Clough Global Dividend and Income Fund : Annual Report at 2023-10-31

Clough Global Funds

SECTION 19(B) DISCLOSURE

October 31, 2023 (Unaudited)

Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each a "Fund" and collectively, the "Funds"), acting pursuant to a Securities and Exchange Commission ("SEC") exemptive order and with the approval of each Fund's Board of Trustees (the "Board"), have adopted a plan, consistent with each Fund's investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the "Plan"). In accordance with the Plan, the Funds' managed distribution policy sets the monthly distribution rate at an amount equal to one twelfth of 10% of each Fund's adjusted year-ending net asset value ("NAV"), which is the average of the NAVs as of the last five business days of the prior calendar year.

Under the Plan, each Fund will distribute all available investment income to its shareholders, consistent with each Fund's primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the "Code"). If sufficient investment income is not available on a monthly basis, each Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution.

Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases to enable each Fund to comply with the distribution requirements imposed by the Code.

Shareholders should not draw any conclusions about each Fund's investment performance from the amount of these distributions or from the terms of the Plan. Each Fund's total return performance on net asset value is presented in its financial highlights table.

Each Board may amend, suspend or terminate each Fund's Plan without prior notice. The suspension or termination of the Plan could have the effect of creating a trading discount (if a Fund's stock is trading at or above net asset value) or widening an existing trading discount. Each Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, increased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to the Notes to Financial Statements in the Annual Report to Shareholders for a more complete description of its risks.

Please refer to Additional Information for a cumulative summary of the Section 19(a) notices for each Fund's current fiscal period. Section 19(a) notices for each Fund, as applicable, are available on the Clough Global Closed-End Funds website www.cloughcefs.com.

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Clough Global Funds

SHAREHOLDER LETTER

October 31, 2023 (Unaudited)

To Our Investors:

Clough Global Dividend and Income Fund

For the fiscal year ending October 31, 2023, the Clough Dividend and Income Fund ("GLV" or the "Fund") declined 8.45% on net asset value ("NAV") and 18.27% on market price. The Fund's benchmark, the Morningstar Global Allocation Total Return Index, gained 6.93% over the same period.

Technology stocks and fixed income securities performed the best over the period, while healthcare and financials lagged.

Among the Fund's top five performers for the fiscal year, Broadcom Inc., a semiconductor company, gained in part due to expectations for its generative artificial intelligence ("AI") offering to be accretive to future growth. Microsoft Corp., the large technology company, gained due to strength in its cloud business and expectations for the company to be a category leader in AI. Airbus SE, the commercial aerospace company, gained on improved visibility in its backlog. The commercial aircraft cycle is in an expansion phase which we think could last most of the decade. Comcast Corp., a media company, increased due to positive earnings results relative to expectations. Lam Research Corp., a semiconductor company, gained on what we believe were early signs of a memory recovery.

Among the Fund's bottom five performers for the fiscal year, put options on the S&P 500 Index detracted as stocks rose during the period. Advance Auto Parts Inc., an automotive parts retailer, fell as the company missed earnings expectations and cut its dividend. We exited the position. An options and futures position in securities which reflect the behavior of the Secured Overnight Financing Rate ("SOFR"), a replacement for the London Interbank Offered Rate ("LIBOR"), detracted as rates increased over the period. Bank of America Corp., the large bank, declined in part due to lower net interest income ("NII") expectations for the year. Northrop Grumman Corp., a large defense contractor, underperformed after an earlier run up, but it remains one of the most diversified manufacturers of defense systems and a large holding in the Fund.

During the fiscal year we paid down $37 million in leverage in GLV, in part due to the higher cost of borrowing. In June 2023, we announced a share repurchase program. The Fund repurchased and retired 202,800 shares of its common stock during the fiscal period.

Clough Global Equity Fund

For the fiscal year ending October 31, 2023, the Clough Global Equity Fund ("GLQ" or the "Fund") declined 4.78% on net asset value ("NAV") and 15.34% on market price. The Fund's benchmark, the MSCI World Index, gained 11.05% over the same period.

Technology and consumer discretionary stocks performed the best over the period, while healthcare and financials lagged.

Among the Fund's top five performers for the fiscal year, Microsoft Corp., the large technology company, gained due strength in its cloud business and expectations for the company to be a category leader in artificial intelligence ("AI"). Broadcom Inc., a semiconductor company, gained in part due to expectations for its generative AI offering to be accretive to future growth. Royal Caribbean Cruises Ltd., a global cruise company, was among the top contributors as it recovered from two years of largely idled operations to experience very strong demand. The company reported earnings results and guidance well ahead of Wall Street estimates. TransDigm Group Inc., the aerospace manufacturing company, increased on the back of positive earnings revisions. Boeing Co., a commercial aircraft manufacturer, gained on improved visibility in its backlog. The commercial aircraft cycle is in an expansion phase which we think could last most of the decade.

