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.___)

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[   ]Soliciting Material Pursuant to Sec. 240.14a-12

CLOUGH GLOBAL EQUITY FUND
(Name of Registrant as Specified In Its Charter)
 
ALPS Fund Services, Inc.
Attn: Abigail J. Murray, Esq.
1290 Broadway, Suite 1100, Denver, CO 80203
(720) 917-0623

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CLOUGH GLOBAL ALLOCATION FUND
CLOUGH GLOBAL EQUITY FUND
CLOUGH GLOBAL OPPORTUNITIES FUND
(each a “Fund,” and collectively,“GLQ” or the “Funds”“Fund”)

1290 Broadway, Suite 1100
Denver, CO 80203

NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS

June 17, 20165, 2017

To the Shareholders of the Funds:Fund:

Notice is hereby given that the Joint Annual Meeting of Shareholders (the “Meeting”“Meeting”) of the FundsFund will be held at 1290 Broadway, Suite 1100, Denver, CO 80203,the office of Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019, on July 20, 2016August 3, 2017 at 8:10:00 a.m. (Mountain(Eastern time),.

YOUR FUND IS UNDER ATTACK BY AN ACTIVIST HEDGE FUND.

THIS MEETING IS VERY IMPORTANT BECAUSE AN ACTIVIST HEDGE FUND HAS TAKEN A POSITION IN THE FUND AND ANNOUNCED ITS INTENTION TO ELECT THREE NEW NOMINEES TO THE BOARD OF TRUSTEES OF THE FUND (THE “BOARD”) AT THE MEETING.

During the Meeting, you will be asked to vote on the following proposal for the purposes of considering and voting upon the following:Fund:

1. Shareholders of Clough Global Allocation Fund are being asked to elect three (3) Trustees of suchthe Fund, each to hold office for the term indicated and until histheir successor shall have been elected and qualified;qualifies (Proposal 1);

2. Shareholders of Clough Global Equity Fund are being asked to elect four (4) 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 the 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.thereof.

These items are discussed in greater detail in the attachedenclosed Proxy Statement.
This year the Board undertook an extensive search for new independent Trustee candidates to seek fresh expertise and opinions. After a robust search process, the Board appointed Karen DiGravio as a new independent Trustee, with her term set to commence upon the retirement of Richard Rantzow at the conclusion of the Annual Meeting of Shareholders. The Board also nominated Clifford J. Weber as a new independent Trustee with his term set to commence upon election to succeed John Mee at the Annual Meeting of Shareholders. Ms. DiGravio brings significant expertise in the areas of accounting, finance and compliance. Similarly, Mr. Weber has extensive experience with financial product innovation, closed-end funds, and ETFs. The Board believes that Ms. DiGravio's and Mr. Weber's fresh and independent ideas, perspectives and experiences will further enhance the Board's ability to serve the long-term interests of the Fund and its shareholders.

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The close of business on May 23, 20164, 2017 has been fixed as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting and any adjournments thereof.

YOUR VOTE IS EXTREMELY IMPORTANT, REGARDLESSESPECIALLY IN LIGHT OF THE SIZE OFACTIVIST HEDGE FUND’S NOMINEES, WHICH ARE UNANIMOUSLY OPPOSED BY THE BOARD.

Whether or not you plan to attend the Meeting, and regardless of the number of shares you own, we urge you to vote FOR the Fund’s nominees (Proposal 1) by promptly completing, signing, dating, and returning the enclosed WHITE proxy card in the self-addressed envelope.

PLEASE DO NOT SEND BACK THE GOLD PROXY CARD YOU MAY RECEIVE FROM THE ACTIVIST HEDGE FUND OR GIVE YOUR HOLDINGS IN A FUND. WHETHER OR NOT YOU PLANVOTE TO ATTENDINVESTORCOM OVER THE MEETING, WE ASK THAT YOU PLEASE COMPLETE AND SIGNPHONE, EVEN TO WITHHOLD VOTES ON THE ENCLOSEDNOMINEES, AS THIS WILL CANCEL YOUR PRIOR VOTE FOR THE FUND’S NOMINEES. ONLY YOUR LATEST DATED PROXY CARD AND RETURN IT PROMPTLY INWILL COUNT AT THE ENCLOSED ENVELOPE, WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES.MEETING.

 By Order of the Board of Trustees of:
 Clough Global Allocation Fund
Clough Global Equity Fund
Clough Global Opportunities Fund
  
 
 Edmund J. Burke
 Trustee and President

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[INTENTIONALLY LEFT BLANK]
 
 
 
CLOUGH GLOBAL ALLOCATION FUND (“GLV”)
CLOUGH GLOBAL EQUITY FUND
 (“GLQ”)
CLOUGH GLOBAL OPPORTUNITIES FUND (“GLO”)
(Each aGLQ” or the “Fund” and collectively, the “Funds”)

JOINT ANNUAL MEETING OF SHAREHOLDERS

To be Held on July 20, 2016August 3, 2017

PROXY STATEMENT

This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Trustees of the FundsFund for use at the Joint Annual Meeting of Shareholders of the FundsFund (the “Meeting”) to be held on Wednesday, July 20, 2016,Thursday, August 3, 2017, at 8:10:00 a.m. MountainEastern Time, at 1290 Broadway, Suite 1100, Denver, CO 80203,the office of Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019, and at any adjournments thereof.

The close of business on May 4, 2017, has been fixed as the “Record Date” for the determination of shareholders entitled to notice of and to vote at the Meeting and all adjournments thereof.

This Proxy Statement is first being sent to shareholders on or about June 20, 2016.6, 2017.

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on July 20, 2016August 3, 2017: EachThe Fund’s Proxy Statement is available at www.2voteproxy.com/cloughwww.okapivote.com/Clough.

