UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
SCHEDULE 14A
Proxy Statement Pursuant
to Section 14(a) of the Securities
Exchange Act of 1934
(Amendment No.___)
Filed by the Registrant
☒
Filed by a Party other
than the Registrant ☐
Check the appropriate
box:
| ☐ | Preliminary
Proxy Statement |
| ☐ | Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive
Proxy Statement |
| ☐ | Definitive
Additional Materials |
| ☐ | Soliciting
Material Pursuant to Sec. 240.14a-12 |
CLOUGH GLOBAL OPPORTUNITIES FUND
(Name of Registrant as Specified In Its Charter)
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on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify
the filing for which the offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the Form or Schedule and the date of its filing. |
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Persons who are to respond to the collection
of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
CLOUGH GLOBAL DIVIDEND AND INCOME FUND
CLOUGH GLOBAL EQUITY FUND
CLOUGH GLOBAL OPPORTUNITIES FUND
(each a “Fund,” and collectively,
the “Funds”)
1700 Broadway, Suite 1850
Denver, CO 80290
NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS
May 20, 2024
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 virtually as a telephone conference call meeting on July 8, 2024
at 9:00 a.m. (Mountain time). The purpose of the Meeting is to consider and vote 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 two (2) 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 enclosed Proxy Statement.
The close of business on May 10, 2024 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.
To participate in the Meeting, you must email shareholdermeetings@computershare.com no later than 5:00 p.m. Eastern Time on July 2, 2024
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.
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 Dividend
and Income Fund
Clough Global Equity
Fund
Clough Global Opportunities
Fund
Christopher Moore
Secretary
CLOUGH GLOBAL DIVIDEND 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 8, 2024
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”) to be held on Monday, July 8, 2024, at 9:00 a.m.
Mountain Time, virtually, as a telephone conference call meeting, and at any adjournments thereof. This Proxy Statement is first being
sent to shareholders on or around May 20, 2024.
IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF PROXY MATERIALS FOR THE SHAREHOLDER MEETING TO BE HELD ON JULY 8, 2024
Each Fund’s Proxy Statement, notice
and form of proxy card are available at https://www.proxy-direct.com. The Funds’ most recent annual report, including audited
financial statements for the fiscal year ended October 31, 2023, is available upon request, without charge, by writing to the Funds c/o
Paralel Technologies LLC, 1700 Broadway, Suite 1850, Denver, CO 80290, by calling the Funds at 1.855.425.6844, or via the internet at
CloughCEFs.com.
To participate in the Meeting,
you must email shareholdermeetings@computershare.com no later than 5:00 p.m. Eastern Time on July 2, 2024 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 2, 2024. 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 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
10, 2024, 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 12,471,182.8250 GLV Common Shares, 18,803,820.8920
GLQ Common Shares and 42,830,122.3190 GLO Common Shares outstanding.
The holders of a majority
of the Shares entitled to vote on any matter at the Meeting present 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 Shares present at the Meeting 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.
Nominees for GLV’s Board of Trustees
Listed below are the nominees
for the Fund. Each nominee is currently a Trustee of the Fund. Ms. DiGravio and Mr. McNally have each been nominated by the Board for
election to a three-year term to expire at the Fund’s 2027 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 |
| Karen A. DiGravio* |
Class II |
2027 Annual Meeting |
| Kevin J. McNally+ |
Class II |
2027 Annual Meeting |
+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/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. Crescenzi and Rutledge have each been nominated by the Board for
election to a three-year term to expire at the Fund’s 2027 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 |
| Adam D. Crescenzi* |
Class I |
2027 Annual Meeting |
| Jerry G. Rutledge * |
Class I |
2027 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 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 GLO’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 2027 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 |
2027 Annual Meeting |
| Clifford J. Weber* |
Class III |
2027 Annual Meeting |
| Vincent W. Versaci* |
Class III |
2027 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 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 his/her consideration as a Trustee/Nominee
to the Board of each Fund, which are registered as individual investment companies under the Investment Company Act of 1940, as amended
(“1940 Act”). In addition, since being appointed to the Board, each Trustee has further enhanced his or her 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.
Adam D. Crescenzi –
Mr. Crescenzi is currently founding partner of Simply Tuscan Imports LLC and he advises businesses and non-profit organizations on issues
of strategy, marketing, and governance. He served as Chairman of the Board of Governors for The Founders Fund Inc. and Trustee and Governor
of the Naples Botanical Garden. He was awarded the title of President Emeritus of Italian Cultural Society and the Founders Scholarship
Fund.
