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 1850
Denver, Colorado 80290
(Address of principal executive offices) (Zip code)

Chris Moore, Secretary
Clough Global Opportunities Fund
1700 Broadway, Suite 1850
Denver, Colorado 80290
(Name and address of agent for service)

Registrant’s telephone number, including area code: 855-425-6844

Date of fiscal year end: October 31

Date of reporting period: November 1, 2024 – April 30, 2025

Item 1. Reports to Stockholders.

(a)

CLOUGH GLOBAL DIVIDEND AND INCOME FUND

CLOUGH GLOBAL EQUITY FUND

CLOUGH GLOBAL OPPORTUNITIES FUND

Semi-Annual Report

April 30, 2025

Clough Global Funds

MANAGED DISTRIBUTION PLAN DISCLOSURE

April 30, 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-ending 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.cloughcefs.com.

TABLE OF CONTENTS

Shareholder Letter	4

Performance & Portfolio Allocation	7

Schedules of Investments	13

Statements of Assets and Liabilities	24

Statements of Operations	25

Statements of Changes in Net Assets	26

Statements of Cash Flows	28

Financial Highlights	29

Notes to Financial Statements	32

Dividend Reinvestment Plan	41

Additional Information	42

Investment Advisory Agreement Approval	43

Clough Global Funds

SHAREHOLDER LETTER

April 30, 2025 (Unaudited)

To Our Investors:

Clough Global Dividend and Income Fund

For the semi-annual period ending April 30, 2025, the Clough Global Dividend and Income Fund (“GLV”) returned -1.65% on net asset value (“NAV”) and +0.46% on market price. GLV’s benchmark, the Morningstar Global Allocation Total Return Index, gained +1.73% over the same period.

Consumer staples holdings were the largest contributor to performance while materials and consumer discretionary holdings detracted from performance.

Among GLV’s top five contributors to performance for the semi-annual period, Philip Morris International Inc., the tobacco company, reported a strong quarter driven by robust sales of its smoke-free tobacco products, which now represent 40% of sales. Expand Energy Corp, an exploration and production company leveraged to natural gas, rose as the spot price of natural gas moved above $4 per thousand cubic feet, a very profitable level. Airbus SE, the European aerospace and defense company, exceeded delivery expectations and reported an order backlog stretching into the 2030s. 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. JPMorgan Chase & Co rounded out the contributors. The company generated well-received earnings reports, highlighted by market share gains, cost efficiency, share repurchases, and an increase in reserves.

Among GLV’s bottom five contributors to performance for the semi-annual period, a bond holding in Transocean Ltd, an offshore drilling contractor, was the largest detractor from performance. The bond declined amid falling crude oil prices and heightened concerns about reduced energy sector investment spending. Despite all of this, the company generates cash and we believe Transocean’s debt remains undervalued. The stocks of PulteGroup Inc. and DR Horton Inc., two homebuilding companies, declined when mortgage rates rose. The stocks are cheap, trading at 8x and 10x forward earnings while generating strong free cash flows, even in a weak housing environment. Declining rates could serve as a catalyst for a recovery. With the housing stock short an estimated 4.5 million homes, we still view housing as a consumer good that will be in high demand. AbbVie Inc., a large pharmaceuticals company, detracted from performance as the company’s phase 2 trial for its recently acquired schizophrenia drug did not meet its primary endpoint. We exited the position. A short in an information technology company rounded out the detractors. The company generated higher than expected free cash flow during the period, but we are skeptical of its growth potential in its software business.

Clough Global Equity Fund

For the semi-annual period ending April 30, 2025, the Clough Global Equity Fund (“GLQ”) returned -3.96% on NAV and -1.49% on market price. GLQ’s benchmark, the Bloomberg Developed Markets Large & Mid Cap Total Return Index, gained +1.04% over the same period.

Consumer staples holdings were the largest contributor to performance while healthcare and information technology holdings detracted.

Among GLQ’s top five contributors to performance for the semi-annual period, Philip Morris International Inc., the tobacco company, reported a strong quarter driven by robust sales of its smoke-free tobacco products, which now represent 40% of sales. Reddit Inc., a global digital media platform, rose as Wall Street analysts raised their estimates for the company’s advertising revenue growth, reflecting the company’s ability to monetize its platform. Amphenol Corp, a manufacturer of electrical and electronic interconnectors, generated strong earnings in its most recent reported quarter, driven by 33% organic growth and a robust order book. Expand Energy Corp, an exploration and production company leveraged to natural gas, rose as the spot price of natural gas moved above $4 per thousand cubic feet, a very profitable level. Airbus SE, the European aerospace and defense company, exceeded delivery expectations and reported an order backlog stretching into the 2030s.

