CLOUGH GLOBAL OPPORTUNITIES FUND
(each a “Fund,” and collectively, the “Funds”)
1700 Broadway, Suite 1100
Denver, CO 80203
NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS
May 22, 2023
To the Shareholders of the Funds:
Notice is hereby given that the Joint Annual Meeting of Shareholders (the “Meeting”) of the Funds will be held at 1290 Broadway, Suite 1100, Denver, CO 80203,virtually as a telephone conference call meeting on July 20, 20167, 2023 at 8:10:00 a.m. (Mountain time), for. The purpose of the purposes of consideringMeeting is to consider and votingvote upon the following:
| 1. | Shareholders of Clough Global Dividend and Income Fund are being asked to elect two (2) Trustees of such Fund, each to hold office for the term indicated and until his or her successor shall have been elected and qualified; |
| 2. | Shareholders of Clough Global Equity Fund are being asked to elect three (3) Trustees of such Fund, each to hold office for the term indicated and until his successor shall have been elected and qualified; |
| 3. | Shareholders of Clough Global Opportunities Fund are being asked to elect three (3) Trustees of such Fund, each to hold office for the term indicated and until his successor shall have been elected and qualified; and |
| 4. | The transaction of such other business as may properly come before the Meeting or any adjournments thereof. |
These items are discussed in greater detail in the attachedenclosed Proxy Statement.
The close of business on May 23, 20169, 2023 has been fixed as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting and any adjournments thereof.
YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN A FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING VIRTUALLY, WE ASK THAT YOU PLEASE EITHER VOTE VIA THE INTERNET, TELEPHONE OR COMPLETE AND SIGN THE ENCLOSED PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE, WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES.
| By Order of the Board of Trustees of: | |
| Clough Global | |
| Clough Global Equity Fund | |
| Clough Global Opportunities Fund | |
 | |
CLOUGH GLOBAL ALLOCATIONDIVIDEND AND INCOME FUND (“GLV”)
CLOUGH GLOBAL EQUITY FUND (“GLQ”)
CLOUGH GLOBAL OPPORTUNITIES FUND (“GLO”)
(Each a “Fund” and collectively, the “Funds”)
JOINT ANNUAL MEETING OF SHAREHOLDERS
July 20, 2016
PROXY STATEMENT
This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Trustees (“Board” or “Trustees”) of the Funds for use at the Joint Annual Meeting of Shareholders of the Funds (the “Meeting”“Meeting”) to be held on Wednesday,Thursday, July 20, 2016,7, 2023, at 8:10:00 a.m. Mountain Time, at 1290 Broadway, Suite 1100, Denver, CO 80203,virtually, as a telephone conference call meeting, and at any adjournments thereof.
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SHAREHOLDER MEETING TO BE HELD ON JULY 7, 2023
Each Fund’s Proxy Statement, isnotice and form of proxy card are available at www.2voteproxy.com/cloughhttps://www.proxy-direct.com/clo-33382.
To participate in the Meeting, you must email shareholdermeetings@computershare.com no later than 5:00 p.m. Eastern Time on July 3, 2023 and provide your full name and address. You will then receive an email from Computershare Fund Services containing the conference call dial-in information and instructions for participating in the Meeting. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Meeting. To register, you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to Computershare Fund Services, the Fund’s tabulator. You may forward an email from your intermediary or attach an image of your legal proxy to shareholdermeetings@computershare.com. Requests for registration must be received no later than 5:00 p.m. Eastern Time on July 3, 2023. You will then receive an email from Computershare Fund Services containing the conference call dial-in information and instructions for participating in the Meeting.
If the enclosed proxy card is properly executed and returned in time to be voted at the Meeting, the Shares represented thereby will be voted “FOR” the proposal listed in the Notice, unless instructions to the contrary are marked thereon, and in the discretion of the proxy holders as to the transaction of any other business that may properly come before the Meeting. Any shareholder who has given a proxy has the right to revoke it at any time prior to its exercise either by attending the Meeting and voting his or her shares in person or by submitting a letter of revocation or a later-dated proxy to a Fund at the above address prior to the date of the Meeting.
The close of business on May 9, 2023, has been fixed as the “Record Date” for the determination of shareholders entitled to notice of and to vote at each Fund’s Meeting and all adjournments thereof.
Each Fund has one class of capital stock: common shares of beneficial interest, par value $0.001 (the “GLV Common Shares,” the “GLQ Common Shares” and the “GLO Common Shares,” respectively, and together the “Shares”). The holders of Shares are each entitled to one vote for each full Share and an appropriate fraction of a vote for each fractional Share held on such matters where such respective Shares are entitled to be cast. As of the Record Date, there were 12,709,582.8250 GLV Common Shares, 19,124,620.8920 GLQ Common Shares and 43,545,722.3190 GLO Common Shares outstanding.
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The holders of a majority of the Shares entitled to vote on any matter at the Meeting present in person or by proxy shall constitute a quorum at the Meeting for purposes of conducting business. If a quorum is not present at the Meeting, the persons named as proxies may propose one or more adjournments of the Meeting to permit further solicitation of proxies. Any such adjournment for a Meeting will require the affirmative vote of a majority of those sharesShares present at the Meeting in person or by proxy. If a quorum is present, the persons named as proxies will vote those proxies that they are entitled to vote “FOR” any proposal in favor of such adjournment and will vote those proxies required to be voted “AGAINST” any proposal against such adjournment.
In order that your Shares may be represented at the Meeting, you are requested to vote on the following matters:
PROPOSALS 1, 2 AND 3:
ELECTION OF NOMINEES
TO EACH FUND’S BOARD OF TRUSTEES
Each Fund’s Board is divided into three classes, each class having a term of three years. Each year the term of office for one class will expire. In addition, each Board has determined to move Mr. Versaci from a Class I Trustee to a Class III Trustee and to nominate him as a Class III Trustee for election to the Board of each Fund at this Meeting.
Nominees for GLV’s Board of Trustees
Listed below are the nominees for the Fund. Each nominee is currently a Trustee of the Fund. Mr. Mee, Mr. VersaciMessrs. Crescenzi and Mr. BurkeRutledge have each been nominated by the Board for election to a three-year term to expire at the Fund’s 20192026 Annual Meeting of Shareholders, or if later, until such Trustee’s successor is duly elected and qualified.
Proposal 1 Election of Trustee/Nominee | Class | Expiration of Term if Elected |
| Class I | 2026 Annual Meeting | |
| Class I | 2026 Annual Meeting |
| * | Independent Trustee Nominee |
Unless authority is withheld, it is the intention of the persons named in the proxy to vote the proxy “FOR” the election of each nominee named above. Each nominee has indicated that he/she has consented to serve as a Trustee if elected at the Meeting. If a designated nominee declines or otherwise becomes unavailable for election, however, the proxy confers discretionary power on the persons named therein to vote in favor of a substitute nominee or nominees.
Nominees for GLQ’s Board of Trustees
Listed below are the nominees for the Fund. Each nominee is currently a Trustee of the Fund. Messrs. Burke, Weber and Versaci have each been nominated by the Board for election to a three-year term to expire at the Fund’s 2026 Annual Meeting of Shareholders, or if later, until such Trustee’s successor is duly elected and qualified.