The Funds’Fund’s most recent annual report, including audited financial statements for the fiscal year ended October 31, 2015,2016, is available upon request, without charge, by writing to the FundsFund at c/o ALPS Fund Services, Inc., 1290 Broadway, Suite 1100, Denver, CO 80203, by calling the FundsFund at 1.877.256.8445, or via the internet at www.cloughglobal.com.www.cloughglobal.com.

IfThe Fund has one class of capital stock: common shares of beneficial interest, par value $0.001 (the “Shares”). The holders of Shares of the enclosed proxy card is properly executedFund are each entitled to one vote for each full Share and returned in timean appropriate fraction of a vote for each fractional Share of the Fund held on such matters where the Shares are entitled 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 discretioncast. As of the proxy holders as to the transaction of any other business that may properly come before the Meeting. Any shareholder who has given a proxy has the right to revoke it at any time prior to its exercise either by attending the Meeting and voting his or her shares in person or by submitting a letter of revocation or a later-dated proxy to a Fund at the above address prior to the date of the Meeting.

Record Date, there were 17,641,104.600 Shares outstanding.
The holders of a majority of the Shares entitled to vote on any matter at the Meeting present in person or by proxy shall constitute a quorum at the Meeting for purposes of conducting business. If a quorum is not present at the Meeting, the persons named as proxies may propose one or more adjournments of the Meeting to permit further solicitation of proxies. Any such adjournment for a Meeting will require the affirmative vote of a majority of those sharesShares present at the Meeting in person or by proxy. If a quorum is present, the persons named as proxies will vote those proxies that they are entitled to vote “FOR” any proposal in favor of such adjournment and will vote those proxies required to be voted “AGAINST” any proposal against such adjournment.

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The close of business on May 23, 2016, has been fixed as the “Record Date”IMPORTANT INFORMATION ABOUT YOUR VOTE

Who is asking for my vote?

In this proxy statement for the determination2017 Annual Meeting of shareholders entitled to noticeShareholders for the Clough Global Equity Fund (“GLQ” or the “Fund”), the Board of andTrustees of the Fund (the “Board” or the “Trustees”) is unanimously asking you to vote at each Fund’s Meeting and all adjournments thereof.on the proposal below in the following manner:

EachProposal 1. “FOR” the election of Edmund Burke, Vincent Versaci and Clifford J. Weber to serve as Trustees of the Fund.

You may receive a different proxy statement from an activist hedge fund (along with a GOLD proxy card), seeking approval of its three dissident nominees who are unfamiliar with the Fund.  Please discard any GOLD proxy card that you receive from the activist hedge fund. Do not return it, even to withhold votes from the activist hedge fund’s nominees, because doing so will cancel out your vote on the Fund’s WHITE proxy card.
In addition, you may receive calls from representatives of the activist hedge fund’s proxy solicitor, InvestorCom. Please do not give your vote over the phone to InvestorCom, even to withhold votes from the activist hedge fund’s nominees, as this will also cancel out your vote on the Fund’s WHITE proxy card.
In order to vote as recommended by the Board, please vote by promptly completing, signing, dating and returning the enclosed WHITE proxy card.

Who are the Nominees Proposed by the Board?

The Board’s nominees for the Fund’s Board of Trustees are Edmund Burke, Vincent Versaci and Clifford J. Weber.

The Board’s nominees, together with other Trustees on the Board, are (and in the case of Mr. Weber, will be) focused on honoring their fiduciary obligations and creating sustainable value for all shareholders by seeking the Fund’s stated investment objective. Under the leadership of the current Board, the Fund has one classgenerated competitive performance and has consistently paid a high distribution on a regular basis. The Board has also taken significant steps to ensure that the Fund operates in a responsible manner to protect and advance the interests of capital stock: common shares of beneficial interest, par value $0.001 (the “GLV Common Shares,”all shareholders, and not just a select few whose interests are in direct conflict with the “GLQ Common Shares”Fund’s long-term objectives and the “GLO Common Shares,” respectively,interests of the Fund’s long-term shareholders. In contrast, the dissident nominees are unfamiliar with the Fund and, togetherbased on the “Shares”).limited information the activist hedge fund has provided to the Fund, appear to have little to no experience serving on the board of a closed-end fund. The holdersBoard believes that the dissident nominees will seek to advance the short-term goals of Sharesthe activist hedge fund that nominated them rather than the long-term goals of Fund shareholders.

For these reasons, as further discussed in the Proxy Statement, we urge you to vote FOR the Fund’s nominees, and not the dissident nominees, by promptly completing, signing, dating and returning the enclosed WHITE proxy card.

How will my WHITE proxy card be voted?

WHITE proxy cards that are each entitledproperly signed, dated and received at or prior to one vote for each full Share and an appropriate fraction ofthe Meeting will be voted as specified. If you specify a vote for each fractional Sharethe proposal, your proxy will be voted as you indicate. If you simply sign, date and return the WHITE proxy card, but don’t specify a vote on the proposal, your shares will be voted FOR the election of the Fund’s nominees recommended by the Board (Proposal 1).

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What should I do with other proxy cards I receive?

We urge you to vote your Fund’s WHITE proxy card and discard the gold proxycard you may receive from the activist hedge fund and not to give your vote to InvestorCom over the phone. If you have already sent back the gold proxy card or given your vote to InvestorCom over the phone, you can still change your vote – by promptly completing, signing, dating and returning the enclosed WHITE proxy card, which will replace the gold proxy card you previously completed or your vote given to InvestorCom over the phone. If you have already sent in the enclosed WHITE proxy card, please do not send back the gold proxy card you may receive from the activist hedge fund or give your vote to InvestorCom over the phone, even to withhold votes from the activist hedge fund’s nominees because doing so will cancel out your prior vote on the enclosed WHITE proxy card.