Among GLQ’s bottom five contributors to performance for the semi-annual period, Meta Platforms Inc., the large technology company, and Alphabet Inc., the parent company of Google, declined due to the technology selloff in the first quarter of calendar year 2025. This was partly triggered by DeepSeek’s announcement of China’s large language model (“LLM”) which matches U.S. AI performance at a far lower cost. We believe the decline is overdone, as these firms, being hyperscalers, will be well positioned to capture AI profits since they will be able to deliver the necessary software to a vast group of users at a far lower cost than competitor LLMs. An equity holding in Transocean Ltd, an offshore drilling contractor, detracted from performance. The equity declined amid falling crude oil prices and heightened concerns about reduced energy sector investment spending. Despite all of this, the company generates cash and we believe Transocean’s equity remains undervalued. DR Horton Inc., a homebuilding company, declined when mortgage rates rose during the quarter. The stock is cheap, trading at 10x forward earnings while generating strong free cash flow, even in a weak housing environment. Declining rates could serve as a catalyst for a recovery. With the housing stock short an estimated 4.5 million homes, we still view housing as a consumer good that will be in high demand. Coinbase Global Inc., a crypto-financial platform, declined alongside bitcoin in a risk-off environment; we have since exited our position.

Clough Global Opportunities Fund

For the semi-annual period ending April 30, 2025, the Clough Global Opportunities Fund (“GLO”) returned -3.00% on NAV and +0.64% on market price. GLO’s benchmark, the Morningstar Global Allocation Total Return Index, gained +1.73% over the same period.

Consumer staples holdings were the largest contributor to performance while information technology and communication services holdings detracted.

Among GLO’s top five contributors to performance for the semi-annual period, Philip Morris International Inc., the tobacco company, reported a strong quarter driven by robust sales of its smoke-free tobacco products, which now represent 40% of sales. Expand Energy Corp, an exploration and production company leveraged to natural gas, rose as the spot price of natural gas moved above $4 per thousand cubic feet, a very profitable level. Airbus SE, the European aerospace and defense company, exceeded delivery expectations and reported an order backlog stretching into the 2030s. Reddit Inc., a global digital media platform, rose as Wall Street analysts raised their estimates for the company’s advertising revenue growth, reflecting the company’s ability to monetize its platform. Broadcom Inc., a semiconductor company, gained after the company guided to $60-90 billion in potential AI revenue by FY27, exceeding market estimates.

Among GLO’s bottom five contributors to performance for the semi-annual period, an equity holding in Transocean Ltd, an offshore drilling contractor, was the largest detractor from performance. The stock declined amid falling crude oil prices and heightened concerns about reduced energy sector investment spending. Despite all of this, the company generates cash and we believe Transocean’s equity remains undervalued. DR Horton Inc., a homebuilding company, declined

Clough Global Funds

SHAREHOLDER LETTER

April 30, 2025 (Continued) (Unaudited)

when mortgage rates rose during the quarter. The stock is cheap, trading at 10x forward earnings while generating strong free cash flow, even in a weak housing environment. Declining rates could serve as a catalyst for a recovery. With the housing stock short an estimated 4.5 million homes, we still view housing as a consumer good that will be in high demand. Coinbase Global Inc., a crypto-financial platform, declined alongside bitcoin in a risk-off environment; we have since exited our position. Alphabet Inc., the parent company of Google, declined due to the technology selloff in the first quarter of calendar year 2025. This was partly triggered by DeepSeek’s announcement of China’s LLM which matches U.S. AI performance at a far lower cost. We believe the decline is overdone, as Alphabet will be well positioned to capture AI profits since it will be able to deliver the necessary software to a vast group of users at a far lower cost than competitor LLMs. DraftKings Inc., the large online sports betting company, declined due to unfavorable sports outcomes and state tax headwinds. We continue to hold the position.

MARKET COMMENTARY

A popular view is that investors are selling U.S. securities to invest elsewhere, the so-called “sell America” trade. We believe this trade could be late in this game, for two reasons. For one, the bear case for the dollar rests on the concern heavy U.S. government borrowings will drive U.S. interest rates higher and the dollar downward. But this ignores the fact that a rise or fall in dollar supply depends upon the rise in credit creation by both government and private borrowers, including households and businesses. This is important because the stock of private debt is 35% higher than the government total and it has slowed to the point where it is now growing at a rate less than nominal GDP. While both are falling as a percentage of GDP, private debt is falling more rapidly. If the total amount of U.S. dollar debt is growing more slowly than domestic GDP, the supply of dollars for global growth could easily fall behind normal global trade needs. This suggests it is possible that a shortage of dollars might emerge in the years ahead.