Proposal 2 Election of Trustee/Nominee | Class | Expiration of Term if Elected |
| Edmund J. Burke* | Class III | |
| Clifford J. Weber* | Class III | 2026 Annual Meeting |
| Vincent W. | Class III |
Unless authority is withheld, it is the intention of the persons named in the proxy to vote the proxy “FOR” the election of each nominee named above. Each nominee has indicated that he has consented to serve as a Trustee if elected at the Meeting. If a designated nominee declines or otherwise becomes unavailable for election, however, the proxy confers discretionary power on the persons named therein to vote in favor of a substitute nominee or nominees.
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Nominees for GLQ’sGLO’s Board of Trustees
Listed below are the nominees for the Fund. Each nominee is currently a Trustee of the Fund. Mr. Butler, Mr. RantzowMs. DiGravio and Mr. CantyMcNally have each been nominated by the Board for election to a three-year term to expire at the Fund’s 20192026 Annual Meeting of Shareholders, or if later, until such Trustee’s successor is duly elected and qualified. Mr. Versaci has been nominated by the Board for election to a one-year term to expire at the Fund’s 2017 Annual Meeting of Shareholders, or if later, until such Trustee’s successor is duly elected and qualified.
Proposal 3 Election of Trustee/Nominee | Class | Expiration of Term if Elected |
| Robert | Class II | |
| Class II | ||
| Class II |
| + | Interested Trustee Nominee |
| * | Independent Trustee Nominee |
Unless authority is withheld, it is the intention of the persons named in the proxy to vote the proxy “FOR” the election of each nominee named above. Each nominee has indicated that he has consented to serve as a Trustee if elected at the Meeting. If a designated nominee declines or otherwise becomes unavailable for election, however, the proxy confers discretionary power on the persons named therein to vote in favor of a substitute nominee or nominees.
Information about each Trustee’s Professional Experience and Qualifications
Provided below is a brief summary of the specific experience, qualifications, attributes or skills for each Trustee that warranted hishis/her consideration as a Trustee/Nominee to the Board of each Fund, which are structuredregistered as individual investment companies under the Investment Company Act of 1940, as amended (“1940 Act”).
Robert L. Butler
– Mr. Butler is currently an independent consultant for businesses. Mr. Butler was President of Pioneer Funds Distributor, Inc. from 1989 to 1998. He was Senior Vice-President from 1985 to 1988 and Executive Vice-President and Director from 1988 to 1999 of the Pioneer Group, Inc. While at the Pioneer Group, Inc. until his retirement in 1999, Mr. Butler was a Director or Supervisory Board member of a number of subsidiary and affiliated companies, including: Pioneer First Polish Investment Fund, JSC, Pioneer Czech Investment Company and Pioneer Global Equity Fund PLC. From 1975 to 1984, Mr. Butler was a Vice-President of the National Association of Securities Dealers (currently Financial Industry Regulatory Authority). Mr. Butler has served as Trustee since each Fund’s inception and as Chairman of the Board for each Fund since 2006. Mr. Butler has also served as a member of the Audit Committee and Governance and Nominating Committee during his tenure as a Trustee for each Fund.Adam D. Crescenzi
– Mr. Crescenzi is currently3
Jerry G. Rutledge
– Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business that has operated for overHon. Vincent W. Versaci
– Judge Versaci has served as a JudgeIn recognition of Judge Versaci’s experience and expertise in New York Trusts and Estates Law, particularly in the area of fiduciary matters, he has received several accolades and notable appointments. In 2019, the Presiding Judge of New York’s Appellate Division, Third Department, appointed Judge Versaci to the Administrative Board for the Offices of Public Administrators (“The Administrative Board”). Public Administrators are appointed by statute to administer estates of decedents where there is no other person or entity to perform these fiduciary functions. The Administrative Board oversees their activities and promulgates rules with respect to the oversight of Public Administrators across New York State, including New York City. Additionally, in 2018, New York’s Chief Administrative Judge selected Judge Versaci to serve as a member of New York’s Surrogate’s Court Advisory Committee. This standing committee is charged with reviewing current laws and practices and recommending proposed legislation and changes to the regulations and procedures affecting all aspects of New York Trusts and Estates Law.
Prior to becoming Surrogate and Supreme Court Justice, Judge Versaci served as City Court Judge for the City of Schenectady from 2003 to 2010 where he presided over a demanding volume and vast array of criminal and civil matters. At that time, he was noted to be the second youngest judge in the State of New York. Judge Versaci has also 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 and Federal Courts. Currently, he sits on the Board of the Schenectady County Bar Association and is often asked to speak to before a variety of local, State and Federal Bar Associations and other groups on a variety of topics relating to Trusts and Estates, as well as fiduciary roles and responsibilities.
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Judge Versaci has served as a Trustee of each Fund and as a member of each Fund’s Audit Committee Nominatingand Governance Committee and as a TrusteeNominating Committee since March 2013. In addition, Judge Versaci has served as Chair of the Qualified Legal Compliance Committee of each Fund since 2017. Since being appointed to the Board by the Funds’ Trustees, Judge Versaci has further enhanced his experience and skills, in conjunction with the other Trustees, throughcontributed significantly to the Board’s oversight of the Funds’ officers in dealing withand has successfully managed a diverse range of topics, to include but not limited to,including portfolio management, legal and regulatory matters, compliance oversight, preparation of financial statements and oversight of the Funds’ multiple service providers. The Board of Trustees, in its judgment of Judge Versaci’s professional experience as a reputable attorney and judge, and as a trustee of closed-end investment companies, believes Judge Versaci offers a unique and diverse perspective to the Board and lends a particular expertise in ethics and fiduciary matters that is invaluable to our partnership.
Karen DiGravio – Ms. DiGravio has over 21 years of industry experience focused on finance, accounting, compliance and risk management in the asset management industry. Most recently, she was a Partner, Chief Financial Officer and Chief Compliance Officer of Westfield Capital Management, a Boston based asset manager with over $12 Billion in assets under management. She was also a member of the Westfield Advisory Board. While at Westfield, Ms. DiGravio led the finance, accounting and compliance functions and chaired the firm’s Operating and Risk Management Committee. A 1991 graduate of Connecticut College, Ms. DiGravio is co-chair of Connecticut College’s 1911 Society and is also a member of the college’s President’s Leadership Council. She received her MBA in General Management from the Boston University School of Management in 1997. Ms. DiGravio has served as a member of each Fund’s Audit Committee and Governing and Nominating Committee and as a Trustee since August 2017. In addition, Ms. DiGravio has served as the Audit Committee Financial Expert and Chair of each Fund’s Audit Committee during her tenure as a Trustee of the Funds. The Board of Trustees, in its judgement of Ms. DiGravio’s professional business experience, including her experience serving as chief financial officer and chief compliance officer of an asset management firm and experience serving as a trustee of closed-end investment companies, believes Ms. DiGravio contributes a diverse perspective to the Board.