May I revoke my proxy?

You may revoke your proxy at any time before it is voted by forwarding a written revocation or a later-dated proxy to the Fund, which must be received by the Fund at or prior to the Meeting, or by attending the Meeting and voting in person.

Returning the activist hedge fund’s gold proxy card or giving your vote to InvestorCom over the phone will revoke any WHITE proxy card previously returned to the Fund, even if you withhold votes on the activist hedge fund’s nominees. Therefore, PLEASE DISCARD THE GOLD PROXY CARD FROM THE ACTIVIST HEDGE FUND AND ONLY RETURN THE ENCLOSED WHITE PROXY CARD. PLEASE DO NOT GIVE YOUR VOTE TO INVESTORCOM OVER THE PHONE.

What if my shares are held in a brokerage account?

If your shares are held by your broker, then in order to vote in person at the Meeting, you will need to obtain a “Legal Proxy” from your broker and present it to the Inspector of Election at the Meeting. Also, in order to revoke your proxy, you may need to forward your written revocation or a later-dated proxy card to your broker rather than to the Fund.

What other information should I know in deciding how to vote?

We encourage you to read the entire proxy statement because it contains important information about the Board’s nominees to serve as Trustees and other important information about the Fund, its management and its operations.

You may also receive a proxy statement from an activist hedge fund managed by Saba Capital Management, L.P. (“Saba”), seeking your proxy to elect other nominees to serve as trustees of the Fund and making claims about the Fund’s performance and fees. Saba, through its hedge funds, invests in closed-end funds and has a history of attempting to cash in on such matters where such respective Shares are entitledone-time or short-term gains by causing the closed-end funds to conduct debilitating tender offers, open-end fund conversions or other liquidity events. Saba does this to benefit its own hedge funds and to be cast. Aspaid higher fees, and not to benefit the shareholders of the Record Date, there were 10,392,605.600 GLV Common Shares, 17,653,304.600 GLQ Common Sharesclosed-end funds it attacks. Do not be fooled into thinking that Saba’s actions are for the benefit of all shareholders. Your Board believes that Saba's actions are harmful to long term shareholders in the Fund. For example, funds forced into these types of activist actions may be left with significantly less assets and 51,574,058.600 GLO Common Shares outstanding.higher expenses and fees, and the remaining shareholders in these funds may see their distributions reduced.

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In contrast to the claims made by Saba, the Board believes you should have the following information.

THE FACTS:

·
The Fund’s year-to-date (through April 30, 2017) and 1, 3 and 5 year performance is 13.7%, 16.0%, 6.0%, and 37.1% at net asset value (“NAV”), respectively. These returns are within the range of the returns of the Fund’s peers and stated benchmark.* On market price, the Fund has returned 19.4%, 32.5%, 15.9%, and 61.7%, year to date and over the past 1, 3, and 5 year time periods, respectively. This outpaces its peers in each time period (see additional information on returns on page 7 of this proxy).

·
In its proxy materials, Saba compares the expenses of the Fund to the entire universe of closed-end funds, without any regard to the appropriateness of this comparison. It is clear to see that this is a very poor and misleading comparison. The majority of closed-end funds constituting the group used by Saba are domestic fixed income funds that do not combine leverage and shorting. By contrast, your Fund is a global equity fund that utilizes leverage and shorting in attempting to enhance investment returns. This type of fund will, by necessity, typically have higher expenses than domestic fixed income funds due to the complex nature of its investment activities. Moreover, the Board has also taken steps to reduce Fund expenses in an effort to enhance shareholder value and make the Fund’s shares more attractive to the market. On an annualized basis, for the 6 month period ending on April 30, 2017 as compared to the fiscal year ending October 31, 2015, Fund expenses have been reduced at least 33%.
·When the Fund is compared to an appropriate group of peer funds, and expenses are normalized to account for differences in managed assets and the costs of interest on borrowings and short sales, a more appropriate comparison of the Fund’s expenses can be made.  Placed in context, the Fund’s expense ratio is very competitive with its peers.We employed an independent third party research firm to compare the Fund’s expense ratio, excluding expenses such as interest on leverage and shorting costs, to an appropriate peer group. Based on independent analysis, this third party research firm found that your Fund’s expenses of 1.25% on managed assets (exclusive of leverage and shorting costs) was consistent within its peer group of 11 funds (the median expense level of this group was 1.22%). The Fund’s expense ratio on managed assets (inclusive of leverage and shorting costs) is 2.03%, calculated as of October 31, 2016. Additional information regarding the Fund’s expenses, including its total expense ratio on net assets (inclusive of leverage and shorting costs) can be found in the Fund’s annual report to shareholders, which is available free of charge by contacting the Fund.
·Your Board has taken several actions to attempt to make the Fund’s shares more attractive with the aim of reducing the market discount for ALL shareholders for the long term, and not just for an activist hedge fund looking for a quick pay-out. Your Trustees have raised the distribution rate, increased the frequency of payments to monthly (from quarterly) and instituted share buy-back programs.