Mr. Crescenzi graduated from
the Greater Naples Leadership program in 2014. He previously served as a Trustee of Dean College from 2003 to 2015. He has been a founding
partner and investor of several start-up technology and service firms, such as Telos Partners, a strategic business advisory firm, Creative
Realties, Inc. a creative arts technology firm, and ICEX, Inc., whose principal business is web-based corporate exchange forums. Prior
to being involved in multiple corporate start-ups, Mr. Crescenzi retired from CSC Index as Executive Vice-President of Management Consulting
Services. During his career, Mr. Crescenzi has also served with various philanthropic organizations such as the Boston College McMullen
Museum of Arts. Mr. Crescenzi has served as Trustee since each Fund’s inception. Mr. Crescenzi has also served as a member of the
Audit Committee and Governance and Nominating Committee during his tenure as a Trustee for each Fund. Mr. Crescenzi has served as Chairman
of the Governance and Nominating Committee for each Fund since 2006. The Board, in its judgement of Mr. Crescenzi’s professional
business and consulting experience, including his experience serving as a trustee of closed-end investment companies, believes Mr. Crescenzi
contributes a skilled and diverse perspective to the Board.
Jerry G. Rutledge –
Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business that has operated for over 55 years. As a
recognized community leader in the state of Colorado, Mr. Rutledge was elected as a Regent at the University of Colorado in 1994 and retired
in 2007. In addition, Mr. Rutledge is currently serving as a Trustee of Financial Investors Trust, an open-end investment company, and
the Principal Real Estate Income Fund, a closed-end investment company. Mr. Rutledge also served as a Director of the University of Colorado
Hospital until 2016 and a Director of the American National Bank until 2009. Mr. Rutledge has served as Trustee since each Fund’s
inception. Mr. Rutledge has also served as a member of the Audit Committee and Governance and Nominating Committee during his tenure as
a Trustee for each Fund. The Board, in its judgment of Mr. Rutledge’s leadership, long-term professional success in operating a
business in a competitive industry and as a trustee of closed-end investment companies, believes Mr. Rutledge contributes a knowledgeable
and diverse perspective to the Board.
Hon. Vincent W. Versaci
– Judge Versaci has served as a Judge for the State of New York since January 2003. Currently, Judge Versaci serves as Acting
Supreme Court Justice and Surrogate Court Judge for Schenectady County, New York. In his capacity as Schenectady County’s Surrogate
Court Judge since May of 2010, Judge Versaci has presided over thousands of matters and supervised the activities of tens of thousands
of fiduciaries in estates, guardianships and all types of trust proceedings including testamentary, inter vivos and multi-generational
irrevocable trusts. Judge Versaci oversees the distribution of millions of dollars of assets annually and is charged with monitoring the
activities of thousands of corporate and individual fiduciaries to ensure that they are prudently investing and preserving assets for
designated beneficiaries.
In 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 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.
Judge Versaci has served as
a Trustee of each Fund and as a member of each Fund’s Audit Committee and Governance Committee and Nominating 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 contributed significantly to the Board’s oversight of the
Funds’ officers and has successfully managed a diverse range of topics, including portfolio management, legal and regulatory matters,
compliance oversight, preparation of financial statements and oversight of the Funds’ multiple service providers. The Board, 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 A. DiGravio –
Ms. DiGravio has over 22 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, 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 an experienced and diverse perspective to the
Board.
Clifford J. Weber –
Mr. Weber has more than 26 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 the Board’s Chariman since 2024, as well as as a member of each
Fund’s Audit Committee and Governance and Nominating Committee and as a Trustee since August 2017. The Board, 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 and experienced perspective to the Board.
Edmund J. Burke –
Mr. Burke retired from ALPS Holdings, Inc. in 2019. He previously served as Director of ALPS Fund Services, Inc. (“ALPS”),
Director, and President of ALPS Holdings, Inc. (a wholly-owned subsidiary of SS&C Technologies, Inc. (“SS&C”) and
ALPS Advisors, Inc., and a Director of ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. These organizations specialize
in the day-to-day operations associated with both open- and closed-end investment companies, exchange traded funds and hedge funds. In
addition, Mr. Burke is also currently Trustee of the Financial Investors Trust, an open-end investment company, and Trustee of the Liberty
All-Star Equity Fund and Director of the Liberty All-Star Growth Fund, Inc., each a closed-end investment company. Mr. Burke has served
as an Interested Trustee for each Fund since 2006 and became an Independent Trustee effective November 1, 2021. The Board, in its judgment
of Mr. Burke’s long-term professional experience with operational requirements and obligations in operating closed-end investment
companies and as a trustee of closed-end investment companies, believes Mr. Burke contributes a diverse and experienced perspective to
the Board.