Clifford J. Weber – Mr. Weber has more than 25 years of experience in the financial markets where he has successfully led businesses and created products in exchange-traded funds (ETFs) and listed derivatives. His areas of expertise include trading markets and derivatives regulation. He currently provides consulting services to the financial industry and serves as an independent trustee of certain mutual funds, ETFs and variable annuity trusts. From 2013 to 2015 he was Executive Vice President of Global Index and Exchange Traded Products at the NYSE, and Executive Vice President, Head of Strategy and Product Development at NYSE Liffe from 2008 to 2013. Prior to that, Mr. Weber spent 18 years at the U.S. American Stock Exchange where he was instrumental in the development of the Amex’s dominant ETF business, running that business from 2000-2008, and the Amex’s Closed-End Fund business. He received a B.A. degree in Biochemistry from Dartmouth College, and an M.S.E. degree in Systems, with a concentration in Operations Research, from the University of Pennsylvania. He has been featured in numerous media publications and financial shows, has been published in various financial publications, and is co-author of “Equity Flex Options: The Financial Engineer’s Most Versatile Tool.” He is a named inventor on twenty-one issued patents, all in the field of financial innovation. Mr. Weber has served as a member of each Fund’s Audit Committee and Governance and Nominating Committee and as a Trustee since August 2017. The Board of Trustees, in its judgment of Mr. Weber’s professional business experience, including his positions with national securities exchanges and serving on the boards of registered investment companies, believes Mr. Weber contributes a diverse perspective to the Board.
Edmund J. Burke
– Mr. Burke5
Kevin McNally –Mr. McNally is currently a founding partner, President and Portfolio Manager forManaging Director at Clough Capital Partners LP (“Clough”).L.P. and serves as the portfolio manager for an investment fund and separately managed accounts advised by Clough that invest primarily in closed-end funds. He has over 30 years of industry experience focusing almost exclusively on closed-end funds. Prior to foundingjoining Clough in 2000,2014, he served as the Director of Closed-End Funds at ALPS Fund Services, Inc. from 2003 to 2014, where he was instrumental in launching approximately $13 billion in total assets of CEFs, including the three Clough CEFs. Prior to that, Mr. Canty worked asMcNally was Director of Closed-End Fund and ETF Research at Smith Barney, a corporate and securities lawyerdivision of Citigroup Global Markets, Inc. from 1998 to 2003, and Director of Investor Relations for Converse,Closed-End Fund and ETF Marketing at Morgan Stanley Dean Witter Discover & Co. from 1997 to 1998. Previously, he was an analyst covering closed-end funds in the Mutual Fund Research Department at Merrill Lynch, Pierce, Fenner, & Smith, Inc. from 19951994 to 2000. He1997, and also was a corporate and securities lawyer for the Boston offices of Goldstein & Manello, P.C. from 1993 to 1995 and Bingham, Dana and Gould from 1990 to 1993. Mr. Canty served as an Adjunct Professor at Northeastern University from 1996 to 2000. Mr. Canty is currently a Trustee of Clough Funds Trust and a memberManager of the BoardClosed-End Fund Marketing Department at Prudential Securities from 1992 to 1994. He has been quoted in The Wall Street Journal, Barrons, and several other publications and has also appeared on TV as a closed-end fund and ETF expert. Mr. McNally received a Bachelor of DirectorsArts degree from the University of Clough Offshore Fund, Ltd.Massachusetts at Amherst in 1991 and Clough Offshore Fund (QP), Ltd.an MBA in Finance from New York University’s Stern School of Business in 1998. Mr. Canty is also currently a Trustee of St. Bonaventure University, and serves on the boards of directors of Blacklight Power, Inc. and Razia’s Ray of Hope, a nonprofit organization. Mr. CantyMcNally has served as Trustee for each Fund since each Fund’s inception2017 and as an interested trustee he does not serve as a member of the Audit and Governance and Nominating Committees. In addition, since being appointed to the Board, Mr. Canty has further enhanced his experience and skills, in conjunction with the other Trustees, through the Board’s oversight of the Funds’ officers in dealing with a diverse range of topics, to include but not limited to, portfolio management, legal and regulatory matters, compliance oversight, preparation of financial statements and oversight of the Funds’ multiple service providers. Mr. Canty is also a certified public accountant. The Board of Trustees, in its judgment of Mr. Canty’s long-termMcNally’s professional experience with portfolioin the investment management and as a trusteeinvestment banking businesses, including his serving on the boards of closed-end investment companies,funds, believes Mr. CantyMcNally contributes a diverse perspective to the Board.
EACH FUND’S BOARD, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” THE ELECTION OF THE FUND’S RESPECTIVE NOMINEES.
Additional Information about each Trustee/Nominee and the Fund’s Officers
The table below sets forth the names, addresses and years of birth of the nominees, Trustees and principal officers of the Funds, the year each was first elected or appointed to office, their term of office, their principal business occupations during at least the last five years, the number of portfolios overseen by each Trustee of the Fund Complex and their other directorships of public companies.
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and Year of Birth | Position(s) | Term of office and length of service with the Funds2 | Principal Occupation(s) | Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee During the Past Five Years | ||
| Non-Interested | |||||||
Robert L. Butler 1941 | Chairman of the Board and Trustee | Trustee since: GLV: 2004 GLQ: 2005 GLO: 2006 Term expires: GLV: 2024 GLQ: 2025 2023 GLO: | Since 2001, Mr. Butler has been an independent consultant for businesses. Mr. Butler has over 45 | 3 | None | ||
Edmund J. Burke 1961 | Trustee | Trustee since: GLV: 2006 GLQ: 2006 GLO: 2006 Term expires: GLV: 2025 GLQ: 2023 GLO: 2024 | Mr. Burke joined ALPS in 1991 and served 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. (collectively, the “ALPS Companies”). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a 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). | 3 | Mr. Burke is also Trustee of Financial Investors Trust, Trustee of the Liberty All-Star Equity Fund, Director of the Liberty All-Star Growth Fund, Inc., and Trustee of ALPS ETF Trust. | ||
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| Name, Address1 and Year of Birth | Position(s) | Term of office and length of service with the Funds2 | Principal Occupation(s) | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee During the Past Five Years |
Adam D. Crescenzi 1942 | Vice-Chairman of the Board and Trustee | Trustee since: GLV: 2004 GLQ: 2005 GLO: 2006 Term expires: GLV: 2023 GLQ: 2024 GLO: | 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 | 3 | None |
Karen DiGravio 1969 | Trustee | Trustee since: GLV: 2017 GLQ: 2017 GLO: 2017 Term expires: GLV: 2024 GLQ: 2025 2023 GLO: | 3 | None |
Jerry G. Rutledge 1944 | Trustee | Trustee since: GLV: 2004 GLQ: 2005 GLO: 2006 Term expires: GLV: 2023 GLQ: 2024 GLO: | Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. | Mr. Rutledge is currently a Trustee of the Financial Investors Trust and the Principal Real Estate Income Fund. | |
Hon. Vincent W. Versaci 1971 | Trustee | Trustee since: GLV: 2013 GLQ: 2013 GLO: 2013 Term expires: GLV: 2025 GLQ: 2023 2024 GLO: | 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 | 3 | None |
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and Year of Birth | Position(s) | Term of office and length of service with the Funds2 | Principal Occupation(s) | Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee During the Past Five Years | ||
Clifford J. Weber 1963 | Trustee | Trustee since: GLV: 2017 GLQ: 2017 GLO: 2017 Term expires: GLV: 2025 GLQ: 2023 GLO: 2024 | Mr. Weber is the founder of Financial Products Consulting Group, LLC (a consulting firm). | 3 | Mr. Weber is currently a Trustee of Janus Detroit Street Trust, Clayton Street Trust and Global-X Funds. |
| Interested | |||||
Kevin McNally 1969 Clough Capital Partners L.P. 53 State Street 27th Floor Boston, Massachusetts 02109 | Trustee | Trustee since: GLV: 2017 GLQ: 2017 GLO: 2017 Term expires: GLV: 2024 GLQ: 2025 GLO: | Mr. | 3 | None |
| Name, Address1 and Year of Birth | Position(s) | Term of office and length of service with the Funds2 | Principal Occupation(s) | ||
| Officers | |||||
Jeremy May 1970 | President | Officer since6 GLV: 2023 GLQ: 2023 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 October 2019); Previously, President | ||
Bradley Swenson 1972 | Chief Compliance Officer (“CCO”) | Officer since GLV: 2023 GLQ: 2023 2023 GLO: | |||
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Jill Kerschen 1975 | Treasurer | Officer since6 GLV: 2023 GLQ: 2023 GLO: 2023 | Ms. Kerschen joined Paralel in 2021 and is currently Director of Fund Administration. Prior to joining Paralel she was Vice President at ALPS |
Christopher Moore 1984 | Secretary | Officer since6 GLV: 2023 GLQ: 2023 GLO: 2023 | Mr. | ||
| 1 | Address: |
| 2 | GLV commenced operations |
| 2004, GLQ commenced operations |
| 2005, and GLO commenced operations |
| The Fund Complex for all Trustees |
| “Interested |
| Mr. |
| Officers are elected annually and each officer will hold such office until a successor has been elected by the Board. |
Beneficial Ownership of GLV Common Shares, GLQ Common Shares and GLO Common Shares Held in the Fund Complex by each Trustee/Nominee
Set forth in the table below is the dollar range of equity securities held in each Fund and on an aggregate basis for the entire Family of Investment Companies overseen by each Trustee.