To further its own agenda, Saba has nominated three handpicked dissident candidates for election to your Fund’s Board, and has positioned themselves as aligned in this effort with the Fund’s investors. This is also abjectly misleading. Saba, as an investment manager seeking to enhance the returns of its clients, owes a duty only to its private funds that have invested in the Fund, not to the Fund’s shareholders. The dissident nominees are unfamiliar with the Fund and, based on the limited information that Saba has provided to the Fund, appear to have little to no experience serving on the board of a closed-end fund. Nonetheless, the Board was willing to consider their candidacy and come to some assessment of their potential value to the Fund and its shareholders. Unfortunately, Saba declined to allow their handpicked nominees to participate in the Board’s vetting process for evaluating potential candidates to the Board. During this process, Saba refused to have its dissident nominees even do so much as complete a questionnaire to allow the Board to properly evaluate their candidacy. The Board finds it troubling that Saba would refuse to provide information requested by the Board to exercise its basic oversight responsibilities to make an independent determination of whether a candidate to serve on the Board would be statutorily disqualified and whether particular disclosure about the nominee would be required in public filings. The Board’s process in evaluating nominees is a critically important function that is designed to ensure that shareholders are represented by knowledgeable and serious trustees who have all shareholders’ best interests in mind, and not just the interests of one shareholder with its own agenda. If Saba’s nominees are capable of meeting these standards, it is inexplicable that Saba would seek to prevent the Board from being able to properly make that assessment.
*
MSCI World Index.

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Your Board has nominated three Trustees, who are experienced, well-qualified and familiar with the operations of registered investment companies. The Board has spent significant time reviewing current and prospective members in order to both self-evaluate on a regular basis, as well as to seek fresh expertise and opinions that could assist it in overseeing the Fund. In this regard, the Board nominated The Honorable Vincent W. Versaci to serve as a Trustee of the Fund in 2013. Additionally, this year the Board undertook an extensive search for new independent Trustee candidates. After assessing dozens of strong potential candidates and conducting numerous interviews, this search resulted in the appointment of Karen DiGravio as new independent Trustee, with her term set to commence upon the retirement of Richard Rantzow, and the nomination of Clifford J. Weber as a new independent Trustee with his term set to commence upon election to succeed John Mee. Mr. Rantzow is expected to retire from the Board at the conclusion of the Annual Meeting of Shareholders and Mr. Mee will not seek reelection as a Trustee at the Annual Meeting of Shareholders. As shown by her biographical information below, Ms. DiGravio brings significant expertise in the areas of accounting, finance and compliance. Similarly, Mr. Weber’s biographical information illustrates extensive experience with financial product innovation, closed-end funds, and ETFs. The Board believes that Ms. DiGravio’s and Mr. Weber’s fresh and independent ideas, perspectives and experiences will further enhance the Board’s ability to serve the long-term interests of the Fund and its shareholders.

Further, to fill a recent vacancy on the Board, the Board also recently appointed Kevin McNally as a new Trustee. As shown by his biographical information below, Mr. McNally has extensive experience in the management, establishment and operation of closed-end funds. Globally, Mr. McNally is considered one of the foremost experts on closed-end funds.

Your Board strongly believes that the continuing Trustees, who have consistently demonstrated their ability to deliver value to Fund shareholders, combined with the new Trustees, will be the best team to look out for YOUR LONG TERM INTERESTS and achieve the Fund’s investment goal of providing high current income and capital appreciation as a closed-end fund.
Your Board is committed to vigorously defending your Fund against Saba’s short term agenda. Your Board will be fighting for ALL shareholders and will not be pressured by Saba into making decisions that benefit Saba’s immediate interests at the expense of the Fund and your investment.
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In order that your Shares may be represented at the Meeting, you are requested to vote on the following matters:matters using the WHITE proxy card:

PROPOSALS 1, 2 AND 3:PROPOSAL 1:
ELECTION OF NOMINEES
TO EACHTHE FUND’S BOARD OF TRUSTEES

EachThe Fund’s Board is divided into three classes, each class having a term of three years. Each year the term of office for one class will expire. In addition, each Board has determined to move Mr. Versaci from a Class I Trustee to a Class III Trustee and to nominate him as a Class III Trustee for election to the Board of each Fund at this Meeting.

The Board’s Nominees for GLV’sthe Fund’s Board of Trustees

Listed below are the Board’s nominees forto serve as Trustees on the Board of the Fund. Each nominee isMr. Burke and Mr. Versaci are each currently a Trustee of the Fund. Mr. Mee,Burke, Mr. Versaci and Mr. BurkeWeber have each been nominated by the Board for election to a three-year term to expire at the Fund’s 20192020 Annual Meeting of Shareholders, or if later, until such Trustee’s successor is duly elected and qualified.qualifies.

Proposal 1ClassExpiration of Term if Elected
Independent Trustee/Nominee  
John F. MeeClass III2019 Annual Meeting
Vincent W. VersaciClass III20192020 Annual Meeting
Clifford J. WeberClass III2020 Annual Meeting
Interested Trustee/Nominee  
Edmund J. BurkeClass III20192020 Annual Meeting

Unless authority is withheld, it is the intention of the persons named in the WHITE proxy card to vote the proxy “FOR” the election of each nominee named above. Each nominee has indicated that he has consentedtheir consent to serve as a Trustee if elected at the Meeting. If a designated nominee declines or otherwise becomes unavailable for election, however, the proxy confers discretionary power on the persons named therein to vote in favor of a substitute nominee or nominees.

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Nominees for GLQ’s Board of Trustees

Listed below are the nominees for the Fund. Each nominee is currently a Trustee of the Fund. Mr. Butler, Mr. Rantzow and Mr. Canty have each been nominated by the Board for election to a three-year term to expire at the Fund’s 2019 Annual Meeting of Shareholders, or if later, until such Trustee’s successor is duly elected and qualified. Mr. Versaci has been nominated by the Board for election to a one-year term to expire at the Fund’s 2017 Annual Meeting of Shareholders, or if later, until such Trustee’s successor is duly elected and qualified.