Kevin McNally –
Mr. McNally is currently a Portfolio Manager at Absolute Investment Advisers (“Absolute”) and serves as the portfolio manager
for an investment fund and separately managed accounts advised by Absolute that invest primarily in closed-end funds. He has over 30
years of industry experience focusing almost exclusively on closed-end funds. Prior to joining Absolute in 2024, he served as a Managing
Director at Clough Capital Partners, LP from 2014-2023. Prior to that, 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. McNally was Director of Closed-End Fund and ETF Research at Smith Barney, a division of Citigroup Global
Markets, Inc. from 1998 to 2003, and Director of 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 1994 to 1997, and also was Manager of the Closed-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 Arts degree from the University of Massachusetts at Amherst in
1991 and an MBA in Finance from New York University’s Stern School of Business in 1998. Mr. McNally has served as Trustee for each
Fund since 2017 and as an interested trustee he does not serve as a member of the Audit and Governance and Nominating Committees. The
Board, in its judgment of Mr. McNally’s professional experience in the investment management and investment banking businesses,
including his serving on the boards of closed-end funds, believes Mr. McNally contributes a diverse and knowledgeable 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.
| Name, Address1 and Year of Birth |
Position(s) Held with
the Funds |
Term of office and length of service with the Funds2 |
Principal Occupation(s)
During Past Five Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee During the Past Five Years |
| Non-Interested Trustees |
|
Edmund J. Burke
1961 |
Trustee |
Trustee since:
GLV: 2006
GLQ: 2006
GLO: 2006
Term expires:
GLV: 2026
GLQ: 2024
GLO: 2025
|
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) and BlueBiofuels Inc, a public company in the alternative energy sector (since 2020.) Mr. Burke joined ALPS in 1991, serving as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc., and ALPS Portfolio Solutions Distributor, Inc. until his retirement in 2019. |
3 |
Mr. Burke is also Trustee of Financial Investors Trust (17 funds), Liberty All-Star Equity Fund, Inc., Liberty All-Star Growth Fund, Inc., and ALPS ETF Trust (23 funds). |
|
Adam D. Crescenzi
1942
|
Vice-Chairman of the Board and Trustee
|
Trustee since:
GLV: 2004
GLQ: 2005
GLO: 2006
Term expires:
GLV: 2024
GLQ: 2025
GLO: 2026 |
Mr. Crescenzi has served as the Founding Partner of Simply Tuscan Imports LLC since 2007. He has been a founder and investor of several start-up technology and service firms and has served as a director of both public and private corporations. Currently, he advises businesses and non-profit organizations on issues of strategy, marketing, and governance. He serves as Chairman of the Board of Governors for The Founders Fund Inc. and is a Trustee and Governor of the Naples Botanical Garden. |
3 |
None |
| Name, Address1 and Year of Birth |
Position(s) Held with
the Funds |
Term of office and length of service with the Funds2 |
Principal Occupation(s)
During Past Five Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee During the Past Five Years |
|
Karen A. DiGravio
1969 |
Trustee
|
Trustee since:
GLV: 2017
GLQ: 2017
GLO: 2017
Term expires:
GLV: 2025
GLQ: 2026
GLO: 2024
|
Ms. DiGravio is retired. She was a
Partner, Chief
Financial Officer and
Chief Compliance
Officer of Westfield
Capital Management.