| Independent Trustee/Nominee | Dollar Range1 of Equity Securities Held in GLV: | Dollar Range1 of Equity Securities Held in GLQ: | Dollar Range1 of Equity Securities Held in GLO: | Aggregate Dollar Range of Equity Securities Held in the Family of Investment Companies |
| Robert L. Butler | $10,001-$50,000 | $10,001-$50,000 | $10,001-$50,000 | $50,001-$100,000 |
| Adam D. Crescenzi | $0 | $0 | $1-$10,000 | $1-$10,000 |
| John F. Mee | $0 | $0 | $0 | $0 |
| Richard C. Rantzow | $10,001-$50,000 | $1-$10,000 | $0 | $10,001-$50,000 |
| Jerry G. Rutledge | Over $100,000 | Over $100,000 | $50,001-$100,000 | Over $100,000 |
| Vincent W. Versaci | $1-$10,000 | $1-$10,000 | $1-$10,000 | $10,001-$50,000 |
| Interested Trustee/Nominee | ||||
| Edmund J. Burke | $0 | $0 | $0 | $0 |
| James E. Canty | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |
Independent | Dollar Range1 of Equity Securities Held in GLV: | Dollar Range1 of Equity Securities Held in GLQ: | Dollar Range1 of Equity Securities Held in GLO: | Aggregate Dollar Range of Equity Securities Held in the Family of Investment Companies |
| Edmund J. Burke | none | none | none | none |
| Robert L. Butler | $50,001-$100,000 | $10,001-$50,000 | $10,001-$50,000 | Over $100,000 |
| Adam D. Crescenzi | none | none | $1-$10,000 | $1-$10,000 |
| Jerry G. Rutledge | none | none | none | none |
| Vincent W. Versaci | $1-$10,000 | $1-$10,000 | $1-$10,000 | $1-$10,000 |
| Karen DiGravio | $10,001-$50,000 | $10,001-$50,000 | $1-$10,000 | $10,001-$50,000 |
| Clifford J. Weber | none | $10,001-$50,000 | none | $10,001-$50,000 |
| Interested Trustee/Nominee | ||||
| Kevin McNally | $1-$10,000 | $1-$10,000 | $1-$10,000 | $10,001-$50,000 |
| (1) | This information has been furnished by each Trustee and nominee for election as Trustee as of |
| (2) | Ownership amount constitutes less than 1% of the total shares outstanding. |
| (3) | The Funds in the family of investment companies for all Trustees, consists of the Clough Global |
Trustee Transactions with Fund Affiliates
As of March 31, 2016,May 9, 2023, none of the independent trustees, meaning those Trustees who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act and are independent under the NYSE MKTAmerican LLC’s (“NYSE MKTAmerican”) Listing Standards (each an “Independent Trustee” and collectively the “Independent Trustees”), nor members of their immediate families owned securities, beneficially or of record, in Clough Capital L.P. (the “Adviser” or “Clough”), or an affiliate or person directly or indirectly controlling, controlled by, or under common control with the Adviser, other than investments in the Funds and investments in affiliated investment vehicles that, pursuant to guidance from the SEC Staff, do not affect such Trustee’s independence. Furthermore, over the past five years, neither the Independent Trustees nor members of their immediate families have had any direct or indirect interest, the value of which exceeds $120,000, in the Adviser or any of its affiliates. In addition, since the beginning of the last two fiscal years, neither the Independent Trustees nor members of their immediate families have conducted any transactions (or series of transactions) or maintained any direct or indirect relationship in which the amount involved exceeds $120,000 and to which the Adviser or any affiliate of the Adviser was a party.
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Trustee Compensation
The following table sets forth certain information regarding the compensation of the Funds’ Trustees for the fiscal year ended October 31, 2015.2022. Trustees and Officers of the Funds who are employed by ALPSParalel or Clough receive no compensation or expense reimbursement from the Funds.
Compensation Table for the Fiscal Year Ended October 31, 2015.
| Name of Trustee/ Nominee | Clough Global Allocation Fund | Clough Global Equity Fund | Clough Global Opportunities Fund | Total Compensation Paid From the Fund Complex1 |
| Robert L. Butler | $28,600 | $32,200 | $28,600 | $89,400 |
| Adam D. Crescenzi | $23,833 | $26,833 | $23,833 | $74,500 |
| John F. Mee | $23,833 | $26,833 | $23,833 | $74,500 |
| Richard C. Rantzow | $26,217 | $29,517 | $26,217 | $81,950 |
| Jerry G. Rutledge | $23,833 | $26,833 | $23,833 | $75,059 |
| Vincent W. Versaci | $23,833 | $26,833 | $23,833 | $74,500 |
| Name of Trustee/ Nominee | Clough Global Dividend and Income Fund | Clough Global Equity Fund | Clough Global Opportunities Fund | Total Compensation Paid From the Fund Complex1 |
| Robert L. Butler | $24,000 | $24,000 | $24,000 | $72,000 |
| Adam D. Crescenzi | $20,000 | $20,000 | $20,000 | $60,000 |
| Jerry G. Rutledge | $20,000 | $20,000 | $20,000 | $60,000 |
| Vincent W. Versaci | $20,000 | $20,000 | $20,000 | $60,000 |
| Karen DiGravio | $22,000 | $22,000 | $22,000 | $66,000 |
| Clifford J. Weber | $20,000 | $20,000 | $20,000 | $60,000 |
| Edmund J. Burke | $20,000 | $20,000 | $20,000 | $60,000 |
| (1) | The Fund Complex for all Trustees |
Each Fund pays compensation to the Chairman of the Board (the “Chairman”) and each Independent Trustee who is not affiliated with ALPS or Clough or their affiliates. The Independent Trustees receive from each Fund an annual retainer of $14,000 per year plus $1,500 per Board meeting attended. The Chairman receives from each Fund an annual retainer of $16,800 per year plus $1,800 per Board meeting attended. The Audit Committee Chairman receives from each Fund an annual retainer of $15,400 per year plus $1,650 per Board meeting attended. Effective November 1, 2015, the Independent Trustees determined to change the additional per-meetingAdditional meeting fees for each telephonic Board meeting attended to the following:are as follows: (i) $500 for each Independent Trustee; (ii) $600 for the Chairman; and (iii) $550 for the Chairman of the Audit Committee. The Independent Trustees will continue todo not receive any additional fees for in-person or telephonic committee meetings. The Chairman, Audit Committee Chairman and each Independent Trustee’s actual out-of-pocket expenses relating to their attendance at such meetings are also paid for by the Funds.