ProposalClassExpiration of Term if Elected
Independent Trustee/Nominee
Robert L. ButlerClass II2019 Annual Meeting
Richard RantzowClass II2019 Annual Meeting
Vincent W. VersaciClass III2017 Annual Meeting
Interested Trustee/Nominee
James E. CantyClass II2019 Annual Meeting

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. Mr. Crescenzi and Mr. Rutledge have each been nominated by the Board for election to a three-year term to expire at the Fund’s 2019 Annual Meeting of Shareholders, or if later, until such Trustee’s successor is duly elected and qualified. Mr. Versaci has been nominated by the Board for election to a two-year term to expire at the Fund’s 2018 Annual Meeting of Shareholders, or if later, until such Trustee’s successor is duly elected and qualified.

ProposalClassExpiration of Term if Elected
Independent Trustee/Nominee
Adam D. CrescenziClass I2019 Annual Meeting
Jerry G. RutledgeClass I2019 Annual Meeting
Vincent W. VersaciClass III2018 Annual Meeting

Unless authority is withheld, it is the intention of the persons named in the proxy to vote the proxy “FOR” the election of each nominee named above. Each nominee has indicated that he has consented to serve as a Trustee if elected at the Meeting. If a designated nominee declines or otherwise becomes unavailable for election, however, the proxy confers discretionary power on the persons named therein to vote in favor of a substitute nominee or nominees.

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Information about each Trustee’s Professional Experience and Qualifications

Messrs. Burke, Versaci and Mr. Weber each have significant experience with the operations of investment vehicles, such as the Fund. Each of the Fund’s nominees also has substantial corporate or other professional experience that makes it appropriate for him to serve on the Board.

Under the stewardship of the Trustees, as shown in the tables below, the Fund’s performance at market price and NAV has been consistently competitive, both in absolute terms and relative to its benchmark index.

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TOTAL RETURNS† BASED ON NET ASSET VALUE (through April 30, 2017)

NameYTD1 Year3 Year5 Year
Clough Global Equity Fund13.7%16.0%6.0%37.1%
Benchmark Index*
9.0%14.8%9.2%38.5%
Peer Group†† Average
9.1%14.1%7.5%38.0%
     
TOTAL RETURNS† BASED ON MARKET PRICE (through April 30, 2017)

NameYTD1 Year3 Year5 Year
Clough Global Equity Fund19.4%32.5%15.9%61.7%
Benchmark Index*
8.2%15.3%20.1%65.5%
Peer Group†† Average
14.7%23.0%14.1%46.0%

†Fund returns are shown on a cumulative basis. Source: Bloomberg.
††The Peer Group is comprised of closed-end funds categorized as “Global Funds” by the Closed-End Fund Association.
*
The Fund’s benchmark index, the MSCI World Index, is a stock market index of world stocks. It is maintained by MSCI Inc. and is often used as a common benchmark for world or global stock funds. The index includes a collection of stocks of all the developed markets in the world as defined by MSCI. Source: Bloomberg.

Past performance is not indicative of future results.

The Board is very proactive in monitoring the level of the discount and balancing the Fund’s ability to achieve its investment objective over the long term with the benefits of narrowing the difference between the market price of the Shares and their net asset value. The Fund has maintained a very attractive distribution rate and has paid cumulative distributions totaling $16.91 per share since inception. The Board has taken several actions to attempt to make the Fund's Shares more attractive with the aim of reducing the market discount for ALL shareholders for the long term, and not just for an activist hedge fund looking for a quick pay-out. Your Trustees have raised the distribution rate, increased the frequency of payments to monthly (from quarterly) and instituted share buy-back programs. Your Board has also taken steps to reduce Fund expenses. On an annualized basis, for the 6 month period ending on April 30, 2017 versus the fiscal year ending October 31, 2015, Fund expenses have been reduced at least 33%. Over the last year, the fund’s discount to NAV has been reduced to 6.5% as of the Record Date.

The Board has spent significant time reviewing current and prospective members in order to both self-evaluate on a regular basis, as well as to seek fresh expertise and opinions that could assist it in overseeing the Fund. In this regard, the Board nominated The Honorable Vincent Versaci to serve as a Trustee of the Fund in 2013. Additionally, this year the Board undertook an extensive search for new independent Trustee candidates. After assessing dozens of strong potential candidates and conducting numerous interviews, this search resulted in the appointment of Ms. DiGravio as a new independent Trustee, with her term set to commence upon the retirement of Mr. Rantzow, and the nomination of Mr. Weber as a new independent Trustee with his term set to commence upon election to succeed Mr. Mee. Mr. Rantzow is expected to retire from the Board at the conclusion of the Annual Meeting of Shareholders and Mr. Mee will not seek reelection as a Trustee at the Annual Meeting of Shareholders. As shown by her biographical information below, Ms. DiGravio brings significant expertise in the areas of accounting, finance and compliance. Similarly, Mr. Weber’s biographical information illustrates extensive experience with financial product innovation, closed-end funds and ETFs. The Board believes that Ms. DiGravio’s and Mr. Weber’s fresh and independent ideas, perspectives and experiences will further enhance the Board’s ability to serve the long-term interests of the Fund and its shareholders.

7
Provided below is a brief summary of the specific experience, qualifications, attributes or skills that caused the Board to consider Ms. DiGravio and Mr. Weber as persons to serve on the Board of the Fund, which is an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

Ms. DiGravio – Ms. DiGravio has over 21 years of industry experience focused on finance, accounting, compliance and risk management in the asset management industry. Most recently, she was a Partner, Chief Financial Officer and Chief Compliance Officer of Westfield Capital Management, a Boston based asset manager with over $12 Billion in assets under management. She was also a member of the Westfield Advisory Board. While at Westfield, Ms. DiGravio led the finance, accounting and compliance functions and chaired the firm’s Operating and Risk Management Committee. A 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. It is anticipated that Ms. DiGravio will serve as the Fund’s Audit Committee Financial Expert.

