interest rate swap is an agreement between two parties where one party agrees to pay a contractually stated fixed income stream, usually denoted as a fixed percentage of an underlying "notional" amount, in exchange for receiving a variable income stream, usually based on the London Interbank Offered Rate (LIBOR), and denoted as a percentage of the underlying notional amount. From the perspective of a fixed rate payer, if interest rates rise, the payer will expect a rising level of income since the payer is a receiver of floating rate income. This would cause the value of the swap contract to rise in value, from the payer's perspective, because the discounted present value of its obligatory payment stream is diminished at higher interest rates, all at the same time it is receiving higher income. Alternatively, if interest rates fall, the reverse occurs and it simultaneously faces the prospects of both a diminished floating rate income stream and a higher discounted present value of his fixed rate payment obligation. These value changes all work in reverse from the perspective of a fixed rate receiver.

A swaption is an agreement between two parties where one party purchases the right from the other party to enter into an interest rate swap at a specified date and for a specified "fixed rate" yield (or "exercise" yield). In a pay-fixed swaption, the holder of the swaption has the right to enter into an interest rate swap as a payer of fixed rate and receiver of variable rate, while the writer of the swaption has the obligation to enter into the other side of the interest rate swap. In a received-fixed swaption, the holder of the swaption has the right to enter into an interest rate swap as a receiver of fixed rate and a payer of variable rate, while the writer of the swaption has the obligation to enter into the opposite side of the interest rate swap.

A pay-fixed swaption is analogous to a put option on Treasury securities in that it rises in value as interest rate swap yields rise. A receive- fixed swaption is analogous to a call option on Treasury securities in that it rises in value as interest rate swap yields decline. As with other options on securities, indices, or futures contracts, the price of any swaption will reflect both an intrinsic value component, which may be zero, and a time premium component. The intrinsic value component represents what the value of the swaption would be if it were immediately exercisable into the underlying interest rate swap. The intrinsic value component measures the degree to which an option is in- the-money, if at all. The time premium represents the difference between the actual price of the swaption and the intrinsic value.

It is customary market practice for swaptions to be "cash settled" rather than an actual position in an interest rate swap being established at the time of swaption expiration. For reasons set forth more fully below, Clough expects to enter strictly into cash settled swaptions (i.e., where the exercise value of the swaption is determined by reference to the market for interest rate swaps then prevailing).

**Credit Derivatives**

The Fund may enter into credit derivative transactions, either to hedge credit exposure or to gain exposure to an issuer or group of issuers more economically than can be achieved by investing directly in preferred or debt securities. Credit derivatives fall into two broad categories: credit default swaps and market spread swaps, both of which can reference either a single issuer or obligor or a portfolio of preferred and/or debt securities. In a credit default swap, which is the most common form of credit derivative, the purchaser of credit protection makes a periodic payment to the seller (swap counterparty) in exchange for a payment by the seller should a referenced security or loan, or a specified portion of a portfolio of such instruments, default during the life of the swap agreement. If there were a default event as specified in the swap agreement, the buyer either (i) would receive from the seller the difference between the par (or other agreed-upon) value of the referenced instrument(s) and the then-current market value of the instrument(s) or (ii) have the right to make delivery of the reference instrument to the counterparty. If there were no default, the buyer of credit protection would have spent the stream of payments and received no benefit from the contract. Market spread swaps are based on relative changes in market rates, such as the yield spread between a preferred security and a benchmark Treasury security, rather than default events.

In a market spread swap, two counterparties agree to exchange payments at future dates based on the spread between a reference security (or index) and a benchmark security (or index). The buyer (fixed-spread payer) would receive from the seller (fixed-spread receiver) the difference between the market rate and the reference rate at each payment date, if the market rate were above the reference rate. If the market rate were below the reference rate, then the buyer would pay to the seller the difference between the reference rate and the market rate. The Fund may utilize market spread swaps to "lock in" the yield (or price) of a security or index without having to purchase the reference security or index. Market spread swaps may also be used to mitigate the risk associated with a widening of the spread between the yield or price of a security in the Fund's portfolio relative to a benchmark Treasury security. Market spread options, which are analogous to swaptions, give the buyer the right but not the obligation to buy (in the case of a call) or sell (in the case of a put) the referenced market spread at a fixed price from the seller. Similarly, the seller of a market spread option has the obligation to sell (in the case of a call) or buy (in the case of a put) the referenced market spread at a fixed price from the buyer. Credit derivatives are highly specialized investments and are not traded on or regulated by any securities exchange or regulated by the CFTC or the Securities and Exchange Commission.

*Interest Rate Swaps, Swaptions and Credit Derivatives (General)*

The pricing and valuation terms of interest rate swaps, swaptions and credit derivatives are not standardized and there is no clearinghouse whereby a party to any such derivative agreement can enter into an offsetting position to close out a contract. Interest rate swaps, swaptions and credit derivatives are usually (1) between an institutional investor and a broker-dealer firm or bank or (2) between institutional investors. In addition, substantially all swaps are entered into subject to the standards set forth by the International Swaps and Derivatives Association ("ISDA"). ISDA represents participants in the privately negotiated derivatives industry, helps formulate the investment industry's position on regulatory and legislative issues, develops international contractual standards and offers arbitration on disputes concerning market practice.

Under the rating agency guidelines that would likely be imposed in connection with any issuance of preferred shares by the Fund, it is expected that the Fund would be authorized to enter into swaptions and to purchase credit default swaps without limitation but would be subject to limitation on entering into interest rate

Clough Global Dividend and Income Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

swap agreements or selling credit protection. Certain rating agency guidelines may be changed from time to time and it is expected that those relating to interest rate swaps, swaptions and credit derivatives would be able to be revised by the Board of Trustees, without shareholder vote of the Common Shares or the Fund's preferred shares, so long as the relevant rating agency(ies) has given written notice that such revisions would not adversely affect the rating of the Fund's preferred shares then in effect.

The Board of Trustees has currently limited the Fund's use of interest rate and credit swaps and swaptions as follows: (1) swaps and swaptions must be U.S. dollar-denominated and used for hedging purposes only; (2) no more than 5% of the Fund's total assets, at the time of purchase, may be invested in time premiums paid for swaptions; (3) swaps and swaptions must conform to the standards of the ISDA Master Agreement; and (4) the counterparty must be a bank or broker-dealer firm regulated under the laws of the United States that (a) is on a list approved by the Board of Trustees, (b) has capital of at least $100 million and (c) is rated investment grade by both Moody's and S&P. These criteria can be modified by the Board of Trustees at any time in its discretion.

The market value of the Fund's investments in credit derivatives and/or premiums paid therefor as a buyer of credit protection will not exceed 12% of the Fund's total assets and the notional value of the credit exposure to which the Fund is subject when it sells credit derivatives will not exceed 33 1/3% of the Fund's total assets. The Fund has no other investment restrictions with respect to credit derivatives.

Clough expects that the Fund will be subject to the initial and subsequent mark-to-market collateral requirements that are standard among ISDA participants. These requirements help insure that the party who is a net obligor at current market value has pledged for safekeeping, to the counterparty or its agent, sufficient collateral to cover any losses should the obligor become incapable, for whatever reason, of fulfilling its commitments under the swap or swaption agreements. This is analogous, in many respects, to the collateral requirements in place on regular futures and options exchanges. The Fund will be responsible for monitoring the market value of all derivative transactions to ensure that they are properly collateralized.

If Clough determines it is advisable for the Fund to enter into such transactions, the Fund will institute procedures for valuing interest rate swap, swaption, or credit derivative positions to which it is party. Interest rate swaps, swaptions, and credit derivatives will be valued by the counterparty to the swap or swaption in question. Such valuation will then be compared with the valuation provided by a broker-dealer or bank that is not a party to the contract. In the event of material discrepancies, the Fund has procedures in place for valuing the swap or swaption, subject to the direction of the Board of Trustees, which include reference to third-party information services, such as Bloomberg, and a comparison with Clough's valuation models. The use of interest rate swaps, swaptions and credit derivatives, as the foregoing discussion suggests, is subject to risks and complexities beyond what might be encountered in standardized, exchange traded options and futures contracts. Such risks include operational risk, valuation risk, credit risk and /or counterparty risk (i.e., the risk that the counterparty cannot or will not perform its obligations under the agreement). In addition, at the time the interest rate swap, swaption or credit derivative reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction. If this occurs, it could have a negative impact on the performance of the Fund.

While the Fund may utilize interest rate swaps, swaptions, and credit derivatives for hedging purposes or to enhance total return, their use might result in poorer overall performance for the Fund than if it had not engaged in any such transactions. If, for example, the Fund had insufficient cash, it might have to sell or pledge a portion of its underlying portfolio of securities in order to meet daily mark-to-market collateralization requirements at a time when it might be disadvantageous to do so.

There may be an imperfect correlation between the Fund's portfolio holdings and swaps, swaptions or credit derivatives entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Further, the Fund's use of swaps, swaptions and credit derivatives to reduce risk involves costs and will be subject to Clough's ability to predict correctly changes in interest rate relationships, volatility, credit quality or other factors. No assurance can be given that Clough's judgment in this respect will be correct.

**Temporary Investments**

From time to time, as Clough deems warranted based on market conditions, the Fund may invest temporarily in cash, money market securities, money market mutual funds or cash equivalents, which may be inconsistent with the Fund's investment objective. Cash equivalents are highly liquid, short-term securities such as commercial paper, time deposits, certificates of deposit, short-term notes and short-term U.S. government obligations.

**Portfolio Turnover**

Although the Fund cannot accurately predict its portfolio turnover rate, it is likely to exceed 100% (excluding turnover of securities having a maturity of one year or less). A high turnover rate (100% or more) necessarily involves greater expenses to the Fund and may result in realization of net short-term capital gains.

**Foreign Currency Transactions**

The value of foreign assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign currency rates and exchange control regulations. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the United States or abroad. Foreign currency exchange transactions may be conducted on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering into derivative currency transactions. Currency futures contracts are exchange-traded and change in value to reflect movements of a currency or a basket of currencies. Settlement must be made in a designated currency.

Forward foreign currency exchange contracts are individually negotiated and privately traded so they are dependent upon the creditworthiness of the counterparty. Such contracts may be used when a security denominated in a foreign currency is purchased or sold, or when the Fund anticipates receipt in a foreign currency of dividend or interest payments on such a security. A forward contract can then "lock in" the U.S. dollar price of the security or the U.S. dollar equivalent of such dividend or interest payment, as the case may be. Additionally, when Clough believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar, it may enter into a forward contract to sell, for a fixed amount of dollars, the amount of foreign currency approximating the value of some or all of the securities held that are denominated in such foreign currency. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible. In addition, it may not be possible to hedge against long-term currency changes. The Fund may engage in cross-hedging by using forward contracts in one currency (or basket of currencies) to hedge against fluctuations in the value of securities denominated in a different currency if Clough determines that there is an established historical pattern of correlation between the two currencies (or the basket of currencies and the underlying currency). Use of a different foreign currency magnifies exposure to foreign currency exchange rate fluctuations. The Fund may use forward contracts

Clough Global Dividend and Income Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

to shift exposure to foreign currency exchange rate changes from one currency to another. Short-term hedging provides a means of fixing the dollar value of only a portion of portfolio assets.

Currency transactions are subject to the risk of a number of complex political and economic factors applicable to the countries issuing the underlying currencies. Furthermore, unlike trading in most other types of instruments, there is no systematic reporting of last sale information with respect to the foreign currencies underlying the derivative currency transactions. As a result, available information may not be complete. In an over-the-counter trading environment, there are no daily price fluctuation limits. There may be no liquid secondary market to close out options purchased or written, or forward contracts entered into, until their exercise, expiration or maturity. There is also the risk of default by, or the bankruptcy of, the financial institution serving as a counterparty.

**Illiquid Securities**

The Fund may invest in securities for which there is no readily available trading market or which are otherwise illiquid. Illiquid securities include securities legally restricted as to resale, such as commercial paper issued pursuant to Section 4(a)(2) of the Securities Act and securities eligible for resale pursuant to Rule 144A thereunder. Section 4(a)(2) and Rule 144A securities may, however, be treated as liquid by Clough pursuant to procedures adopted by the Board of Trustees, which require consideration of factors such as trading activity, availability of market quotations and number of dealers willing to purchase the security. If the Fund invests in Rule 144A securities, the level of portfolio illiquidity may be increased to the extent that eligible buyers become uninterested in purchasing such securities.

It may be difficult to sell such securities at a price representing their fair value until such time as such securities may be sold publicly. Where registration is required, a considerable period may elapse between a decision to sell the securities and the time when it would be permitted to sell. Thus, the Fund may not be able to obtain as favorable a price as that prevailing at the time of the decision to sell. The Fund may also acquire securities through private placements under which it may agree to contractual restrictions on the resale of such securities. Such restrictions might prevent their sale at a time when such sale would otherwise be desirable.

**Repurchase Agreements**

A repurchase agreement exists where the Fund sells a security (typically U.S. government securities) to a party for cash and agrees to buy the same security back on a specific date (typically the next business day) from the same party for cash. Repurchase agreements carry several risks. For instance, the Fund could incur a loss if the value of the security sold has increased more than the value of the cash and collateral held. In addition, the other party to the agreement may default, in which case the Fund would not re-acquire possession of the security and suffer full value loss (or incur costs when attempting to purchase a similar security from another party). Also, in a bankruptcy proceeding involving the other party, a court may determine that the security does not belong to the Fund and order that the security be used to pay off the debts of the bankrupt. The Fund will reduce the risk by requiring the other party to put up collateral, whose value is checked and reset daily. The Fund also intends only to deal with parties that appear to have the resources and the financial strength to live up to the terms of the agreement. Repurchase agreements are limited to 50% of the Fund's assets. Cash held for securities sold by the Fund are not included in the Fund's assets when making this calculation.

**USE OF LEVERAGE**

The Fund uses leverage through the issuance of preferred shares and/or through borrowings, including the issuance of debt securities. The Fund may use leverage of up to 33% of its total assets (including the amount obtained from leverage). The Fund generally will not use leverage if Clough anticipates that it would result in a lower return to Common Shareholders for any significant amount of time. The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions, which otherwise might require untimely dispositions of Fund securities.

Changes in the value of the Fund's portfolio (including investments bought with the proceeds of the preferred shares offering or borrowing program) will be borne entirely by the Common Shareholders. If there is a net decrease (or increase) in the value of the Fund's investment portfolio, the leverage will decrease (or increase) the net asset value per share to a greater extent than if the Fund were not leveraged. During periods in which the Fund is using leverage, the fees paid to Clough for investment advisory services and to ALPS for administrative services will be higher than if the Fund did not use leverage because the fees paid will be calculated on the basis of the Fund's total assets, including proceeds from borrowings and the issuance of preferred shares, which may create an incentive to leverage the Fund. The Fund's issuance of preferred shares may alter the voting power of Common Shareholders.

Capital raised through leverage will be subject to dividend or interest payments, which may exceed the income and appreciation on the assets purchased. The issuance of preferred shares or entering into a borrowing program involves expenses and other costs and may limit the Fund's freedom to pay dividends on Common Shares or to engage in other activities. The issuance of a class of preferred shares or incurrence of borrowings having priority over the Fund's Common Shares creates an opportunity for greater return per Common Share, but at the same time such leveraging is a speculative technique in that it will increase the Fund's exposure to capital risk. Unless the income and appreciation, if any, on assets acquired with leverage proceeds exceed the associated costs of such preferred shares or borrowings (and other Fund expenses), the use of leverage will diminish the investment performance of the Fund's Common Shares compared with what it would have been without leverage.

The Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies that may issue ratings for any preferred shares issued by the Fund and by borrowing program covenants. These guidelines and covenants may impose asset coverage or Fund composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. It is not anticipated that these covenants or guidelines will significantly impede Clough from managing the Fund's portfolio in accordance with the Fund's investment objective and policies.

Under the 1940 Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the total asset value of the Fund's portfolio is at least 200% of the liquidation value of the outstanding preferred shares (i.e., such liquidation value may not exceed 50% of the Fund's total assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, the net asset value of the Fund's portfolio (determined after deducting the amount of such dividend or other distribution) is at least 200% of such liquidation value. If preferred shares are issued, the Fund intends, to the extent possible, to purchase or redeem preferred shares, from time to time, to maintain coverage of any preferred shares of at least 200%. Though the Fund may issue preferred shares amounting to 50% leverage, it does not intend to exceed 33% leverage, at which point there will be an asset coverage of 303%. Initially, holders of the Common Shares will elect each of the eight Trustees of the Fund. If the Fund issues preferred shares, the holders of the preferred shares will elect two of the Trustees of the Fund. In the event the Fund failed to pay dividends on its preferred shares for two years, preferred shareholders would be entitled to elect a majority of the Trustees until the dividends are paid.

Clough Global Dividend and Income Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

To qualify for federal income taxation as a "regulated investment company," the Fund must distribute in each taxable year at least 90% of its net investment income (including net interest income and net short-term gain). The Fund also will be required to distribute annually substantially all of its income and capital gain, if any, to avoid imposition of a nondeductible 4% federal excise tax.

The Fund's willingness to issue new securities for investment purposes, and the amount the Fund will issue, will depend on many factors, the most important of which are market conditions and interest rates. Successful use of a leveraging strategy may depend on Clough's ability to predict correctly interest rates and market movements, and there is no assurance that a leveraging strategy will be successful during any period in which it is employed.

For the period from November 1, 2024 to October 31, 2025, the average amount borrowed under the Credit Agreement was $16,712,329 at an average rate of 5.14%. As of October 31, 2025, the amount of outstanding borrowings was $21,000,000, the interest rate was 4.67% and the amount of pledged collateral was $40,989,480.

The following table is designed to illustrate the effect on the return to a holder of the Fund's Common Shares of leverage in the amount of approximately 16.53% of the Fund's total assets, assuming hypothetical annual returns of the Fund's portfolio of minus 10% to plus 10%. As the table shows, leverage generally increases the return to Common Shareholders when portfolio return is positive and greater than the cost of leverage and decreases the return when the portfolio return is negative or less than the cost of leverage. The below table assumes the annual leverage and fee rate of 4.67%.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Portfolio Total Return (Net of Expenses) | (10.00)% | (5.00)% | 0.00% | 5.00% | 10.00% |
| Common Share Total Return | (15.10)% | (8.16)% | (1.21)% | 5.73% | 12.67% |

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In addition to the credit facility, the Fund may use a variety of additional strategies that would be viewed as potentially adding leverage to the portfolio. These include the sale of credit default swap contracts and the use of other derivative instruments, reverse repurchase agreements and the issuance of preferred shares. By adding additional leverage, these strategies have the potential to increase returns to Common Shareholders, but also involve additional risks. Additional leverage will increase the volatility of the Fund's investment portfolio and could result in larger losses than if the strategies were not used. However, to the extent that the Fund enters into offsetting transactions or owns positions covering its obligations, the leveraging effect is expected to be minimized or eliminated.

During the time in which the Fund is utilizing leverage, the fees paid to Clough and the Administrator for services will be higher than if the Fund did not utilize leverage because the fees paid will be calculated based on the Fund's total assets. Only the Fund's holders of Common Shares bear the cost of the Fund's fees and expenses.

**RISKS**

Investing in the Fund involves risk, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. Therefore, before investing you should consider carefully the following risks before investing in the Fund.

**Investment and Market Risk**

An investment in Common Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in Common Shares represents an indirect investment in the securities owned by the Fund, which are generally traded on a securities exchange or in the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The Common Shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.

**Key Adviser Personnel Risk**

The Fund's ability to identify and invest in attractive opportunities is dependent upon Clough, its investment adviser. If one or more of the key individuals leaves Clough, Clough may not be able to hire qualified replacements at all, or may require an extended time to do so. This could prevent the Fund from achieving its investment objective.

**Issuer Risk**

The value of an issuer's securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services.

**Sector Risk**

From time to time, based on market or economic conditions, the Fund may have larger investment positions in one or more sectors of the market. To the extent the Fund invests more heavily in one sector, industry, or sub-sector of the market, its performance may be more sensitive to developments that significantly affect those sectors, industries, or sub-sectors. An individual sector, industry, or sub-sector of the market may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. The Fund's performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.

**Foreign Securities Risk**

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. In addition, changes in government administrations or economic or monetary policies in the United States or abroad could result in appreciation or depreciation of the Fund's securities. It may also be more difficult to obtain and enforce a judgment against a foreign issuer. To the extent the Fund focuses its investments in a particular country or in countries within a particular geographic region, economic, political, regulatory and other conditions affecting such country or region may have a greater impact on the Fund than on more geographically diversified funds. Any foreign investments made by the Fund must be made in compliance with U.S. and foreign currency restrictions and tax laws restricting the amounts and types of foreign investments. The Fund will not invest more than 33% of its assets, at the time of acquisition, in securities (including equity and fixed income securities) of governments and companies in emerging markets, but has no other investment restrictions with respect to investing in foreign issuers.

Clough Global Dividend and Income Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

**Emerging Markets Risk**

Investing in securities of issuers based in underdeveloped emerging markets entails all of the risks of investing in securities of foreign issuers to a heightened degree. These heightened risks include: (i) greater risks of expropriation, confiscatory taxation, nationalization, and less social, political and economic stability; (ii) the smaller size of the market for such securities and a lower volume of trading, resulting in lack of liquidity and in price volatility; and (iii) certain national policies which may restrict the Fund's investment opportunities including restrictions on investing in issuers or industries deemed sensitive to relevant national interests.

**REIT Risk**

If the Fund invests in REITs, such investment will subject the Fund 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.

Qualification as a REIT in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT, would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could drastically reduce the Fund's yield on that investment.

The Fund does not expect to invest a significant portion of its assets in REITs but does not have any investment restrictions with respect to such investments.

**Income Risk**

The income Common Shareholders receive from the Fund is based primarily on the dividends and interest it earns from its investments, which can vary widely over the short and long term. If prevailing market interest rates drop, distribution rates of the Fund's preferred stock holdings and any bond holdings and Common Shareholder's income from the Fund could drop as well. The Fund's income also would likely be affected adversely when prevailing short-term interest rates increase and the Fund is utilizing leverage.

**Non-Investment Grade Securities Risk**

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 predominantly speculative because of the credit risk of their issuers. While offering a greater potential opportunity for capital appreciation and higher yields, preferred stocks and bonds of below investment grade quality entail greater potential price volatility and may be less liquid than higher-rated securities. Issuers of below investment grade quality preferred stocks and bonds are more likely to default on their payments of dividends/interest and liquidation value/principal owed to the Fund, and such defaults will reduce the Fund's net asset value and income distributions. The prices of these lower quality preferred stocks and bonds are more sensitive to negative developments than higher rated securities. Adverse business conditions, such as a decline in the issuer's revenues or an economic downturn, generally lead to a higher non-payment rate. In addition, such a security may lose significant value before a default occurs as the market adjusts to expected higher non-payment rates. The Fund will not invest more than 10% of its total assets in securities rated below investment grade. The foregoing credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of securities already owned by the Fund in the event of a change in assessment of credit quality or the removal of a rating.

**Interest Rate Risk**

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 market value of such securities generally will fall. The Fund's investment in preferred stocks and fixed-rate debt securities means that the net asset value and price of the Common Shares may decline if market interest rates rise. Interest rates are currently low relative to historic levels. During periods of declining interest rates, an issuer of preferred stock or fixed-rate debt securities may exercise its option to redeem or prepay securities prior to maturity, which could result in the Fund's having to reinvest in lower yielding debt securities or other types of securities. This is known as call or prepayment risk. During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected payments. This may lock in a below market yield, increase the security's duration, and reduce the value of the security. This is known as extension risk. Investments in debt securities with longterm maturities may experience significant price declines if long-term interest rates increase. This is known as maturity risk. The value of the Fund's common stock investments may also be influenced by changes in interest rates.

**Hedging Strategy Risk**

Certain of the investment techniques that the Fund may employ for hedging or, under certain circumstances, to increase income or total return will expose the Fund to risks. In addition to the hedging techniques described elsewhere (i.e., positions in Treasury Bond or Treasury Note futures contracts, use of options on these positions, positions in interest rate swaps, options thereon ("swaptions"), and credit derivatives), such investment techniques may include entering into interest rate and stock index futures contracts and options on interest rate and stock index futures contracts, purchasing and selling put and call options on securities and stock indices, purchasing and selling securities on a when-issued or delayed delivery basis, entering into repurchase agreements, lending portfolio securities and making short sales of securities "against the box."

The Fund intends to comply with regulations of the Securities and Exchange Commission involving "covering" or segregating assets in connection with the Fund's use of options and futures contracts.

There are economic costs of hedging reflected in the pricing of futures, swaps, options, and swaption contracts which can be significant, particularly when long-term interest rates are substantially above short-term interest rates, as is the case at present. The desirability of moderating these hedging costs will be a factor in Clough's choice of hedging strategies, although costs will not be the exclusive consideration in selecting hedge instruments. In addition, the Fund may select individual investments based upon their potential for appreciation without regard to the effect on current income, in an attempt to mitigate the impact on the Fund's assets of the expected normal cost of hedging.

There may be an imperfect correlation between changes in the value of the Fund's portfolio holdings and hedging positions entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, the Fund's success in using hedge instruments is subject

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**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

to Clough's ability to predict correctly changes in the relationships of such hedge instruments to the Fund's portfolio holdings, and there can be no assurance that Clough's judgment in this respect will be accurate. Consequently, the use of hedging transactions might result in a poorer overall performance for the Fund, whether or not adjusted for risk, than if the Fund had not hedged its portfolio holdings.

**Credit Risk**

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. In general, lower rated preferred or debt securities carry a greater degree of credit risk. If rating agencies lower their ratings of preferred or debt securities in the Fund's portfolio, the value of those obligations could decline. In addition, the underlying revenue source for a preferred or debt security may be insufficient to pay dividends, interest or principal in a timely manner. Any default by an issuer of a preferred or debt security could have a negative impact on the Fund's ability to pay dividends on Common Shares. Even if the issuer on may negatively affect its credit rating or presumed creditworthiness. These developments would adversely affect the market value of the issuer's obligations or the value of credit derivatives if the Fund has sold credit protection.

**Derivatives Risk**

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. The Fund also will be subject to credit risk with respect to the counterparties to the derivatives contracts purchased by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. As a general matter, dividends received on hedged stock positions are characterized as ordinary income and are not eligible for favorable tax treatment. In addition, use of derivatives may give rise to short-term capital gains and other income that would not qualify for payments by the Fund of tax-advantaged dividends.