During the fiscal year ended October 31, 2015,2022, the Board of GLV andmet four times, the Board of GLO met sevenfour times and the Board of GLQ met ninefour times. Each Trustee then serving in such capacity attended at least 75% of the meetings of Trustees and of any Committeecommittee of which hehe/she is a member.
11
Leadership Structure of the Board of Trustees
The Board, which has overall responsibility for the oversight of each Fund’s investment programs and business affairs, has appointed an Independent Trustee as Chairman of the Board whose role is to preside at all meetings of the Board. The Board has also appointed an Independent Trustee as Vice-Chairman of the Funds. The Chairman is involved, at his discretion, in the preparation of the agendas for the Board meetings. In between meetings of the Board, the Chairman may act as liaison between the Board and the Funds’ officers, attorneys and various other service providers, including but not limited to, the Funds’ investment adviser, administrator and other such third parties servicing the Funds. The Chairman may also perform other functions as may be delegated by the Board from time to time. The Board believes that the use of an Independent Trustee as Chairman is the appropriate leadership structure for mitigating potential conflicts of interest associated with appointing an Interested Trustee as chairman and facilitates the ability to maintain a robust culture of compliance. The Board has three standing committees, each of which enhances the leadership structure of the Board: the Audit Committee; the Governance and Nominating Committee; and the Executive Committee. The Audit Committee and Governance and Nominating Committee are each chaired by, and composed of, members who are Independent Trustees. The Executive Committee consists of one Interested Trustee and two Interested Trustees and one Independent Trustee.
Oversight of Risk Management
Each Fund, by the nature of its business, is confronted with a multitude ofvarious risks such as investment risk, counter partycounterparty risk, valuation risk, political risk, risk of operational failures, business continuity risk, regulatory risk, legal risk and other risks not listed here. The Board recognizes that not all risks that may affect the Funds can be known, eliminated or mitigated. In addition, there are some risks that may not be cost effective or an efficient use of each Fund’s limited resources to moderate. As a result of these realities, the Board, through its oversight and leadership, has and will continue to deem it necessary for shareholders of each Fund to bear certain and undeniable risks, such as investment risk, in order for each Fund to operate in accordance with its prospectus, statement of additional information and other related documents.
However, as required under the 1940 Act, the Board has adopted on the Funds’ behalf a vigorous risk program that mandates the Funds’ various service providers, including the investment adviser, to adopt a variety of processes, procedures and controls to identify various risks, mitigate the likelihood of such adverse events from occurring and/or attempt to limit the effects of such adverse events on a Fund. The Board fulfillsimplements its leadershipoversight role by receiving a variety of quarterly written reports prepared by the Funds’ Chief Compliance Officer (“CCO”) that: (i) evaluate the operation of the Funds’ service providers; (ii) make known any material changes to the policies and procedures adopted by the Funds or their service providers since the CCO’s last report and; (iii) disclose any material compliance matter that occurred since the date of the last CCO report. In addition, the Chairman and the Independent Trustees meet quarterly in executive sessions without the presence of any Interested Trustees, the investment adviser, the administrator, or any of their affiliates. This configuration permits the Chairman and the Independent Trustees to effectively receive the information and have private discussions necessary to perform its risk oversight role, exercise independent judgment, and allocate areas or responsibility between the full Board, its various committees and certain officers of the Funds. Furthermore the Independent Trustees have engaged independent legal counsel and auditors to assist the Independent Trustees in performing their responsibilities. As discussed above and in consideration of other factors not referenced herein, the function of the Board with respect to its leadership role concerning risk management is one of oversight and not active management or coordination of the Funds’ day-to-day risk management activities.
15
12
In performing its oversight function, at a meeting held on December 23, 2015,15, 2022, the Audit Committee reviewed and discussed with management of the Funds and the independent accountant, Cohen Fund Audit Services,& Company, Ltd. (“Cohen”), the audited financial statements of the Funds as of and for the fiscal year ended October 31, 2015,2022, and discussed the audit of such financial statements with the independent accountant.
In addition, the Audit Committee discussed with the independent accountant the accounting principles applied by the Funds and such other matters brought to the attention of the Audit Committee by the independent accountant required by the Public Company Accounting Oversight Board (“PCAOB”) Audit Standard No. 16 Communications with Audit Committees.and the SEC. The Audit Committee also received from the independent accountant the written disclosures and letters required by applicable requirements of the PCAOB Rule 3526, Communicationregarding the independent accountant's communications with Audit Committees Concerning Independence,the audit committee concerning independence and has discussed the relationship betweenwith the independent accountant and the Funds and the impact that any such relationships might have on the objectivity and independence of the independent accountant.
As set forth above, and as more fully set forth in the Audit Charter, the Audit Committee has significant duties and powers in its oversight role with respect to each Fund’s financial reporting procedures, internal control systems and the independent audit process.
The members of the Audit Committees are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting and are not employed by the Funds for accounting, financial management or internal control purposes. Moreover, each Audit Committee relies on and makes no independent verification of the facts presented to it or representations made by management or the independent verification of the facts presented to it or representation made by management or the Funds’ independent accountant. Accordingly, the Audit Committee’s oversight does not provide an independent basis to determine that management has maintained appropriate accounting and/or financial reporting principles and policies, or internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee’s considerations and discussions referred to above do not provide assurance that the audit of each Fund’s financial statements has been carried out in accordance with generally accepted accounting standards or that the financial statements are presented in accordance with generally accepted accounting principles.
Based on its consideration of the audited financial statements and the discussions referred to above with management and the Funds’ independent accountant, and subject to the limitations on the responsibilities and role of the Audit Committee set forth in the Audit Charter and those discussed above, each Audit Committee recommends that each Fund’s audited financial statements, subject to the modifications discussed at the December 23, 201515, 2022 Audit Committee meeting, be included in the Funds’ Annual Report for the fiscal year ended October 31, 2015.
SUBMITTED BY THE AUDIT COMMITTEE OF EACH FUND’S BOARD OF TRUSTEES
Karen DiGravio, Chairman
Edmund J. Burke
Robert L. Butler
Adam D. Crescenzi
Jerry G. Rutledge
Vincent W. Versaci
Clifford J. Weber
December 15, 2022
13
Audit Committee
Each Audit Committee met threetwo times during the fiscal year ended October 31, 2015.2022. Each Audit Committee is composed of sixseven Independent Trustees, namely Ms. DiGravio and Messrs. Burke, Butler, Crescenzi, Mee, Rantzow, Rutledge, Weber and Judge Versaci. None of the members of the Audit Committee are “interested persons” of the Funds.