Mr. Weber – Mr. Weber has more than 25 years of experience in the financial markets where he has successfully led businesses and created products in exchange-traded funds (ETFs) and listed derivatives. His areas of expertise include trading markets and derivatives regulation. He currently provides consulting services to the financial industry and serves as an independent trustee of certain mutual funds, ETFs and variable annuity trusts. From 2013 to 2015 he was Executive Vice President of Global Index and Exchange Traded Products at the NYSE, and Executive Vice President, Head of Strategy and Product Development at NYSE Liffe from 2008 to 2013. Prior to that, Mr. Weber spent 18 years at the American Stock Exchange (Amex) where he was instrumental in the development of the Amex’s dominant ETF business, running that 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 eighteen issued patents, and on three patent applications currently pending – all in the field of financial innovation.

Further, to fill a recent vacancy on the Board, the Board also recently appointed Kevin McNally as a new Trustee. As shown by his biographical information below, Mr. McNally has extensive experience in the management, establishment and operation of closed-end funds. Globally, Mr. McNally is considered one of the foremost experts on closed-end funds.

Your Board strongly believes that the continuing Trustees, who have consistently demonstrated their ability to deliver value to Fund shareholders, combined with the new Trustees, will be the best team to look out for YOUR LONG TERM INTERESTS and achieve the Fund’s investment goal of providing high current income and capital appreciation as a closed-end fund.

8
In contrast, the dissident nominees are unfamiliar with the Fund and seemingly with closed-end funds generally and may seek to advance the short-term goals of the activist hedge fund that nominated them rather than the long-term goals of Fund shareholders. During this process, the dissident nominees refused to even complete a questionnaire to allow the Board to properly evaluate their candidacy. As a result, the Board intends to vigorously contest the election of the activist hedge fund’s nominees. We urge you to vote FOR the Board’s nominees by promptly completing, signing, dating and returning the enclosed WHITE proxy card. PLEASE DISCARD THE GOLD PROXY CARD FROM THE ACTIVIST HEDGE FUND AND PLEASE DO NOT GIVE YOUR VOTE TO INVESTORCOM OVER THE PHONE.

Provided below is a brief summary of the specific experience, qualifications, attributes or skills for each Trustee that warranted his consideration as a Trustee/Nominee to the Board of eachthe Fund, which are structuredis registered as individualan investment companiescompany under the Investment Company Act of 1940 as amended (“1940 Act”).Act.

Robert L. Butler – Mr. Butler is currently an independent consultant for businesses. Mr. Butler was President of Pioneer Funds Distributor, Inc. from 1989 to 1998. He was Senior Vice-President from 1985 to 1988 and Executive Vice-President and Director from 1988 to 1999 of the Pioneer Group, Inc. While at the Pioneer Group, Inc. until his retirement in 1999, Mr. Butler was a Director or Supervisory Board member of a number of subsidiary and affiliated companies, including: Pioneer First Polish Investment Fund, JSC, Pioneer Czech Investment Company and Pioneer Global Equity Fund PLC. From 1975 to 1984, Mr. Butler was a Vice-President of the National Association of Securities Dealers (currently Financial Industry Regulatory Authority). Mr. Butler has served as Trustee since eachthe Fund’s inception and as Chairman of the Board for eachthe Fund since 2006. Mr. Butler has also served as a member of the Audit Committee and Nominating Committee during his tenure as a Trustee for eachthe Fund. In addition, since being appointedelected to the Board, Mr. Butler has further enhanced his experience and skills, in conjunction with the other Trustees, through the Board’s oversight of the Funds’Fund’s officers in dealing with a diverse range of topics, to includeincluding but not limited to, oversight of portfolio management, legal and regulatory matters, compliance, oversight, preparation of financial statements and oversight of the Funds’Fund’s multiple service providers. Mr. Butler has served as Trustee of each of Clough Global Dividend and Income Fund (“GLV”) and Clough Global Opportunities Fund (“GLO”) since each fund’s inception and as Chairman of the respective Board of Trustees of GLV and GLO since 2006. Mr. Butler has also served as a member of the respective Audit Committee and Nominating Committee of GLV and GLO during his tenure as a Trustee to such funds. Each of GLV and GLO are advised by Clough Capital Partners L.P., the Fund’s adviser (the “Adviser” or “Clough”). The Board of Trustees, in its judgment of Mr. Butler’s professional experience in the financial services industry, including extensive involvement with international investing and as a trustee of closed-end investment companies, believes Mr. Butler contributes a diverse perspective to the Board.

Adam D. Crescenzi – Mr. Crescenzi is currently an Associate Trustee of Dean College and founding partner of Simply Tuscan Imports LLC. He currently serves as a Director of two non-profit organizations and as a member of the Board of Governors for the Naples Botanical Gardens and the Club Pelican Bay. 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 eachthe Fund’s inception. Mr. Crescenzi has also served as a member of the Audit Committee and Nominating Committee during his tenure as a Trustee for eachthe Fund. Mr. Crescenzi has served as Chairman of the Nominating Committee for eachthe Fund since 2006. In addition, since being appointedelected to the Board, Mr. Crescenzi has further enhanced his experience and skills, in conjunction with the other Trustees, through the Board’s oversight of the Funds’Fund’s officers in dealing with a diverse range of topics, to includeincluding but not limited to, oversight of portfolio management, legal and regulatory matters, compliance, oversight, preparation of financial statements and oversight of the Funds’Fund’s multiple service providers. Mr. Crescenzi has served as Trustee of each of GLV and GLO since each fund’s inception. Mr. Crescenzi has also served as a member of the respective Audit Committee and Nominating Committee of GLV and GLO during his tenure as a Trustee to such funds. Mr. Crescenzi has served as Chairman of the respective Nominating Committee for GLV and GLO since 2006. The Board of Trustees, in its judgment of Mr. Crescenzi’s professional experience with emergent businesses, strategic consulting and as a trustee of closed-end investment companies, believes Mr. Crescenzi contributes a diverse perspective to the Board.