The Securities and Exchange Commission (SEC) recently adopted Rule 18f-4 under the Investment Company Act of 1940, as amended (1940 Act), which will regulate the use of derivatives for certain funds registered under the 1940 Act. Unless the Fund qualifies as a "limited derivatives user" as defined in Rule 18f-4, the rule would, among other things, require the Fund to establish a comprehensive derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding its derivatives positions. If the Fund qualifies as a limited derivatives user, Rule 18f-4 would require the Fund to have policies and procedures to manage its aggregate derivatives risk. These requirements could have an impact on the Fund, including a potential increase in cost to enter into derivatives transactions and may require the Fund to alter, perhaps materially, its use of derivatives.

**Counterparty Risk**

The Fund runs the risk that the issuer or guarantor of a fixed income security, the counterparty to an over-the-counter derivatives contract, a borrower of the Fund's securities or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to make timely principal, interest, or settlement payments or otherwise honor its obligations. In addition, to the extent that the Fund uses over-the- counter derivatives, and/or has significant exposure to a single counterparty, this risk will be particularly pronounced for the Fund.

**Small and Medium Cap Company Risk**

Compared to investment companies that focus only on large capitalization companies, the Fund's share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies, small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer capital resources, (iii) more limited management depth, and (iv) shorter operating histories. Further, compared to large cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market values, be harder to sell at times and at prices that Clough believes appropriate, and offer greater potential for gains and losses.

**Leverage Risk**

Leverage creates risks for holders of the Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares. There is a risk that fluctuations in the dividend rates on any preferred shares may adversely affect the return to the the Common Shareholders. If the income from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return on the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders as dividends and other distributions will be reduced and may not satisfy the level dividend rate distribution policy set by the Board of Trustees. Clough in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate in the circumstances.

**Liquidity Risk**

Restricted securities and other illiquid investments of the Fund involve the risk that the securities will not be able to be sold at the time desired by Clough or at prices approximating the value at which the Fund is carrying the securities. Where registration is required to sell a security, the Fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell. Restricted securities for which no market exists and other illiquid investments are valued at fair value as determined in accordance with procedures approved and periodically reviewed by the Trustees of the Fund.

**Inflation Risk**

Inflation risk is the risk that the purchasing power of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions thereon can decline. In addition, during any periods of rising inflation, dividend rates of preferred shares of the Fund would likely increase, which would tend to further reduce returns to Common Shareholders.

**Market Price of Shares**

The shares of closed-end management investment companies often trade at a discount from their net asset value, and the Fund's Common Shares may likewise trade at a discount from net asset value. The trading price of the Fund's Common Shares may be less than the public offering price. The returns earned by Common Shareholders who sell their Common Shares below net asset value will be reduced.

Clough Global Dividend and Income Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

**Management Risk**

The Fund is subject to management risk because it is an actively managed portfolio. Clough and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

**Market Disruption and Geopolitical Risk**

The ongoing U.S. military and related actions in Iraq and Afghanistan and events in the Middle East and Ukraine, as well as the continuing threat of terrorist attacks, could have significant adverse effects on the U.S. economy, the stock market and world economies and markets. The Fund cannot predict the effects of similar events in the future on the U.S. economy and securities markets. These military actions and related events, including the conflicts in the Middle East, have led to increased short-term market volatility and may have long-term effects on U.S. and world economies and markets. Similar disruptions of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the Common Shares.

**Pandemic Risks**

An outbreak of Covid-19 respiratory disease caused by a novel coronavirus was first detected in late 2019 and subsequently spread globally in early 2020. The impact of the outbreak has been rapidly evolving, and cases of the virus have continued to be identified in most developed and emerging countries throughout the world. Many local, state, and national governments, as well as businesses, have reacted by instituting quarantines, border closures, restrictions on travel, and other measures designed to arrest the spread of the virus. The outbreak and public and private sector responses thereto have led to large portions of the populations of many nations working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, lack of availability of certain goods, and adversely impacted many industries. These circumstances are evolving, and further developments could result in additional disruptions and uncertainty. The impact of the coronavirus outbreak may last for an extended period of time and result in a substantial economic downturn. Pandemics, including the coronavirus outbreak, have resulted in a general decline in the global economy and negative effects on the performance of individual countries, industries, or sectors. Such negative impacts can be significant in unforeseen ways. Deteriorating economic fundamentals may in turn increase the risk of default or insolvency of particular companies, negatively impact market value, increase market volatility, cause credit spreads to widen, and reduce liquidity. All of these risks may have a material adverse effect on the performance and financial condition of the Fund's investments, and on the overall performance of the Fund.

**Preferred Securities Risk**

In addition to credit risk, investment in preferred securities carries certain risks including:

Deferral Risk—Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its discretion, to defer distributions for up to 20 consecutive quarters. Traditional preferreds also contain provisions that allow an issuer, under certain conditions to skip (in the case of "noncumulative preferreds") or defer (in the case of "cumulative preferreds"), dividend payments. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes while it is not receiving any distributions.

Redemption Risk—Preferred securities typically contain provisions that allow for redemption in the event of tax or security law changes in addition to call features at the option of the issuer. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates of return.

Limited Voting Rights—Preferred securities typically do not provide any voting rights, except in cases when dividends are in arrears beyond a certain time period, which varies by issue.

Subordination—Preferred securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments.

Liquidity—Preferred securities may be substantially less liquid than many other securities, such as U.S. government securities, corporate debt, or common stocks.

**Debt Securities Risk**

In addition to credit risk, investment in debt securities carries certain risks including:

Redemption Risk—Debt securities sometimes contain provisions that allow for redemption in the event of tax or security law changes in addition to call features at the option of the issuer. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates of return.

Limited Voting Rights—Debt securities typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.

Liquidity—Certain debt securities may be substantially less liquid than many other securities, such as U.S. government securities or common stocks.

**Anti-Takeover Provisions**

The Fund's Declaration of Trust includes provisions that could have the effect of inhibiting the Fund's possible conversion to open-end status and limiting the ability of other entities or persons to acquire control of the Fund or the Board of Trustees. In certain circumstances, these provisions might also inhibit the ability of shareholders to sell their shares at a premium over prevailing market prices.

**Portfolio Turnover Risk**

The techniques and strategies contemplated by the Fund might result in a high degree of portfolio turnover. The Fund cannot accurately predict its securities portfolio turnover rate, but anticipates that its annual portfolio turnover rate will exceed 100% under normal market conditions, although it could be materially higher under certain conditions. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions and generate short-term capital gains taxable as ordinary income.

Clough Global Equity Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Unaudited)**

The following information in this annual report is a summary of certain information about the Fund and changes since the Fund's most recent annual report dated October 31, 2025 (the "prior disclosure date"). This information may not reflect all of the changes that have occurred since you purchased the Fund.

**PORTFOLIO MANAGER INFORMATION**

Since the prior disclosure date, there have been no changes to the Fund's portfolio managers.

**FUND ORGANIZATION STRUCTURE**

Since the prior disclosure date, there have been no changes in the Fund's charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by stockholders.

**INVESTMENT OBJECTIVE**

There have been no changes in the Fund's investment objective since the prior disclosure date that have not been approved by shareholders.

The Fund's investment objective is to provide a high level of total return. The Fund seeks to pursue this objective by applying a fundamental research-driven investment process and will under normal circumstances invest at least 80% of its net assets, including any borrowings for investment purposes, in equity securities in both U.S. and non-U.S. markets of companies of any market capitalization. There is no assurance that the Fund will achieve its investment objective.

The Fund invests primarily in a managed mix of global equity securities. The Fund is flexibly managed so that, depending on the Fund's investment adviser's outlook, it sometimes will be more heavily invested in equity securities in U.S. markets or in equity securities in other markets around the world. Under normal circumstances, the Fund expects to invest in securities of issuers located in at least three countries (in addition to the United States). Unless market conditions are deemed unfavorable, the Fund expects that the market value of the Fund's long and short positions in securities of issuers organized outside the United States and issuers doing a substantial amount of business outside the United States (greater than 50% of revenues derived from outside of the United States) will represent at least 40% of the Fund's net assets. Investments in non-U.S. markets will be made primarily through liquid securities, including depositary receipts (which evidence ownership of underlying foreign securities) such as American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and Exchange-Traded Funds ("ETFs"). The Fund may acquire put and call options and options on stock indices and enter into stock index futures contracts, certain credit derivatives transactions and short sales in connection with its equity investments. In connection with the Fund's investments in debt securities, it may enter into related derivatives transactions such as interest rate futures, swaps and options thereon and certain credit derivatives transactions. The Fund may invest up to 20% of its total assets in fixed income securities, including both corporate and sovereign debt in both U.S. and non-U.S. markets. Investments in corporate debt, if any, may include both investment grade and non-investment grade securities. Investments in sovereign debt may also include bonds issued by countries considered emerging markets.

The Fund will not invest more than 33% of its total assets, at the time of acquisition, in securities (including equity and fixed income securities) of governments and companies in emerging markets. The Fund may also invest a portion of its assets in real estate investment trusts, or "REITs", but the Fund does not expect that portion to be significant. The Fund will not invest more than 10% of its total assets in debt securities rated below investment grade (i.e., securities rated lower than Baa by Moody's Investors Service, Inc. ("Moody's") or lower than BBB by Standard & Poor's Rating Services, a division of The McGraw-Hill Companies, Inc. ("S&P")), or their equivalent as determined by Clough.

The Fund may use various hedging strategies for return generation, or to express a specific view on an industry or individual company. In addition to shorting to hedge equity risk, the Fund may utilize instruments including, for example, exchange traded funds ("ETFs"), derivative positions and U.S. Treasury securities as a means to seek to reduce volatility and limit exposure to market declines. These instruments can be effective in seeking to reduce volatility, and can help to prevent the Fund from selling long positions at sub-optimal times.

The Fund may also engage in frequent portfolio turnover.

The Fund will place a high priority on capital preservation and should the Fund's investment adviser believe that extraordinary conditions affecting global financial markets warrant, the Fund may temporarily be primarily invested in money market securities or money market mutual funds. When the Fund is invested in these instruments for temporary or defensive purposes, it may not achieve its investment objective. The Fund may use a variety of investment techniques including shorting strategies, use of derivatives, and use of long-dated bonds, designed to capitalize on declines in the market price of equity securities or declines in market indices (e.g., the Fund may establish short positions in specific stocks or stock indices) based on the Fund's investment adviser's investment outlook. Subject to the requirements of the 1940 Act and the Internal Revenue Code of 1986, as amended (the "Code"), the Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short by the Fund exceeds 30% of the value of its total assets. No assurances can be given that the Fund's investment objective will be achieved.

**PRINCIPAL INVESTMENT STRATEGIES**

Clough believes that above average investment returns can be achieved when key, proprietary insights into industry or economic trends are discovered, and their significance understood, before they become obvious to other investors. Within this context, the investment process will focus on investing in a number of major global investment themes identified by Clough. Industry consolidation, technological change, an emerging shortage of a product or raw material which derives from a period of under-investment, changes in government regulation or major economic or investment cycles are examples of themes Clough would emphasize in its investment focus. Attractive investment themes will often be influenced by global trends, which make investments in certain industries across more than one geographic market likely.

Once attractive themes are identified, Clough will generally utilize a "bottom-up" research process to identify companies it believes are best positioned to benefit from those specific themes. Individual positions will be selected based upon a host of qualitative and quantitative factors, including, but not limited to, such factors as a company's competitive position, quality of company management, quality and visibility of earnings and cash flow, balance sheet strength and relative valuation. This approach may provide investment opportunities in various levels of a company's capital structure, including common and preferred stock, as well as corporate bonds, including convertible debt securities.

Under the Fund's theme-oriented investment approach, the portfolio may be invested in only a relatively small number of industries. The Fund will attempt to diversify within its investment themes, as appropriate, to lower volatility. Individual equity positions on both the long and short side of the portfolio will typically be

Clough Global Equity Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

below 5% of total assets. The Fund also does not have restrictions on the levels of portfolio turnover. However, since major industry trends often last years, Clough believes that a theme-based investment approach can result in opportunities for tax efficient investing (as a result of lower portfolio turnover).

Clough believes that its theme-based portfolio strategy will present periods of time when Clough has a particularly high degree of confidence in the Fund's investment positions. During these occasions, the Fund may purchase call options in order to enhance investment returns. The Fund may also purchase such options at other times if Clough believes it would be beneficial to the Fund to do so. The Fund's use of such option strategies is expected to be opportunistic in nature and the Fund is not required to maintain any particular percentage of assets in call option premium. Call option premiums, when utilized, will typically be less than 12% of total assets.

Generally, securities will be purchased or sold by the Fund on national securities exchanges and in the over-the-counter market. From time to time, securities may be purchased or sold in private transactions, including securities that are not publicly traded or that are otherwise illiquid. Clough does not expect such investments to comprise more than 10% of the Fund's total assets (determined at the time the investment is made).

Clough may invest the Fund's cash balances in any investments it deems appropriate, including, without limitation and as permitted under the 1940 Act, money market funds, repurchase agreements, U.S. Treasury, U.S. agency securities, municipal bonds and bank accounts. Any income earned from such investments is ordinarily reinvested by the Fund in accordance with its investment program. Many of the considerations entering into Clough's recommendations and the portfolio managers' decisions are subjective.

The Fund's portfolio will be actively managed and securities may be bought or sold on a daily basis. Investments may be added to the portfolio if they satisfy value-based criteria or contribute to the portfolio's risk profile. Investments may be removed from the portfolio if Clough believes that their market value exceeds full value, they add inefficient risk or the initial investment thesis fails.

**PORTFOLIO INVESTMENTS**

**Common Stocks**

Common stock represents an equity ownership interest in an issuer. The Fund will have substantial exposure to common stocks. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the prices of common stocks to which the Fund has exposure. Common stock prices fluctuate for many reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuer occur. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase.

**Small and Medium Cap Companies**

The Fund may invest in securities of small capitalization companies, currently considered by Clough to mean companies with market capitalization at or below $1 billion. It may also invest in medium capitalization companies, currently considered by Clough to mean companies with market capitalization of between $1 billion and $5 billion.

**Preferred Stocks**

Preferred stock, like common stock, represents an equity ownership in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into common stock.

Although they are equity securities, preferred stocks have certain characteristics of both debt and common stock. They are debt-like in that their promised income is contractually fixed. They are common stock-like in that they do not have rights to precipitate bankruptcy proceedings or collection activities in the event of missed payments. Furthermore, they have many of the key characteristics of equity due to their subordinated position in an issuer's capital structure and because their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows.

In order to be payable, dividends on preferred stock must be declared by the issuer's board of directors or trustees. In addition, distributions on preferred stock may be subject to deferral and thus may not be automatically payable. Income payments on some preferred stocks are cumulative, causing dividends and distributions to accrue even if not declared by the board of directors or trustees or otherwise made payable. Other preferred stocks are non-cumulative, meaning that skipped dividends and distributions do not continue to accrue. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may invest in non- cumulative preferred stock, although Clough would consider, among other factors, their non-cumulative nature in making any decision to purchase or sell such securities.

Shares of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers' industries or sectors. They may also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates.

Because the claim on an issuer's earnings represented by preferred stock may become onerous when interest rates fall below the rate payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund's holdings of higher dividend-paying preferred stocks may be reduced and the Fund may be unable to acquire securities paying comparable rates with the redemption proceeds.

**Restricted and Illiquid Securities**

Although the Fund will invest primarily in publicly traded securities, it may invest a portion of its assets (generally, no more than 15% of its value) in restricted securities and other investments which are illiquid. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the "Securities Act"), or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. In recognition of the increased size and liquidity of the institutional markets for unregistered securities and the importance

Clough Global Equity Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

of institutional investors in the formation of capital, the SEC has adopted Rule 144A under the Securities Act, which is designed to further facilitate efficient trading among eligible institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent privately placed securities held by the Fund qualify under Rule 144A, and an institutional market develops for those securities, the Fund likely will be able to dispose of the securities without registering them under the Securities Act. To the extent that institutional buyers become, for a time, uninterested in purchasing these securities, investing in Rule 144A securities could have the effect of increasing the level of the Fund's illiquidity. The Fund has adopted procedures under which certain Rule 144A securities will not be deemed to be illiquid, if certain criteria are satisfied with respect to those securities and the market therefor. Foreign securities that can be freely sold in the markets in which they are principally traded are not considered by the Fund to be restricted. Regulation S under the Securities Act permits the sale abroad of securities that are not registered for sale in the United States. Repurchase agreements with maturities of more than seven days will be treated as illiquid.

**Corporate Bonds, Government Debt Securities and Other Debt Securities**

The Fund may invest in corporate bonds, debentures and other debt securities. Debt securities in which the Fund may invest may pay fixed or variable rates of interest. Bonds and other debt securities generally are issued by corporations and other issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount borrowed on or before maturity. Certain debt securities are "perpetual" in that they have no maturity date.

The Fund will invest in government debt securities, including those of emerging market issuers or of other non-U.S. issuers. These securities may be U.S. dollar-denominated on non-U.S. dollar-denominated and include: (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; and (b) debt obligations of supranational entities. Government debt securities include: debt securities issued or guaranteed by governments, government agencies or instrumentalities and political subdivisions; debt securities issued by government owed, controlled or sponsored entities; interests in entities organized and operated for the purpose of restructuring the investment characteristics issued by the above-noted issuers; or debt securities issued by supranational entities such as the World Bank or the European Union. The Fund may also invest in securities denominated in currencies of emerging market countries. Emerging market debt securities generally are rated in the lower rating categories of recognized credit rating agencies or are unrated and considered to be of comparable quality to lower rated debt securities. A non-U.S. issuer of debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited resources in the event of a default. Some of these risks do not apply to issuers in large, more developed countries. These risks are more pronounced in investments in issuers in emerging markets or if the Fund invests significantly in one country.

The Fund will not invest more than 10% of its total assets in debt securities rated below investment grade (i.e., securities rated lower than Baa by Moody's Investors Service, Inc. ("Moody's") or lower than BBB by Standard & Poor's Rating Services, a division of The McGraw-Hill Companies, Inc. ("S&P")), or their equivalent as determined by Clough. These securities are commonly referred to as "junk bonds." The foregoing credit quality policy applies only at the time a security is purchased, and the Fund is not required to dispose of securities already owned by the Fund in the event of a change in assessment of credit quality or the removal of a rating.

**Exchange Traded Funds**

The Fund may invest in ETFs, which are investment companies that typically aim to track or replicate a desired index, such as a sector, market or global segment. Such ETFs are passively managed and their shares are traded on a national exchange or the National Association of Securities Dealers' Automatic Quotation System ("NASDAQ"). Certain ETFs are actively managed by a portfolio manager or management team that makes investment decisions without seeking to replicate the performance of a reference index. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as "creation units." The investor purchasing a creation unit may sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no assurance that an ETF's investment objective will be achieved. ETFs based on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing in the underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF's expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund's own operations.

**Foreign Securities**

Under normal circumstances, the Fund intends to invest a portion of its assets in securities of issuers located in at least three countries (in addition to the United States). The value of foreign securities is affected by changes in currency rates, foreign tax laws (including withholding tax), government policies (in this country or abroad), relations between nations and trading, settlement, custodial and other operational risks. In addition, the costs of investing abroad are generally higher than in the United States, and foreign securities markets may be less liquid, more volatile and less subject to governmental supervision than markets in the United States. As an alternative to holding foreign-traded securities, the Fund may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the U.S. over-the- counter market (including depositary receipts as described below, which evidence ownership in underlying foreign securities, and ETFs as described above).

Because foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies, there may be less publicly available information about a foreign company than about a domestic company. Volume and liquidity in most foreign debt markets is less than in the United States and securities of some foreign companies are less liquid and more volatile than securities of comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges, broker-dealers and listed companies than in the United States. Mail service between the United States and foreign countries may be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Payment for securities before delivery may be required. In addition, with respect to certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments, which could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self- sufficiency and balance of payments position. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies.

The Fund may purchase ADRs, EDRs and GDRs, which are certificates evidencing ownership of shares of foreign issuers and are alternatives to purchasing directly the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying issuer's country. ADRs, EDRs

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and GDRs may be sponsored or unsponsored. Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses, they may not pass-through voting or other shareholder rights, and they may be less liquid.

**Real Estate Investment Trusts (REITs)**

REITs are companies that own and manage real estate, including apartment buildings, offices, shopping centers, industrial buildings, and hotels. By investing in REITs, the Fund may gain exposure to the real estate market with greater liquidity and diversification than through direct ownership of property, which can be costly and require ongoing management and maintenance, and which can be difficult to convert into cash when needed. The Fund does not expect to invest a significant portion of its assets in REITs but does not have any investment restrictions with respect to such investments.

**Warrants**

The Fund may invest in equity and index warrants of domestic and international issuers. Equity warrants are securities that give the holder the right, but not the obligation, to subscribe for equity issues of the issuing company or a related company at a fixed price either on a certain date or during a set period. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss.

Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

**Convertible Securities and Bonds with Warrants Attached**

The Fund may invest in preferred stocks and fixed-income obligations that are convertible into common stocks of domestic and foreign issuers, and bonds issued as a unit with warrants to purchase equity or fixed income securities. Convertible securities in which the Fund may invest, comprised of both convertible debt and convertible preferred stock, may be converted at either a stated price or at a stated rate into underlying shares of common stock. Because of this feature, convertible securities generally enable an investor to benefit from increases in the market price of the underlying common stock. Convertible securities often provide higher yields than the underlying equity securities, but generally offer lower yields than non-convertible securities of similar quality. The value of convertible securities fluctuates in relation to changes in interest rates like bonds, and, in addition, fluctuates in relation to the underlying common stock.

Bonds with warrants attached to purchase equity securities have many characteristics of convertible bonds and their prices may, to some degree, reflect the performance of the underlying stock. Bonds may also be issued with warrants attached to purchase additional fixed income securities at the same coupon rate. A decline in interest rates would permit the Fund to buy additional bonds at a favorable rate or to sell the warrants at a profit. If interest rates rise, the warrants would generally expire with no value.

**INVESTMENT TECHNIQUES**

The Fund may, but is under no obligation to, from time to time employ a variety of investment techniques, including those described below, to hedge against fluctuations in the price of portfolio securities, to enhance total return or to provide a substitute for the purchase or sale of securities. Some of these techniques, such as purchases of put and call options, options on stock indices and stock index futures and entry into certain credit derivative transactions and short sales, may be used as hedges against or substitutes for investments in equity securities. Other techniques such as the purchase of interest rate futures and entry into transactions involving interest rate swaps, options on interest rate swaps and certain credit derivatives are hedges against or substitutes for investments in debt securities. The Fund's ability to utilize any of the techniques described below may be limited by restrictions imposed on its operations in connection with obtaining and maintaining its qualification as a regulated investment company under the Code. Additionally, other factors (such as cost) may make it impractical or undesirable to use any of these investment techniques from time to time.

**Options on Securities**

In order to hedge against adverse market shifts, the Fund may utilize up to 12% of its total assets (in addition to the 12% limit applicable to options on stock indices described below) to purchase put and call options on securities. The Fund also may invest in call options, both on specific equity securities, as well as securities representing exposure to equity sectors or indices and fixed income indices, including options on indices and exchange traded funds ("ETFs"). In addition, the Fund may seek to increase its income or may hedge a portion of its portfolio investments through writing (i.e., selling) covered put and call options. A put option embodies the right of its purchaser to compel the writer of the option to purchase from the option holder an underlying security or its equivalent at a specified price at any time during the option period. In contrast, a call option gives the purchaser the right to buy the underlying security or its equivalent covered by the option or its equivalent from the writer of the option at the stated exercise price. Under interpretations of the Securities and Exchange Commission currently in effect, which may change from time to time, a "covered" call option means that so long as the Fund is obligated as the writer of the option, it will own (1) the underlying instruments subject to the option, (2) instruments convertible or exchangeable into the instruments subject to the option or (3) a call option on the relevant instruments with an exercise price no higher than the exercise price on the call option written.

Similarly, the Securities and Exchange Commission currently requires that, to "cover" or support its obligation to purchase the underlying instruments if a put option is written by the Fund, the Fund must (1) deposit with its custodian in a segregated account liquid securities having a value at least equal to the exercise price of the underlying securities, (2) continue to own an equivalent number of puts of the same "series" (that is, puts on the same underlying security having the same exercise prices and expiration dates as those written by the Fund), or an equivalent number of puts of the same "class" (that is, puts on the same underlying security) with exercise prices greater than those it has written (or, if the exercise prices of the puts it holds are less than the exercise prices of those it has written, it will deposit the difference with its custodian in a segregated account) or (3) sell short the securities underlying the put option at the same or a higher price than the exercise price on the put option written.

The Fund will receive a premium when it writes put and call options, which increases the Fund's return on the underlying security in the event the option expires unexercised or is closed out at a profit. By writing a call, the Fund will limit its opportunity to profit from an increase in the market value of the underlying security above the exercise price of the option for as long as the Fund's obligation as the writer of the option continues. Upon the exercise of a put option written by the Fund, the Fund may suffer an economic loss equal to the difference between the price at which the Fund is required to purchase the underlying security and its market value at the time of the option exercise, less the premium received for writing the option. Upon the exercise of a call option written by the Fund, the Fund may suffer an economic loss equal to an amount not less than the excess of the security's market value at the time of the option exercise over the Fund's acquisition

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cost of the security, less the sum of the premium received for writing the option and the difference, if any, between the call price paid to the Fund and the Fund's acquisition cost of the security. Thus, in some periods the Fund might receive less total return and in other periods greater total return from its hedged positions than it would have received from leaving its underlying securities unhedged.

The Fund may purchase and write options on securities that are listed on national securities exchanges or are traded over the counter, although it expects, under normal circumstances, to effect such transactions on national securities exchanges.

As a holder of a put option, the Fund will have the right to sell the securities underlying the option and as the holder of a call option, the Fund will have the right to purchase the securities underlying the option, in each case at their exercise price at any time prior to the option's expiration date. The Fund may choose to exercise the options it holds, permit them to expire or terminate them prior to their expiration by entering into closing sale transactions. In entering into a closing sale transaction, the Fund would sell an option of the same series as the one it has purchased. The ability of the Fund to enter into a closing sale transaction with respect to options purchased and to enter into a closing purchase transaction with respect to options sold depends on the existence of a liquid secondary market. There can be no assurance that a closing purchase or sale transaction can be effected when the Fund so desires. The Fund's ability to terminate option positions established in the over-the-counter market may be more limited than in the case of exchange-traded options and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Fund.