Next, the securities markets are focused on the bearish implications of tariffs, rather than the bullish possibilities of regulatory reform. The consensus thinks tariffs are inflationary, but we believe the opposite is true. The U.S. economy is huge and subject to countless influences, so initial price shocks are likely to be reversed as adjustments occur. Retaliatory tariffs will likely come on and substitution effects should take place, reducing incomes in both the exporting and importing countries. This would be deflationary for both. Tariff events are man-made and can turn on a dime, as we have already seen since Liberation Day.

The Funds are thematically positioned with long exposure to aerospace and defense, cruise lines, energy companies linked to natural gas, and major hyperscalers. Aerospace and defense expenditures are now accelerating, and signs indicate that the Department of Defense is leaning toward better margined price contracts since new equipment and military consumables are badly needed. Cruise line companies offer an excellent value proposition to the vacationer, they are experiencing strong demand and are generating strong free cash flow, which is being used to pay down debt, transferring the ownership of the companies from the bond holder to the shareholder. The development of liquefied natural gas (“LNG”) facilities is now getting into high gear, providing a window of growth to the LNG infrastructure providers as well as the gas producers. Our technology holdings are focused on the hyperscalers, which as LLMs become commoditized, we think will be able to develop the software that delivers AI to the user at a far lower cost than an independent software vendor could.

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

Sincerely,

Charles I Clough, Jr.

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 market price of a closed-end fund is based on the market’s value. The net asset value (“NAV”) of a closed-end fund is the market price of the underlying investments (i.e., stocks and bonds) in the Funds’ portfolios, minus liabilities, divided by the total number of Fund shares outstanding. However, the Funds also have a market price; the value of 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.

Both 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

April 30, 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.cloughcefs.com 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

April 30, 2025 (Unaudited)

Growth of $10,000 Investment

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 April 30, 2025^(a)

	6 Months	1 Year	3 Year^(b)	5 Year^(b)	10 Year^(b)	Since Inception (7/28/2004)^(b)
Clough Global Dividend and Income Fund - NAV^(c)	-1.65%	4.02%	0.10%	3.18%	1.70%	4.90%
Clough Global Dividend and Income Fund - Market Price^(d)	0.46%	13.00%	-2.28%	3.78%	1.72%	4.07%
Morningstar Global Allocation Total Return Index	1.73%	10.43%	6.77%	7.52%	5.84%	6.71%

^(a)

Total returns assume reinvestment of all distributions.

^(b)

Annualized.

^(c)

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

^(d)

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

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 at least 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 approves the distribution and may adjust it from time to time. The monthly distribution amount paid from November 1, 2024 to April 30, 2025 was $0.0526 per share. 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

April 30, 2025 (Unaudited)

Global Securities Holdings	% of Total Portfolio^(a)
United States of America	62.98%
U.S. Multinational^(b)	24.69%
France	4.42%
China	3.12%
India	2.22%
Ireland	1.35%
United Kingdom	1.03%
South Korea	1.00%
Brazil	0.74%
Hong Kong	0.33%
Germany	-1.88%
TOTAL INVESTMENTS	100.00%

Asset Allocation	% of Total Portfolio^(a)
Common Stock – Foreign	34.42%
Common Stock – U.S.	27.16%
Total Equities	61.58%

Corporate Bonds	23.81%
U.S. Treasury Obligations	11.49%
Asset-Backed Securities	0.02%
Total Fixed Income	35.32%

Money Market Funds	2.03%
Purchased Options	1.93%
Cash	0.02%
Written Options	-0.88%

TOTAL INVESTMENTS	100.00%

^(a)

Percentages calculated based on total portfolio, including securities sold short, call options written and cash balances.

^(b)

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

Clough Global Equity Fund

PERFORMANCE

April 30, 2025 (Unaudited)

Growth of $10,000 Investment

Total Return as of April 30, 2025^(a)

	6 Months	1 Year	3 Year^(b)	5 Year^(b)	10 Year^(b)	Since Inception (4/27/2005)^(b)
Clough Global Equity Fund - NAV^(c)	-3.96%	4.70%	0.72%	4.06%	3.83%	5.71%
Clough Global Equity Fund - Market Price^(d)	-1.49%	11.60%	-3.59%	4.43%	3.33%	4.73%
Bloomberg Developed Markets Large & Mid Cap Total Return Index	1.04%	12.59%	11.56%	14.39%	9.86%	8.54%

^(a)

Total returns assume reinvestment of all distributions.