49
John F. Mee, Esquire – Mr. Mee has beenwas a practicing attorney for over 40 years with experience in both Massachusetts’ state and Federal District Court. Mr. Mee continues toretired from the practice of law in the areas of commercial law, family law, product liability and criminal law.2016. Mr. Mee is a member of the Bar of the Commonwealth of Massachusetts and the Middlesex and Central Middlesex Bar Associations, respectively.Associations. He was an instructor in the Harvard Law School Trial Advocacy Workshop from 1990 to 2009. During his legal career, Mr. Mee has also served as a director with various philanthropic organizations such as Holy Cross Alumni Association and the Concord Carlisle Scholarship Fund. Mr. Mee has served as Trustee since eachthe Fund’s inception. Mr. Mee has also served as a member of the Audit Committee and Nominating Committee during his tenure as a Trustee for eachthe Fund. In addition, since being appointedelected to the Board, Mr. Mee has further enhanced his experience and skills, in conjunction with the other Trustees, through the Board’s oversight of the Funds’Fund’s officers in dealing with a diverse range of topics, to includeincluding but not limited to, oversight of portfolio management, legal and regulatory matters, compliance, oversight, preparation of financial statements and oversight of the Funds’Fund’s multiple service providers. Mr. Mee has served as Trustee of each of GLV and GLO since each fund’s inception. Mr. Mee has also served as a member of the respective Audit Committee and Nominating Committee of GLV and GLO during his tenure as a Trustee to such funds. The Board of Trustees, in its judgment of Mr. Mee’s professional experience as a reputable attorney and as a trustee of closed-end investment companies, believes Mr. Mee contributes a diverse perspective to the Board. Mr. Mee will not seek reelection as a Trustee after his term has expired at the Annual Meeting of Shareholders.

Richard C. Rantzow – Mr. Rantzow, a Certified Public Accountant, has over 40 years of experience in the finance industry and has served in a variety of roles. Mr. Rantzow during his nearly 30 year career at Ernst & Young, an independent public accounting firm, served as an audit partner and office managing partner. At Ernst & Young, he was responsible for the auditing of financial statements for a variety of companies, which included financial institutions. In addition, Mr. Rantzow also currently serves as Trustee and Audit Committee Chairman of the Liberty All-Star Equity Fund and Director and Audit Committee Chairman of the Liberty All-Star Growth Fund, each a closed-end investment company. Mr. Rantzow has served as Trustee since eachthe Fund’s inception.inception and Vice-Chairman of the Board for the Fund since 2006. Mr. Rantzow has also served as Chairman and Audit Committee Financial Expert of the Audit Committee and as a member of the Nominating Committee during his tenure as a Trustee for eachthe Fund. In addition, since being appointedelected to the Board, Mr. Rantzow has further enhanced his experience and skills, in conjunction with the other Trustees, through the Board’s oversight of the Funds’Fund’s officers in dealing with a diverse range of topics, to includeincluding but not limited to, oversight of portfolio management, legal and regulatory matters, compliance, oversight, preparation of financial statements and oversight of the Funds’Fund’s multiple service providers. Mr. Rantzow has served as Trustee of each of GLV and GLO since each fund’s inception and Vice-Chairman of the Board of Trustees to such funds since 2006. Mr. Rantzow has also served as Chairman of the respective Audit Committee and a member of the respective Nominating Committee of GLV and GLO during his tenure as a Trustee to each fund. The Board of Trustees, in its judgment of Mr. Rantzow’s professional experience in the preparation and auditing of financial statements for financial institutions and as a trustee of closed-end investment companies, believes Mr. Rantzow contributes a diverse perspective to the Board. Mr. Rantzow expects to retire from the Board at the conclusion of the Annual Meeting of Shareholders.

10
Jerry G. Rutledge – Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business that has operated for over 40 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 Director of the University of Colorado Hospital and is 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 American National Bank until 2009. Mr. Rutledge has served as Trustee since eachthe Fund’s inception. Mr. Rutledge has also served as a member of the Audit Committee and Nominating Committee during his tenure as a Trustee for eachthe Fund. In addition, since being elected to the Board of Trustees, Mr. Rutledge has further enhanced his experience and skills, in conjunction with the other Trustees, through the Board’s oversight of the Funds’Fund’s officers in dealing with a diverse range of topics, to includeincluding but not limited to, oversight of portfolio management, legal and regulatory matters, compliance, oversight, preparation of financial statements and oversight of the Funds’Fund’s multiple service providers. Mr. Rutledge has served as Trustee of each of GLV and GLO since such fund’s inception. Mr. Rutledge has also served as a member of the respective Audit Committee and Nominating Committee of GLV and GLO during his tenure as a Trustee to such funds. The Board of Trustees, 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 diverse perspective to the Board.

5
Hon. Vincent W. Versaci – Judge Versaci has served as a Judge and Supreme Court Justice in the State of New York since January 2003. Currently, Judge Versaci is assigned as an Acting Supreme Court Justice and also presides over the Surrogate'sSurrogate’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. Judge Versaci has served as a member of eachthe Fund’s Audit Committee, Nominating Committee and as a Trustee since March 2013. In addition, since being appointedelected to the Board, Judge Versaci has further enhanced his experience and skills, in conjunction with the other Trustees, through the Board’s oversight of the Funds’Fund’s officers in dealing with a diverse range of topics, to includeincluding but not limited to, oversight of portfolio management, legal and regulatory matters, compliance, oversight, preparation of financial statements and oversight of the Funds’Fund’s multiple service providers. Judge Versaci has served as Trustee of each of GLV and GLO since March 2013. Judge Versaci has also served as a member of the respective Audit Committee and Nominating Committee of GLV and GLO during his tenure as a Trustee to such funds. The Board of Trustees, in its judgment of Judge Versaci’s professional experience as a reputable attorney and judge, believes Judge Versaci contributes a diverse perspective to the Board.