In purchasing a put option, the Fund will seek to benefit from a decline in the market price of the underlying security, while in purchasing a call option, the Fund will seek to benefit from an increase in the market price of the underlying security. If an option purchased is not sold or exercised when it has remaining value, or if the market price of the underlying security remains equal to or greater than the exercise price, in the case of a put, or remains equal to or below the exercise price, in the case of a call, during the life of the option, the option will expire worthless. For the purchase of an option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price, in the case of a put, and must increase sufficiently above the exercise price, in the case of a call, to cover the premium and transaction costs. Because option premiums paid by the Fund are small in relation to the market value of the instruments underlying the options, buying options can result in large amounts of leverage. The leverage offered by trading in options could cause the Fund's net asset value to be subject to more frequent and wider fluctuation than would be the case if the Fund did not invest in options.

**Options on Stock Indices**

The Fund may utilize up to 12% of its total assets (in addition to the 12% limit applicable to options on securities) to purchase put and call options on domestic stock indices to hedge against risks of market-wide price movements affecting its assets. The Fund also may invest in call options, both on specific equity securities, as well as securities representing exposure to equity sectors or indices and fixed income indices, including options on indices and exchange traded funds ("ETFs"). In addition, the Fund may write covered put and call options on stock indices. A stock index measures the movement of a certain group of stocks by assigning relative values to the common stocks included in the index. Options on stock indices are similar to options on securities. Because no underlying security can be delivered, however, the option represents the holder's right to obtain from the writer, in cash, a fixed multiple of the amount by which the exercise price exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the exercise date. The advisability of using stock index options to hedge against the risk of market-wide movements will depend on the extent of diversification of the Fund's investments and the sensitivity of its investments to factors influencing the underlying index. The effectiveness of purchasing or writing stock index options as a hedging technique will depend upon the extent to which price movements in the Fund's securities investments correlate with price movements in the stock index selected. In addition, successful use by the Fund of options on stock indices will be subject to the ability of Clough to predict correctly changes in the relationship of the underlying index to the Fund's portfolio holdings. No assurance can be given that Clough's judgment in this respect will be correct.

When the Fund writes an option on a stock index, it will establish a segregated account with its custodian in which the Fund will deposit liquid securities in an amount equal to the market value of the option, and will maintain the account while the option is open.

**Short Sales**

The Fund intends to attempt to limit exposure to a possible market decline in the value of its portfolio securities through short sales of securities that Clough believes possess volatility characteristics similar to those being hedged. In addition, the Fund intends to use short sales for non-hedging purposes to pursue its investment objective. Subject to the requirements of the 1940 Act and the Code, the Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short by the Fund exceeds 30% of the value of its total assets.

A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. When the Fund makes a short sale, it must borrow the security sold short from a broker-dealer and deliver it to the buyer upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any payments received on such borrowed securities.

The Fund's obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other liquid securities. The Fund will also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such broker-dealer.

If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. Although the Fund's gain is limited to the price at which it sold the security short, its potential loss is unlimited.

The Fund may also sell a security short if it owns at least an equal amount of the security sold short or another security convertible or exchangeable for an equal amount of the security sold short without payment of further compensation (a short sale against-the-box). In a short sale against-the-box, the short seller is exposed to the risk of being forced to deliver stock that it holds to close the position if the borrowed stock is called in by the lender, which would cause gain or loss to be recognized on the delivered stock. The Fund expects normally to close its short sales against-the-box by delivering newly acquired stock.

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Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. Short-selling exposes the Fund to unlimited risk with respect to that security due to the lack of an upper limit on the price to which an instrument can rise. Although the Fund reserves the right to utilize short sales, and currently intends to utilize short sales, Clough is under no obligation to utilize short sales at all.

**Futures Contracts and Options on Futures Contracts**

The Fund may enter into interest rate and stock index futures contracts and may purchase and sell put and call options on such futures contracts. The Fund will enter into such transactions for hedging and other appropriate risk-management purposes or to increase return, in accordance with the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the Securities and Exchange Commission.

An interest rate futures contract is a standardized contract for the future delivery of a specified security (such as a U.S. Treasury Bond or U.S. Treasury Note) or its equivalent at a future date at a price set at the time of the contract. A stock index futures contract is an agreement to take or make delivery of an amount of cash equal to the difference between the value of the index at the beginning and at the end of the contract period. The Fund may only enter into futures contracts traded on regulated commodity exchanges.

Parties to a futures contract must make "initial margin" deposits to secure performance of the contract. There are also requirements to make "variation margin" deposits from time to time as the value of the futures contract fluctuates. Clough has claimed an exclusion from the definition of commodity pool operator under the Commodity Exchange Act ("CEA") and, therefore, Clough will not be subject to registration or regulation as a commodity pool operator under the CEA. The Fund reserves the right to engage in transactions involving futures and options thereon and in accordance with the Fund's policies. In addition, certain provisions of the Code may limit the extent to which the Fund may enter into futures contracts or engage in options transactions.

Pursuant to the views of the Securities and Exchange Commission currently in effect, which may change from time to time, with respect to futures contracts to purchase securities or stock indices, call options on futures contracts purchased by the Fund and put options on futures contracts written by the Fund, the Fund will set aside in a segregated account liquid securities with a value at least equal to the value of instruments underlying such futures contracts less the amount of initial margin on deposit for such contracts. The current view of the staff of the Securities and Exchange Commission is that the Fund's long and short positions in futures contracts as well as put and call options on futures written by it must be collateralized with cash or certain liquid assets held in a segregated account or "covered" in a manner similar to that described below for covered options on securities. However, even if "covered," these instruments could have the effect of leveraging the Fund's portfolio.

The Fund may either accept or make delivery of cash or the underlying instrument specified at the expiration of an interest rate futures contract or cash at the expiration of a stock index futures contract or, prior to expiration, enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to futures contracts are effected on the exchange on which the contract was entered into (or a linked exchange).

The Fund may purchase and write put and call options on interest rate futures contracts and stock index futures contracts in order to hedge all or a portion of its investments and may enter into closing purchase transactions with respect to options written by the Fund in order to terminate existing positions. There is no guarantee that such closing transactions can be effected at any particular time or at all. In addition, daily limits on price fluctuations on exchanges on which the Fund conducts its futures and options transactions may prevent the prompt liquidation of positions at the optimal time, thus subjecting the Fund to the potential of greater losses.

An option on an interest rate futures contract or stock index futures contract, as contrasted with the direct investment in such a contract, gives the purchaser of the option the right, in return for the premium paid, to assume a position in a stock index futures contract or interest rate futures contract at a specified exercise price at any time on or before the expiration date of the option. Upon exercise of an option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account, which represents the amount by which the market price of the futures contract exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option on the futures contract. The potential loss related to the purchase of an option on a futures contract is limited to the premium paid for the option (plus transaction costs).

With respect to options purchased by the Fund, there are no daily cash payments made by the Fund to reflect changes in the value of the underlying contract; however, the value of the option does change daily and that change would be reflected in the net asset value of the Fund.

While the Fund may enter into futures contracts and options on futures contracts for hedging purposes, the use of futures contracts and options on futures contracts might result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. If, for example, the Fund had insufficient cash, it might have to sell a portion of its underlying portfolio of securities in order to meet daily variation margin requirements on its futures contracts or options on futures contracts at a time when it might be disadvantageous to do so. There may be an imperfect correlation between the Fund's portfolio holdings and futures contracts or options on futures contracts entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Further, the Fund's use of futures contracts and options on futures contracts to reduce risk involves costs and will be subject to Clough's ability to predict correctly changes in interest rate relationships or other factors. No assurance can be given that Clough's judgment in this respect will be correct.

**When-Issued and Delayed Delivery Transactions**

New issues of preferred and debt securities may be offered on a when-issued or delayed delivery basis, which means that delivery and payment for the security normally take place within 45 days after the date of the commitment to purchase. The payment obligation and the dividends that will be received on the security are fixed at the time the buyer enters into the commitment. The Fund will make commitments to purchase securities on a when-issued or delayed delivery basis only with the intention of acquiring the securities, but may sell these securities before the settlement date if Clough deems it advisable. No additional when-issued or delayed delivery commitments will be made if more than 20% of the Fund's total assets would be so committed. Securities purchased on a when-issued or delayed delivery basis may be subject to changes in value based upon the public's perception of the creditworthiness of the issuer and changes, real or anticipated, in the level of interest rates. Securities purchased or sold on a when-issued or delayed delivery basis may expose the Fund to risk because they may experience these fluctuations prior to their actual delivery. The Fund will not accrue income with respect to a debt security it has purchased on a when-issued or delayed delivery basis prior to its stated delivery date but will accrue income on a delayed delivery security it has sold. Purchasing or selling securities on a when-issued or delayed delivery basis can involve the additional risk that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. A segregated account of the Fund consisting of liquid securities equal at all times to the amount of the Fund's when-issued and delayed delivery purchase commitments will be established and maintained with the Fund's custodian. Placing securities rather than cash in the segregated

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**SUMMARY OF UPDATED INFORMATION**

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account may have a leveraging effect on the Fund's net asset value per share; that is, to the extent that the Fund remains substantially fully invested in securities at the same time that it has committed to purchase securities on a when-issued or delayed delivery basis, greater fluctuations in its net asset value per share may occur than if it has set aside cash to satisfy its purchase commitments.

**Interest Rate Swaps and Options Thereon ("Swaptions")**

The Fund may enter into interest rate swap agreements and may purchase and sell put and call options on such swap agreements, commonly referred to as swaptions. The Fund will enter into such transactions for hedging some or all of its interest rate exposure in its holdings of preferred securities and debt securities. Interest rate swap agreements and swaptions are highly specialized investments and are not traded on or regulated by any securities exchange or regulated by the CFTC or the Securities and Exchange Commission.

An interest rate swap is an agreement between two parties where one party agrees to pay a contractually stated fixed income stream, usually denoted as a fixed percentage of an underlying "notional" amount, in exchange for receiving a variable income stream, usually based on the London Interbank Offered Rate (LIBOR), and denoted as a percentage of the underlying notional amount. From the perspective of a fixed rate payer, if interest rates rise, the payer will expect a rising level of income since the payer is a receiver of floating rate income. This would cause the value of the swap contract to rise in value, from the payer's perspective, because the discounted present value of its obligatory payment stream is diminished at higher interest rates, all at the same time it is receiving higher income. Alternatively, if interest rates fall, the reverse occurs and it simultaneously faces the prospects of both a diminished floating rate income stream and a higher discounted present value of his fixed rate payment obligation. These value changes all work in reverse from the perspective of a fixed rate receiver.

A swaption is an agreement between two parties where one party purchases the right from the other party to enter into an interest rate swap at a specified date and for a specified "fixed rate" yield (or "exercise" yield). In a pay-fixed swaption, the holder of the swaption has the right to enter into an interest rate swap as a payer of fixed rate and receiver of variable rate, while the writer of the swaption has the obligation to enter into the other side of the interest rate swap. In a received-fixed swaption, the holder of the swaption has the right to enter into an interest rate swap as a receiver of fixed rate and a payer of variable rate, while the writer of the swaption has the obligation to enter into the opposite side of the interest rate swap.

A pay-fixed swaption is analogous to a put option on Treasury securities in that it rises in value as interest rate swap yields rise. A receive- fixed swaption is analogous to a call option on Treasury securities in that it rises in value as interest rate swap yields decline. As with other options on securities, indices, or futures contracts, the price of any swaption will reflect both an intrinsic value component, which may be zero, and a time premium component. The intrinsic value component represents what the value of the swaption would be if it were immediately exercisable into the underlying interest rate swap. The intrinsic value component measures the degree to which an option is in- the-money, if at all. The time premium represents the difference between the actual price of the swaption and the intrinsic value.

It is customary market practice for swaptions to be "cash settled" rather than an actual position in an interest rate swap being established at the time of swaption expiration. For reasons set forth more fully below, Clough expects to enter strictly into cash settled swaptions (i.e., where the exercise value of the swaption is determined by reference to the market for interest rate swaps then prevailing).

**Credit Derivatives**

The Fund may enter into credit derivative transactions, either to hedge credit exposure or to gain exposure to an issuer or group of issuers more economically than can be achieved by investing directly in preferred or debt securities. Credit derivatives fall into two broad categories: credit default swaps and market spread swaps, both of which can reference either a single issuer or obligor or a portfolio of preferred and/or debt securities. In a credit default swap, which is the most common form of credit derivative, the purchaser of credit protection makes a periodic payment to the seller (swap counterparty) in exchange for a payment by the seller should a referenced security or loan, or a specified portion of a portfolio of such instruments, default during the life of the swap agreement. If there were a default event as specified in the swap agreement, the buyer either (i) would receive from the seller the difference between the par (or other agreed-upon) value of the referenced instrument(s) and the then-current market value of the instrument(s) or (ii) have the right to make delivery of the reference instrument to the counterparty. If there were no default, the buyer of credit protection would have spent the stream of payments and received no benefit from the contract. Market spread swaps are based on relative changes in market rates, such as the yield spread between a preferred security and a benchmark Treasury security, rather than default events.

In a market spread swap, two counterparties agree to exchange payments at future dates based on the spread between a reference security (or index) and a benchmark security (or index). The buyer (fixed-spread payer) would receive from the seller (fixed-spread receiver) the difference between the market rate and the reference rate at each payment date, if the market rate were above the reference rate. If the market rate were below the reference rate, then the buyer would pay to the seller the difference between the reference rate and the market rate. The Fund may utilize market spread swaps to "lock in" the yield (or price) of a security or index without having to purchase the reference security or index. Market spread swaps may also be used to mitigate the risk associated with a widening of the spread between the yield or price of a security in the Fund's portfolio relative to a benchmark Treasury security. Market spread options, which are analogous to swaptions, give the buyer the right but not the obligation to buy (in the case of a call) or sell (in the case of a put) the referenced market spread at a fixed price from the seller. Similarly, the seller of a market spread option has the obligation to sell (in the case of a call) or buy (in the case of a put) the referenced market spread at a fixed price from the buyer. Credit derivatives are highly specialized investments and are not traded on or regulated by any securities exchange or regulated by the CFTC or the Securities and Exchange Commission.

**Interest Rate Swaps, Swaptions and Credit Derivatives (General)**

The pricing and valuation terms of interest rate swaps, swaptions and credit derivatives are not standardized and there is no clearinghouse whereby a party to any such derivative agreement can enter into an offsetting position to close out a contract. Interest rate swaps, swaptions and credit derivatives are usually (1) between an institutional investor and a broker-dealer firm or bank or (2) between institutional investors. In addition, substantially all swaps are entered into subject to the standards set forth by the International Swaps and Derivatives Association ("ISDA"). ISDA represents participants in the privately negotiated derivatives industry, helps formulate the investment industry's position on regulatory and legislative issues, develops international contractual standards and offers arbitration on disputes concerning market practice.

Under the rating agency guidelines that would likely be imposed in connection with any issuance of preferred shares by the Fund, it is expected that the Fund would be authorized to enter into swaptions and to purchase credit default swaps without limitation but would be subject to limitation on entering into interest rate

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**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

swap agreements or selling credit protection. Certain rating agency guidelines may be changed from time to time and it is expected that those relating to interest rate swaps, swaptions and credit derivatives would be able to be revised by the Board of Trustees, without shareholder vote of the Common Shares or the Fund's preferred shares, so long as the relevant rating agency(ies) has given written notice that such revisions would not adversely affect the rating of the Fund's preferred shares then in effect.

The Board of Trustees has currently limited the Fund's use of interest rate and credit swaps and swaptions as follows: (1) swaps and swaptions must be U.S. dollar-denominated and used for hedging purposes only; (2) no more than 5% of the Fund's total assets, at the time of purchase, may be invested in time premiums paid for swaptions; (3) swaps and swaptions must conform to the standards of the ISDA Master Agreement; and (4) the counterparty must be a bank or broker-dealer firm regulated under the laws of the United States that (a) is on a list approved by the Board of Trustees, (b) has capital of at least $100 million and (c) is rated investment grade by both Moody's and S&P. These criteria can be modified by the Board of Trustees at any time in its discretion.

The market value of the Fund's investments in credit derivatives and/or premiums paid therefor as a buyer of credit protection will not exceed 12% of the Fund's total assets and the notional value of the credit exposure to which the Fund is subject when it sells credit derivatives will not exceed 33 1/3% of the Fund's total assets. The Fund has no other investment restrictions with respect to credit derivatives.

Clough expects that the Fund will be subject to the initial and subsequent mark-to-market collateral requirements that are standard among ISDA participants. These requirements help insure that the party who is a net obligor at current market value has pledged for safekeeping, to the counterparty or its agent, sufficient collateral to cover any losses should the obligor become incapable, for whatever reason, of fulfilling its commitments under the swap or swaption agreements. This is analogous, in many respects, to the collateral requirements in place on regular futures and options exchanges. The Fund will be responsible for monitoring the market value of all derivative transactions to ensure that they are properly collateralized.

If Clough determines it is advisable for the Fund to enter into such transactions, the Fund will institute procedures for valuing interest rate swap, swaption, or credit derivative positions to which it is party. Interest rate swaps, swaptions, and credit derivatives will be valued by the counterparty to the swap or swaption in question. Such valuation will then be compared with the valuation provided by a broker-dealer or bank that is not a party to the contract. In the event of material discrepancies, the Fund has procedures in place for valuing the swap or swaption, subject to the direction of the Board of Trustees, which include reference to third-party information services, such as Bloomberg, and a comparison with Clough's valuation models. The use of interest rate swaps, swaptions and credit derivatives, as the foregoing discussion suggests, is subject to risks and complexities beyond what might be encountered in standardized, exchange traded options and futures contracts. Such risks include operational risk, valuation risk, credit risk and /or counterparty risk (i.e., the risk that the counterparty cannot or will not perform its obligations under the agreement). In addition, at the time the interest rate swap, swaption or credit derivative reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction. If this occurs, it could have a negative impact on the performance of the Fund.

While the Fund may utilize interest rate swaps, swaptions, and credit derivatives for hedging purposes or to enhance total return, their use might result in poorer overall performance for the Fund than if it had not engaged in any such transactions. If, for example, the Fund had insufficient cash, it might have to sell or pledge a portion of its underlying portfolio of securities in order to meet daily mark-to-market collateralization requirements at a time when it might be disadvantageous to do so.

There may be an imperfect correlation between the Fund's portfolio holdings and swaps, swaptions or credit derivatives entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Further, the Fund's use of swaps, swaptions and credit derivatives to reduce risk involves costs and will be subject to Clough's ability to predict correctly changes in interest rate relationships, volatility, credit quality or other factors. No assurance can be given that Clough's judgment in this respect will be correct.

**Temporary Investments**

From time to time, as Clough deems warranted based on market conditions, the Fund may invest temporarily in cash, money market securities, money market mutual funds or cash equivalents, which may be inconsistent with the Fund's investment objective. Cash equivalents are highly liquid, short-term securities such as commercial paper, time deposits, certificates of deposit, short-term notes and short-term U.S. government obligations.

**Portfolio Turnover**

Although the Fund cannot accurately predict its portfolio turnover rate, it is likely to exceed 100% (excluding turnover of securities having a maturity of one year or less). A high turnover rate (100% or more) necessarily involves greater expenses to the Fund and may result in realization of net short-term capital gains.

**Foreign Currency Transactions**

The value of foreign assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign currency rates and exchange control regulations. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the United States or abroad. Foreign currency exchange transactions may be conducted on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering into derivative currency transactions. Currency futures contracts are exchange-traded and change in value to reflect movements of a currency or a basket of currencies. Settlement must be made in a designated currency.

Forward foreign currency exchange contracts are individually negotiated and privately traded so they are dependent upon the creditworthiness of the counterparty. Such contracts may be used when a security denominated in a foreign currency is purchased or sold, or when the Fund anticipates receipt in a foreign currency of dividend or interest payments on such a security. A forward contract can then "lock in" the U.S. dollar price of the security or the U.S. dollar equivalent of such dividend or interest payment, as the case may be. Additionally, when Clough believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar, it may enter into a forward contract to sell, for a fixed amount of dollars, the amount of foreign currency approximating the value of some or all of the securities held that are denominated in such foreign currency. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible. In addition, it may not be possible to hedge against long-term currency changes. The Fund may engage in cross-hedging by using forward contracts in one currency (or basket of currencies) to hedge against fluctuations in the value of securities denominated in a different currency if Clough determines that there is an established historical pattern of correlation between the two currencies (or the basket of currencies and the underlying currency). Use of a different foreign currency magnifies exposure to foreign currency exchange rate fluctuations. The Fund may use forward contracts

Clough Global Equity Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

to shift exposure to foreign currency exchange rate changes from one currency to another. Short-term hedging provides a means of fixing the dollar value of only a portion of portfolio assets.

Currency transactions are subject to the risk of a number of complex political and economic factors applicable to the countries issuing the underlying currencies. Furthermore, unlike trading in most other types of instruments, there is no systematic reporting of last sale information with respect to the foreign currencies underlying the derivative currency transactions. As a result, available information may not be complete. In an over-the-counter trading environment, there are no daily price fluctuation limits. There may be no liquid secondary market to close out options purchased or written, or forward contracts entered into, until their exercise, expiration or maturity. There is also the risk of default by, or the bankruptcy of, the financial institution serving as a counterparty.

**Illiquid Securities**

The Fund may invest in securities for which there is no readily available trading market or which are otherwise illiquid. Illiquid securities include securities legally restricted as to resale, such as commercial paper issued pursuant to Section 4(a)(2) of the Securities Act and securities eligible for resale pursuant to Rule 144A thereunder. Section 4(a)(2) and Rule 144A securities may, however, be treated as liquid by Clough pursuant to procedures adopted by the Board of Trustees, which require consideration of factors such as trading activity, availability of market quotations and number of dealers willing to purchase the security. If the Fund invests in Rule 144A securities, the level of portfolio illiquidity may be increased to the extent that eligible buyers become uninterested in purchasing such securities.

It may be difficult to sell such securities at a price representing their fair value until such time as such securities may be sold publicly. Where registration is required, a considerable period may elapse between a decision to sell the securities and the time when it would be permitted to sell. Thus, the Fund may not be able to obtain as favorable a price as that prevailing at the time of the decision to sell. The Fund may also acquire securities through private placements under which it may agree to contractual restrictions on the resale of such securities. Such restrictions might prevent their sale at a time when such sale would otherwise be desirable.

**Repurchase Agreements**

A repurchase agreement exists where the Fund sells a security (typically U.S. government securities) to a party for cash and agrees to buy the same security back on a specific date (typically the next business day) from the same party for cash. Repurchase agreements carry several risks. For instance, the Fund could incur a loss if the value of the security sold has increased more than the value of the cash and collateral held. In addition, the other party to the agreement may default, in which case the Fund would not re-acquire possession of the security and suffer full value loss (or incur costs when attempting to purchase a similar security from another party). Also, in a bankruptcy proceeding involving the other party, a court may determine that the security does not belong to the Fund and order that the security be used to pay off the debts of the bankrupt. The Fund will reduce the risk by requiring the other party to put up collateral, whose value is checked and reset daily. The Fund also intends only to deal with parties that appear to have the resources and the financial strength to live up to the terms of the agreement. Repurchase agreements are limited to 50% of the Fund's assets. Cash held for securities sold by the Fund are not included in the Fund's assets when making this calculation.

**USE OF LEVERAGE**

The Fund uses leverage through the issuance of preferred shares and/or through borrowings, including the issuance of debt securities. The Fund may use leverage of up to 33% of its total assets (including the amount obtained from leverage). The Fund generally will not use leverage if Clough anticipates that it would result in a lower return to Common Shareholders for any significant amount of time. The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions, which otherwise might require untimely dispositions of Fund securities.

Changes in the value of the Fund's portfolio (including investments bought with the proceeds of the preferred shares offering or borrowing program) will be borne entirely by the Common Shareholders. If there is a net decrease (or increase) in the value of the Fund's investment portfolio, the leverage will decrease (or increase) the net asset value per share to a greater extent than if the Fund were not leveraged. During periods in which the Fund is using leverage, the fees paid to Clough for investment advisory services and to ALPS for administrative services will be higher than if the Fund did not use leverage because the fees paid will be calculated on the basis of the Fund's total assets, including proceeds from borrowings and the issuance of preferred shares, which may create an incentive to leverage the Fund. The Fund's issuance of preferred shares may alter the voting power of Common Shareholders.

Capital raised through leverage will be subject to dividend or interest payments, which may exceed the income and appreciation on the assets purchased. The issuance of preferred shares or entering into a borrowing program involves expenses and other costs and may limit the Fund's freedom to pay dividends on Common Shares or to engage in other activities. The issuance of a class of preferred shares or incurrence of borrowings having priority over the Fund's Common Shares creates an opportunity for greater return per Common Share, but at the same time such leveraging is a speculative technique in that it will increase the Fund's exposure to capital risk. Unless the income and appreciation, if any, on assets acquired with leverage proceeds exceed the associated costs of such preferred shares or borrowings (and other Fund expenses), the use of leverage will diminish the investment performance of the Fund's Common Shares compared with what it would have been without leverage.

The Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies that may issue ratings for any preferred shares issued by the Fund and by borrowing program covenants. These guidelines and covenants may impose asset coverage or Fund composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. It is not anticipated that these covenants or guidelines will significantly impede Clough from managing the Fund's portfolio in accordance with the Fund's investment objective and policies.

Under the 1940 Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the total asset value of the Fund's portfolio is at least 200% of the liquidation value of the outstanding preferred shares (i.e., such liquidation value may not exceed 50% of the Fund's total assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, the net asset value of the Fund's portfolio (determined after deducting the amount of such dividend or other distribution) is at least 200% of such liquidation value. If preferred shares are issued, the Fund intends, to the extent possible, to purchase or redeem preferred shares, from time to time, to maintain coverage of any preferred shares of at least 200%. Though the Fund may issue preferred shares amounting to 50% leverage, it does not intend to exceed 33% leverage, at which point there will be an asset coverage of 303%. Initially, holders of the Common Shares will elect each of the eight Trustees of the Fund. If the Fund issues preferred shares, the holders of the preferred shares will elect two of the Trustees of the Fund. In the event the Fund failed to pay dividends on its preferred shares for two years, preferred shareholders would be entitled to elect a majority of the Trustees until the dividends are paid.