Thereafter, she served
as a member of the
Westfield Advisory
Board until 2015. In addition, she is co-chair of
Connecticut College’s
1911 Society and is also
a member of the
college’s President’s
Leadership Council. |
3 |
None |
|
Jerry G. Rutledge
1944
|
Trustee
|
Trustee since:
GLV: 2004
GLQ: 2005
GLO: 2006
Term expires:
GLV: 2024
GLQ: 2025
GLO: 2026 |
Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. |
3 |
Mr. Rutledge is currently a Trustee of the Financial Investors Trust (17 funds) and the Principal Real Estate Income Fund. |
|
Hon. Vincent W. Versaci
1971 |
Trustee
|
Trustee since:
GLV: 2013
GLQ: 2013
GLO: 2013
Term expires:
GLV: 2026
GLQ: 2024
GLO: 2025 |
Judge Versaci has served as a Judge in the New York State Courts since January 2003. Currently, Judge Versaci is assigned as an Acting Supreme Court Justice and also presides over the Surrogate’s Court for Schenectady County, New York. Previously, Judge Versaci has served as an Adjunct Professor at Schenectady County Community College and a practicing attorney with an emphasis on civil and criminal litigation primarily in New York State Courts. |
3 |
None |
| Name, Address1 and Year of Birth |
Position(s) Held with
the Funds |
Term of office and length of service with the Funds2 |
Principal Occupation(s)
During Past Five Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee During the Past Five Years |
|
Clifford J. Weber
1963 |
Trustee, Chairman
|
Trustee since:
GLV: 2017
GLQ: 2017
GLO: 2017
Term expires:
GLV: 2026
GLQ: 2024
GLO: 2025 |
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 (14 funds), Clayton Street Trust (15 funds) and Global-X Funds (95 funds). |
| Interested Trustee4 |
|
Kevin McNally5
1969
|
Trustee
|
Trustee since:
GLV: 2017
GLQ: 2017
GLO: 2017
Term expires:
GLV: 2025
GLQ: 2026
GLO: 2024 |
Mr. McNally is a Portfolio Manager at Absolute Investment Advisers beginning in 2024. Previously, he was a Managing Director at Clough and served as the portfolio manager for an investment fund and separately managed accounts advised by Clough that invested primarily in closed-end funds (2014-2024). |
3 |
None |
| Name, Address1 and Year of Birth |
Position(s) Held with
the Funds |
Term of office and length of service with the Funds2 |
Principal Occupation(s)
During Past Five Years |
| 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 June 2020); Previously, President and Director of ALPS Fund Services, Inc., ALPS Distributors, Inc., and ALPS Portfolio Solutions Distributor, Inc., Executive Vice President and Director of ALPS Holdings, Inc. and ALPS Advisors, Inc. (1995 to 2019). |
|
Bradley Swenson
1972 |
Chief Compliance Officer (“CCO”) |
Officer since6
GLV: 2023
GLQ: 2023
GLO: 2023 |
Mr. Swenson is President and Chief Compliance Officer, Paralel Distributors LLC, since May 2022; Chief Compliance Officer, Paralel Technologies, since January 2023; President, TruePeak Consulting, LLC, 2021-2022; President, ALPS Fund Services, Inc. (“ALPS”) June 2019 to June 2021; Chief Operating Officer, ALPS 2015 to 2019. |
|
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 Advisors, Inc. from 2019 to 2021 and from 2013 to 2019 she served as Vice President and Fund Controller at ALPS Fund Services, Inc. |
|
Christopher Moore
1984 |
Secretary |
Officer since6
GLV: 2023
GLQ: 2023
GLO: 2023
|
Mr. Moore is General Counsel of Paralel Technologies LLC and its affiliates, as well as General Counsel and CCO of Paralel Advisors LLC, each since 2021. Mr. Moore served as Deputy General Counsel and Legal Operations Manager of RiverNorth Capital Management, LLC from 2020-2021; and VP, Senior Counsel of ALPS Fund Services, Inc. from 2016- 2020. |
| |
|
|
|
|
|
|
| 1 | Address: 1700 Broadway, Suite 1850, Denver, Colorado 80290, unless otherwise noted. |
| 2 | GLV commenced operations July 28, 2004, GLQ commenced operations April 27, 2005, and GLO commenced operations
April 25, 2006. |
| 3 | The Fund Complex for all Trustees consists of the Clough Global Dividend and Income Fund, Clough Global
Equity Fund and Clough Global Opportunities Fund. |
| 4 | “Interested Trustees” refers to those Trustees who constitute “interested persons”
of the Fund as defined in the 1940 Act. |
| 5 | Mr. McNally is considered to be an “Interested Trustee” because of his prior affiliation with
Clough, which acts as each Fund’s investment adviser. |
| 6 | 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 |
| Edmund J. Burke |
none |
none |
none |
none |
| 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 May 10,
2024. “Beneficial Ownership” is determined in accordance with Section 16a-1(a)(2) under the Securities Exchange Act of 1934,
as amended (the “1934 Act”). |
| (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 Dividend
and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund. |
Trustee Transactions with Fund Affiliates
As of May 10, 2024, 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 American LLC’s (“NYSE American”) 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.