Among the Fund's bottom five performers for the fiscal year, put options on the S&P 500 Index detracted as stocks rose during the period. Crowdstrike Holdings Inc., a software company focused on cybersecurity, declined on a weak earnings report as macroeconomic headwinds slowed growth. An options and futures position in securities which reflect the behavior of the SOFR, a replacement for the LIBOR, detracted as rates increased over the period. Tesla Inc., a manufacturer of electric vehicles, declined due to concerns over its reduced vehicle prices and implications on margins. Northrop Grumman Corp., a large defense contractor, underperformed after an earlier run up, but it remains one of the most diversified manufacturers of defense systems and a large holding in the Fund.

During the fiscal year we paid down $81 million in leverage in GLQ, in part due to the higher cost of borrowing. In June 2023, we announced a share repurchase program. The Fund repurchased and retired 284,700 shares of its common stock during the fiscal period.

Clough Global Opportunities Fund

For the fiscal year ending October 31, 2023, the Clough Global Opportunities Fund ("GLO" or the "Fund") declined 4.49% on net asset value ("NAV") and 16.38% on market price. The Fund's benchmark, the Morningstar Global Allocation Total Return Index, gained 6.93% over the same period.

Technology and consumer discretionary stocks performed the best over the period, while healthcare and financials lagged.

Among the Fund's top five performers for the fiscal year, Broadcom Inc., a semiconductor company, gained in part due to expectations for its generative artificial intelligence ("AI") offering to be accretive to future growth and profitability. Microsoft Corp., the large technology company, gained due strength in its cloud business and expectations for the company to be a category leader in AI. Royal Caribbean Cruises Ltd., a global cruise company, was among the top contributors as it recovered from two years of largely idled operations to experience very strong demand. The company reported earnings results and guidance well ahead of Wall Street estimates. TransDigm Group Inc., the aerospace manufacturing company, increased on the back of positive earnings revisions. Boeing Co., a commercial aircraft manufacturer, gained on improved visibility in its backlog. The commercial aircraft cycle is in an expansion phase which we think could last most of the decade.

Among the Fund's bottom five performers for the fiscal year, put options on the S&P 500 Index detracted as stocks rose during the period. Crowdstrike Holdings Inc., a software company focused on cybersecurity, declined on a weak earnings report as macroeconomic headwinds slowed growth. An options and futures position in securities which reflect the behavior of the SOFR, a replacement for the LIBOR, detracted as rates increased over the period. Centrexion Therapeutics Corp., a private clinical stage biotechnology company, detracted in a challenging biotechnology market. Northrop Grumman Corp., a large defense contractor, underperformed after an earlier run up, but it remains one of the most diversified manufacturers of defense systems and a large holding in the Fund.

During the fiscal year we paid down $152 million in leverage in GLO, in part due to the higher cost of borrowing. In June 2023, we announced a share repurchase program. The Fund repurchased and retired 679,602 shares of its common stock during the fiscal period.

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Clough Global Funds

SHAREHOLDER LETTER

October 31, 2023 (Continued) (Unaudited)

Market Commentary

Inflation has come down at one of the fastest rates in history, yet because of the economy's resilience, real interest rates have moved substantially higher. The combination of intensive fiscal stimulus and the consumer's use of COVID savings supported consumption and have impacted the positive effects of improvement on the inflation and wage fronts in the eyes of investors.

But historically, when interest rates have risen this sharply, the economy has slowed, allowing the Federal Reserve (the "Fed") to ease, and equity returns in the following year have generally been strong. We believe signs of an interest rate peak would rally stocks and it would not take much for equity returns to exceed even today's high cash rate. In a weaker economy the tradeoff would be between poor earnings and falling stocks in those parts of the economy where spending is vulnerable (largely consumer stocks), and higher stock prices in sectors where growth would continue (largely companies which benefit from government and corporate investment, including technology). We think large-capitalization technology stocks can go higher as AI takes hold, but we also think the equity market can broaden out to smaller and midsize stocks. We are bullish on equities and bonds for the following reasons:

Businesses have been emphasizing free cash flow strategies and many have paid down debt. While Treasury yields rose during the fiscal year ending October 31, 2023, prices of many high-yield corporate bonds held up well, quality credit spreads have come in. That suggests the markets look at many businesses as being quite healthy.