Based on the findings of the Audit Committee, the Audit Committee has determined that Mr. Richard C. RantzowMs. Karen DiGravio is each Fund’s “audit committee financial expert,” as defined in the rules promulgated by the SEC, and as required by NYSE MKTAmerican listing standards. Mr. RantzowMs. DiGravio serves as the Chairman of the Audit Committee for each Fund.
17
Each Fund’s Board has a Governance and Nominating Committee composed of sixseven Independent Trustees as the term is defined by the NYSE MKTAmerican listing standards, namely Ms. DiGravio and Messrs. Burke, Butler, Crescenzi, Mee, Rantzow, Rutledge, Weber and Judge Versaci. None of the members of the Governance and Nominating Committee are “interested persons” of the Funds. Each Governance and Nominating Committee operates pursuant to a Governance and Nominating Committee Charter (the “Charter”) that was most recently reviewed and approved by the Governance and Nominating Committee on October 14, 2015.13, 2022. The Governance and Nominating Committee Charter is available at the Funds’ website, www.cloughglobal.com. The Governance and Nominating Committee met threetwo times during the fiscal year ended October 31, 2015.2022. The Governance and Nominating Committee is responsible for identifying and recommending to the Board individuals believed to be qualified to become Board members and officers of the Funds in the event that a position is vacated or created. Mr. Crescenzi serves as Chairman of the Governance and Nominating Committee of each Fund.
When such vacancies or creations occur, the Governance and Nominating Committee will consider Trustee candidates recommended by a variety of sources to include each Fund’s respective shareholders. The Governance and Nominating Committee has a diversity policy. In considering Trustee candidates, the Governance and Nominating Committee will take into consideration the interest of shareholders, the needs of the Board and the Trustee candidate’s qualifications, which include but are not limited to, the diversity of the individual’s professional experience, education, individual qualification or skills.
Shareholders may submit for the Governance and Nominating Committee’s consideration recommendations regarding potential independent Board member nominees. Each eligible shareholderThe Governance and Nominating Committee Charter (which is available at www.cloughglobal.com) includes Independent Trustee qualifications and criteria that the Governance and Nominating Committee will assess in determining whether it will consider a shareholder’s submission. In addition, the By-Laws of the Fund contain detailed requirements regarding qualifications for Independent Trustees and information that must be included with any nomination for Independent Trustee or shareholder group may submit no more than one independent Board member nominee each calendar year.proposal.
The following are some of the requirements and criteria in the Governance and Nominating Committee Charter and By-Laws:
14
| (a) | The nominee must satisfy all qualifications provided under the Governance and Nominating Committee Charter and in the Fund’s organizational documents, including qualification as a possible independent Board member. |
| (b) | The nominee may not be the nominating shareholder, a member of the nominating shareholder group or a member of the immediate family of the nominating shareholder or any member of the nominating shareholder group. |
| (c) | Neither the nominee nor any member of the nominee’s immediate family may be currently employed or employed within the last year by any nominating shareholder entity or entity in a nominating shareholder group. |
| (d) | Neither the nominee nor any immediate family member of the nominee is permitted to have accepted directly or indirectly, during the year of the election for which the nominee’s name was submitted, during the immediately preceding calendar year, or during the year when the nominee’s name was submitted, any consulting, advisory, or other compensatory fee from the nominating shareholder or any member of a nominating shareholder group. |
| (e) | The nominee may not be an executive officer, Trustee (or person fulfilling similar functions) of the nominating shareholder or any member of the nominating shareholder group, or of an affiliate of the nominating shareholder or any such member of the nominating shareholder group. |
| (f) | The nominee may not control (as that term is defined under the 1940 Act) the nominating shareholder or any member of the nominating shareholder group (or, in the case of a holder or member that is a fund, an interested person of such holder or member as defined by Section 2(a)(19) of the 1940 Act). |
| (g) | A shareholder or shareholder group may not submit for consideration a nominee who has previously been considered by the Governance and Nominating Committee. |
The following is a summary of requirements in the Committee to consider shareholder submissions, the following requirementsFunds’ By-Laws that must be satisfiedprovided to a Fund regarding the shareholder or shareholder group submitting a proposed nominee and that will be considered by the proposed nominee:
| (a) |
| (b) |
| (c) |
| (d) | A description of all commercial and business relationships and all transactions the Proposed Nominee has had with any other shareholder of record or beneficially. |
| (e) | A representation that the |
| (f) | A representation that the |
| (g) | Such other |
15
| (h) | Written consent of the Proposed Nominee to |
| (i) | A certificate that the |
The nominee must provide to the Governance and Nominating Committee all information requested by the Governance and Nominating Committee that is related to the requirements and criteria in the Committee’s sole discretion whether to seek corrections of a deficient submission or to exclude a nominee from consideration.
Executive Committee
The Executive Committee meets periodically to take action, as authorized by the Board, if the Board cannot meet. Members of the Executive Committee are currently Messrs. Burke, Butler and Canty.McNally. During the fiscal year ended October 31, 2015,2022, the Executive Committee of GLQ met four times, and the Executive Committees of both GLV and GLO, each met one time.
Compensation Committee
The Funds do not have a compensation committee.
Other Board Related Matters
The Funds do not require Trustees to attend the Annual Meeting of Shareholders. No Trustees attended the Funds’ Annual Meeting of Shareholders held in 2015.
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Proposals 1, 2 and 3
The election of each of the listed nominees for Trustee of a Fundthe Funds requires the affirmative vote of the holders of a plurality of the votes cast by holders of each FundShares entitled to vote and represented at the Funds’ Meeting, if a quorum is present.
Broker Non-Votes and Abstentions
The affirmative vote of a plurality of votes cast for each nominee by the holders entitled to vote for a particular nominee is necessary for the election of a nominee.
For the purpose of electing nominees, abstentions or broker non-votes will not be counted as votes cast and will have no effect on the result of the election. Abstentions or broker non-votes, however, will be considered to be present at the Meeting for purposes of determining the existence of each Fund’s quorum.
Shareholders of each Fund will be informed of the voting results of the Meeting in the Funds’ Annual Report dated October 31, 2023.
The following table shows the ownership of applicable Shares by each of the Trustees, the Trustees and Executive Officers of each Fund as a group and the persons or organizations known to each Fund to be beneficial owners of more than 5% of a Fund’s outstanding applicable Shares.