Trustee Compensation
The following table sets forth
certain information regarding the compensation of the Funds’ Trustees for the fiscal year ended October 31, 2023. Trustees and Officers
of the Funds who are employed by Paralel or Clough receive no compensation or expense reimbursement from the Funds.
Compensation Table for the Fiscal Year Ended October
31, 2023.
| 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 |
| Adam D. Crescenzi |
$20,500 |
$20,500 |
$20,500 |
$61,500 |
| Jerry G. Rutledge |
$20,500 |
$20,500 |
$20,500 |
$61,500 |
| Vincent W. Versaci |
$20,500 |
$20,500 |
$20,500 |
$61,500 |
| Karen DiGravio |
$22,550 |
$22,550 |
$22,550 |
$67,650 |
| Clifford J. Weber |
$20,500 |
$20,500 |
$20,500 |
$61,500 |
| Edmund J. Burke |
$20,500 |
$20,500 |
$20,500 |
$61,500 |
| (1) | The Fund Complex for all Trustees consists of the Clough Global Dividend and Income Fund, Clough Global
Equity Fund and Clough Global Opportunities Fund. |
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. Additional meeting
fees for each telephonic Board meeting attended 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 do 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, 2023, the Board of GLV met five times, the Board of GLO met five times and the Board of GLQ met five times. Each Trustee then
serving in such capacity attended at least 75% of the meetings of Trustees and of any committee of which he/she is a member.
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 Independent Trustees.
Oversight of Risk Management
Each Fund, by the nature of
its business, is confronted with various risks such as investment risk, counterparty 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 investment strategies.
However, as required under
the 1940 Act, the Board has adopted on the Funds’ behalf a 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 implements its oversight
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.
The role of the Funds’
Audit Committee is to assist the Board in its oversight of: (i) the quality and integrity of Funds’ financial statements, reporting
process and the independent registered public accounting firm (the “independent accountant”) and reviews thereof; (ii) the
Funds’ accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls
of certain service providers; (iii) the Funds’ compliance with legal and regulatory requirements; and (iv) the independent accountant’s
qualifications, independence and performance. The Audit Committee is also required to prepare an audit committee report pursuant to the
rules of the SEC for inclusion in each Fund’s annual proxy statement. Each Audit Committee operates pursuant to an Audit Committee
Charter (the “Audit Charter”) that was most recently reviewed and approved by the Audit Committee on December 21, 2023.
The Audit Charter is available at the Funds’ website, CloughCEFs.com. As set forth in the Audit Charter, management is responsible
for maintaining appropriate systems for accounting and internal control and the Funds’ independent accountant is responsible for
planning and carrying out proper audits and reviews. The independent accountant is ultimately accountable to each Fund’s Board and
Audit Committee, as representatives of each Fund’s shareholders. The independent accountant for the Funds reports directly to the
Audit Committee.
In performing its oversight
function, at a meeting held on December 21, 2023, the Audit Committee reviewed and discussed with management of the Funds and the independent
accountant, Cohen & Company, Ltd. (“Cohen”), the audited financial statements of the Funds as of and for the fiscal
year ended October 31, 2023, 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”) and
the SEC. The Audit Committee also received from the independent accountant the written disclosures and letters required by applicable
requirements of the PCAOB regarding the independent accountant's communications with the audit committee concerning independence and has
discussed with the independent accountant the independent accountant's independence.
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 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 21, 2023 Audit Committee meeting, be included in the Funds’ Annual Report for the fiscal year ended October 31, 2023.
SUBMITTED BY THE AUDIT COMMITTEE OF EACH FUND’S
BOARD OF TRUSTEES
Karen DiGravio, Chairman
Adam D. Crescenzi
Jerry G. Rutledge
Vincent W. Versaci
Clifford J. Weber
December 21, 2023
Audit Committee
Each Audit Committee met two
times during the fiscal year ended October 31, 2023. Each Audit Committee is composed of five Independent Trustees, namely Ms. DiGravio
and Messrs. Crescenzi, 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 Ms. Karen DiGravio is each Fund’s “audit committee financial expert,”
as defined in the rules promulgated by the SEC, and as required by NYSE American listing standards. Ms. DiGravio serves as the Chairman
of the Audit Committee for each Fund.