Clough Global Equity Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

To qualify for federal income taxation as a "regulated investment company," the Fund must distribute in each taxable year at least 90% of its net investment income (including net interest income and net short-term gain). The Fund also will be required to distribute annually substantially all of its income and capital gain, if any, to avoid imposition of a nondeductible 4% federal excise tax.

The Fund's willingness to issue new securities for investment purposes, and the amount the Fund will issue, will depend on many factors, the most important of which are market conditions and interest rates. Successful use of a leveraging strategy may depend on Clough's ability to predict correctly interest rates and market movements, and there is no assurance that a leveraging strategy will be successful during any period in which it is employed.

For the period from November 1, 2024 to October 31, 2025, the average amount borrowed under the Credit Agreement was $35,427,397, at an average rate of 5.14%. As of October 31, 2025, the amount of outstanding borrowings was $41,000,000, the interest rate was 4.67% and the amount of pledged collateral was $82,810,359.

The following table is designed to illustrate the effect on the return to a holder of the Fund's Common Shares of leverage in the amount of approximately 16.49% of the Fund's total assets, assuming hypothetical annual returns of the Fund's portfolio of minus 10% to plus 10%. As the table shows, leverage generally increases the return to Common Shareholders when portfolio return is positive and greater than the cost of leverage and decreases the return when the portfolio return is negative or less than the cost of leverage. The below table assumes the annual leverage and fee rate of 4.67%.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Portfolio Total Return (Net of Expenses) | (10.00)% | (5.00)% | 0.00% | 5.00% | 10.00% |
| Common Share Total Return | (15.20)% | (8.25)% | (1.30)% | 5.65% | 12.60% |

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In addition to the credit facility, the Fund may use a variety of additional strategies that would be viewed as potentially adding leverage to the portfolio. These include the sale of credit default swap contracts and the use of other derivative instruments, reverse repurchase agreements and the issuance of preferred shares. By adding additional leverage, these strategies have the potential to increase returns to Common Shareholders, but also involve additional risks. Additional leverage will increase the volatility of the Fund's investment portfolio and could result in larger losses than if the strategies were not used. However, to the extent that the Fund enters into offsetting transactions or owns positions covering its obligations, the leveraging effect is expected to be minimized or eliminated.

During the time in which the Fund is utilizing leverage, the fees paid to Clough and the Administrator for services will be higher than if the Fund did not utilize leverage because the fees paid will be calculated based on the Fund's total assets. Only the Fund's holders of Common Shares bear the cost of the Fund's fees and expenses.

**RISKS**

Investing in the Fund involves risk, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. Therefore, before investing you should consider carefully the following risks before investing in the Fund.

**Investment and Market Risk**

An investment in Common Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in Common Shares represents an indirect investment in the securities owned by the Fund, which are generally traded on a securities exchange or in the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The Common Shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.

**Key Adviser Personnel Risk**

The Fund's ability to identify and invest in attractive opportunities is dependent upon Clough, its investment adviser. If one or more of the key individuals leaves Clough, Clough may not be able to hire qualified replacements at all, or may require an extended time to do so. This could prevent the Fund from achieving its investment objective.

**Issuer Risk**

The value of an issuer's securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services.

**Sector Risk**

From time to time, based on market or economic conditions, the Fund may have larger investment positions in one or more sectors of the market. To the extent the Fund invests more heavily in one sector, industry, or sub-sector of the market, its performance may be more sensitive to developments that significantly affect those sectors, industries, or sub-sectors. An individual sector, industry, or sub-sector of the market may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. The Fund's performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.

**Foreign Securities Risk**

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. In addition, changes in government administrations or economic or monetary policies in the United States or abroad could result in appreciation or depreciation of the Fund's securities. It may also be more difficult to obtain and enforce a judgment against a foreign issuer. To the extent the Fund focuses its investments in a particular country or in countries within a particular geographic region, economic, political, regulatory and other conditions affecting such country or region may have a greater impact on the Fund than on more geographically diversified funds. Any foreign investments made by the Fund must be made in compliance with U.S. and foreign currency restrictions and tax laws restricting the amounts and types of foreign investments. The Fund will not invest more than 33% of its assets, at the time of acquisition, in securities (including equity and fixed income securities) of governments and companies in emerging markets, but has no other investment restrictions with respect to investing in foreign issuers.

Clough Global Equity Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

**Emerging Markets Risk**

Investing in securities of issuers based in underdeveloped emerging markets entails all of the risks of investing in securities of foreign issuers to a heightened degree. These heightened risks include: (i) greater risks of expropriation, confiscatory taxation, nationalization, and less social, political and economic stability; (ii) the smaller size of the market for such securities and a lower volume of trading, resulting in lack of liquidity and in price volatility; and (iii) certain national policies which may restrict the Fund's investment opportunities including restrictions on investing in issuers or industries deemed sensitive to relevant national interests.

**REIT Risk**

If the Fund invests in REITs, such investment will subject the Fund 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.

Qualification as a REIT in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT, would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could drastically reduce the Fund's yield on that investment.

The Fund does not expect to invest a significant portion of its assets in REITs but does not have any investment restrictions with respect to such investments.

**Income Risk**

The income Common Shareholders receive from the Fund is based primarily on the dividends and interest it earns from its investments, which can vary widely over the short and long term. If prevailing market interest rates drop, distribution rates of the Fund's preferred stock holdings and any bond holdings and Common Shareholder's income from the Fund could drop as well. The Fund's income also would likely be affected adversely when prevailing short-term interest rates increase and the Fund is utilizing leverage.

**Non-Investment Grade Securities Risk**

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 predominantly speculative because of the credit risk of their issuers. While offering a greater potential opportunity for capital appreciation and higher yields, preferred stocks and bonds of below investment grade quality entail greater potential price volatility and may be less liquid than higher-rated securities. Issuers of below investment grade quality preferred stocks and bonds are more likely to default on their payments of dividends/interest and liquidation value/principal owed to the Fund, and such defaults will reduce the Fund's net asset value and income distributions. The prices of these lower quality preferred stocks and bonds are more sensitive to negative developments than higher rated securities. Adverse business conditions, such as a decline in the issuer's revenues or an economic downturn, generally lead to a higher non-payment rate. In addition, such a security may lose significant value before a default occurs as the market adjusts to expected higher non-payment rates. The Fund will not invest more than 10% of its total assets in securities rated below investment grade. The foregoing credit quality policies apply only at the time a security is purchased, and the Fund is not required to dispose of securities already owned by the Fund in the event of a change in assessment of credit quality or the removal of a rating.

**Interest Rate Risk**

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 market value of such securities generally will fall. The Fund's investment in preferred stocks and fixed-rate debt securities means that the net asset value and price of the Common Shares may decline if market interest rates rise. Interest rates are currently low relative to historic levels. During periods of declining interest rates, an issuer of preferred stock or fixed-rate debt securities may exercise its option to redeem or prepay securities prior to maturity, which could result in the Fund's having to reinvest in lower yielding debt securities or other types of securities. This is known as call or prepayment risk. During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected payments. This may lock in a below market yield, increase the security's duration, and reduce the value of the security. This is known as extension risk. Investments in debt securities with longterm maturities may experience significant price declines if long-term interest rates increase. This is known as maturity risk. The value of the Fund's common stock investments may also be influenced by changes in interest rates.

**Hedging Strategy Risk**

Certain of the investment techniques that the Fund may employ for hedging or, under certain circumstances, to increase income or total return will expose the Fund to risks. In addition to the hedging techniques described elsewhere (i.e., positions in Treasury Bond or Treasury Note futures contracts, use of options on these positions, positions in interest rate swaps, options thereon ("swaptions"), and credit derivatives), such investment techniques may include entering into interest rate and stock index futures contracts and options on interest rate and stock index futures contracts, purchasing and selling put and call options on securities and stock indices, purchasing and selling securities on a when-issued or delayed delivery basis, entering into repurchase agreements, lending portfolio securities and making short sales of securities "against the box."

The Fund intends to comply with regulations of the Securities and Exchange Commission involving "covering" or segregating assets in connection with the Fund's use of options and futures contracts.

There are economic costs of hedging reflected in the pricing of futures, swaps, options, and swaption contracts which can be significant, particularly when long-term interest rates are substantially above short-term interest rates, as is the case at present. The desirability of moderating these hedging costs will be a factor in Clough's choice of hedging strategies, although costs will not be the exclusive consideration in selecting hedge instruments. In addition, the Fund may select individual investments based upon their potential for appreciation without regard to the effect on current income, in an attempt to mitigate the impact on the Fund's assets of the expected normal cost of hedging.

There may be an imperfect correlation between changes in the value of the Fund's portfolio holdings and hedging positions entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, the Fund's success in using hedge instruments is subject

Clough Global Equity Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

to Clough's ability to predict correctly changes in the relationships of such hedge instruments to the Fund's portfolio holdings, and there can be no assurance that Clough's judgment in this respect will be accurate. Consequently, the use of hedging transactions might result in a poorer overall performance for the Fund, whether or not adjusted for risk, than if the Fund had not hedged its portfolio holdings.

**Credit Risk**

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. In general, lower rated preferred or debt securities carry a greater degree of credit risk. If rating agencies lower their ratings of preferred or debt securities in the Fund's portfolio, the value of those obligations could decline. In addition, the underlying revenue source for a preferred or debt security may be insufficient to pay dividends, interest or principal in a timely manner. Any default by an issuer of a preferred or debt security could have a negative impact on the Fund's ability to pay dividends on Common Shares. Even if the issuer on may negatively affect its credit rating or presumed creditworthiness. These developments would adversely affect the market value of the issuer's obligations or the value of credit derivatives if the Fund has sold credit protection.

**Derivatives Risk**

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. The Fund also will be subject to credit risk with respect to the counterparties to the derivatives contracts purchased by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. As a general matter, dividends received on hedged stock positions are characterized as ordinary income and are not eligible for favorable tax treatment. In addition, use of derivatives may give rise to short-term capital gains and other income that would not qualify for payments by the Fund of tax-advantaged dividends.

The Securities and Exchange Commission (SEC) recently adopted Rule 18f-4 under the Investment Company Act of 1940, as amended (1940 Act), which will regulate the use of derivatives for certain funds registered under the 1940 Act. Unless the Fund qualifies as a "limited derivatives user" as defined in Rule 18f-4, the rule would, among other things, require the Fund to establish a comprehensive derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding its derivatives positions. If the Fund qualifies as a limited derivatives user, Rule 18f-4 would require the Fund to have policies and procedures to manage its aggregate derivatives risk. These requirements could have an impact on the Fund, including a potential increase in cost to enter into derivatives transactions and may require the Fund to alter, perhaps materially, its use of derivatives.

**Counterparty Risk**

The Fund runs the risk that the issuer or guarantor of a fixed income security, the counterparty to an over-the-counter derivatives contract, a borrower of the Fund's securities or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to make timely principal, interest, or settlement payments or otherwise honor its obligations. In addition, to the extent that the Fund uses over-the- counter derivatives, and/or has significant exposure to a single counterparty, this risk will be particularly pronounced for the Fund.

**Small and Medium Cap Company Risk**

Compared to investment companies that focus only on large capitalization companies, the Fund's share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies, small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer capital resources, (iii) more limited management depth, and (iv) shorter operating histories. Further, compared to large cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market values, be harder to sell at times and at prices that Clough believes appropriate, and offer greater potential for gains and losses.

**Leverage Risk**

Leverage creates risks for holders of the Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares. There is a risk that fluctuations in the dividend rates on any preferred shares may adversely affect the return to the the Common Shareholders. If the income from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return on the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders as dividends and other distributions will be reduced and may not satisfy the level dividend rate distribution policy set by the Board of Trustees. Clough in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate in the circumstances.

**Liquidity Risk**

Restricted securities and other illiquid investments of the Fund involve the risk that the securities will not be able to be sold at the time desired by Clough or at prices approximating the value at which the Fund is carrying the securities. Where registration is required to sell a security, the Fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell. Restricted securities for which no market exists and other illiquid investments are valued at fair value as determined in accordance with procedures approved and periodically reviewed by the Trustees of the Fund.

**Inflation Risk**

Inflation risk is the risk that the purchasing power of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions thereon can decline. In addition, during any periods of rising inflation, dividend rates of preferred shares of the Fund would likely increase, which would tend to further reduce returns to Common Shareholders.

**Market Price of Shares**

The shares of closed-end management investment companies often trade at a discount from their net asset value, and the Fund's Common Shares may likewise trade at a discount from net asset value. The trading price of the Fund's Common Shares may be less than the public offering price. The returns earned by Common Shareholders who sell their Common Shares below net asset value will be reduced.

Clough Global Equity Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

**Management Risk**

The Fund is subject to management risk because it is an actively managed portfolio. Clough and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

**Market Disruption and Geopolitical Risk**

The ongoing U.S. military and related actions in Iraq and Afghanistan and events in the Middle East and Ukraine, as well as the continuing threat of terrorist attacks, could have significant adverse effects on the U.S. economy, the stock market and world economies and markets. The Fund cannot predict the effects of similar events in the future on the U.S. economy and securities markets. These military actions and related events, including the conflicts in the Middle East, have led to increased short-term market volatility and may have long-term effects on U.S. and world economies and markets. Similar disruptions of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the Common Shares.

**Pandemic Risks**

An outbreak of Covid-19 respiratory disease caused by a novel coronavirus was first detected in late 2019 and subsequently spread globally in early 2020. The impact of the outbreak has been rapidly evolving, and cases of the virus have continued to be identified in most developed and emerging countries throughout the world. Many local, state, and national governments, as well as businesses, have reacted by instituting quarantines, border closures, restrictions on travel, and other measures designed to arrest the spread of the virus. The outbreak and public and private sector responses thereto have led to large portions of the populations of many nations working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, lack of availability of certain goods, and adversely impacted many industries. These circumstances are evolving, and further developments could result in additional disruptions and uncertainty. The impact of the coronavirus outbreak may last for an extended period of time and result in a substantial economic downturn. Pandemics, including the coronavirus outbreak, have resulted in a general decline in the global economy and negative effects on the performance of individual countries, industries, or sectors. Such negative impacts can be significant in unforeseen ways. Deteriorating economic fundamentals may in turn increase the risk of default or insolvency of particular companies, negatively impact market value, increase market volatility, cause credit spreads to widen, and reduce liquidity. All of these risks may have a material adverse effect on the performance and financial condition of the Fund's investments, and on the overall performance of the Fund.

**Preferred Securities Risk**

In addition to credit risk, investment in preferred securities carries certain risks including:

Deferral Risk—Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its discretion, to defer distributions for up to 20 consecutive quarters. Traditional preferreds also contain provisions that allow an issuer, under certain conditions to skip (in the case of "noncumulative preferreds") or defer (in the case of "cumulative preferreds"), dividend payments. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes while it is not receiving any distributions.

Redemption Risk—Preferred securities typically contain provisions that allow for redemption in the event of tax or security law changes in addition to call features at the option of the issuer. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates of return.

Limited Voting Rights—Preferred securities typically do not provide any voting rights, except in cases when dividends are in arrears beyond a certain time period, which varies by issue.

Subordination—Preferred securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments.

Liquidity—Preferred securities may be substantially less liquid than many other securities, such as U.S. government securities, corporate debt, or common stocks.

**Debt Securities Risk**

In addition to credit risk, investment in debt securities carries certain risks including:

Redemption Risk—Debt securities sometimes contain provisions that allow for redemption in the event of tax or security law changes in addition to call features at the option of the issuer. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates of return.

Limited Voting Rights—Debt securities typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.

Liquidity—Certain debt securities may be substantially less liquid than many other securities, such as U.S. government securities or common stocks.

**Anti-Takeover Provisions**

The Fund's Declaration of Trust includes provisions that could have the effect of inhibiting the Fund's possible conversion to open-end status and limiting the ability of other entities or persons to acquire control of the Fund or the Board of Trustees. In certain circumstances, these provisions might also inhibit the ability of shareholders to sell their shares at a premium over prevailing market prices.

**Portfolio Turnover Risk**

The techniques and strategies contemplated by the Fund might result in a high degree of portfolio turnover. The Fund cannot accurately predict its securities portfolio turnover rate, but anticipates that its annual portfolio turnover rate will exceed 100% under normal market conditions, although it could be materially higher under certain conditions. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions and generate short-term capital gains taxable as ordinary income.

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Unaudited)**

The following information in this annual report is a summary of certain information about the Fund and changes since the Fund's most recent annual report dated October 31, 2025 (the "prior disclosure date"). This information may not reflect all of the changes that have occurred since you purchased the Fund.

**PORTFOLIO MANAGER INFORMATION**

Since the prior disclosure date, there have been no changes to the Fund's portfolio managers.

**FUND ORGANIZATION STRUCTURE**

Since the prior disclosure date, there have been no changes in the Fund's charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by stockholders.

**INVESTMENT OBJECTIVE**

There have been no changes in the Fund's investment objective since the prior disclosure date that have not been approved by shareholders.

The Fund's investment objective is to provide a high level of total return. The Fund seeks to pursue this objective by applying a fundamental research driven investment process and will invest in equity securities of companies of any market capitalization and equity-related securities, including equity swaps and call options, as well as fixed income securities, including both corporate and sovereign debt, in both U.S. and non-U.S. markets. There is no assurance that the Fund will achieve its investment objective.

The Fund invests primarily in a managed mix of U.S. and non-U.S. equity and debt securities. The Fund is flexibly managed so that, depending on the Fund's investment adviser's outlook, it sometimes will be more heavily invested in equity securities or in debt or fixed income securities. Under normal circumstances, the Fund expects to invest in securities of issuers located in at least three countries (in addition to the United States). Unless market conditions are deemed unfavorable, the Fund expects that the market value of the Fund's long and short positions in securities of issuers organized outside the United States and issuers doing a substantial amount of business outside the United States (greater than 50% of revenues derived from outside of the United States) will represent at least 40% of the Fund's net assets. The Fund also may invest in call options, both on specific equity securities, as well as securities representing exposure to equity sectors or indices and fixed income indices, including options on indices and ETFs. The Fund may acquire put and call options and options on stock indices and enter into stock index futures contracts, certain credit derivatives transactions and short sales in connection with its equity investments. In connection with the Fund's investments in debt securities, it may enter into related derivatives transactions such as interest rate futures, swaps and options thereon and certain credit derivatives transactions. Investments in non-U.S. markets will be made primarily through liquid securities, including depositary receipts (which evidence ownership of underlying foreign securities) such as ADRs, EDRs, GDRs, ETFs and in stocks traded on non-U.S. exchanges. Investments in debt may include both investment grade and non-investment grade issues. Investments in corporate debt may include bonds issued by companies in countries considered emerging markets. Investments in sovereign debt may also include bonds issued by countries considered emerging markets. The Fund will not invest more than 33% of its total assets, at the time of acquisition, in securities (including equity and fixed income securities) of governments and companies in emerging markets. The Fund may also invest a portion of its assets in real estate investment trusts, or "REITs", but the Fund does not expect that portion to be significant.

The Fund may use various hedging strategies for return generation, or to express a specific view on an industry or individual company. In addition to shorting to hedge equity risk, the Fund may utilize instruments including, for example, ETFs, derivative positions and U.S. Treasury securities as a means to seek to reduce volatility and limit exposure to market declines. These instruments can be effective in seeking to reduce volatility, and can help to prevent the Fund from selling long positions at sub-optimal times.

The Fund may also engage in frequent portfolio turnover.

The Fund will place a high priority on capital preservation, and should the Fund's investment adviser believe that extraordinary conditions affecting global financial markets warrant, the Fund may temporarily be primarily invested in money market securities or money market mutual funds. When the Fund is invested in these instruments for temporary or defensive purposes, it may not achieve its investment objective. The Fund may use a variety of investment techniques including shorting strategies, use of derivatives, and use of long-dated bonds, designed to capitalize on declines in the market price of equity securities or declines in market indices (e.g., the Fund may establish short positions in specific stocks or stock indices) based on the Fund's investment adviser's investment outlook. Subject to the requirements of the 1940 Act and the Internal Revenue Code of 1986, as amended (the "Code"),, the Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short by the Fund exceeds 30% of the value of its total assets.

**PRINCIPAL INVESTMENT STRATEGIES**

There have been no changes in the Fund's Principal Investment Strategies and Policies since the prior disclosure date.

Clough believes that above average investment returns can be achieved when key, proprietary insights into industry or economic trends are discovered, and their significance understood, before they become obvious to other investors. Within this context, the investment process will focus on investing in a number of major global investment themes identified by Clough. Industry consolidation, technological change, an emerging shortage of a product or raw material which derives from a period of under-investment, changes in government regulation, or major economic or investment cycles are examples of themes Clough would emphasize in its investment focus. Attractive investment themes will often be influenced by global trends, which make investments in certain industries across more than one geographic market likely.

Once attractive themes are identified, Clough will generally utilize a "bottom-up" research process to identify companies it believes are best positioned to benefit from those specific themes. Individual positions will be selected based upon a host of qualitative and quantitative factors, including, but not limited to, such factors as a company's competitive position, quality of company management, quality and visibility of earnings and cash flow, balance sheet strength and relative valuation. This approach may provide investment opportunities in various levels of a company's capital structure, including common and preferred stock, as well as corporate bonds, including convertible debt securities.

Under the Fund's theme-oriented investment approach, the portfolio may be invested in only a relatively small number of industries. The Fund will attempt to diversify within its investment themes, as appropriate, to lower volatility. Individual equity positions on both the long and short side of the portfolio will typically be below 5% of total assets. The Fund also does not have restrictions on the levels of portfolio turnover. However, since major industry trends often last years, Clough believes that a theme-based investment approach can result in opportunities for tax efficient investing (as a result of lower portfolio turnover).

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

The Fund is not required to maintain any particular percentage of its assets in equity securities, or in fixed income securities, and Clough may change the weightings of the Fund's investments in equity and fixed income securities based upon Clough's assessment of the prevailing interest rate environment and expected returns relative to other identified investment opportunities. Generally, the Fund will increase its investments in fixed income securities when Clough anticipates that the return on these securities will exceed the return on equity securities, and vice versa.

Clough believes that its theme-based portfolio strategy will present periods of time when Clough has a particularly high degree of confidence in the Fund's investment positions. During these occasions, the Fund may purchase call options in order to enhance investment returns. The Fund may also purchase such options at other times if Clough believes it would be beneficial to the Fund to do so. The Fund's use of such option strategies is expected to be opportunistic in nature and the Fund is not required to maintain any particular percentage of assets in call option premium. Call option premiums, when utilized, will typically be less than 12% of total assets.

Generally, securities will be purchased or sold by the Fund on national securities exchanges and in the over-the-counter market. From time to time, securities may be purchased or sold in private transactions, including securities that are not publicly traded or that are otherwise illiquid. Clough does not expect such investments to comprise more than 10% of the Fund's total assets (determined at the time the investment is made).

Clough may invest the Fund's cash balances in any investments it deems appropriate, including, without limitation and as permitted under the 1940 Act, money market funds, repurchase agreements, U.S. Treasury, U.S. agency securities, municipal bonds and bank accounts. Any income earned from such investments is ordinarily reinvested by the Fund in accordance with its investment program. Many of the considerations entering into Clough's recommendations and the portfolio managers' decisions are subjective.

The Fund's portfolio will be actively managed and securities may be bought or sold on a daily basis. Investments may be added to the portfolio if they satisfy value-based criteria or contribute to the portfolio's risk profile. Investments may be removed from the portfolio if Clough believes that their market value exceeds full value, they add inefficient risk or the initial investment thesis fails.

**PORTFOLIO INVESTMENTS**

**Common Stocks**

Common stock represents an equity ownership interest in an issuer. The Fund will have substantial exposure to common stocks. Although common stocks have historically generated higher average returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the prices of common stocks to which the Fund has exposure. Common stock prices fluctuate for many reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuer occur. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase.

**Small and Medium Cap Companies**

The Fund may invest in securities of small capitalization companies, currently considered by Clough to mean companies with market capitalization at or below $1 billion. It may also invest in medium capitalization companies, currently considered by Clough to mean companies with market capitalization of between $1 billion and $5 billion.

**Preferred Stocks**

Preferred stock, like common stock, represents an equity ownership in an issuer. Generally, preferred stock has a priority of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common stock, preferred stock does not usually have voting rights. Preferred stock in some instances is convertible into common stock.

Although they are equity securities, preferred stocks have certain characteristics of both debt and common stock. They are debt-like in that their promised income is contractually fixed. They are common stock-like in that they do not have rights to precipitate bankruptcy proceedings or collection activities in the event of missed payments. Furthermore, they have many of the key characteristics of equity due to their subordinated position in an issuer's capital structure and because their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows.

In order to be payable, dividends on preferred stock must be declared by the issuer's board of directors or trustees. In addition, distributions on preferred stock may be subject to deferral and thus may not be automatically payable. Income payments on some preferred stocks are cumulative, causing dividends and distributions to accrue even if not declared by the board of directors or trustees or otherwise made payable. Other preferred stocks are non-cumulative, meaning that skipped dividends and distributions do not continue to accrue. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable. The Fund may invest in non- cumulative preferred stock, although Clough would consider, among other factors, their non-cumulative nature in making any decision to purchase or sell such securities.

Shares of preferred stock have a liquidation value that generally equals the original purchase price at the date of issuance. The market values of preferred stock may be affected by favorable and unfavorable changes impacting the issuers' industries or sectors. They may also be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates.

Because the claim on an issuer's earnings represented by preferred stock may become onerous when interest rates fall below the rate payable on the stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection in which the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund's holdings of higher dividend-paying preferred stocks may be reduced and the Fund may be unable to acquire securities paying comparable rates with the redemption proceeds.

**Restricted and Illiquid Securities**

Although the Fund will invest primarily in publicly traded securities, it may invest a portion of its assets (generally, no more than 15% of its value) in restricted securities and other investments which are illiquid. Restricted securities are securities that may not be sold to the public without an effective registration statement

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

under the Securities Act of 1933, as amended (the "Securities Act"), or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. In recognition of the increased size and liquidity of the institutional markets for unregistered securities and the importance of institutional investors in the formation of capital, the SEC has adopted Rule 144A under the Securities Act, which is designed to further facilitate efficient trading among eligible institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent privately placed securities held by the Fund qualify under Rule 144A, and an institutional market develops for those securities, the Fund likely will be able to dispose of the securities without registering them under the Securities Act. To the extent that institutional buyers become, for a time, uninterested in purchasing these securities, investing in Rule 144A securities could have the effect of increasing the level of the Fund's illiquidity. The Fund has adopted procedures under which certain Rule 144A securities will not be deemed to be illiquid, if certain criteria are satisfied with respect to those securities and the market therefor. Foreign securities that can be freely sold in the markets in which they are principally traded are not considered by the Fund to be restricted. Regulation S under the Securities Act permits the sale abroad of securities that are not registered for sale in the United States. Repurchase agreements with maturities of more than seven days will be treated as illiquid.