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| Trustees and Executive Officers | ||
Name & Address1 | Percentage of Shares Held | Total Shares Owned |
GLV Common Shares2 | ||
| Edmund J. Burke* | 0% | 0 |
| Robert L. Butler | >1% | 2,007 |
| James E. Canty | >1% | 8,783 |
| Adam D. Crescenzi | 0% | 0 |
| Jeremy O. May* | 0% | 0 |
| John F. Mee | 0% | 0 |
| Richard C. Rantzow | >1% | 2,188 |
| Jerry G. Rutledge | >1% | 7,712 |
| Vincent W. Versaci | >1% | 320 |
| All Trustees and Executive Officers as a group | >1% | 21,010 |
GLQ Common Shares2 | ||
| Edmund J. Burke* | 0% | 0 |
| Robert L. Butler | >1% | 1,982 |
| James E. Canty | >1% | 105,887 |
| Adam D. Crescenzi | 0% | 0 |
| Jeremy O. May* | 0% | 0 |
| John F. Mee | 0% | 0 |
| Richard C. Rantzow | 0% | 24 |
| Jerry G. Rutledge | >1% | 12,750 |
| Vincent W. Versaci | >1% | 1,165 |
| All Trustees and Executive Officers as a group | >1% | 121,808 |
GLO Common Shares2 | ||
| Edmund J. Burke* | 0 | |
| Robert L. Butler | >1% | 1,857 |
| Trustees and Executive Officers | ||
| Name & Address1 | Percentage of Shares Held | Total Shares Owned |
| GLV Common Shares2 | ||
| Edmund J. Burke | 0% | 0 |
| Robert L. Butler | <1% | 14,100 |
| Jeremy May* | 0% | 0 |
| Adam D. Crescenzi | 0% | 0 |
| Karen DiGravio | <1% | 1,876 |
| Jill Kerschen* | 0% | 0 |
| Kevin McNally | <1% | 1,000 |
| Jerry G. Rutledge | 0% | 0 |
| Vincent W. Versaci | <1% | 150 |
| Clifford J. Weber | 0% | 0 |
| All Trustees and Executive Officers as a group | <1% | 17,126 |
| GLQ Common Shares2 | ||
| Edmund J. Burke | 0% | 0 |
| Robert L. Butler | <1% | 5,998 |
| Jeremy May* | 0% | 0 |
| Adam D. Crescenzi | 0% | 0 |
| Karen DiGravio | <1% | 2,122 |
| Jill Kerschen* | 0% | 0 |
| Kevin McNally | <1% | 1,000 |
| Jerry G. Rutledge | 0% | 0 |
| Vincent W. Versaci | <1% | 1,050 |
| Clifford J. Weber | <1% | 3,871 |
| All Trustees and Executive Officers as a group | <1% | 14,041 |
| GLO Common Shares2 | ||
| Edmund J. Burke | 0% | 0 |
| Robert L. Butler | <1% | 4,000 |
| Jeremy May* | 0% | 0 |
| Adam D. Crescenzi | <1% | 406 |
| Karen DiGravio | <1% | 1,787 |
| Jill Kerschen* | 0% | 0 |
| Kevin McNally | <1% | 2,000 |
| Jerry G. Rutledge | 0% | 0 |
| Vincent W. Versaci | <1% | 150 |
| Clifford J. Weber | 0% | 0 |
| All Trustees and Executive Officers as a group | <1% | 8,343 |
| * | Mr. May is the Principal Executive Officer of each Fund. Ms. Kerschen is the Principal Financial Officer of each Fund. |
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| James E. Canty | >1% | 12,785 |
| Adam D. Crescenzi | >1% | 406 |
| Jeremy O. May* | 0% | 0 |
| John F. Mee | 0% | 0 |
| Richard C. Rantzow | 0% | 0 |
| Jerry G. Rutledge | >1% | 5,000 |
| Vincent W. Versaci | 0% | 390 |
| All Trustees and Executive Officers as a group | >1% | 20,438 |
GLV Common Shares3 | ||
Bank of America Corporation Bank of America Corporate Center 100 N Tryon Street Charlotte, NC 28255 | 5.74% | 596,399 |
Advisors Asset Management, Inc. 18925 Base Camp Road Monument, CO 80132 | 6.61% | 687,331 |
| GLV Common Shares3 | ||
| None | ||
| GLQ Common Shares3 | ||
Morgan Stanley Smith Barney LLC 1585 Broadway, New York, NY 10036 | 10.4% | 1,980,412 |
GLQ Common Shares3 | ||
Bank of America Corporation Bank of America Corporate Center 100 N Tryon Street Charlotte, NC 28255 | 7.86% | 1,387,304 |
RiverNorth Capital Management LLC 325 N. LaSalle Street Suite 645 Chicago, IL 60654-7030 | 8.97% | 1,584,239 |
GLO Common Shares3 | ||
Bank of America Corporation Bank of America Corporate Center 100 N Tryon Street Charlotte, NC 28255 | 6.78% | 3,495,803 |
RiverNorth Capital Management LLC 325 N. LaSalle Street Suite 645 Chicago, IL 60654-7030 | 7.88% | 4,061,636 |
17
| GLO Common Shares3 | ||
Morgan Stanley 1585 Broadway, New York, NY 10036 | 6.3% | 2,728,1294 |
Morgan Stanley Smith Barney LLC 1585 Broadway, New York, NY 10036 | 6.2% | 2,721,0224 |
| (1) | The address for each Trustee and/or Officer of each Fund is 1700 Broadway, Suite 1850, Denver, Colorado 80290, unless otherwise noted. |
| (2) | This information has been furnished by each Trustee and Officer as of May 9, 2023. “Beneficial Ownership” is determined in accordance with Section 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the “1934 Act”). |
| (3) | The table above shows 5% or greater shareholders’ ownership of Shares as of May 9, 2023. The information contained in this table is based on a review of Schedule 13G or 13D filings made on or before May 9, 2023. |
| (4) | Pursuant to a Schedule 13G filing made on February 8, 2023, 2,721,022 shares may be deemed to be beneficially owned by each entity as each entity shared dispositive power for such shares. |
22
Independent Registered Public Accounting Firm
Cohen Fund Audit Services,& Company, Ltd. (“Cohen”), 1350 Euclid Avenue, Suite 800, Cleveland, OH 44145, has been selected to serve as each Fund’s independent registered public accounting firm for each Fund’s fiscal year ending October 31, 2016.2023. Cohen acted as each Fund’s independent registered public accounting firm for the fiscal year ended October 31, 2015.2022. The Funds know of no direct financial or material indirect financial interest of Cohen in any of the Funds. A representative of Cohen will not be present at the Meetings but will be available by telephone and will have an opportunity to make a statement, if asked, and will be available to respond to appropriate questions.
Principal Accounting Fees and Services
The following table sets forth the aggregate audit and non-audit fees billed to each Fund for each of the last threetwo fiscal years/periodyears for professional services rendered by the Funds’ principal accountant, Cohen.