Governance and Nominating Committee
Each
Fund’s Board has a Governance and Nominating Committee composed of five Independent Trustees as the term is defined by the NYSE
American listing standards, namely Ms. DiGravio and Messrs. Crescenzi, 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 that was most recently reviewed and approved by the Governance and Nominating Committee
on October 12, 2023. The Governance and Nominating Committee Charter is available at the Funds’ website, CloughCEFs.com.
The Governance and Nominating Committee met once during the fiscal year ended October 31, 2023. 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. The
Governance and Nominating Committee Charter (which is available at CloughCEFs.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 proposal.
The following are some of
the requirements and criteria in the Governance and Nominating Committee Charter and By-Laws:
| (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 Funds’ By-Laws of the information that must be provided to a Fund regarding the shareholder or shareholder
group submitting a proposed nominee and that will be considered by the Governance and Nominating Committee:
| (a) | Information on the proposed nominee, including name, address, age and occupation. |
| (b) | Information on shares owned beneficially and of record. |
| (c) | Descriptions of any agreements, arrangements, or understandings (including profit interest or options)
involving the Proposed Nominee and any other shareholder of record or beneficially. |
| (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 Proposed Nominee will qualify as a non-interested Trustee under Section 2(a)(19)
of the Investment Company Act of 1940 and rules thereunder. |
| (f) | A representation that the Proposed Nominee meets the Trustee Qualifications set forth on Article III of
the Fund’s By-laws. |
| (g) | Such other information requested by the Governance and Nominating Committee required to be disclosed in
a proxy statement. |
| (h) | Written consent of the Proposed Nominee to being named a nominee and to serving as a Trustee. |
| (i) | A certificate that the Proposed Nominee will not become a party to any agreement, arrangement or understanding
not disclosed to the Trust. |
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 Governance and Nominating Charter and By-Laws.
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, Weber and McNally. During the fiscal year ended October 31, 2023, the Executive Committee did not meet.
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 2023.
REQUIRED VOTE
Proposals 1, 2 and 3
The election of each of the
listed nominees for Trustee of the Funds requires the affirmative vote of the holders of a plurality of the Shares 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, 2024.
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.
| Trustees and Executive Officers |
| Name & Address1 |
Percentage of Shares Held |
Total Shares Owned |
| GLV Common Shares2 |
| Edmund J. Burke |
0% |
0 |
| 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% |
3,026 |
| GLQ Common Shares2 |
| Edmund J. Burke |
0% |
0 |
| 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% |
4,366 |
| All Trustees and Executive Officers as a group |
<1% |
8,538 |
| GLO Common Shares2 |
| Edmund J. Burke |
0% |
0 |
| 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% |
4,343 |
* Mr. May is the Principal Executive Officer of each Fund. Ms. Kerschen
is the Principal Financial Officer of each Fund.
5% or Greater Shareholders
| GLV Common Shares3 |
| None |
|
|
| GLQ Common Shares3 |
|
Sit Investment Associates, Inc.
3300 IDS Center
80 South Eighth Street
Minneapolis, MN 55402 |
5.43% |
1,023,613 |
|
Morgan Stanley
1585 Broadway, New York, NY 10036 |
12.7% |
2,385,2534 |
|
Morgan Stanley Smith Barney LLC
1585 Broadway, New York, NY 10036 |
12.7% |
2,385,2534 |
| GLO Common Shares3 |
|
Morgan Stanley
1585 Broadway, New York, NY 10036 |
8.1% |
3,452,6845 |
|
Morgan Stanley Smith Barney LLC
1585 Broadway, New York, NY 10036 |
8.1% |
3,452,6845 |
| (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 10, 2024. “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 10, 2024. The information contained in this table is based on a review of Schedule 13G or 13D filings made on or
before May 10, 2024. |
| (4) | Pursuant to a Schedule 13G filing made on February 12, 2024,
2,385,253 shares may be deemed to be beneficially owned by each entity as each entity shared dispositive power for such shares. |
| (5) | Pursuant to a Schedule 13G filing made on February 12, 2024,
3,452,684 shares may be deemed to be beneficially owned by each entity as each entity shared dispositive power for such shares. |
ADDITIONAL INFORMATION
Independent Registered Public Accounting Firm
Cohen & 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, 2024. Cohen acted as each Fund’s independent
registered public accounting firm for the fiscal year ended October 31, 2023. 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 two fiscal years for professional services rendered by the Funds’ principal
accountant, Cohen.