^(b)

Annualized.

^(c)

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

^(d)

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

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 at least 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 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 April 30, 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

April 30, 2025 (Unaudited)

Global Securities Holdings	% of Total Portfolio^(a)
United States of America	54.73%
U.S. Multinational^(b)	27.82%
France	4.95%
China	4.69%
India	3.41%
Brazil	2.88%
Ireland	1.38%
United Kingdom	0.95%
South Korea	0.92%
Germany	-1.73%
TOTAL INVESTMENTS	100.00%

Asset Allocation	% of Total Portfolio^(a)
Common Stock – U.S.	50.78%
Common Stock – Foreign	45.68%
Total Equities	96.46%

Money Market Funds	3.52%
Cash	0.02%

TOTAL INVESTMENTS	100.00%

^(a)

Percentages calculated based on total portfolio, including securities sold short and cash balances.

^(b)

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

Clough Global Opportunities Fund

PERFORMANCE

April 30, 2025 (Unaudited)

Growth of $10,000 Investment

Total Return as of April 30, 2025^(a)

	6 Months	1 Year	3 Year^(b)	5 Year^(b)	10 Year^(b)	Since Inception (4/25/2006)^(b)
Clough Global Opportunities Fund - NAV^(c)	-3.00%	3.75%	-0.38%	2.82%	2.71%	4.00%
Clough Global Opportunities Fund - Market Price^(d)	0.64%	14.07%	-4.23%	3.63%	2.85%	3.17%
Morningstar Global Allocation Total Return Index	1.73%	10.43%	6.77%	7.52%	5.84%	5.84%

^(a)

Total returns assume reinvestment of all distributions.

^(b)

Annualized.

^(c)

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

^(d)

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

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 at least 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 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 April 30, 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

April 30, 2025 (Unaudited)

	% of Total
Global Securities Holdings	Portfolio^(a)
United States of America	59.21%
U.S. Multinational^(b)	24.84%
France	4.71%
China	4.65%
Brazil	2.91%
India	2.70%
United Kingdom	0.97%
South Korea	0.92%
Ireland	0.84%
Germany	-1.75%
TOTAL INVESTMENTS	100.00%

Asset Allocation	% of Total Portfolio^(a)
Common Stock - Foreign	38.13%
Common Stock – U.S.	33.58%
Total Equities	71.71%

Corporate Bonds	13.10%
U.S. Treasury Obligations	12.35%
Total Fixed Income	25.45%

Purchased Options	1.87%
Money Market Funds	1.81%
Cash	0.02%
Written Options	-0.86%

TOTAL INVESTMENTS	100.00%

^(a)

Percentages calculated based on total portfolio, including securities sold short, call options written and cash balances.

^(b)

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

Clough Global Dividend and Income Fund

SCHEDULE OF INVESTMENTS

April 30, 2025 (Unaudited)

	Shares		Value
COMMON STOCKS - 84.03%
Communication Services - 5.95%
Alphabet, Inc., Class C^(a)		2,170	$	349,131
AT&T, Inc.^(a)(b)		20,300		562,310
Meta Platforms, Inc., Class A^(a)		4,985		2,736,765
Verizon Communications, Inc.^(a)		18,600		819,516
				4,467,722

Consumer Discretionary - 6.47%
Alibaba Group Holding Ltd. - Sponsored ADR		12,200		1,457,046
BYD Co. Ltd.		15,900		758,959
D.R. Horton, Inc.^(a)		10,270		1,297,512
PulteGroup, Inc.^(a)		13,080		1,341,746
				4,855,263

Consumer Staples - 7.31%
Hershey Co.		2,800		468,132
Philip Morris International, Inc.^(a)		21,600		3,701,376
Procter & Gamble Co.^(a)		8,100		1,316,817
				5,486,325

Energy - 5.18%
Cheniere Energy, Inc.^(a)(b)		3,970		917,507
Chevron Corp.^(a)(b)		5,300		721,118
Expand Energy Corp.^(a)(b)		9,830		1,021,337
Exxon Mobil Corp.^(a)		7,310		772,155
Range Resources Corp.		13,370		453,644
				3,885,761

Financials - 14.73%
Bank of America Corp.^(a)		24,000		957,120
Charles Schwab Corp.		6,400		520,960
Citigroup, Inc.		8,200		560,716
Everest Group Ltd.		3,145		1,128,520
Fidelis Insurance Holdings Ltd.		44,800		732,480
ICICI Bank Ltd. - Sponsored ADR^(a)(b)		46,900		1,573,964

SEC Form N-CSRS filed by Clough Global Opportunities Fund