**Corporate Bonds, Government Debt Securities and Other Debt Securities**

The Fund may invest in corporate bonds, debentures and other debt securities. Debt securities in which the Fund may invest may pay fixed or variable rates of interest. Bonds and other debt securities generally are issued by corporations and other issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount borrowed on or before maturity. Certain debt securities are "perpetual" in that they have no maturity date.

The Fund will invest in government debt securities, including those of emerging market issuers or of other non-U.S. issuers. These securities may be U.S. dollar-denominated on non-U.S. dollar-denominated and include: (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; and (b) debt obligations of supranational entities. Government debt securities include: debt securities issued or guaranteed by governments, government agencies or instrumentalities and political subdivisions; debt securities issued by government owed, controlled or sponsored entities; interests in entities organized and operated for the purpose of restructuring the investment characteristics issued by the above-noted issuers; or debt securities issued by supranational entities such as the World Bank or the European Union. The Fund may also invest in securities denominated in currencies of emerging market countries. Emerging market debt securities generally are rated in the lower rating categories of recognized credit rating agencies or are unrated and considered to be of comparable quality to lower rated debt securities. A non-U.S. issuer of debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited resources in the event of a default. Some of these risks do not apply to issuers in large, more developed countries. These risks are more pronounced in investments in issuers in emerging markets or if the Fund invests significantly in one country.

The Fund will not invest more than 20% of its total assets in debt securities rated below investment grade (i.e., securities rated lower than Baa by Moody's Investors Service, Inc. ("Moody's") or lower than BBB by Standard & Poor's Rating Services, a division of The McGraw-Hill Companies, Inc. ("S&P")), or their equivalent as determined by Clough. These securities are commonly referred to as "junk bonds." The foregoing credit quality policy applies only at the time a security is purchased, and the Fund is not required to dispose of securities already owned by the Fund in the event of a change in assessment of credit quality or the removal of a rating.

**Exchange Traded Funds**

The Fund may invest in ETFs, which are investment companies that typically aim to track or replicate a desired index, such as a sector, market or global segment. Such ETFs are passively managed and their shares are traded on a national exchange or the National Association of Securities Dealers' Automatic Quotation System ("NASDAQ"). Certain ETFs are actively managed by a portfolio manager or management team that makes investment decisions without seeking to replicate the performance of a reference index. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as "creation units." The investor purchasing a creation unit may sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no assurance that an ETF's investment objective will be achieved. ETFs based on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing in the underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF's expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund's own operations.

**Foreign Securities**

Under normal circumstances, the Fund intends to invest a portion of its assets in securities of issuers located in at least three countries (in addition to the United States). The value of foreign securities is affected by changes in currency rates, foreign tax laws (including withholding tax), government policies (in this country or abroad), relations between nations and trading, settlement, custodial and other operational risks. In addition, the costs of investing abroad are generally higher than in the United States, and foreign securities markets may be less liquid, more volatile and less subject to governmental supervision than markets in the United States. As an alternative to holding foreign-traded securities, the Fund may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the U.S. over-the- counter market (including depositary receipts as described below, which evidence ownership in underlying foreign securities, and ETFs as described above).

Because foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies, there may be less publicly available information about a foreign company than about a domestic company. Volume and liquidity in most foreign debt markets is less than in the United States and securities of some foreign companies are less liquid and more volatile than securities of comparable U.S. companies. There is generally less government supervision and regulation of securities exchanges, broker-dealers and listed companies than in the United States. Mail service between the United States and foreign countries may be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Payment for securities before delivery may be required. In addition, with respect to certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments, which could affect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self- sufficiency and balance of payments position. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies.

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

The Fund may purchase ADRs, EDRs and GDRs, which are certificates evidencing ownership of shares of foreign issuers and are alternatives to purchasing directly the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying issuer's country. ADRs, EDRs and GDRs may be sponsored or unsponsored. Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses, they may not pass-through voting or other shareholder rights, and they may be less liquid.

The Fund's investments in sovereign debt may also include bonds issued by countries in emerging markets. Emerging market securities generally are less liquid and subject to wider price and currency fluctuations than securities issued in more developed countries. While there is no limit on the amount of assets the Fund may invest outside of the United States, the Fund will not invest more than 33% of its assets, at the time of acquisition, in securities (including equity and fixed income securities) of governments and companies in emerging markets.

**Real Estate Investment Trusts (REITs)**

REITs are companies that own and manage real estate, including apartment buildings, offices, shopping centers, industrial buildings, and hotels. By investing in REITs, the Fund may gain exposure to the real estate market with greater liquidity and diversification than through direct ownership of property, which can be costly and require ongoing management and maintenance, and which can be difficult to convert into cash when needed. The Fund does not expect to invest a significant portion of its assets in REITs but does not have any investment restrictions with respect to such investments.

**Warrants**

The Fund may invest in equity and index warrants of domestic and international issuers. Equity warrants are securities that give the holder the right, but not the obligation, to subscribe for equity issues of the issuing company or a related company at a fixed price either on a certain date or during a set period. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss.

Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

**Convertible Securities and Bonds with Warrants Attached**

The Fund may invest in preferred stocks and fixed-income obligations that are convertible into common stocks of domestic and foreign issuers, and bonds issued as a unit with warrants to purchase equity or fixed income securities. Convertible securities in which the Fund may invest, comprised of both convertible debt and convertible preferred stock, may be converted at either a stated price or at a stated rate into underlying shares of common stock. Because of this feature, convertible securities generally enable an investor to benefit from increases in the market price of the underlying common stock. Convertible securities often provide higher yields than the underlying equity securities, but generally offer lower yields than non-convertible securities of similar quality. The value of convertible securities fluctuates in relation to changes in interest rates like bonds, and, in addition, fluctuates in relation to the underlying common stock.

Bonds with warrants attached to purchase equity securities have many characteristics of convertible bonds and their prices may, to some degree, reflect the performance of the underlying stock. Bonds may also be issued with warrants attached to purchase additional fixed income securities at the same coupon rate. A decline in interest rates would permit the Fund to buy additional bonds at a favorable rate or to sell the warrants at a profit. If interest rates rise, the warrants would generally expire with no value.

**INVESTMENT TECHNIQUES**

The Fund may, but is under no obligation to, from time to time employ a variety of investment techniques, including those described below, to hedge against fluctuations in the price of portfolio securities, to enhance total return or to provide a substitute for the purchase or sale of securities. Some of these techniques, such as purchases of put and call options, options on stock indices and stock index futures and entry into certain credit derivative transactions and short sales, may be used as hedges against or substitutes for investments in equity securities. Other techniques such as the purchase of interest rate futures and entry into transactions involving interest rate swaps, options on interest rate swaps and certain credit derivatives are hedges against or substitutes for investments in debt securities. The Fund's ability to utilize any of the techniques described below may be limited by restrictions imposed on its operations in connection with obtaining and maintaining its qualification as a regulated investment company under the Code. Additionally, other factors (such as cost) may make it impractical or undesirable to use any of these investment techniques from time to time.

**Options on Securities**

In order to hedge against adverse market shifts, the Fund may utilize up to 12% of its total assets (in addition to the 12% limit applicable to options on stock indices described below) to purchase put and call options on securities. The Fund also may invest in call options, both on specific equity securities, as well as securities representing exposure to equity sectors or indices and fixed income indices, including options on indices and exchange traded funds ("ETFs"). In addition, the Fund may seek to increase its income or may hedge a portion of its portfolio investments through writing (i.e., selling) covered put and call options. A put option embodies the right of its purchaser to compel the writer of the option to purchase from the option holder an underlying security or its equivalent at a specified price at any time during the option period. In contrast, a call option gives the purchaser the right to buy the underlying security or its equivalent covered by the option or its equivalent from the writer of the option at the stated exercise price. Under interpretations of the Securities and Exchange Commission currently in effect, which may change from time to time, a "covered" call option means that so long as the Fund is obligated as the writer of the option, it will own (1) the underlying instruments subject to the option, (2) instruments convertible or exchangeable into the instruments subject to the option or (3) a call option on the relevant instruments with an exercise price no higher than the exercise price on the call option written.

Similarly, the Securities and Exchange Commission currently requires that, to "cover" or support its obligation to purchase the underlying instruments if a put option is written by the Fund, the Fund must (1) deposit with its custodian in a segregated account liquid securities having a value at least equal to the exercise price of the underlying securities, (2) continue to own an equivalent number of puts of the same "series" (that is, puts on the same underlying security having the same exercise prices and expiration dates as those written by the Fund), or an equivalent number of puts of the same "class" (that is, puts on the same underlying security) with exercise prices greater than those it has written (or, if the exercise prices of the puts it holds are less than the exercise prices of those it has written,

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

it will deposit the difference with its custodian in a segregated account) or (3) sell short the securities underlying the put option at the same or a higher price than the exercise price on the put option written.

The Fund will receive a premium when it writes put and call options, which increases the Fund's return on the underlying security in the event the option expires unexercised or is closed out at a profit. By writing a call, the Fund will limit its opportunity to profit from an increase in the market value of the underlying security above the exercise price of the option for as long as the Fund's obligation as the writer of the option continues. Upon the exercise of a put option written by the Fund, the Fund may suffer an economic loss equal to the difference between the price at which the Fund is required to purchase the underlying security and its market value at the time of the option exercise, less the premium received for writing the option. Upon the exercise of a call option written by the Fund, the Fund may suffer an economic loss equal to an amount not less than the excess of the security's market value at the time of the option exercise over the Fund's acquisition cost of the security, less the sum of the premium received for writing the option and the difference, if any, between the call price paid to the Fund and the Fund's acquisition cost of the security. Thus, in some periods the Fund might receive less total return and in other periods greater total return from its hedged positions than it would have received from leaving its underlying securities unhedged.

The Fund may purchase and write options on securities that are listed on national securities exchanges or are traded over the counter, although it expects, under normal circumstances, to effect such transactions on national securities exchanges.

As a holder of a put option, the Fund will have the right to sell the securities underlying the option and as the holder of a call option, the Fund will have the right to purchase the securities underlying the option, in each case at their exercise price at any time prior to the option's expiration date. The Fund may choose to exercise the options it holds, permit them to expire or terminate them prior to their expiration by entering into closing sale transactions. In entering into a closing sale transaction, the Fund would sell an option of the same series as the one it has purchased. The ability of the Fund to enter into a closing sale transaction with respect to options purchased and to enter into a closing purchase transaction with respect to options sold depends on the existence of a liquid secondary market. There can be no assurance that a closing purchase or sale transaction can be effected when the Fund so desires. The Fund's ability to terminate option positions established in the over-the-counter market may be more limited than in the case of exchange-traded options and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Fund.

In purchasing a put option, the Fund will seek to benefit from a decline in the market price of the underlying security, while in purchasing a call option, the Fund will seek to benefit from an increase in the market price of the underlying security. If an option purchased is not sold or exercised when it has remaining value, or if the market price of the underlying security remains equal to or greater than the exercise price, in the case of a put, or remains equal to or below the exercise price, in the case of a call, during the life of the option, the option will expire worthless. For the purchase of an option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price, in the case of a put, and must increase sufficiently above the exercise price, in the case of a call, to cover the premium and transaction costs. Because option premiums paid by the Fund are small in relation to the market value of the instruments underlying the options, buying options can result in large amounts of leverage. The leverage offered by trading in options could cause the Fund's net asset value to be subject to more frequent and wider fluctuation than would be the case if the Fund did not invest in options.

**Options on Stock Indices** 

The Fund may utilize up to 12% of its total assets (in addition to the 12% limit applicable to options on securities) to purchase put and call options on domestic stock indices to hedge against risks of market-wide price movements affecting its assets. The Fund may also invest in call options, both on specific equity securities, as well as securities representing exposure to equity sectors or indices and fixed income indices, including options on indices and exchange traded funds ("ETFs"). In addition, the Fund may write covered put and call options on stock indices. A stock index measures the movement of a certain group of stocks by assigning relative values to the common stocks included in the index. Options on stock indices are similar to options on securities. Because no underlying security can be delivered, however, the option represents the holder's right to obtain from the writer, in cash, a fixed multiple of the amount by which the exercise price exceeds (in the case of a put) or is less than (in the case of a call) the closing value of the underlying index on the exercise date. The advisability of using stock index options to hedge against the risk of market-wide movements will depend on the extent of diversification of the Fund's investments and the sensitivity of its investments to factors influencing the underlying index. The effectiveness of purchasing or writing stock index options as a hedging technique will depend upon the extent to which price movements in the Fund's securities investments correlate with price movements in the stock index selected. In addition, successful use by the Fund of options on stock indices will be subject to the ability of Clough to predict correctly changes in the relationship of the underlying index to the Fund's portfolio holdings. No assurance can be given that Clough's judgment in this respect will be correct.

When the Fund writes an option on a stock index, it will establish a segregated account with its custodian in which the Fund will deposit liquid securities in an amount equal to the market value of the option, and will maintain the account while the option is open.

**Short Sales**

The Fund intends to attempt to limit exposure to a possible market decline in the value of its portfolio securities through short sales of securities that Clough believes possess volatility characteristics similar to those being hedged. In addition, the Fund intends to use short sales for non-hedging purposes to pursue its investment objective. Subject to the requirements of the 1940 Act and the Code, the Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short by the Fund exceeds 30% of the value of its total assets.

A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. When the Fund makes a short sale, it must borrow the security sold short from a broker-dealer and deliver it to the buyer upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any payments received on such borrowed securities.

The Fund's obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other liquid securities. The Fund will also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such broker-dealer.

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. Although the Fund's gain is limited to the price at which it sold the security short, its potential loss is unlimited.

The Fund may also sell a security short if it owns at least an equal amount of the security sold short or another security convertible or exchangeable for an equal amount of the security sold short without payment of further compensation (a short sale against-the-box). In a short sale against-the-box, the short seller is exposed to the risk of being forced to deliver stock that it holds to close the position if the borrowed stock is called in by the lender, which would cause gain or loss to be recognized on the delivered stock. The Fund expects normally to close its short sales against-the-box by delivering newly acquired stock.

Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. Short-selling exposes the Fund to unlimited risk with respect to that security due to the lack of an upper limit on the price to which an instrument can rise. Although the Fund reserves the right to utilize short sales, and currently intends to utilize short sales, Clough is under no obligation to utilize short sales at all.

**Futures Contracts and Options on Futures Contracts**

The Fund may enter into interest rate and stock index futures contracts and may purchase and sell put and call options on such futures contracts. The Fund will enter into such transactions for hedging and other appropriate risk-management purposes or to increase return, in accordance with the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the Securities and Exchange Commission.

An interest rate futures contract is a standardized contract for the future delivery of a specified security (such as a U.S. Treasury Bond or U.S. Treasury Note) or its equivalent at a future date at a price set at the time of the contract. A stock index futures contract is an agreement to take or make delivery of an amount of cash equal to the difference between the value of the index at the beginning and at the end of the contract period. The Fund may only enter into futures contracts traded on regulated commodity exchanges.

Parties to a futures contract must make "initial margin" deposits to secure performance of the contract. There are also requirements to make "variation margin" deposits from time to time as the value of the futures contract fluctuates. Clough has claimed an exclusion from the definition of commodity pool operator under the Commodity Exchange Act ("CEA") and, therefore, Clough will not be subject to registration or regulation as a commodity pool operator under the CEA. The Fund reserves the right to engage in transactions involving futures and options thereon and in accordance with the Fund's policies. In addition, certain provisions of the Code may limit the extent to which the Fund may enter into futures contracts or engage in options transactions.

Pursuant to the views of the Securities and Exchange Commission currently in effect, which may change from time to time, with respect to futures contracts to purchase securities or stock indices, call options on futures contracts purchased by the Fund and put options on futures contracts written by the Fund, the Fund will set aside in a segregated account liquid securities with a value at least equal to the value of instruments underlying such futures contracts less the amount of initial margin on deposit for such contracts. The current view of the staff of the Securities and Exchange Commission is that the Fund's long and short positions in futures contracts as well as put and call options on futures written by it must be collateralized with cash or certain liquid assets held in a segregated account or "covered" in a manner similar to that described below for covered options on securities. However, even if "covered," these instruments could have the effect of leveraging the Fund's portfolio.

The Fund may either accept or make delivery of cash or the underlying instrument specified at the expiration of an interest rate futures contract or cash at the expiration of a stock index futures contract or, prior to expiration, enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to futures contracts are effected on the exchange on which the contract was entered into (or a linked exchange).

The Fund may purchase and write put and call options on interest rate futures contracts and stock index futures contracts in order to hedge all or a portion of its investments and may enter into closing purchase transactions with respect to options written by the Fund in order to terminate existing positions. There is no guarantee that such closing transactions can be effected at any particular time or at all. In addition, daily limits on price fluctuations on exchanges on which the Fund conducts its futures and options transactions may prevent the prompt liquidation of positions at the optimal time, thus subjecting the Fund to the potential of greater losses.

An option on an interest rate futures contract or stock index futures contract, as contrasted with the direct investment in such a contract, gives the purchaser of the option the right, in return for the premium paid, to assume a position in a stock index futures contract or interest rate futures contract at a specified exercise price at any time on or before the expiration date of the option. Upon exercise of an option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account, which represents the amount by which the market price of the futures contract exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option on the futures contract. The potential loss related to the purchase of an option on a futures contract is limited to the premium paid for the option (plus transaction costs).

With respect to options purchased by the Fund, there are no daily cash payments made by the Fund to reflect changes in the value of the underlying contract; however, the value of the option does change daily and that change would be reflected in the net asset value of the Fund.

While the Fund may enter into futures contracts and options on futures contracts for hedging purposes, the use of futures contracts and options on futures contracts might result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. If, for example, the Fund had insufficient cash, it might have to sell a portion of its underlying portfolio of securities in order to meet daily variation margin requirements on its futures contracts or options on futures contracts at a time when it might be disadvantageous to do so. There may be an imperfect correlation between the Fund's portfolio holdings and futures contracts or options on futures contracts entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Further, the Fund's use of futures contracts and options on futures contracts to reduce risk involves costs and will be subject to Clough's ability to predict correctly changes in interest rate relationships or other factors. No assurance can be given that Clough's judgment in this respect will be correct.

**When-Issued and Delayed Delivery Transactions**

New issues of preferred and debt securities may be offered on a when-issued or delayed delivery basis, which means that delivery and payment for the security normally take place within 45 days after the date of the commitment to purchase. The payment obligation and the dividends that will be received on the security are fixed at the time the buyer enters into the commitment. The Fund will make commitments to purchase securities on a when-issued or delayed delivery basis

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

only with the intention of acquiring the securities, but may sell these securities before the settlement date if Clough deems it advisable. No additional when-issued or delayed delivery commitments will be made if more than 20% of the Fund's total assets would be so committed. Securities purchased on a when-issued or delayed delivery basis may be subject to changes in value based upon the public's perception of the creditworthiness of the issuer and changes, real or anticipated, in the level of interest rates. Securities purchased or sold on a when-issued or delayed delivery basis may expose the Fund to risk because they may experience these fluctuations prior to their actual delivery. The Fund will not accrue income with respect to a debt security it has purchased on a when-issued or delayed delivery basis prior to its stated delivery date but will accrue income on a delayed delivery security it has sold. Purchasing or selling securities on a when-issued or delayed delivery basis can involve the additional risk that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. A segregated account of the Fund consisting of liquid securities equal at all times to the amount of the Fund's when-issued and delayed delivery purchase commitments will be established and maintained with the Fund's custodian. Placing securities rather than cash in the segregated account may have a leveraging effect on the Fund's net asset value per share; that is, to the extent that the Fund remains substantially fully invested in securities at the same time that it has committed to purchase securities on a when-issued or delayed delivery basis, greater fluctuations in its net asset value per share may occur than if it has set aside cash to satisfy its purchase commitments.

**Interest Rate Swaps and Options Thereon ("Swaptions")**

The Fund may enter into interest rate swap agreements and may purchase and sell put and call options on such swap agreements, commonly referred to as swaptions. The Fund will enter into such transactions for hedging some or all of its interest rate exposure in its holdings of preferred securities and debt securities. Interest rate swap agreements and swaptions are highly specialized investments and are not traded on or regulated by any securities exchange or regulated by the CFTC or the Securities and Exchange Commission.

An interest rate swap is an agreement between two parties where one party agrees to pay a contractually stated fixed income stream, usually denoted as a fixed percentage of an underlying "notional" amount, in exchange for receiving a variable income stream, usually based on the London Interbank Offered Rate (LIBOR), and denoted as a percentage of the underlying notional amount. From the perspective of a fixed rate payer, if interest rates rise, the payer will expect a rising level of income since the payer is a receiver of floating rate income. This would cause the value of the swap contract to rise in value, from the payer's perspective, because the discounted present value of its obligatory payment stream is diminished at higher interest rates, all at the same time it is receiving higher income. Alternatively, if interest rates fall, the reverse occurs and it simultaneously faces the prospects of both a diminished floating rate income stream and a higher discounted present value of his fixed rate payment obligation. These value changes all work in reverse from the perspective of a fixed rate receiver.

A swaption is an agreement between two parties where one party purchases the right from the other party to enter into an interest rate swap at a specified date and for a specified "fixed rate" yield (or "exercise" yield). In a pay-fixed swaption, the holder of the swaption has the right to enter into an interest rate swap as a payer of fixed rate and receiver of variable rate, while the writer of the swaption has the obligation to enter into the other side of the interest rate swap. In a received-fixed swaption, the holder of the swaption has the right to enter into an interest rate swap as a receiver of fixed rate and a payer of variable rate, while the writer of the swaption has the obligation to enter into the opposite side of the interest rate swap.

A pay-fixed swaption is analogous to a put option on Treasury securities in that it rises in value as interest rate swap yields rise. A receive- fixed swaption is analogous to a call option on Treasury securities in that it rises in value as interest rate swap yields decline. As with other options on securities, indices, or futures contracts, the price of any swaption will reflect both an intrinsic value component, which may be zero, and a time premium component. The intrinsic value component represents what the value of the swaption would be if it were immediately exercisable into the underlying interest rate swap. The intrinsic value component measures the degree to which an option is in- the-money, if at all. The time premium represents the difference between the actual price of the swaption and the intrinsic value.

It is customary market practice for swaptions to be "cash settled" rather than an actual position in an interest rate swap being established at the time of swaption expiration. For reasons set forth more fully below, Clough expects to enter strictly into cash settled swaptions (i.e., where the exercise value of the swaption is determined by reference to the market for interest rate swaps then prevailing).

**Credit Derivatives**

The Fund may enter into credit derivative transactions, either to hedge credit exposure or to gain exposure to an issuer or group of issuers more economically than can be achieved by investing directly in preferred or debt securities. Credit derivatives fall into two broad categories: credit default swaps and market spread swaps, both of which can reference either a single issuer or obligor or a portfolio of preferred and/or debt securities. In a credit default swap, which is the most common form of credit derivative, the purchaser of credit protection makes a periodic payment to the seller (swap counterparty) in exchange for a payment by the seller should a referenced security or loan, or a specified portion of a portfolio of such instruments, default during the life of the swap agreement. If there were a default event as specified in the swap agreement, the buyer either (i) would receive from the seller the difference between the par (or other agreed-upon) value of the referenced instrument(s) and the then-current market value of the instrument(s) or (ii) have the right to make delivery of the reference instrument to the counterparty. If there were no default, the buyer of credit protection would have spent the stream of payments and received no benefit from the contract. Market spread swaps are based on relative changes in market rates, such as the yield spread between a preferred security and a benchmark Treasury security, rather than default events.

In a market spread swap, two counterparties agree to exchange payments at future dates based on the spread between a reference security (or index) and a benchmark security (or index). The buyer (fixed-spread payer) would receive from the seller (fixed-spread receiver) the difference between the market rate and the reference rate at each payment date, if the market rate were above the reference rate. If the market rate were below the reference rate, then the buyer would pay to the seller the difference between the reference rate and the market rate. The Fund may utilize market spread swaps to "lock in" the yield (or price) of a security or index without having to purchase the reference security or index. Market spread swaps may also be used to mitigate the risk associated with a widening of the spread between the yield or price of a security in the Fund's portfolio relative to a benchmark Treasury security. Market spread options, which are analogous to swaptions, give the buyer the right but not the obligation to buy (in the case of a call) or sell (in the case of a put) the referenced market spread at a fixed price from the seller. Similarly, the seller of a market spread option has the obligation to sell (in the case of a call) or buy (in the case of a put) the referenced market spread at a fixed price from the buyer. Credit derivatives are highly specialized investments and are not traded on or regulated by any securities exchange or regulated by the CFTC or the Securities and Exchange Commission..

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

**Interest Rate Swaps, Swaptions and Credit Derivatives (General)**

The pricing and valuation terms of interest rate swaps, swaptions and credit derivatives are not standardized and there is no clearinghouse whereby a party to any such derivative agreement can enter into an offsetting position to close out a contract. Interest rate swaps, swaptions and credit derivatives are usually (1) between an institutional investor and a broker-dealer firm or bank or (2) between institutional investors. In addition, substantially all swaps are entered into subject to the standards set forth by the International Swaps and Derivatives Association ("ISDA"). ISDA represents participants in the privately negotiated derivatives industry, helps formulate the investment industry's position on regulatory and legislative issues, develops international contractual standards and offers arbitration on disputes concerning market practice.

Under the rating agency guidelines that would likely be imposed in connection with any issuance of preferred shares by the Fund, it is expected that the Fund would be authorized to enter into swaptions and to purchase credit default swaps without limitation but would be subject to limitation on entering into interest rate swap agreements or selling credit protection. Certain rating agency guidelines may be changed from time to time and it is expected that those relating to interest rate swaps, swaptions and credit derivatives would be able to be revised by the Board of Trustees, without shareholder vote of the Common Shares or the Fund's preferred shares, so long as the relevant rating agency(ies) has given written notice that such revisions would not adversely affect the rating of the Fund's preferred shares then in effect.