Clough Global Dividend & Income Fund
| | |
Fiscal year ended
October 31, 2023 | | |
Fiscal year ended
October 31, 2022 | |
| (a) Audit Fees (1) | |
$ | 26,500 | | |
$ | 23,000 | |
| (b) Audit-Related Fees (2) | |
$ | 0 | | |
$ | 0 | |
| (c) Tax Fees (3) | |
$ | 4,000 | | |
$ | 3,500 | |
| (d) All Other Fees (4) | |
$ | 0 | | |
$ | 0 | |
| (g) Aggregate Non-Audit Fees(5) | |
$ | 4,000 | | |
$ | 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 Equity Fund
| | |
Fiscal year ended
October 31, 2023 | | |
Fiscal year ended
October 31, 2022 | |
| (a) Audit Fees (1) | |
$ | 26,500 | | |
$ | 23,000 | |
| (b) Audit-Related Fees (2) | |
$ | 0 | | |
$ | 0 | |
| (c) Tax Fees (3) | |
$ | 4,000 | | |
$ | 3,500 | |
| (d) All Other Fees (4) | |
$ | 0 | | |
$ | 0 | |
| (g) Aggregate Non-Audit Fees(5) | |
$ | 4,000 | | |
$ | 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, 2023 | | |
Fiscal year ended
October 31, 2022 | |
| (a) Audit Fees (1) | |
$ | 26,500 | | |
$ | 23,000 | |
| (b) Audit-Related Fees (2) | |
$ | 0 | | |
$ | 0 | |
| (c) Tax Fees (3) | |
$ | 4,000 | | |
$ | 3,500 | |
| (d) All Other Fees (4) | |
$ | 0 | | |
$ | 0 | |
| (g) Aggregate Non-Audit Fees(5) | |
$ | 4,000 | | |
$ | 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, 2023, were pre-approved by the Audit Committee.
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 Clough, Paralel Technologies LLC (“Paralel”),
the Funds’ administrator, and affiliates of Paralel or Clough, or other representatives of the Funds may also solicit proxies by
telephone or 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. In addition, the Funds have engaged Computershare Shareowner Services, LLC (“Computershare”),
to assist in the proxy effort for the Funds. Under the terms of the engagement, Computershare will be providing a web site for the dissemination
of these proxy materials and tabulation services.
The Investment Adviser and Administrator
Clough is the investment adviser
for each Fund and its business address is 53 State Street, 27th Floor, Boston, Massachusetts 02110.
Paralel is the administrator
for each Fund, and its business address is 1700 Broadway, Suite 1850, Denver, Colorado 80290.
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 American 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, 2023.
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.
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, 1700 Broadway, Suite 1850, Denver, Colorado 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.
SHAREHOLDER PROPOSALS
Any shareholder proposal,
including any nomination by a shareholder for a person to serve as Trustee, to be considered for inclusion in a Fund’s proxy statement
and form of proxy for the annual meeting of shareholders to be held in 2024 should have been received by the Secretary of the Fund no
later than February 4, 2024. To submit a shareholder proposal for a Fund’s 2025 annual meeting, a shareholder is required to give
to a Fund notice of, and specified information with respect to any proposals pursuant to Rule 14a-8 under the 1934 Act by January 26,
2025. In addition, pursuant to each Fund’s By-Laws, a shareholder is required to give the Fund notice of, and specified information
with respect to, any proposals that such shareholder intends to present at the 2024 annual meeting not later than the close of business
on the one hundred twentieth (120th) day, nor earlier than one hundred fiftieth (150th) day, prior to the first anniversary date of the
date 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 2025 annual meeting which
confer discretionary authority to vote on any shareholder proposals of which the Secretary of the 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 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 the Secretary of the Fund,
c/o Paralel, 1700 Broadway, Suite 1850, Denver, Colorado 80290.
IF VOTING BY PAPER PROXIES, IT IS IMPORTANT
THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS ARE URGED TO 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.