Fiscal year ended October 31, 2015 | Fiscal period ended October 31, 2014 (1) | Fiscal year ended March 31, 2014 | |||||||
| GLV | GLQ | GLO | GLV | GLQ | GLV | GLV | GLQ | GLO | |
| Audit Fees (2) | $20,500 | $20,500 | $20,500 | $20,500 | $20,500 | $20,500 | $20,500 | $20,500 | $20,500 |
| Audit-Related Fees (3) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Tax Fees (4) | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 |
| All Other Fees (5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Aggregate Non-Audit Fees (6) | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 |
Clough Global Dividend & Income Fund
| Fiscal year ended October 31, 2022 | Fiscal year ended October 31, 2021 | |
| (a) Audit Fees (1) | $23,000 | $23,000 |
| (b) Audit-Related Fees (2) | $0 | $0 |
| (c) Tax Fees (3) | $3,500 | $3,500 |
| (d) All Other Fees (4) | $0 | $0 |
| (g) Aggregate Non-Audit Fees(5) | $3,500 | $3,500 |
| (1) |
| Audit Fees are fees billed for professional services rendered by Cohen for the audit of the |
| 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 |
| 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 |
| 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”. |
| Aggregate Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the |
18
Clough Global Equity Fund
| Fiscal year ended October 31, 2022 | Fiscal year ended October 31, 2021 | |
| (a) Audit Fees (1) | $23,000 | $23,000 |
| (b) Audit-Related Fees (2) | $0 | $0 |
| (c) Tax Fees (3) | $3,500 | $3,500 |
| (d) All Other Fees (4) | $0 | $0 |
| (g) Aggregate Non-Audit Fees(5) | $3,500 | $3,500 |
| (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. |
| (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”. |
| (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. |
| (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”. |
| (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. |
Clough Global Opportunities Fund
| Fiscal year ended October 31, 2022 | Fiscal year ended October 31, 2021 | |
| (a) Audit Fees (1) | $23,000 | $23,000 |
| (b) Audit-Related Fees (2) | $0 | $0 |
| (c) Tax Fees (3) | $3,500 | $3,500 |
| (d) All Other Fees (4) | $0 | $0 |
| (g) Aggregate Non-Audit Fees(5) | $3,500 | $3,500 |
| (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. |
| (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”. |
| (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. |
| (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”. |
| (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. |
Each Fund’s Audit Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the independent registered public accountant to a Fund and all non-audit services to be provided by the independent registered public accountant to the Fund’s investment adviser and service providers controlling, controlled by or under common control with the Fund’s investment adviser (“affiliates”) that provide on-going services to a Fund (a “Covered Services Provider”), if the engagement relates directly to the operations and financial reporting of a Fund. Each Audit Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairman of the Audit Committee, and the Chairman of the Audit Committee must report to the Fund’s Audit Committee at its next regularly scheduled meeting after the Chairman of the Audit Committee’s pre-approval of such services, his decision(s). The Audit Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of an Audit Committee’s pre-approval responsibilities to other persons (other than the investment adviser or a Fund’s officers). Pre-approval by an Audit Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to a Fund, the investment adviser, and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by a Fund to its independent accountant during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by a Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the applicable Audit Committee and approved by the Audit Committee or Audit Committee Chairman prior to the completion of the audit. All of the audit and audit-related services and tax services described above for which Cohen billed the Funds fees for the fiscal year ended October 31, 2015,2022, were pre-approved by the Audit Committee.
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Other Methods of Proxy Solicitation
In addition to the solicitation of proxies by internet or mail, officers of the Funds and officers and regular employees of DST Systems, Inc.Clough, Paralel Technologies LLC (“DST”), the Funds’ transfer agent, ALPS Fund Services, Inc. (“ALPSParalel”), the Funds’ administrator, and affiliates of DST, ALPSParalel or Clough, or other representatives of the Funds may also solicit proxies by telephone internet or in person.internet. The expenses incurred in connection with preparing the Proxy Statement and its enclosures will be paid by the Funds. The Funds will also reimburse brokerage firms and others for their expenses in forwarding solicitation materials to the beneficial owners of the Funds’ Shares (as defined below).Shares. In addition, the Funds have engaged Boston Financial DataComputershare Shareowner Services, Inc.LLC (“BFDS”Computershare”), to assist in the proxy effort for the Funds. Under the terms of the engagement, BFDSComputershare will be providing a web site for the dissemination of these proxy materials and tabulation services.
24
Clough is the investment adviser for each of the Funds, and its business address is One Post Office Square, 40th53 State Street, 27th Floor, Boston, Massachusetts 02109.
Paralel is the administrator for each Fund, and its business address is 12901700 Broadway, Suite 1100,1850, Denver, Colorado 80203.
Delinquent Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, and the rules thereunder, require the Funds’ officers and Trustees, officers and directors of the investment adviser, affiliated persons of the investment adviser, and persons who beneficially own more than 10% of a registered class of a Fund’s Common Shares (the “Reporting Persons”) to file reports of ownership and changes in ownership with the SEC and the NYSE MKTAmerican and to furnish the Funds with copies of all Section 16(a) forms they file. Based solely on these reports and other information provided to the Funds by the Reporting Persons, each Fund believes that all Reporting Persons timely filed the required reports during fiscal year ended October 31, 2015.
OTHER MATTERS TO COME BEFORE THE MEETING
The Trustees of each Fund do not intend to present any other business at the Meeting, nor are they aware that any shareholder intends to do so. If, however, any other matters, including adjournments, are properly brought before the Meeting, the persons named in the accompanying form of proxy will vote thereon in accordance with their judgment.
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Shareholder Communications with Board of Trustees
Shareholders may mail written communications to each Fund’s Board, to committees of the Board or to specified individual Trustees in care of the Secretary of the Funds, 12901700 Broadway, Suite 1100,1850, Denver, Colorado 80203.80290. All shareholder communications received by the Secretary will be forwarded promptly to the applicable Board, the relevant Board’s committee or the specified individual Trustees, as applicable, except that the Secretary may, in good faith, determine that a shareholder communication should not be so forwarded if it does not reasonably relate to a Fund or its operations, management, activities, policies, service providers, Board, officers, shareholders or other matters relating to an investment in a Fund or is purely ministerial in nature.
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Any shareholder proposal, including any nomination by a shareholder for a person to serve as Trustee, to be considered for inclusion in the Funds’a Fund’s proxy statement and form of proxy for the annual meeting of shareholders to be held in 20162023 should have been received by the Secretary of the relevant Fund no later than MarchFebruary 3, 2016.2023. To submit a shareholder proposal for a Fund’s 2024 annual meeting, a shareholder is required to fivegive to a Fund notice of, and specified information with respect to any proposals pursuant to Rule 14a-8 under the 1934 Act by February 20, 2017.January 26, 2024. In addition, pursuant to each Fund’s By-Laws, a shareholder is required to give to athe Fund notice of, and specified information with respect to, any proposals that such shareholder intends to present at the 20172024 annual meeting not later than the close of business on the ninetiethone hundred twentieth (120th) day, nor earlier than the close of business on the one hundred twentiethfiftieth (150th) day, prior to the first anniversary date of the precedingdate on which a Fund first mailed its proxy materials for the prior year’s annual meeting. Under the circumstances described in, and upon compliance with, Rule 14a-4(c) under the 1934 Act, a Fund may solicit proxies in connection with the 20172024 annual meeting which confer discretionary authority to vote on any shareholder proposals of which the Secretary of the relevant Fund does not receive notice in accordance with the aforementioned date. Timely submission of a proposal does not guarantee that such proposal will be included.
HOUSEHOLDING OF PROXY MATERIALS
Shareholders who share the same address and last name may receive only one copy of the proxy materials unless BFDS,Broadridge, in the case of shareholders of record, or such shareholder's broker, bank or nominee, in the case of shareholders whose shares are held in street name, has received contrary instructions. This practice, known as “householding,” is designed to reduce printing and mailing costs. Shareholders desiring to discontinue householding and receive a separate copy of the proxy materials, may (1) if their shares are held in street name, notify their broker, bank or nominee or (2) if they are shareholders of record, direct a written request addressed to BFDS.
IF VOTING BY PAPER PROXIES, IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND A MEETING ARE THEREFORE URGED TO VOTE VIA THE INTERNET, TELEPHONE OR COMPLETE AND SIGN DATE,THE ENCLOSED PROXY CARD AND RETURN THE PROXY CARD AS SOON AS POSSIBLEIT PROMPTLY IN THE ENCLOSED POSTAGE-PAID ENVELOPE.ENVELOPE, WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES.
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