The Federal Reserve's near $8 trillion balance sheet is flush with available reserves, enough we believe to handle any sudden emergencies on the liquidity front- just note the quick resolution of the Silicon Valley and Signature Bank eruptions in March 2023. With the Fed so liquidity rich and government and corporate investment spending supporting the economy, weaker consumer spending alone is unlikely to cause recession but could slow the economy enough to cause the Fed to ease and the equity multiple to rise.

There are good values in equities. Seven large technology stocks plus Tesla Inc have dominated the rise in the S&P 500 Index and NASDAQ Composite Index during the first 10 months of 2023, but the average S&P 500 Index stock is up much less on the year and the Russell 2000 Index, an index of small- and medium- capitalization stocks, is down over the same period. We believe there are many undervalued stocks in the equity marketplace. Investors hold trillions of dollars in cash, and we believe high interest rates on cash will not last very long.

Bonds have become attractive. Usually bond yields rise, and bond prices fall, when inflation is picking up, but that is not the case today. All measures of inflation are falling; the Personal Consumption Expenditures Deflator, which the Fed follows, increased at a 2.4% annual rate during Q3 2023. That is roughly where the Fed's target is, suggesting it is finished raising interest rates. As inflation falls further (rents are beginning to fall and they make up a large part of the Consumer Price Index (CPI)), it threatens to bring on deflation in certain sectors, such as autos and airline fares.

Long-term interest rates, as of October 31, 2023, should not stay this high for long. Foreigners continue to purchase large amounts of Treasury bonds and with inflation declining demand from U.S. pension funds, insurance companies and endowments should rise. At these rates, a life insurance company can fund a very profitable annuity flow and a pension or endowment fund can meet a 5% annual distribution level without effort or risk. We see a huge potential demand for bonds once the economy slows and deflation becomes an increasing likelihood.

The consumer has been using COVID savings and aggressive use of installment credit to sustain spending. But those savings have seemingly run out, credit card delinquencies are picking up and banks are restricting lending. Government spending and corporate investments related to it are driving the economy and could help keep it stable, but once household spending slows, employment should decline and that is what the Fed needs to see to ease.

We hold a contrary view here, but once the Fed eases there are strong reasons to expect bank deposit rates to decline sharply. What is new in this cycle is that money measures are declining, particularly M2, signaling bank deposits are falling and that is quite unusual. This simply states that at current interest rates there are not enough assets banks can purchase to leverage the $20 trillion in deposits they hold. Without the Fed forcing interest rates higher, banks would be working overtime to reduce deposit costs. Even today, simple checking account deposit rates yield 10 basis points, and that level is likely where deposit interest rates would be if the Fed were not so aggressive.

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

Sincerely,

Charles I Clough, Jr.

William Whelan

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Clough Global Funds

SHAREHOLDER LETTER

October 31, 2023 (Continued) (Unaudited)

This letter is provided for informational purposes only and is not an offer to purchase or sell shares. Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (the "Funds") are closed-end funds, which are traded on the NYSE American LLC, and do not continuously issue shares for sale as open-end mutual funds do. The market price of a closed-end fund is based on the market's value.

Although not generally stated throughout, the information in this letter reflects the opinions of the individual portfolio managers, which opinion is subject to change, and is not intended to be a forecast of future events, a guarantee of future results or investment advice.

The Morningstar Global Allocation Index represents a multi-asset class portfolio of 60% global equities and 40% global bonds. The asset allocation within each class is driven by Morningstar asset allocation methodology. To maintain broad global exposure and diversification, the index consists of equities & fixed income and utilizes global, float-weighted index methodology to determine allocation to U.S. and non-U.S.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed markets countries. Effective July 31, 2010, the MSCI World Index returns prior to January 1, 2002 were revised to reflect the total returns, with dividends reinvested, reported by MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an. indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

Both indices referenced herein reflect the reinvestment of dividends. The performance of the indices referenced herein is used for informational purposes only. One cannot invest directly in an index. Indices are not subject to any of the fees or expenses to which the Funds are subject, and there are significant differences between the Funds' investments and the components of the indices referenced.

The net asset value ("NAV") of a closed-end fund is the market price of the underlying investments (i.e., stocks and bonds) in the Funds' portfolios, minus liabilities, divided by the total number of fund shares outstanding. However, the Fund also has a market price; the value of which it trades on an exchange. This market price can be more or less than its NAV

RISKS

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semiannual report which contains this and other information visit www.cloughcefs.com or call 1-855-425-6844. Read them carefully before investing.