The Board of Trustees has currently limited the Fund's use of interest rate and credit swaps and swaptions as follows: (1) swaps and swaptions must be U.S. dollar-denominated and used for hedging purposes only; (2) no more than 5% of the Fund's total assets, at the time of purchase, may be invested in time premiums paid for swaptions; (3) swaps and swaptions must conform to the standards of the ISDA Master Agreement; and (4) the counterparty must be a bank or broker-dealer firm regulated under the laws of the United States that (a) is on a list approved by the Board of Trustees, (b) has capital of at least $100 million and (c) is rated investment grade by both Moody's and S&P. These criteria can be modified by the Board of Trustees at any time in its discretion.

The market value of the Fund's investments in credit derivatives and/or premiums paid therefor as a buyer of credit protection will not exceed 12% of the Fund's total assets and the notional value of the credit exposure to which the Fund is subject when it sells credit derivatives will not exceed 331/3% of the Fund's total assets. The Fund has no other investment restrictions with respect to credit derivatives.

Clough expects that the Fund will be subject to the initial and subsequent mark-to-market collateral requirements that are standard among ISDA participants. These requirements help insure that the party who is a net obligor at current market value has pledged for safekeeping, to the counterparty or its agent, sufficient collateral to cover any losses should the obligor become incapable, for whatever reason, of fulfilling its commitments under the swap or swaption agreements. This is analogous, in many respects, to the collateral requirements in place on regular futures and options exchanges. The Fund will be responsible for monitoring the market value of all derivative transactions to ensure that they are properly collateralized.

If Clough determines it is advisable for the Fund to enter into such transactions, the Fund will institute procedures for valuing interest rate swap, swaption or credit derivative positions to which it is party. Interest rate swaps, swaptions and credit derivatives will be valued by the counterparty to the swap or swaption in question. Such valuation will then be compared with the valuation provided by a broker-dealer or bank that is not a party to the contract. In the event of material discrepancies, the Fund has procedures in place for valuing the swap or swaption, subject to the direction of the Board of Trustees, which include reference to third-party information services, such as Bloomberg, and a comparison with Clough's valuation models. The use of interest rate swaps, swaptions and credit derivatives, as the foregoing discussion suggests, is subject to risks and complexities beyond what might be encountered in standardized, exchange traded options and futures contracts. Such risks include operational risk, valuation risk, credit risk and /or counterparty risk (i.e., the risk that the counterparty cannot or will not perform its obligations under the agreement). In addition, at the time the interest rate swap, swaption or credit derivative reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the terms of the replacement will not be as favorable as on the expiring transaction. If this occurs, it could have a negative impact on the performance of the Fund.

While the Fund may utilize interest rate swaps, swaptions and credit derivatives for hedging purposes or to enhance total return, their use might result in poorer overall performance for the Fund than if it had not engaged in any such transactions. If, for example, the Fund had insufficient cash, it might have to sell or pledge a portion of its underlying portfolio of securities in order to meet daily mark-to-market collateralization requirements at a time when it might be disadvantageous to do so.

There may be an imperfect correlation between the Fund's portfolio holdings and swaps, swaptions or credit derivatives entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Further, the Fund's use of swaps, swaptions and credit derivatives to reduce risk involves costs and will be subject to Clough's ability to predict correctly changes in interest rate relationships, volatility, credit quality or other factors. No assurance can be given that Clough's judgment in this respect will be correct.

**Temporary Investments**

From time to time, as Clough deems warranted based on market conditions, the Fund may invest temporarily in cash, money market securities, money market mutual funds or cash equivalents, which may be inconsistent with the Fund's investment objective. Cash equivalents are highly liquid, short-term securities such as commercial paper, time deposits, certificates of deposit, short-term notes and short-term U.S. government obligations.

**Portfolio Turnover**

Although the Fund cannot accurately predict its portfolio turnover rate, it is likely to exceed 100% (excluding turnover of securities having a maturity of one year or less). A high turnover rate (100% or more) necessarily involves greater expenses to the Fund and may result in realization of net short-term capital gains.

**Foreign Currency Transactions**

The value of foreign assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign currency rates and exchange control regulations. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the United States or abroad. Foreign currency exchange transactions may be conducted on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering into derivative currency transactions. Currency futures contracts are exchange-traded and change in value to reflect movements of a currency or a basket of currencies. Settlement must be made in a designated currency.

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

Forward foreign currency exchange contracts are individually negotiated and privately traded so they are dependent upon the creditworthiness of the counterparty. Such contracts may be used when a security denominated in a foreign currency is purchased or sold, or when the Fund anticipates receipt in a foreign currency of dividend or interest payments on such a security. A forward contract can then "lock in" the U.S. dollar price of the security or the U.S. dollar equivalent of such dividend or interest payment, as the case may be. Additionally, when Clough believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar, it may enter into a forward contract to sell, for a fixed amount of dollars, the amount of foreign currency approximating the value of some or all of the securities held that are denominated in such foreign currency. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible. In addition, it may not be possible to hedge against long-term currency changes. The Fund may engage in cross-hedging by using forward contracts in one currency (or basket of currencies) to hedge against fluctuations in the value of securities denominated in a different currency if Clough determines that there is an established historical pattern of correlation between the two currencies (or the basket of currencies and the underlying currency). Use of a different foreign currency magnifies exposure to foreign currency exchange rate fluctuations. The Fund may use forward contracts to shift exposure to foreign currency exchange rate changes from one currency to another. Short-term hedging provides a means of fixing the dollar value of only a portion of portfolio assets.

Currency transactions are subject to the risk of a number of complex political and economic factors applicable to the countries issuing the underlying currencies. Furthermore, unlike trading in most other types of instruments, there is no systematic reporting of last sale information with respect to the foreign currencies underlying the derivative currency transactions. As a result, available information may not be complete. In an over-the-counter trading environment, there are no daily price fluctuation limits. There may be no liquid secondary market to close out options purchased or written, or forward contracts entered into, until their exercise, expiration or maturity. There is also the risk of default by, or the bankruptcy of, the financial institution serving as a counterparty.

**Illiquid Securities**

The Fund may invest in securities for which there is no readily available trading market or which are otherwise illiquid. Illiquid securities include securities legally restricted as to resale, such as commercial paper issued pursuant to Section 4(a)(2) of the Securities Act and securities eligible for resale pursuant to Rule 144A thereunder. Section 4(a)(2) and Rule 144A securities may, however, be treated as liquid by Clough pursuant to procedures adopted by the Board of Trustees, which require consideration of factors such as trading activity, availability of market quotations and number of dealers willing to purchase the security. If the Fund invests in Rule 144A securities, the level of portfolio illiquidity may be increased to the extent that eligible buyers become uninterested in purchasing such securities.

It may be difficult to sell such securities at a price representing their fair value until such time as such securities may be sold publicly. Where registration is required, a considerable period may elapse between a decision to sell the securities and the time when it would be permitted to sell. Thus, the Fund may not be able to obtain as favorable a price as that prevailing at the time of the decision to sell. The Fund may also acquire securities through private placements under which it may agree to contractual restrictions on the resale of such securities. Such restrictions might prevent their sale at a time when such sale would otherwise be desirable.

**Repurchase Agreements**

A repurchase agreement exists where the Fund sells a security (typically U.S. government securities) to a party for cash and agrees to buy the same security back on a specific date (typically the next business day) from the same party for cash. Repurchase agreements carry several risks. For instance, the Fund could incur a loss if the value of the security sold has increased more than the value of the cash and collateral held. In addition, the other party to the agreement may default, in which case the Fund would not re-acquire possession of the security and suffer full value loss (or incur costs when attempting to purchase a similar security from another party). Also, in a bankruptcy proceeding involving the other party, a court may determine that the security does not belong to the Fund and order that the security be used to pay off the debts of the bankrupt. The Fund will reduce the risk by requiring the other party to put up collateral, whose value is checked and reset daily. The Fund also intends only to deal with parties that appear to have the resources and the financial strength to live up to the terms of the agreement. Repurchase agreements are limited to 50% of the Fund's assets. Cash held for securities sold by the Fund are not included in the Fund's assets when making this calculation.

**USE OF LEVERAGE**

The Fund uses leverage through the issuance of preferred shares and/or through borrowings, including the issuance of debt securities. The Fund may use leverage of up to 33% of its total assets (including the amount obtained from leverage). The Fund generally will not use leverage if Clough anticipates that it would result in a lower return to Common Shareholders for any significant amount of time. The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions, which otherwise might require untimely dispositions of Fund securities.

Changes in the value of the Fund's portfolio (including investments bought with the proceeds of the preferred shares offering or borrowing program) will be borne entirely by the Common Shareholders. If there is a net decrease (or increase) in the value of the Fund's investment portfolio, the leverage will decrease (or increase) the net asset value per share to a greater extent than if the Fund were not leveraged. During periods in which the Fund is using leverage, the fees paid to Clough for investment advisory services and to ALPS for administrative services will be higher than if the Fund did not use leverage because the fees paid will be calculated on the basis of the Fund's total assets, including proceeds from borrowings and the issuance of preferred shares, which may create an incentive to leverage the Fund. The Fund's issuance of preferred shares may alter the voting power of Common Shareholders.

Capital raised through leverage will be subject to dividend or interest payments, which may exceed the income and appreciation on the assets purchased. The issuance of preferred shares or entering into a borrowing program involves expenses and other costs and may limit the Fund's freedom to pay dividends on Common Shares or to engage in other activities. The issuance of a class of preferred shares or incurrence of borrowings having priority over the Fund's Common Shares creates an opportunity for greater return per Common Share, but at the same time such leveraging is a speculative technique in that it will increase the Fund's exposure to capital risk. Unless the income and appreciation, if any, on assets acquired with leverage proceeds exceed the associated costs of such preferred shares or borrowings (and other Fund expenses), the use of leverage will diminish the investment performance of the Fund's Common Shares compared with what it would have been without leverage.

The Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies that may issue ratings for any preferred shares issued by the Fund and by borrowing program covenants. These guidelines and covenants may impose asset coverage or Fund composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. It is not anticipated that these covenants or guidelines will significantly impede Clough from managing the Fund's portfolio in accordance with the Fund's investment objective and policies.

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

For the period from November 1, 2024 to October 31, 2025, the average amount borrowed under the Credit Agreement was $62,917,808 at an average rate of 5.14%. As of October 31, 2025, the amount of outstanding borrowings was $69,500,000, the interest rate was 4.67% and the amount of pledged collateral was $142,566,707.

The following table is designed to illustrate the effect on the return to a holder of the Fund's Common Shares of leverage in the amount of approximately 16.50% of the Fund's total assets, assuming hypothetical annual returns of the Fund's portfolio of minus 10% to plus 10%. As the table shows, leverage generally increases the return to Common Shareholders when portfolio return is positive and greater than the cost of leverage and decreases the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are hypothetical and actual returns may be greater or less than those appearing in the table. The below table assumes the annual leverage and fee rate of 4.67%.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Portfolio Total Return (Net of Expenses) | (10.00)% | (5.00)% | 0.00% | 5.00% | 10.00% |
| Common Share Total Return | (15.21)% | (8.23)% | (1.25)% | 5.73% | 12.71% |

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In addition to the credit facility, the Fund may use a variety of additional strategies that would be viewed as potentially adding leverage to the portfolio. These include the sale of credit default swap contracts and the use of other derivative instruments, reverse repurchase agreements and the issuance of preferred shares. By adding additional leverage, these strategies have the potential to increase returns to Common Shareholders, but also involve additional risks. Additional leverage will increase the volatility of the Fund's investment portfolio and could result in larger losses than if the strategies were not used. However, to the extent that the Fund enters into offsetting transactions or owns positions covering its obligations, the leveraging effect is expected to be minimized or eliminated.

During the time in which the Fund is utilizing leverage, the fees paid to Clough and the Administrator for services will be higher than if the Fund did not utilize leverage because the fees paid will be calculated based on the Fund's total assets. Only the Fund's holders of Common Shares bear the cost of the Fund's fees and expenses.

**RISKS**

Investing in the Fund involves risk, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment. Therefore, before investing you should consider carefully the following risks before investing in the Fund.

**Key Adviser Personnel Risk**

The Fund's ability to identify and invest in attractive opportunities is dependent upon Clough, its investment adviser. If one or more key individuals leaves Clough, Clough may not be able to hire qualified replacements, or may require an extended time to do so. This could prevent the Fund from achieving its investment objective.

**Investment and Market Risk**

An investment in Common Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in Common Shares represents an indirect investment in the securities owned by the Fund, which are generally traded on a securities exchange or in the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The Common Shares at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.

**Issuer Risk**

The value of an issuer's securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services.

**Sector Risk**

From time to time, based on market or economic conditions, the Fund may have larger investment positions in one or more sectors of the market. To the extent the Fund invests more heavily in one sector, industry, or sub-sector of the market, its performance may be more sensitive to developments that significantly affect those sectors, industries, or sub-sectors. An individual sector, industry, or sub-sector of the market may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. The Fund's performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.

**Common Stock Risk**

To the extent the Fund invests in common stocks, those investments will be subject to special risks. Although common stocks have historically generated higher average returns than fixed income securities over the long term, common stocks also have experienced significantly more volatility in returns. Common stocks may be more susceptible to adverse changes in market value due to issuer specific events or general movements in the equities markets. A drop in the stock market may depress the price of common stocks held by the Fund. Common stock prices fluctuate for many reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or the occurrence of political or economic events affecting issuers. For example, an adverse event, such as an unfavorable earnings report, may depress the value of common stock in which the Fund has invested; the price of common stock of an issuer may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the common stocks held by the Fund. Also, common stock of an issuer in the Fund's portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition. The common stocks in which the Fund will invest are structurally subordinated to preferred securities, bonds and other debt instruments in a company's capital structure, in terms of priority to corporate income and assets, and therefore will be subject to greater risk than the preferred securities or debt instruments of such issuers. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase.

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

**Debt Securities Risk**

In addition to credit risk, investment in debt securities carries certain risks including:

Redemption Risk—Debt securities sometimes contain provisions that allow for redemption in the event of tax or security law changes in addition to call features at the option of the issuer. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates of return.

Limited Voting Rights—Debt securities typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.

Liquidity—Certain debt securities may be substantially less liquid than many other securities, such as U.S. government securities or common stocks.

**Interest Rate Risk**

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 market value of such securities generally will fall. The Fund's investment in preferred stocks and fixed-rate debt securities means that the net asset value and price of the Common Shares may decline if market interest rates rise. Interest rates are currently low relative to historic levels. During periods of declining interest rates, an issuer of preferred stock or fixed-rate debt securities may exercise its option to redeem or prepay securities prior to maturity, which could result in the Fund's having to reinvest in lower yielding debt securities or other types of securities. This is known as call or prepayment risk. During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected payments. This may lock in a below market yield, increase the security's duration, and reduce the value of the security. This is known as extension risk. Investments in debt securities with longterm maturities may experience significant price declines if long-term interest rates increase. This is known as maturity risk. The value of the Fund's common stock investments may also be influenced by changes in interest rates.

**Credit Risk**

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. In general, lower rated preferred or debt securities carry a greater degree of credit risk. If rating agencies lower their ratings of preferred or debt securities in the Fund's portfolio, the value of those obligations could decline. In addition, the underlying revenue source for a preferred or debt security may be insufficient to pay dividends, interest or principal in a timely manner. Because a significant source of income for the Fund can be the dividend, interest and principal payments on the preferred or debt securities in which it invests, any default by an issuer of a preferred or debt security could have a negative impact on the Fund's ability to pay dividends on Common Shares. Even if the issuer does not actually default, adverse changes in the issuer's financial condition may negatively affect its credit rating or presumed creditworthiness. These developments would adversely affect the market value of the issuer's obligations or the value of credit derivatives if the Fund has sold credit protection.

**Preferred Securities Risk**

In addition to credit risk, investment in preferred securities carries certain risks including:

Deferral Risk—Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its discretion, to defer distributions for up to 20 consecutive quarters. Traditional preferreds also contain provisions that allow an issuer, under certain conditions to skip (in the case of "noncumulative preferreds") or defer (in the case of "cumulative preferreds"), dividend payments. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes while it is not receiving any distributions.

Redemption Risk—Preferred securities typically contain provisions that allow for redemption in the event of tax or security law changes in addition to call features at the option of the issuer. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates of return.

Limited Voting Rights—Preferred securities typically do not provide any voting rights, except in cases when dividends are in arrears beyond a certain time period, which varies by issue.

Subordination—Preferred securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments.

Liquidity—Preferred securities may be substantially less liquid than many other securities, such as U.S. government securities, corporate debt, or common stocks.

**Non-Investment Grade Securities Risk**

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 predominantly speculative because of the credit risk of their issuers. While offering a greater potential opportunity for capital appreciation and higher yields, preferred stocks and bonds of below investment grade quality entail greater potential price volatility and may be less liquid than higher-rated securities. Issuers of below investment grade quality preferred stocks and bonds are more likely to default on their payments of dividends/interest and liquidation value/principal owed to the Fund, and such defaults will reduce the Fund's net asset value and income distributions. The prices of these lower quality preferred stocks and bonds are more sensitive to negative developments than higher rated securities. Adverse business conditions, such as a decline in the issuer's revenues or an economic downturn, generally lead to a higher non-payment rate. In addition, such a security may lose significant value before a default occurs as the market adjusts to expected higher non-payment rates. The Fund will not invest more than 20% of its total assets in securities rated below investment grade. The foregoing credit quality policy applies only at the time a security is purchased, and the Fund is not required to dispose of securities already owned by the Fund in the event of a change in assessment of credit quality or the removal of a rating.

**Short Sales Risk**

Short-selling involves selling securities which may or may not be owned and borrowing the same securities for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral to the broker-dealer (usually cash and liquid securities) and the maintenance of collateral with its Custodian. Although the Fund's gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

Short-selling necessarily involves certain additional risks. However, if the short seller does not own the securities sold short (an uncovered short sale), the borrowed securities must be replaced by securities purchased at market prices in order to close out the short position, and any appreciation in the price of the borrowed securities would result in a loss. Uncovered short sales expose the Fund to the risk of uncapped losses until a position can be closed out due to the lack of an upper limit on the price to which a security may rise. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. There is the risk that the securities borrowed by the Fund in connection with a short-sale must be returned to the securities lender on short notice. If a request for return of borrowed securities occurs at a time when other short-sellers of the security are receiving similar requests, a "short squeeze" can occur, and the Fund may be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous time, possibly at prices significantly in excess of the proceeds received at the time the securities were originally sold short.

In September 2008, in response to spreading turmoil in the financial markets, the SEC temporarily banned short selling in the stocks of numerous financial services companies, and also promulgated new disclosure requirements with respect to short positions held by investment managers. The SEC's temporary ban on short selling of such stocks has since expired, but should similar restrictions and/or additional disclosure requirements be promulgated, especially if market turmoil occurs, the Fund may be forced to cover short positions more quickly than otherwise intended and may suffer losses as a result. Such restrictions may also adversely affect the ability of the Fund to execute its investment strategies generally. Similar emergency orders were also instituted in non-U.S. markets in response to increased volatility. The Fund's ability to engage in short sales is also restricted by various regulatory requirements relating to short sales.

**Foreign Securities Risk**

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. In addition, changes in government administrations or economic or monetary policies in the United States or abroad could result in appreciation or depreciation of the Fund's securities. It may also be more difficult to obtain and enforce a judgment against a foreign issuer. To the extent the Fund focuses its investments in a particular country or in countries within a particular geographic region, economic, political, regulatory and other conditions affecting such country or region may have a greater impact on the Fund than on more geographically diversified funds. Any foreign investments made by the Fund must be made in compliance with U.S. and foreign currency restrictions and tax laws restricting the amounts and types of foreign investments. The Fund will not invest more than 33% of its assets, at the time of acquisition, in securities (including equity and fixed income securities) of governments and companies in emerging markets, but has no other investment restrictions with respect to investing in foreign issuers.

**Emerging Markets Risk**

Investing in securities of issuers based in underdeveloped emerging markets entails all of the risks of investing in securities of foreign issuers to a heightened degree. These heightened risks include: (i) greater risks of expropriation, confiscatory taxation, nationalization, and less social, political and economic stability; (ii) the smaller size of the market for such securities and a lower volume of trading, resulting in lack of liquidity and in price volatility; and (iii) certain national policies that may restrict the Fund's investment opportunities including restrictions on investing in issuers or industries deemed sensitive to relevant national interests.

**Derivatives Risk**

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. The Fund also will be subject to credit risk with respect to the counterparties to the derivatives contracts purchased by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. As a general matter, dividends received on hedged stock positions are characterized as ordinary income and are not eligible for favorable tax treatment. In addition, use of derivatives may give rise to short-term capital gains and other income that would not qualify for payments by the Fund of tax-advantaged dividends.

The Securities and Exchange Commission (SEC) recently adopted Rule 18f-4 under the Investment Company Act of 1940, as amended (1940 Act), which will regulate the use of derivatives for certain funds registered under the 1940 Act. Unless the Fund qualifies as a "limited derivatives user" as defined in Rule 18f-4, the rule would, among other things, require the Fund to establish a comprehensive derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding its derivatives positions. If the Fund qualifies as a limited derivatives user, Rule 18f-4 would require the Fund to have policies and procedures to manage its aggregate derivatives risk. These requirements could have an impact on the Fund, including a potential increase in cost to enter into derivatives transactions and may require the Fund to alter, perhaps materially, its use of derivatives.

**Counterparty Risk**

The Fund runs the risk that the issuer or guarantor of a fixed income security, the counterparty to an over-the-counter derivatives contract, a borrower of the Fund's securities or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to make timely principal, interest, or settlement payments or otherwise honor its obligations. In addition, to the extent that the Fund uses over-the- counter derivatives, and/or has significant exposure to a single counterparty, this risk will be particularly pronounced for the Fund.

**Hedging Strategy Risk**

Certain of the investment techniques that the Fund may employ for hedging or, under certain circumstances, to increase income or total return will expose the Fund to risks. In addition to the hedging techniques described elsewhere (i.e., positions in Treasury Bond or Treasury Note futures contracts, use of options on these positions, positions in interest rate swaps, swaptions and credit derivatives), such investment techniques may include entering into interest rate and stock index futures contracts and options on interest rate and stock index futures contracts, purchasing and selling put and call options on securities and stock indices, purchasing and selling securities on a when-issued or delayed delivery basis, entering into repurchase agreements, lending portfolio securities and making short sales of securities "against the box." The Fund intends to comply with regulations of the Securities and Exchange Commission involving "covering" or segregating assets in connection with the Fund's use of options and futures contracts.

There are economic costs of hedging reflected in the pricing of futures, swaps, options, and swaption contracts which can be significant, particularly when long-term interest rates are substantially above short-term interest rates, as is the case at present. The desirability of moderating these hedging costs will be a factor in Clough's choice of hedging strategies, although costs will not be the exclusive consideration in selecting hedge instruments. In addition, the Fund may select

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

individual investments based upon their potential for appreciation without regard to the effect on current income, in an attempt to mitigate the impact on the Fund's assets of the expected normal cost of hedging.

There may be an imperfect correlation between changes in the value of the Fund's portfolio holdings and hedging positions entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, the Fund's success in using hedge instruments is subject to Clough's ability to predict correctly changes in the relationships of such hedge instruments to the Fund's portfolio holdings, and there can be no assurance that Clough's judgment in this respect will be accurate. Consequently, the use of hedging transactions might result in a poorer overall performance for the Fund, whether or not adjusted for risk, than if the Fund had not hedged its portfolio holdings.

**Small and Medium Cap Company Risk**

Compared to investment companies that focus only on large capitalization companies, the Fund's share price may be more volatile because it also invests in small and medium capitalization companies. Compared to large companies, small and medium capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to large cap stocks, the securities of small and medium capitalization companies are more likely to experience sharper swings in market values, be harder to sell at times and at prices that Clough believes appropriate, and offer greater potential for gains and losses.

**Inflation Risk**

Inflation risk is the risk that the purchasing power of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions thereon can decline. In addition, during any periods of rising inflation, dividend rates of preferred shares of the Fund would likely increase, which would tend to further reduce returns to Common Shareholders.

**Market Price of Shares**

The shares of closed-end management investment companies often trade at a discount from their net asset value, and the Fund's Common Shares may likewise trade at a discount from net asset value. The trading price of the Fund's Common Shares may be less than the public offering price. The returns earned by Common Shareholders who sell their Common Shares below net asset value will be reduced.

**Management Risk**

The Fund is subject to management risk because it is an actively managed portfolio. Clough and the individual portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

**Leverage Risk**

Leverage creates risks for the Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares. There is a risk that fluctuations in the dividend rates on any preferred shares may adversely affect the return to the Common Shareholders. If the income from the securities purchased with such funds is not sufficient to cover the cost of leverage, the return on the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders as dividends and other distributions will be reduced and may not satisfy the level dividend rate distribution policy set by the Board of Trustees. Clough in its best judgment nevertheless may determine to maintain the Fund's leveraged position if it deems such action to be appropriate in the circumstances.

**Liquidity Risk**

Restricted securities and other illiquid investments of the Fund involve the risk that the securities will not be able to be sold at the time desired by Clough or at prices approximating the value at which the Fund is carrying the securities. Where registration is required to sell a security, the Fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to sell. Restricted securities for which no market exists and other illiquid investments are valued at fair value as determined in accordance with procedures approved and periodically reviewed by the Trustees of the Fund.

**Market Disruption and Geopolitical Risk**

The ongoing U.S. military and related actions in Iraq and Afghanistan and events in the Middle East and Ukraine, as well as the continuing threat of terrorist attacks, could have significant adverse effects on the U.S. economy, the stock market and world economies and markets. The Fund cannot predict the effects of similar events in the future on the U.S. economy and securities markets. These military actions and related events, including the conflicts in the Middle East, have led to increased short-term market volatility and may have long-term effects on U.S. and world economies and markets. Similar disruptions of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the Common Shares.