[INTENTIONALLY LEFT BLANK]
| |
|
|
CLOUGH
GLOBAL OPPORTUNITIES FUND
PO
Box 43131
Providence,
RI 02940-3131
|
EVERY
VOTE IS IMPORTANT
EASY VOTING OPTIONS: |
| |
 |
VOTE
ON THE INTERNET
Log
on to:
www.proxy-direct.com
or
scan the QR code
Follow
the on-screen instructions
available
24 hours |
| |
|
|
| |
 |
VOTE
BY PHONE
Call
1-800-337-3503
Follow
the recorded instructions
available
24 hours |
| |
|
|
| |
 |
VOTE
BY MAIL
Vote,
sign and date this Proxy
Card
and return in the
postage-paid
envelope |
| |
|
|
| |
|
VOTE
AT THE TELEPHONIC MEETING
on
July 8, 2024
at
9:00 a.m. Mountain Time.
Please
refer to the Proxy Statement for
instructions
on how to participate in the
Telephonic
Meeting |
| |
|
|
Please
detach at perforation before mailing.
CLOUGH
GLOBAL OPPORTUNITIES FUND
PROXY
FOR A JOINT ANNUAL MEETING OF SHAREHOLDERS
TO
BE HELD ON JULY 8, 2024
This
proxy is solicited on behalf of the Board of Trustees. The undersigned hereby appoints Christopher Moore, Jill Kerschen and Anne
Berg and each of them, attorneys and proxies of the undersigned, with full powers of substitution and revocation, to represent the undersigned
and to vote on behalf of the undersigned all shares of Clough Global Opportunities Fund (the “Fund”) which the undersigned
is entitled to vote at the Joint Annual Meeting of Shareholders of the Fund to be held virtually, as a telephone conference call meeting
on July 8, 2024 at 9:00 a.m. (Mountain time) (the “Meeting”), and at any adjournments thereof. Please refer to the Proxy
Statement for instructions on how to participate in the telephonic Meeting. The undersigned hereby acknowledges receipt of the Notice
of Joint Annual Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as indicated herein.
A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then that
one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes any proxy previously
given.
This
proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this proxy
will be voted FOR the proposal and in the discretion of the proxy holder as to any other matter that may properly come before the Meeting.
Please refer to the Proxy Statement for a discussion of the Proposal.
| | VOTE
VIA THE INTERNET: www.proxy-direct.com
VOTE VIA THE TELEPHONE:
1-800-337-3503
|
| | |
| |
| |
| |
GLO_33975_042224
PLEASE
SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.
EVERY
SHAREHOLDER’S VOTE IS IMPORTANT!
VOTE
THIS PROXY CARD TODAY!
Important
Notice Regarding the Availability of Proxy Materials for the
Joint
Annual Meeting of Shareholders to be held on July 8, 2024.
The
Proxy Statement and Proxy Card for this Meeting are available at:
https://www.proxy-direct.com/clo-33975
IF
YOU VOTE ON THE INTERNET OR BY TELEPHONE,
YOU
NEED NOT RETURN THIS PROXY CARD
Please
detach at perforation before mailing.
TO
VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. EXAMPLE: ☒
| A | Proposal THE
BOARD, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR”
THE PROPOSAL. |
|
| 3. | Election of three Nominees for Trustee: |
|
FOR |
|
WITHHOLD |
|
FOR
ALL |
|
|
| | |
|
ALL |
|
ALL |
|
EXCEPT |
|
|
| | 01. |
Edmund J. Burke |
02. |
Clifford J. Weber |
03. |
Vincent W. Versaci |
|
☐ |
|
☐ |
|
☐ |
|
|
| |
INSTRUCTIONS:
To withhold authority to vote for any individual nominee(s), mark the box
“FOR ALL EXCEPT” and write the nominee’s number on the line provided below. |
| |
|
|
| |
|
| |
|
| |
The
transaction of such other business as may properly come before the Meeting or any adjournments thereof. |
| B | Authorized Signatures ─ This section must
be completed for your vote to be counted.─ Sign and Date Below |
| |
Note: Please
sign exactly as your name(s) appear(s) on this Proxy Card, and date it. When shares are held jointly, each holder should sign. When
signing as attorney, executor, guardian, administrator, trustee, officer of corporation or other entity or in another representative
capacity, please give the full title under the signature. |
| Date (mm/dd/yyyy)
─ Please print date below |
|
Signature 1 ─ Please keep signature
within the box |
|
Signature 2 ─
Please keep signature within the box |
| / /
|
|
|
|
|
| xxxxxxxxxxxxxx |
GLO 33975 |
xxxxxxxx |
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