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

Distributions may be paid from sources of income other than ordinary income, such as net realized short-term capital gains, net realized long-term capital gains and return of capital. Based on current estimates, we anticipate the most recent distribution has been paid from short-term and long-term capital gains. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Funds' investment experiences during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the Funds provide a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.

The Funds' investments in securities of foreign issuers are subject to risks not usually associated with owning securities of U.S. issuers. These risks can include fluctuations in foreign currencies, foreign currency exchange controls, social, political and economic instability, differences in securities regulation and trading, expropriation or nationalization of assets, and foreign taxation issues.

The Funds' investments in preferred stocks and bonds of below investment grade quality (commonly referred to as "high yield" or "junk bonds"), if any, are predominately speculative because of the credit risk of their issuers.

An investment by the Funds in real estate investment trusts ("REITs") will subject it to various risks. The first, real estate industry risk, is the risk that the REIT share prices will decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. The second, investment style risk, is the risk that returns from REITs-which typically are small or medium capitalization stocks-will trail returns from the overall stock market. The third, interest rate risk, is the risk that changes in interest rates may hurt real estate values or make REIT shares less attractive than other income-producing investments. Credit risk is the risk that an issuer of a preferred or debt security will become unable to meet its obligation to make dividend, interest and principal payments.

Interest rate risk is the risk that preferred stocks paying fixed dividend rates and fixed-rate debt securities will decline in value because of changes in market interest rates. When interest rates rise the value of such securities generally will fall. Derivative transactions (such as futures contracts and options thereon, options, swaps, and short sales) subject the Funds to increased risk of principal loss due to imperfect correlation or unexpected price or interest rate movements. Compared to investment companies that focus only on large companies, the Funds' share price may be more volatile because it also invests in small and medium capitalization companies. Past performance is neither a guarantee, nor necessarily indicative, of future results, which may be significantly affected by changes in economic and other conditions.

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Clough Global Dividend and Income Fund

PERFORMANCE

October 31, 2023 (Unaudited)

Growth of $10,000 Investment

Clough Global Dividend and Income Fund - NAV $10,449

Morningstar Global Allocation TR Index $15,289

The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares

1. Total returns assume reinvestment of all distributions.
2. Annualized.
3. Performance returns are net of management fees and other Fund expenses.
4. Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its NAV.

Distributions to Common Shareholders

The Fund intends to make monthly distributions to common shareholders according to its managed distribution policy. The Fund's managed distribution policy is to set the monthly distribution rate at an amount equal to one twelfth of 10% of the Fund's adjusted year-ending net asset value per share ("NAV"), which will be the average of the NAVs as of the last five business days of the prior calendar year. The Board of Directors approve the distribution and may adjust it from time to time. The monthly distribution amount paid from November 1, 2022 to December 31, 2022 was $0.0906 per share and the Fund paid $0.0597 per share monthly between January 1, 2023 and October 31, 2023. At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or pay out accumulated undistributed income, or return of capital, in addition to current net investment income.

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Clough Global Dividend & Income Fund

FUND ALLOCATION

October 31, 2023 (Unaudited)

1. Percentages calculated based on total portfolio, including securities sold short, cash balances, and notional value of return swaps.
2. U.S. Multinationals includes companies organized or located in the United States that have more than 50% of revenues derived outside of the United States.

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Clough Global Equity Fund

PERFORMANCE

October 31, 2023 (Unaudited)

Growth of $10,000 Investment

Clough Global Equity Fund - NAV $11,414

MSCI Daily TR Gross World USD Index $21,802

The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares

1. Total returns assume reinvestment of all distributions.
2. Annualized.
3. Performance returns are net of management fees and other Fund expenses.
4. Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its NAV.

Distributions to Common Shareholders

The Fund intends to make monthly distributions to common shareholders according to its managed distribution policy. The Fund's managed distribution policy is to set the monthly distribution rate at an amount equal to one twelfth of 10% of the Fund's adjusted year-ending net asset value per share ("NAV"), which will be the average of the NAVs as of the last five business days of the prior calendar year. The Board of Directors approve the distribution and may adjust it from time to time. The monthly distribution amount paid from November 1, 2022 to December 31, 2022 was $0.1162 per share and the Fund paid $0.0599 per share monthly between January 1, 2023 and October 31, 2023. At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or pay out accumulated undistributed income, or return of capital, in addition to current net investment income.

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Clough Global Equity Fund

FUND ALLOCATION

October 31, 2023 (Unaudited)

1. Percentages calculated based on total portfolio, including securities sold short, cash balances, and notional value of return swaps.
2. U.S. Multinationals includes companies organized or located in the United States that have more than 50% of revenues derived outside of the United States.

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