**Pandemic Risks**

An outbreak of Covid-19 respiratory disease caused by a novel coronavirus was first detected in late 2019 and subsequently spread globally in early 2020. The impact of the outbreak has been rapidly evolving, and cases of the virus have continued to be identified in most developed and emerging countries throughout the world. Many local, state, and national governments, as well as businesses, have reacted by instituting quarantines, border closures, restrictions on travel, and other measures designed to arrest the spread of the virus. The outbreak and public and private sector responses thereto have led to large portions of the populations of many nations working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, lack of availability of certain goods, and adversely impacted many industries. These circumstances are evolving, and further developments could result in additional disruptions and uncertainty. The impact of the coronavirus outbreak may last for an extended period of time and result in a substantial economic downturn. Pandemics, including the coronavirus outbreak, have resulted in a general decline in the global economy and negative effects on the performance of individual countries, industries, or sectors. Such negative impacts can be significant in unforeseen ways. Deteriorating economic fundamentals may in turn increase the risk of default or insolvency of particular companies, negatively impact market value, increase market volatility, cause credit spreads to widen, and reduce liquidity. All of these risks may have a material adverse effect on the performance and financial condition of the Fund's investments, and on the overall performance of the Fund.

**Income Risk**

The income Common Shareholders receive from the Fund is based primarily on the dividends and interest it earns from its investments, which can vary widely over the short and long term. If prevailing market interest rates drop, distribution rates of the Fund's preferred stock holdings and any bond holdings and Common

Clough Global Opportunities Fund

**SUMMARY OF UPDATED INFORMATION**

**October 31, 2025 (Continued) (Unaudited)**

Shareholder's income from the Fund could drop as well. The Fund's income also would likely be affected adversely when prevailing short-term interest rates increase and the Fund is utilizing leverage.

**Convertible Securities Risk**

The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security's investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed income security.

A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objective.

**REIT Risk**

If the Fund invests in REITs, such investment will subject the Fund 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.

Qualification as a REIT in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT, would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could drastically reduce the Fund's yield on that investment.

The Fund does not expect to invest a significant portion of its assets in REITs but does not have any investment restrictions with respect to such investments.

**Anti-Takeover Provisions**

The Fund's Declaration of Trust includes provisions that could have the effect of inhibiting the Fund's possible conversion to open-end status and limiting the ability of other entities or persons to acquire control of the Fund or the Board of Trustees. In certain circumstances, these provisions might also inhibit the ability of shareholders to sell their shares at a premium over prevailing market prices.

**Portfolio Turnover Risk**

The techniques and strategies contemplated by the Fund might result in a high degree of portfolio turnover. The Fund cannot accurately predict its securities portfolio turnover rate, but anticipates that its annual portfolio turnover rate will exceed 100% under normal market conditions, although it could be materially higher under certain conditions. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions and generate short-term capital gains taxable as ordinary income.

![](glvncsr008.jpg)

**INVESTMENT ADVISOR**

Clough Capital Partners L.P.

53 State Street, 27th Floor

Boston, MA 02109

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

**LEGAL COUNSEL**

K&L Gates LLP

1601 K Street NW

Washington DC 20006

**ADMINISTRATOR AND ACCOUNTANT**

Paralel Technologies LLC

1700 Broadway, Suite 1850

Denver, CO 80290

**TRANSFER AGENT AND DIVIDEND DISBURSING AGENT**

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street

Kansas City, MO 64105

**CUSTODIAN**

State Street Bank and Trust

One Congress Street, Suite 1

Boston, MA 02114-2016

Must be accompanied or preceded by a prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a Registrant files with, or submits to, the Commission and in other public communications made by the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, the Registrant had not granted any express or implicit waivers from the provisions of the code of ethics adopted in Item 2(a) of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant's code of ethics referred to in Item 2(a) above is attached as Exhibit 19(a)(l), hereto.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that the Registrant has as least one audit committee financial expert serving on its Audit Committee. The Board of Trustees has designated Karen DiGravio as the Registrant's "audit committee financial expert." Ms. DiGravio is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

The following table sets forth the aggregate audit and non-audit fees billed to the Registrant for each of the last two fiscal years for professional services rendered by the Registrant's principal accountant, Cohen & Company, Ltd. ("Cohen").

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| | | |
|:---|:---|:---|
|  | **Fiscal year ended** <br> **October 31, 2025**<br>| **Fiscal year ended**<br>**October 31, 2024**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees<sup>(1)</sup> | $26500 | $27500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees<sup>(2)</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees<sup>(3)</sup> | $4000 | $4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees<sup>(4)</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate Non-Audit Fees<sup>(5)</sup> | $4000 | $4000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the
 Registrant's annual financial statements and for the services that are normally
 provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably
 related to the performance of the audit of the Registrant's financial statements
 and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance,
 tax advice and tax planning. In all periods shown in the table, such services consisted
 of preparation of the Registrant's annual tax returns, excise tax returns, and
 review of dividend distribution calculation fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the
 services reported under the captions "Audit Fees", "Audit-Related Fees"
 and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant,
 the Registrant's investment adviser (the "Adviser") and any entity
 controlling, controlled by or under common control with the Adviser that provides ongoing
 services to the Registrant (collectively, the "Covered Entities"). The Aggregate
 Non-Audit Fee includes the Tax Fees disclosed pursuant to Footnote 3 above. During all
 periods shown in the table, no portion of such fees related to services rendered by Cohen
 to the Adviser or any other Covered Entity.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>: All services to be performed by the Registrant's principal auditors must be pre-approved by the Registrant's Audit Committee.

(e)(2) No services described in paragraphs (b) through (d) were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Registrant's audit committee has considered whether the provision of non-audit
 services that were rendered to the Registrant's investment adviser (not including
 any sub-adviser whose role is primarily portfolio management and is subcontracted with
 or overseen by another investment adviser), and any entity controlling, controlled by,
 or under common control with the investment adviser that provides ongoing services to
 the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01
 of Regulation S-X, is compatible with maintaining the principal accountant's independence
 and has determined that the provision of such non-audit services is compatible with maintaining
 the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not
 applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

The Registrant has a separately designated standing Audit Committee established in accordance with Section 3 (a)(58)(A) of the Exchange Act and is comprised of the following members:

Adam D. Crescenzi

Clifford J. Weber

Karen DiGravio, Committee Chairman

Hon. Vincent W. Versaci

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's full schedule of investments is included as part of the report to
 stockholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable to the Registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable to the Registrant.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Not applicable to the Registrant.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

A copy of the proxy policies and procedures of Clough Capital Partners L.P. ("Clough"), the investment adviser of the Registrant are included as Appendix A to this Form N-CSR.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Information
 as of January 6, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Title** | **Length of Service** | **Business Experience 5 Years** |
| &nbsp;&nbsp;&nbsp;Charles I. Clough, Jr.<br>| Chairman, Co-CIO, Partner and Portfolio Manager | Since Inception | Founding partner of Clough Capital Partners L.P. and Portfolio Manager for pooled investment vehicles, separately managed accounts and investment companies. Mr. Clough has been active in the securities and investment business for over 60 years. Prior to founding Clough Capital, Mr. Clough served as the Chief Global Investment Strategist at Merrill Lynch & Co. During this time, he advised many of the world's top institutions and investors on portfolio strategy. Prior to his tenure at Merrill Lynch & Co., Chuck was Director of Investment Policy and Chief Strategist at Cowen & Co. Previously, he served as the Director of Research and a Portfolio Manager at the Boston Company, a Portfolio Manager at Colonial Management Associates and a Vice President and Senior Research Analyst for both Donaldson, Lufkin & Jenrette and Alliance Capital Management Company. |
| &nbsp;&nbsp;&nbsp;William Whelan | Co-Portfolio Manager | Since January 2023 | Mr. Whelan is an income partner who joined Clough Capital in 2014 and has over 20 years of experience in the investment management industry. Previously, Mr. Whelan was an Investment Principal at Partners Capital, a private investment office focused on multi-asset class investing. Prior to joining Partners Capital, Mr. Whelan was an equity research analyst at Millennium Management, a multi-strategy hedge fund and at Fidelity Management and Research. |

---

Other accounts managed by the Registrant's Portfolio Manager as of October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio**<br> **Managers Name** | &nbsp;&nbsp;**Registered**<br> **Investment**<br> **Companies** | &nbsp;&nbsp;**Other Pooled**<br> **Investment**<br> **Vehicles<sup>(1)</sup>** | &nbsp;&nbsp;**Other**<br> **Accounts<sup>(2)</sup>** |
| &nbsp;&nbsp;Charles I. Clough, Jr. | &nbsp;&nbsp;2 Accounts<br>$376.2 million Total Assets<br>| &nbsp;&nbsp;3 Accounts<br>$144.2 million <br> Total Assets<br>| &nbsp;&nbsp;1 Account<br>$423.4 million Total Assets<br>&nbsp;&nbsp;See below<sup>(3)</sup> |
| &nbsp;&nbsp;Willliam Whelan | &nbsp;&nbsp;2 Accounts<br>$376.2 million Total Assets  | &nbsp;&nbsp;3 Accounts<br>$144.2 million <br> Total Assets<br>| &nbsp;&nbsp;1 Account<br>$423.4 million Total Assets<br>&nbsp;&nbsp;See below<sup>(3)</sup> |

---

 

<sup>(1)</sup> The advisory fees are based in part on the performance for each account.

<sup>(2)</sup> The advisory fee is based in part on the performance for the account.

<sup>(3)</sup> Material Conflicts:

Material conflicts of interest may arise as a result of the fact that the Portfolio Managers also have day-to-day management responsibilities with respect to both the Registrant and the various accounts listed above (collectively with the Registrant, the "Accounts"). These potential conflicts include:

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Resources.* The Portfolio Managers cannot devote their full time and attention to the management of each of the Accounts. Accordingly, the Portfolio Managers may be limited in their ability to identify investment opportunities for each of the Accounts that are as attractive as might be the case if the Portfolio Managers were to devote substantially more attention to the management of a single Account. The effects of this potential conflict may be more pronounced where the Accounts have different investment strategies.

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Investment Opportunities.* If the Portfolio Managers identify a limited investment opportunity that may be appropriate for more than one Account, the investment opportunity may be allocated among several Accounts. This could limit any single Account's ability to take full advantage of an investment opportunity that might not be limited if the Portfolio Managers did not provide investment advice to other Accounts.

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Different Investment Strategies.* The Accounts managed by the Portfolio Managers have differing investment strategies. If the Portfolio Managers determine that an investment opportunity may be appropriate for only some of the Accounts or decide that certain of the Accounts should take different positions with respect to a particular security, the Portfolio Managers may effect transactions for one or more Accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other Accounts.

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation in Compensation*. A conflict of interest may arise where Clough or Clough Associates, LLC, as applicable, is compensated differently by the Accounts that are managed by the Portfolio Managers. If certain Accounts pay higher management fees or performance-based incentive fees, the Portfolio Managers might be motivated to prefer certain Accounts over others. The Portfolio Managers might also be motivated to favor Accounts in which they have a greater ownership interest or Accounts that are more likely to enhance the Portfolio Managers' performance record or to otherwise benefit the Portfolio Managers.

*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selection of Brokers.* The Portfolio Managers select the brokers that execute securities transactions for the Accounts that they supervise. In addition to executing trades, some brokers provide the Portfolio Managers with research and other services which may require the payment of higher brokerage fees than might otherwise be available. The Portfolio Managers' decision as to the selection of brokers could yield disproportionate costs and benefits among the Accounts that they manage, since the research and other services provided by brokers may be more beneficial to some Accounts than to others.

**Portfolio Manager Compensation as of October 31, 2025.**

Charles Clough owns 58.0% of Clough. He receives a fixed base salary determined based on market factors. Additionally, Clough distributes substantially all of its annual net profits to its partners with Mr. Clough receiving a majority share and the remainder being divided between the James E. Canty Trust of 2012, Vincent Lorusso, and with an additional smaller share allocated to two income partners.

William Whelan is an income partner of Clough. He receives a fixed base salary determined based on market factors. Additionally, Clough distributes substantially all of its annual net profits to its partners with Mr. Whelan receiving a minority share with the remainder being divided between Charles I. Clough, Jr., the James E. Canty Trust of 2012, Vincent Lorusso, and with an additional smaller share allocated to one additional income partner.

**Dollar Range of Securities Owned as of October 31, 2025**

---

| | |
|:---|:---|
| **<u>Portfolio Managers</u>** | **<u>Dollar Range of the Registrant's Securities Owned by the Portfolio Managers</u>** |
| William Whelan<br>| $100001 - $500000 |
| Charles I. Clough, Jr. | $1,000,001 +<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Period** | &nbsp;&nbsp;**Total Number of Shares (or Units) Purchased** | &nbsp;&nbsp;**Average Price Paid per Share (or Unit)** | &nbsp;&nbsp;**Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs** | &nbsp;&nbsp;**Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs** |
| &nbsp;&nbsp;11/1/24 - 11/30/24 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;12/1/24 - 12/31/24 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;1/1/25 - 1/31/25 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;2/1/25 - 2/28/25 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;3/1/25 - 3/31/25 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;4/1/25 - 4/30/25 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;5/1/25 - 5/31/25 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;6/1/25 - 6/30/25 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;7/1/25 - 7/31/25 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;8/1/25 - 8/31/25 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;9/1/25 - 9/30/25 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp;10/1/25 - 10/31/25 | &nbsp;&nbsp;- | &nbsp;&nbsp;N/A | &nbsp;&nbsp;- | &nbsp;&nbsp; N/A |

---

The Registrant implemented a share repurchase program beginning June 5, 2023 for an initial period of one year, whereby the Registrant was permitted to repurchase up to 5% of the Fund's outstanding shares across the period. Each year since its inception, the repurchase program has been renewed annually allowing for the repurchase of up to 5% of the Fund's outstanding shares across each renewal period. The current repurchase program has been extended through June 30, 2026. All repurchases in the table above occurred pursuant to the program.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes by which shareholders may recommend nominees to the Board of Trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's principal executive officer and principal financial officer have concluded
 that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940, as amended) are effective based on their evaluation
 of these controls and procedures as of a date within 90 days of the filing date of this
 document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 was no change in the Registrant's internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the period
 covered by this report that has materially affected, or is reasonably likely to materially
 affect, the Registrant's internal control over financial reporting.

**Item 17**. **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 the fiscal year ended October 31, 2025, the Registrant had the following dollar amounts
 of income and fees/compensation related to its securities lending activities to report:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gross** **<br> Income**<br> **1**<br>| **Revenue**<br> **Split<sup>2</sup>** | **Cash**<br> **Collateral**<br> **Management**<br> **Fees<sup>3</sup>** | **Administrative**<br> **Fees<sup>4</sup>** | **Indemnification**<br> **Fees<sup>5</sup>** | **Rebates** **<br> to<br>Borrowers** | **Other** **<br> Fees** | **Total** **<br> Costs of<br> the<br> Securities<br> Lending<br> Activities** | **Net** **<br> Income<br> from the<br> Securities<br> Lending<br> Activities** |
|  | N/A | N/A | N/A | N/A | N/A | N/A | N/A |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Registrant has a credit facility with BNP Paribas Prime Brokerage, Inc. (BNP). Pursuant
 to the credit facility agreements and subject to conditions, BNP is authorized to hypothecate
 certain securities held by a third-party custodian.

<sup>1</sup> Gross income includes income from the reinvestment of cash collateral.

<sup>2</sup> Revenue split represents the share of revenue generated by the securities lending program and paid to State Street.

<sup>3</sup> Cash collateral management fees include fees deducted from a pooled cash collateral reinvestment vehicle that are not included in the revenue split.

<sup>4</sup> These administrative fees are not included in the revenue split.

<sup>5</sup> These indemnification fees are not included in the revenue split.

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 19. Exhibits.**

(a)(1) Code of Ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Not applicable.

(a)(3) [Certifications as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached hereto.](ex99-cert.htm)

---

| | |
|:---|:---|
| (a)(4) | None. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |

---

(b) [Certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto.](ex99-906cert.htm)

(c) [Pursuant to the Securities and Exchange Commission's Order granting relief from Section 19(b) of the Investment Company Act of 1940 dated September 21, 2009, the form of 19(a) Notices to Beneficial Owners are attached hereto as Exhibit 19(c).](ex99-19c.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| CLOUGH GLOBAL OPPORTUNITIES FUND | CLOUGH GLOBAL OPPORTUNITIES FUND |
| By: | /s/ Jeremy May |
|  | Jeremy May |
|  | President/Principal Executive Officer |
| Date: | January 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| CLOUGH GLOBAL OPPORTUNITIES FUND | CLOUGH GLOBAL OPPORTUNITIES FUND |
| By: | /s/ Jeremy May |
|  | Jeremy May |
|  | President/Principal Executive Officer |
| Date: | January 6, 2026 |
| By: | /s/ Jill Kerschen |
|  | Jill Kerschen |
|  | Treasurer/Principal Financial Officer |
| Date: | January 6, 2026 |

---

**Appendix A**

Clough Global Funds

<u>(Clough Global Equity Fund, Clough Global Dividend and Income Fund,</u> 

<u>and Clough Global Opportunities Fund (the "Funds"))</u>

Proxy Voting Policies and Procedures

The Funds have adopted a Proxy Voting Policy used to determine how the Funds vote proxies relating to their portfolio securities. Under the Fund's Proxy Voting Policy, each Fund has, subject to the oversight of the Funds' Board, delegated to the Adviser the following duties: (1) to make the proxy voting decisions for the Funds, subject to the exceptions described below; and

(2) to assist the Funds in disclosing their respective proxy voting record as required by Rule 30b1-4 under the 1940 Act.

The Funds' Chief Compliance Officer ("CCO") shall ensure that the Adviser has adopted a Proxy Voting Policy, which it uses to vote proxies for its clients, including the Funds.

**A.** General

The Funds believe that the voting of proxies is an important part of portfolio management as it represents an opportunity for shareholders to make their voices heard and to influence the direction of a company. The Funds are committed to voting corporate proxies in the manner that best serves the interests of the Fund's shareholders.

**B.** Delegation to the Adviser

The Funds believes that the Adviser is in the best position to make individual voting decisions for the Funds consistent with this Policy. Therefore, subject to the oversight of the Board, the Adviser is hereby delegated the following duties:

(1)&nbsp;&nbsp;&nbsp;&nbsp; to make the proxy voting decisions for the Funds, in accordance with the Adviser's Proxy Voting Policy, except as provided herein; and

(2)&nbsp;&nbsp;&nbsp;&nbsp; to assist the Funds in disclosing their respective proxy voting record as required by Rule 30b1-4 under the 1940 Act, including providing the following information for each matter with respect to which the Funds are entitled to vote: (a) information identifying the matter voted on; (b) whether the matter was proposed by the issuer or by a security holder; (c) whether and how the Fund cast its vote; and (d) whether the Fund cast its vote for or against management.

(3)&nbsp;&nbsp;&nbsp;&nbsp; Annually the Adviser will provide to the Board a proxy voting certification.

The Board, including a majority of the independent trustees of the Board, must approve the Adviser's Proxy Voting and Disclosure Policy (the "Adviser Voting Policy") as it relates to the Funds. The Board must also approve any material changes to the Adviser Voting Policy no later than six (6) months after adoption by an Adviser.

**C.** Conflicts

In cases where a matter with respect to which a Fund was entitled to vote presents a conflict between the interest of the Fund's shareholders, on the one hand, and those of the Fund's investment adviser or an affiliated person of the Fund, or its investment adviser, on the other hand, the Fund shall always vote in the best interest of the Fund's shareholders. For purposes of this Policy a vote shall be considered in the best interest of the Fund's shareholders when a vote is cast consistent with the specific voting policy as set forth in the Adviser Voting Policy, provided such specific voting policy was approved by the Board.

**D.** Preparation and Filing of Proxy Voting Record on Form N-PX

Each Fund will annually file its complete proxy voting record with the SEC on Form N-PX.

The Funds' Administrator will be responsible for oversight and completion of the filing of the Fund's reports on Form N-PX with the SEC. Each Fund's Administrator will file Form N-PX for each twelve- month period ended June 30 and the filing for each year will be made with the SEC on or before August 31 of that year.

*Adopted:* October 12, 2017

---

| | |
|:---|:---|
| ![](glvncsr009.jpg) | Procedures |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Procedure Name:**<br>| &nbsp;&nbsp;Proxy Voting Procedures & Proxy Voting Guidelines<br>|
| &nbsp;&nbsp;**Related Policy:**<br>| &nbsp;&nbsp;Proxy Voting<br>|
| &nbsp;&nbsp;**Effective Date**<br>| &nbsp;&nbsp;June 15, 2004, revised August 19, 2025<br>|
| &nbsp;&nbsp;**Responsible Person:** | &nbsp;&nbsp;Proxy Voting Administrator<br>|
| &nbsp;&nbsp;**Detailed Procedures:**<br>| &nbsp;&nbsp;**1.0 Proxy Voting in General**<br>Proxy votes for client accounts of Clough Capital will be handled by the Proxy Voting Administrator (the "Administrator") who will coordinate all required proxy votes through ProxyEdge, a Broadridge Financial Solutions product ("Broadridge"). ProxyEdge will be used to vote proxies according to the attached guidelines (Appendix A). Proxy Disclosure, another Broadridge product, will be used to prepare the information required in order for Paralel to make the required filings for the closed-end funds ("Clough CEFs") using an xml format which is required by the SEC to file in EDGAR, and then store the records for the required period of time. For the exchange-traded funds (the "Clough ETFs") Paralel will make the required filings, also using Proxy Disclosure. Finally, proxy voting on say-on-pay and other compensation-related votes, as well as environmental, social, or governance ("ESG") proposals for Clough Capital's private funds and separately managed funds will also be prepared using Proxy Disclosure. For issues not addressed by the Proxy Voting Guidelines, or for those issues where a determination is made by one of the persons listed in section 4.0 that a vote according to the established Guidelines would not be in the economic interest of a client account, the Administrator will refer the matter to the Compliance Committee for resolution.<br>**1.1 Use of Proxy Edge for Voting**<br>ProxyEdge is an electronic voting service that helps simplify the management of proxies. The system manages the process of meeting notifications, voting, tracking, reporting, and record maintenance. ProxyEdge allows Clough Capital to manage, track, reconcile and report proxy voting through electronic delivery of ballots, online voting, and integrated reporting and recordkeeping to help satisfy SEC requirements. ProxyEdge provides proxy information through an automated electronic interface based on share positions provided directly to Broadridge by the client's custodian, bank or broker-dealer.<br>|

---

---

| | |
|:---|:---|
| ![](glvncsr009.jpg) | Procedures |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.0 Proxy Voting Administrator**<br>The duties of the Administrator will include the following: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For new client accounts, confirm that Clough Capital will be voting proxies on the client's behalf, then contact Broadridge to coordinate an electronic feed of securities holdings from the client's custodian to ProxyEdge <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Gather any physical proxies, if any, sent to Clough Capital for each of the securities held by a client account or fund and double check that they have been voted in ProxyEdge <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Log on to the Proxy Edge system (<u>www.proxyedge.com</u>) to vote the proxies if they have not been voted <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Submit proxies that are not addressed in the Guidelines to PM's/Analysts for their opinion <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Run a proxy voting record for votes cast for the Clough CEFs on a quarterly basis to send to Paralel Fund Compliance <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Run a proxy voting report for votes cast by the Clough ETFs on a quarterly basis to send to Paralel Fund Compliance <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Request that the Chief Compliance Officer ("CCO") run a full year report in xml format from Proxy Disclosure for the Clough CEFs & Clough ETFs at end of each proxy year (July 1<sup>st</sup> to June 30<sup>th</sup>) and send to Paralel to complete the Form N-PX for filing with SEC by August 31<sup>st</sup> (this may also be done by the Director of Compliance and Risk)<br>**3.0 Proxy Voting Record Required**<br>The following information must be recorded and saved by ProxyEdge for each proxy vote of each security: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Name of the issuer of the portfolio security <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Exchange ticker symbol of the portfolio security <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● CUSIP for the portfolio security (if available) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shareholder meeting date <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Brief identification of matter voted on <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether the matter is proposed by issuer or a security holder <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether fund cast its vote on the matter <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● How the fund cast its vote (for/against/abstain) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether fund cast its vote for or against the management position on the issue<br>

---

| | |
|:---|:---|
| ![](glvncsr009.jpg) | Procedures |

---

&nbsp;&nbsp; This information is required to be filed with the SEC electronically via Form N-PX for all registered investment companies (mutual funds) no later than August 31 for the most recent 12-month period ended June 30. This will be done by the fund's administrator, Paralel, for the closed-end funds and the ETFs sponsored by Clough Capital, but Paralel will need this information from Clough through Proxy Disclosure. The information also needs to be sent to Paralel to post to the appropriate CEF or ETF website so it is available upon request by shareholders.<br>**4.0 Contradiction to Proxy Voting Guidelines**<br>For the proxy issues outlined in the attached Proxy Voting Guidelines, the Clough Capital voting position will generally be as listed, and these will be the default votes in ProxyEdge, unless an analyst, trader, or portfolio manager of the firm believes that voting a particular proxy in accordance with the stated guideline would not be in the best economic interests of a client account, in which case that person should bring the matter to the attention of the Administrator. The Administrator will then refer the matter to the Compliance Committee for resolution, at which time the Administrator can log on to ProxyEdge and over-ride the default voting option, if necessary. Votes in contradiction to the established Proxy Voting Guidelines will be documented in an appropriate memo to file by the Chief Compliance Officer (the "CCO").<br>**4.1 Votes on Issues not listed in the Proxy Voting Guidelines**<br>If a proxy vote is received and the Administrator cannot find the particular issue to be voted on the Proxy Voting Guidelines, then the Administrator must summarize the issue and then bring it to the attention of the analyst covering that industry and the relevant portfolio manager for consideration. Once there has been a determination made as to how to vote the issue, the Administrator should update the Proxy Voting Guidelines for guidance on future, similar issues.<br>**5.0 Proxy Disclosure**<br>Proxy Disclosure is a Broadridge application that takes proxy voting records from Proxy Edge and organizes and formats them in xml for filing with the SEC on EDGAR. The SEC now requires mutual funds (open-end, closed-end, and exchange-traded funds) to report proxies based on certain categories, including compensation-based (so-called say-on-pay votes) and ESG proposals. Investment advisers to private funds and separately managed accounts for which they have been given proxy voting authority must also file reports showing how the adviser voted on these issues. <br>

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| | |
|:---|:---|
| ![](glvncsr009.jpg) | Procedures |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**6.0 Record Keeping Requirements**<br>Clough Capital must keep accurate books and records, including those relating to proxy voting. The records that must be maintained in accordance with the Record Keeping Policy are listed under Records Produced below. The Administrator will be responsible for ensuring that the records listed are maintained. |
| &nbsp;&nbsp;**Records Produced:**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Proxy statements received regarding client securities <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Records of votes cast on behalf of clients (Reports from ProxyEdge) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information gathered for the filing of Form N-PX using an xml format <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Form N-PX filed by August 31<sup>st</sup> of each year for preceding year ended June 30<sup>th</sup> <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Records of client requests for proxy voting information, if any are sent to Clough Capital <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any documents prepared by Clough Capital that were material to making a decision how to vote or that memorialized the basis for the decision<br>|
| &nbsp;&nbsp;**Evidence of Supervision:**<br>| &nbsp;&nbsp;On a quarterly basis, the CCO will examine the proxy voting records in ProxyEdge and ensure that all proxies were voted in accordance with the Policy and documented accordingly, including any votes that presented a potential or actual conflict of interest. This information will be supplied to the Fund CCO as part of the Quarterly Compliance Certification.<br>|
| &nbsp;&nbsp;**Record Keeping:**<br>| &nbsp;&nbsp;Records will be maintained for 2 years on site and 3 years offsite, except for records for registered mutual funds, which will be maintained for 2 years on site and 4 years offsite.<br>|

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| | |
|:---|:---|
| ![](glvncsr009.jpg) | Procedures |

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**Appendix A**

**<u>Proxy Voting Guidelines</u>**

For the following proxy issues, the Clough Capital voting position will generally be as listed, unless an analyst, trader, or portfolio manager of the firm believes that voting a particular proxy in accordance with the stated guideline would not be in the best economic interests of a client account, in which case that person should bring the matter to the attention of the Proxy Voting Administrator. The Administrator will then refer the matter to the Compliance Committee for resolution as outlined in the Proxy Voting Procedures.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category of Issue**  | &nbsp;&nbsp;**Issue** | &nbsp;&nbsp;**Clough Position** | &nbsp;&nbsp;**Rationale/Reasoning** |
| &nbsp;&nbsp;Board of Directors | &nbsp;&nbsp;Election of Directors | &nbsp;&nbsp;Support Management Recommendations | &nbsp;&nbsp;Where no corporate governance issues are implicated |
|  | &nbsp;&nbsp;Changes in Board of Directors (removals of directors; filling of vacancies; fixing size of board) | &nbsp;&nbsp;Support Management Recommendations | &nbsp;&nbsp;Management in best position to know if best for company |
|  | &nbsp;&nbsp;Other Issues (e.g. Classified Board; Liability of Board; Qualification of Directors) | &nbsp;&nbsp;Generally Support Management Recommendations | &nbsp;&nbsp;So long as in best economic interests of clients |
| &nbsp;&nbsp;Capital Structure | &nbsp;&nbsp;Increase in common stock | &nbsp;&nbsp;Support Management Recommendations | &nbsp;&nbsp;Management in best position to know if best for company |
|  | &nbsp;&nbsp;Reclassification of common stock | &nbsp;&nbsp;Support Management Recommendations | &nbsp;&nbsp;Management in best position to know if best for company |
|  | &nbsp;&nbsp;Other Issues (e.g. Additional Shares; Stock Splits; Repurchases, etc.) | &nbsp;&nbsp;Generally Support Management Recommendations | &nbsp;&nbsp;So long as in best economic interests of clients |
| &nbsp;&nbsp;Corporate Governance | &nbsp;&nbsp;Addition or amendment of indemnification provisions in company's charter or by-laws | &nbsp;&nbsp;Support Management Recommendations | &nbsp;&nbsp;Management in best position to know if best for company |
|  | &nbsp;&nbsp;Other issues (e.g. Confidential Voting; Cumulative Voting; Supermajority Requirements) | &nbsp;&nbsp;Generally Support Management Recommendations | &nbsp;&nbsp;So long as in best economic interests of clients |

---

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| | |
|:---|:---|
| ![](glvncsr009.jpg) | Procedures |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Compensation | &nbsp;&nbsp;Compensation of Outside Directors | &nbsp;&nbsp;Support Management Recommendations | &nbsp;&nbsp;Management in best position to know if best for company |
|  | &nbsp;&nbsp;Other Issues (e.g. Executive/Director stock option plans; Employee Stock Option Plans; Option Expensing) | &nbsp;&nbsp;Generally Support Management Recommendations | &nbsp;&nbsp;So long as in best economic interests of clients |
| &nbsp;&nbsp;Anti-Takeover Provisions | &nbsp;&nbsp;Shareholder rights plans ("Poison Pills") (shareholder approval of or ratification of these types of plans) | &nbsp;&nbsp;Generally Support Management Recommendations | &nbsp;&nbsp;So long as in best economic interests of clients |
|  | &nbsp;&nbsp;Other Issues (e.g. Reincorporation plans; Fair-Price Proposals, etc.) | &nbsp;&nbsp;Generally Support Management Recommendations | &nbsp;&nbsp;So long as in best economic interests of clients |
| &nbsp;&nbsp;Mergers & Acquisitions | &nbsp;&nbsp;Special corporate transactions (takeovers; spin-offs; sales of assets; reorganizations; restructurings; recapitalizations) | &nbsp;&nbsp;Generally Support Management Recommendations | &nbsp;&nbsp;So long as in best economic interests of clients |
| &nbsp;&nbsp;Social & Political Issues | &nbsp;&nbsp;Labor & human rights (global codes of conduct; workplace standards) | &nbsp;&nbsp;Generally Support Management Recommendations | &nbsp;&nbsp;Generally best not to impose these issues from the outside |
|  | &nbsp;&nbsp;Other Issues (e.g. Environmental issues; Diversity & Equality; Health & Safety; Government/Military) | &nbsp;&nbsp;Support Management Recommendation | &nbsp;&nbsp;Generally best not to impose these issues from the outside |
| &nbsp;&nbsp;Miscellaneous Items | &nbsp;&nbsp;Selection of Independent Auditors | &nbsp;&nbsp;Support Management recommendation | &nbsp;&nbsp;Management in best position to know if best for company |
|  | &nbsp;&nbsp;Other Issues (e.g. Limitation of non-audit services provided by independent auditors; Audit Firm Rotation; Bundled Proposals, etc.) | &nbsp;&nbsp;Generally Support Management Recommendations | &nbsp;&nbsp;So long as in best economic interests of clients |

---

## Ex-99.Code

**[CLOUGH GLOBAL OPPORTUNITIES FUND N-CSR](glo-ncsr_103125.htm)**

**Exhibit 99.CODE ETH**

**CLOUGH GLOBAL FUNDS (GLO, GLQ, GLV)**

**(the "Funds")**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Purpose
 of the Code

The Clough Global Funds(the "Funds") code of ethics (this "Code") is intended to serve as the code of ethics described in Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR. This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies there under. Insofar as other policies or procedures of the Fund, the Fund's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers, as defined herein, who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's and its investment adviser's, and principal underwriter's codes of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") are separate requirements applying to the Covered Officers and others, and are not part of this Code.

All Covered Officers must become familiar and fully comply with this Code. Because this Code cannot and does not cover every applicable law or provide answers to all questions that might arise, all Covered Officers are expected to use common sense about what is right and wrong, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct.

The purpose of this Code is to set standards for the Covered Officers that are reasonably designed to deter wrongdoing and to promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely, and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in any other public communications by the Fund;

● compliance with applicable governmental laws, rules and regulations;

● the prompt internal reporting of violations of the Code to the appropriate persons as set forth in the Code; and

● accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Covered
 Persons

This Code applies to the Fund's Principal Executive Officers and Principal Financial Officers, or any persons performing similar functions on behalf of the Fund (the "Covered Officers"). Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Covered Officers are expected to act in accordance with the standards set forth in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Honest
 and Ethical Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Honesty, Diligence and Professional Responsibility** 

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. Covered Officers must perform their duties and responsibilities for the Fund:

● with honesty, diligence, and a commitment to professional and ethical responsibility;

● carefully, thoroughly and in a timely manner; and

● in conformity with applicable professional and technical standards.

Covered Officers who are certified public accountants are expected to carry out their duties and responsibilities in a manner consistent with the principles governing the accounting profession, including any guidelines or principles issued by the Public Company Accounting Oversight Board or the American Institute of Certified Public Accountants from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Objectivity/Avoidance
 of Undisclosed Conflicts of Interest

Covered Officers are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties and responsibilities for the Fund, Covered Officers must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their own interests or by the interests of others. Covered Officers must avoid participation in any activity or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties and waived by the Trustees on behalf of the Fund. Further, Covered Officers should avoid participation in any activity or relationship that could create the appearance of a conflict of interest.

A conflict of interest would generally arise if, for instance, a Covered Officer directly or indirectly participates in any investment, interest, association, activity or relationship that may impair or appear to impair the Covered Officer's objectivity or interfere with the interests of, or the Covered Officer's service to, the Fund.

Any Covered Officer who may be involved in a situation or activity that might be a conflict of interest or give the appearance of a conflict of interest must report such situation or activity using the reporting procedures set forth in Section VI of this Code.

Each Covered Officer must not:

● use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

● cause the Fund to take action, or fail to take actions, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; or

● use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer is responsible for his or her compliance with this conflict of interest policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Preparation
 of Financial Statements

Covered Officers must not knowingly make any misrepresentations regarding the Fund's financial statements or any facts in the preparation of the Fund's financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and regulations in the preparation of the Fund's financial statements. This section is intended to prohibit:

● making, or permitting or directing another to make, materially false or misleading entries in the Fund's financial statements or records;

● failing to correct the Fund's financial statements or records that are materially false or misleading when he or she has the authority to record an entry; and

● signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

Covered Officers must be scrupulous in their application of generally accepted accounting principles. No Covered Officer may (i) express an opinion or state affirmatively that the financial statements or other financial data of the Fund are presented in conformity with generally accepted accounting principles, or (ii) state that he or she is not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with generally accepted accounting principles, if such statements or data contain any departure from generally accepted accounting principles then in effect in the United States.

Covered Officers must follow the laws, standards, principles, guidelines, rules and regulations established by all applicable governmental bodies, commissions or other regulatory agencies in the preparation of financial statements, records and related information. If a Covered Officer prepares financial statements, records or related information for purposes of reporting to such bodies, commissions or regulatory agencies, the Covered Officer must follow the requirements of such organizations in addition to generally accepted accounting principles.

If a Covered Officer and his or her supervisor have a disagreement or dispute relating to the preparation of financial statements or the recording of transactions, the Covered Officer should take the following steps to ensure that the situation does not constitute an impermissible subordination of judgment:

● The Covered Officer should consider whether (i) the entry or the failure to record a transaction in the records, or (ii) the financial statement presentation or the nature or omission of disclosure in the financial statements, as proposed by the supervisor, represents the use of an acceptable alternative and does not materially misrepresent the facts or result in an omission of a material fact. If, after appropriate research or consultation, the Covered Officer concludes that the matter has authoritative support and/or does not result in a material misrepresentation, the Covered Officer need do nothing further.

● If the Covered Officer concludes that the financial statements or records could be materially misstated as a result of the supervisor's determination, the Covered Officer should follow the reporting procedures set forth in Section VI of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Obligations
 to the Independent Auditor of the Fund

In dealing with the Fund's independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Fund's independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Fund's independent auditor in the performance of an audit of the Fund's financial statements for the purpose of rendering such financial statements materially misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Full,
 Fair, Accurate, Timely and Understandable Disclosure

It is the Fund's policy to provide full, fair, accurate, timely, and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund. The Fund has designed and implemented Disclosure Controls and Procedures to carry out this policy.

Covered Officers are expected to familiarize themselves with the disclosure requirements generally applicable to the Fund, and to use their best efforts to promote, facilitate, and prepare full, fair, accurate, timely, and understandable disclosure in all reports and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund.

Covered Officers must review the Fund's Disclosure Controls and Procedures to ensure they are aware of and carry out their duties and responsibilities in accordance with the Disclosure Controls and Procedures and the disclosure obligations of the Fund. Covered Officers are responsible for monitoring the integrity and effectiveness of the Fund's Disclosure Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Compliance
 with Applicable Laws, Rules and Regulations

Covered Officers are expected to know, respect and comply with all laws, rules and regulations applicable to the conduct of the Fund's business. If a Covered Officer is in doubt about the legality or propriety of an action, business practice or policy, the Covered Officer should seek advice from the Covered Officer's supervisor or the Fund's legal counsel.

In the performance of their work, Covered Officers must not knowingly be a party to any illegal activity or engage in acts that are discreditable to the Fund.

Covered Officers are expected to promote the Fund's compliance with applicable laws, rules and regulations. To promote such compliance, Covered Officers may establish and maintain mechanisms to educate employees carrying out the finance and compliance functions of the Fund about any applicable laws, rules or regulations that affect the operation of the finance and compliance functions and the Fund generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Reporting
 and Accountability

All Covered Officers will be held accountable for adherence to this Code. Each Covered Officer must, upon the Fund's adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

Covered Officers may not retaliate against any other Covered Officer of the Fund or their affiliated persons for reports of potential violations that are made in good faith.

The Fund will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Any
 Covered Officer who knows of any violation of this Code or who questions whether a situation,
 activity or practice is acceptable must immediately report such practice to the Fund's
 Audit Committee. The Audit Committee shall take appropriate action to investigate any
 reported potential violations. If, after such investigation, the Audit Committee believes
 that no violation has occurred, the Audit Committee is not required to take any further
 action. Any matter that the Audit Committee believes is a violation will be reported
 to the Chairman of the Board of Trustees. The Audit Committee shall respond to the Covered
 Officer within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** If
 the Covered Officer is not satisfied with the response of the Audit Committee, the Covered
 Officer shall report the matter to the Chairman of the Board of Trustees. If the Chairman
 is unavailable, the Covered Officer may report the matter to any other member of the
 Board of Trustees. The person receiving the report shall consider the matter, refer it
 to the full Board of Trustees if he or she deems appropriate, and respond to the Covered
 Officer within a reasonable amount of time. If the Board of Trustees concurs that a violation
 has occurred, it will consider appropriate action, which may include review of and appropriate
 modifications to applicable policies and procedures or notification to appropriate personnel
 of the investment adviser or its board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** If
 the Board of Trustees determines that a Covered Officer violated this Code, failed to
 report a known or suspected violation of this Code, or provided intentionally false or
 malicious information in connection with an alleged violation of this Code, the Board
 of Trustees may take disciplinary action against any such Covered Officer to the extent
 the Board of Trustees deems appropriate. No Covered Officer will be disciplined for reporting
 a concern in good faith.

To the extent possible and as allowed by law, reports will be treated as confidential. The Fund may report violations of the law to the appropriate authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Disclosure
 of this Code

This Code shall be disclosed to the public by at least one of the following methods in the manner prescribed by the SEC, unless otherwise required by law:

● Filing a copy of this Code as an exhibit to the Fund's annual report on Form N- CSR;

● Posting the text of this Code on the Fund's Internet website and disclosing, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted this Code on its Internet website; or

● Providing an undertaking in the Fund's most recent report on Form N-CSR to provide a copy of this Code to any person without charge upon request, and explaining the manner in which such a request may be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Waivers** 

Any waiver of this Code, including an implicit waiver, granted to a Covered Officer may be made only by the Board of Trustees or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Fund in the manner prescribed by law and as set forth above in Section VII (Disclosure of this Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Amendments

This Code may be amended by the affirmative vote of a majority of the Board of Trustees, including a majority of the independent Trustees. Any amendment of this Code must be disclosed by the Fund in the manner prescribed by law and as set forth above in Section VII (Disclosure of this Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any amendments to this Code will be provided to the Covered Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Trustees of the Fund, the Audit Committee, the legal counsel to the Fund, legal counsel to the independent trustees and such other persons as a majority of the Board of Trustees, including a majority of the independent Trustees, shall determine to be appropriate.

**<u>Appendix A</u>**

**CLOUGH GLOBAL EQUITY FUND**

Certification and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers

I acknowledge and certify that I have received a copy of the Clough Global Equity Fund's Code of Ethics for Principal Executive Officers and Principal Financial Officers (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge and certify that I have read and understand the Code.

---

| | |
|:---|:---|
| Officer Name (Please Print) | Officer Signature |
|  | Date |

---

**CLOUGH GLOBAL DIVIDEND AND INCOME FUND**

Certification and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers

I acknowledge and certify that I have received a copy of the Clough Dividend and Income Fund Fund's Code of Ethics for Principal Executive Officers and Principal Financial Officers (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge and certify that I have read and understand the Code.

---

| | |
|:---|:---|
| Officer Name (Please Print) | Officer Signature |
|  | Date |

---

**CLOUGH GLOBAL OPPORTUNITES FUND**

Certification and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers

I acknowledge and certify that I have received a copy of the Clough Global Opportunities Fund's Code of Ethics for Principal Executive Officers and Principal Financial Officers (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge and certify that I have read and understand the Code.

---

| | |
|:---|:---|
| Officer Name (Please Print) | Officer Signature |
|  | Date |

---

## Ex-99.Cert

**[CLOUGH GLOBAL OPPORTUNITIES FUND N-CSR](glo-ncsr_103125.htm)**

**Exhibit 99.CERT**

I, Jeremy May, President and Principal Executive Officer of the Clough Global Opportunities Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Clough Global Opportunities Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Jeremy May |
|  | Jeremy May |
|  | President/Principal Executive Officer |
| Date: | January 6, 2026 |

---

I, Jill Kerschen, Treasurer and Principal Financial Officer of the Clough Global Opportunities Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Clough Global Opportunities Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Jill Kerschen |
|  | Jill Kerschen |
|  | Treasurer/Principal Financial Officer |
| Date: | January 6, 2026 |

---

## Exhibit 99.906

**[CLOUGH GLOBAL OPPORTUNITIES FUND N-CSR](glo-ncsr_103125.htm)**

**Exhibit 99.906 CERT**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended October 31, 2025 (the "Report") of the Clough Global Opportunities Fund (the "Company").

I, Jeremy May, the President and Principal Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
 of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | January 6, 2026 | /s/ Jeremy May |
| | | Jeremy May, President |
| | | (Principal Executive Officer)<br>|

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended October 31, 2025 (the "Report") of the Clough Global Opportunities Fund (the "Company").

I, Jill Kerschen, the Treasurer and Principal Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable
 of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | January 6, 2026 | /s/ Jill Kerschen |
| | | Jill Kerschen, Treasurer |
| | | (Principal Financial Officer) |

---

## Ex-19.(C)

**[CLOUGH GLOBAL OPPORTUNITIES FUND N-CSR](glo-ncsr_103125.htm)**

**Exhibit 19.(c)**

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/November 29, 2024 –** On November 29, 2024, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0480 per share to shareholders of record at the close of business on November 15, 2024.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.04800 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.04800 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.04800 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.04800 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/01/2023 through 10/31/2024)** | &nbsp;&nbsp;**Fiscal Year to Date (11/01/2023 through 10/31/2024)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;9.49% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;30.69% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5 Year Period Ending 10/31/2024\*\*** | &nbsp;&nbsp; 1.78% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of October 31, 2024.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through November 30, 2024.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, for the period November 1, 2023 through October 31, 2024.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcefs.com/</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/December 30, 2024 –** On December 30, 2024, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0480 per share to shareholders of record at the close of business on December 16, 2024.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.04800 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.04800 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.09600 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.09600 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/01/2024 through 11/30/2024)** | &nbsp;&nbsp;**Fiscal Year to Date (11/01/2024 through 11/30/2024)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;9.34% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5 Year Period Ending 11/30/2024\*\*** | &nbsp;&nbsp;1.67% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of November 30, 2024.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through December 31, 2024.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, for the period November 1, 2024 through November 30, 2024.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcefs.com/</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/January 31, 2025 –** On January 31, 2025, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0501 per share to shareholders of record at the close of business on January 17, 2025.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.14610 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.14610 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/01/2024 through 12/31/2024)** | &nbsp;&nbsp;**Fiscal Year to Date (11/01/2024 through 12/31/2024)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;10.10% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;-0.18% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5 Year Period Ending 12/31/2024\*\*** | &nbsp;&nbsp; 1.07% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of December 31, 2024.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through January 31, 2025.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, for the period November 1, 2024 through December 31, 2024.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcefs.com/</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/February 28, 2025 –** On February 28, 2025, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0501 per share to shareholders of record at the close of business on February 18, 2025.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.19620 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.19620 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/01/2024 through 1/31/25)** | &nbsp;&nbsp;**Fiscal Year to Date (11/01/2024 through 1/31/25)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;10.00% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5 Year Period Ending 1/31/2025\*\*** | &nbsp;&nbsp; 1.03% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of January 31, 2025.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through February 28, 2025.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, for the period November 1, 2024 through January 31, 2025.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcefs.com/</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/March 31, 2025 –** On March 31, 2025, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0501 per share to shareholders of record at the close of business on March 18, 2025.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.24630 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.24630 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/01/2024 through 2/28/25)** | &nbsp;&nbsp;**Fiscal Year to Date (11/01/2024 through 2/28/25)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;10.31% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;-0.30% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5 Year Period Ending 2/28/2025\*\*** | &nbsp;&nbsp; 1.16% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of February 28, 2025.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through March 31, 2025.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, for the period November 1, 2024 through February 28, 2025.

\*\*The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcefs.com/</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/April 30, 2025 –** On April 30, 2025, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0501 per share to shareholders of record at the close of business on April 17, 2025.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.29640 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.29640 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 3/31/2025)** | &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 3/31/2025)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;10.74% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;5.29% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;-3.26% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5-Year Period Ending 3/31/2025\*\*** | &nbsp;&nbsp; 4.87% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of March 31, 2025.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through April 30, 2025.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2024 through March 31, 2025.

\*\*The 5-year annualized total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcefs.com/</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/May 30, 2025 –** On May 30, 2025, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0501 per share to shareholders of record at the close of business on May 19, 2025.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.34650 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.34650 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 4/30/2025)** | &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 4/30/2025)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;10.81% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;6.23% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;-3.00% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5-Year Period Ending 4/30/2025\*\*** | &nbsp;&nbsp; 2.82% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of April 30, 2025.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through May 31, 2025.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2024 through April 30, 2025.

\*\*The 5-year annualized total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcefs.com/</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/June 30, 2025 –** On June 30, 2025, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0501 per share to shareholders of record at the close of business on June 17, 2025.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.39660 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.39660 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 5/31/2025)** | &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 5/31/2025)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;10.26% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;6.77% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5-Year Period Ending 5/31/2025\*\*** | &nbsp;&nbsp; 2.82% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of May 31, 2025.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through June 30, 2025.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2024 through May 31, 2025.

\*\*The 5-year annualized total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcefs.com/</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/July 31, 2025 –** On July 31, 2025, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0501 per share to shareholders of record at the close of business on July 18, 2025.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.44670 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.44670 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 6/30/2025)** | &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 6/30/2025)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;9.78% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;7.26% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;9.31% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5-Year Period Ending 6/30/2025\*\*** | &nbsp;&nbsp; 2.57% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of June 30, 2025.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through July 31, 2025.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2024 through June 30, 2025.

\*\*The 5-year annualized total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcefs.com/</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/August 29, 2025 –** On August 29, 2025, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0501 per share to shareholders of record at the close of business on August 18, 2025.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.49680 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.49680 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 7/31/2025)** | &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 7/31/2025)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;9.68% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;8.00% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;11.40% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5-Year Period Ending 7/31/2025\*\*** | &nbsp;&nbsp; 1.05% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of July 31, 2025.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through August 31, 2025.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2024 through July 31, 2025.

\*\*The 5-year annualized total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcefs.com/</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/September 30, 2025 –** On September 30, 2025, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0501 per share to shareholders of record at the close of business on September 17, 2025.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.54690 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.54690 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 8/31/2025)** | &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 8/31/2025)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;9.51% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;8.65% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;14.39% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5-Year Period Ending 8/31/2025\*\*** | &nbsp;&nbsp; 0.92% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of August 31, 2025.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through September 30, 2025.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2024 through August 31, 2025.

\*\*The 5-year annualized total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcapital.com/cefs/glo</u>

Email: <u>cloughclientinquiries@paralel.com</u>

**CLOUGH GLOBAL OPPORTUNITIES FUND SECTION 19(a) NOTICE**

**Statement Pursuant to Section 19(a) of the Investment Company Act of 1940**

**Denver, CO/ACCESSWIRE/October 31, 2025 –** On October 31, 2025, the Clough Global Opportunities Fund (NYSE American: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0501 per share to shareholders of record at the close of business on October 17, 2025.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Current Distribution from:** | | |
|  | <br>&nbsp;&nbsp;**Per Share ($)** | <br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.05010 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
| &nbsp;&nbsp;**Fiscal Year-to-Date Cumulative Distributions from:** |  |  |
|  | &nbsp;&nbsp;**Per Share ($)** | &nbsp;&nbsp;**%** |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Short-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Net Realized Long-Term Capital Gain | &nbsp;&nbsp;0.00000 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Return of Capital or other Capital Source | &nbsp;&nbsp;0.59700 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Total (per common share) | &nbsp;&nbsp;0.59700 | &nbsp;&nbsp;100.00% |

---

**The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. 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. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.'**

Presented below are return figures, based on the change in the Fund's Net Asset Value per share ("NAV"), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

**Fund Performance & Distribution Information**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 9/30/2025)** | &nbsp;&nbsp;**Fiscal Year to Date (11/1/2024 through 9/30/2025)** |
| &nbsp;&nbsp;Annualized Distribution Rate as a Percentage of NAV^ | &nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;Cumulative Distribution Rate on NAV^<sup>+</sup> | &nbsp;&nbsp;9.14% |
| &nbsp;&nbsp;Cumulative Total Return on NAV\* | &nbsp;&nbsp;19.23% |
| &nbsp;&nbsp;**Average Annual Total Return on NAV for the 5-Year Period Ending 9/30/2025\*\*** | &nbsp;&nbsp; 2.14% |

---

**Past performance is not indicative of future results.**

^ Based on the Fund's NAV as of September 30, 2025.

<sup>+</sup>Cumulative distribution rate is based on distributions paid to date for the period November 1, 2024 through October 31, 2025.

\*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2024 through September 30, 2025.

\*\*The 5-year annualized total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and that all rights in the Fund's rights offering were exercised, as of the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.**

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund's distribution level, taking into consideration the Fund's net asset value and the financial market environment. The Fund's distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

**Contact Info:**

Website: <u>https://www.cloughcapital.com/cefs/glo/</u>

Email: <u>cloughclientinquiries@paralel.com</u>