11
Edmund J. Burke – Mr. Burke joined ALPS Fund Services, Inc.(“ALPS”ALPS”) in 1991 and is currently the Chief Executive Officer and President of ALPS Holdings, Inc. (a wholly-owned subsidiary of DST Systems, Inc. (“DST”DST”)), and a Director of ALPS Advisors, Inc., ALPS Distributors, Inc., ALPS Fund Services, 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, Chairman and President of the Financial Investors Trust, an open-end investment company, Trustee and President of Clough Funds Trust, an open-end investment company, and Trustee and Vice-President of the Liberty All-Star Equity Fund and Director and Vice President of the Liberty All-Star Growth Fund, Inc., each a closed-end investment company. Additionally, Mr. Burke is on the Board of Directors of Boston Financial Data Services, Inc., a financial services solutions provider. Mr. Burke has served as Trustee for eachthe Fund since 2006 and as an interested trusteeInterested Trustee (as defined herein) he does not serve as a member of the Audit and Nominating Committees. In addition, since being appointedelected to the Board, Mr. Burke has further enhanced his experience and skills, in conjunction with the other Trustees, through the Board’s oversight of the Funds’Fund’s officers in dealing with a diverse range of topics, to includeincluding but not limited to, oversight of portfolio management, legal and regulatory matters, compliance, oversight, preparation of financial statements and oversight of the Funds’Fund’s multiple service providers. Mr. Burke has served as an interested Trustee of each of GLV and GLO since 2006 and does not serve on a committee for such funds. The Board of Trustees, 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 perspective to the Board.

6Kevin McNally
– Mr. McNally was elected a Trustee by the Board of Trustees to replace James E. Canty Esquire – Mr. Cantyon April 30, 2017. He is currently a founding partner, President and Portfolio Manager forManaging Director at Clough Capital Partners LP (“Clough”).L.P. and serves as the portfolio manager for an investment fund advised by Clough that invests primarily in closed-end funds. He has over 24 years of industry experience focusing almost exclusively on closed-end funds. Prior to foundingjoining Clough in 2000,2014, he served as the Director of Closed-End Funds at ALPS Fund Services, Inc. from 2003 to 2014, where he was instrumental in launching approximately $13 billion in total assets of CEFs, including the three Clough CEFs. Prior to that, Mr. Canty worked asMcNally was Director of Closed-End Fund and ETF Research at Smith Barney, a corporate and securities lawyerdivision of Citigroup Global Markets, Inc. from 1998 to 2003, and Director of Investor Relations for Converse,Closed-End Fund and ETF Marketing at Morgan Stanley Dean Witter Discover & Co. from 1997 to 1998. Previously, he was an analyst covering closed-end funds in the Mutual Fund Research Department at Merrill Lynch, Pierce, Fenner, & Smith, Inc. from 19951994 to 2000. He1997, and also was a corporate and securities lawyer for the Boston offices of Goldstein & Manello, P.C. from 1993 to 1995 and Bingham, Dana and Gould from 1990 to 1993. Mr. Canty served as an Adjunct Professor at Northeastern University from 1996 to 2000. Mr. Canty is currently a Trustee of Clough Funds Trust and a memberManager of the Board of Directors of Clough OffshoreClosed-End Fund Ltd.Marketing Department at Prudential Securities from 1992 to 1994. He has been quoted in The Wall Street Journal, Barrons, and Clough Offshore Fund (QP), Ltd. Mr. Canty isseveral other publications and has also currently a Trustee of St. Bonaventure University, and servesappeared on the boards of directors of Blacklight Power, Inc. and Razia’s Ray of Hope, a nonprofit organization. Mr. Canty has served as Trustee since each Fund’s inception and as an interested trustee does not serveTV as a memberclosed-end fund and ETF expert. Mr. McNally received a Bachelor of Arts degree from the AuditUniversity of Massachusetts at Amherst in 1991 and Nominating Committees. In addition, since being appointed to the Board, Mr. Canty has further enhanced his experience and skills,an MBA in conjunction with the other Trustees, through the Board’s oversightFinance from New York University’s Stern School of the Funds’ officersBusiness in dealing with a diverse range of topics, to include but not limited to, portfolio management, legal and regulatory matters, compliance oversight, preparation of financial statements and oversight of the Funds’ multiple service providers. Mr. Canty is also a certified public accountant. The Board of Trustees, in its judgment of Mr. Canty’s long-term professional experience with portfolio management and as a trustee of closed-end investment companies, believes Mr. Canty contributes a diverse perspective to the Board.1998.

12
Also, additional information regarding each Trustee’s current age, principal occupations and other directorships, if any, that have been held by the Trustees during the last five years is provided in the table below.

The Board unanimously recommends that you vote FOR the Board’s nominees. Please promptly complete, sign, date, and return the enclosed WHITE proxy card.

PLEASE DISCARD AND DO NOT SEND BACK THE GOLD PROXY CARD YOU MAY RECEIVE FROM THE ACTIVIST HEDGE FUND OR GIVE YOUR VOTE TO INVESTORCOM OVER THE PHONE, EVEN TO WITHHOLD VOTES ON THE ACTIVIST HEDGE FUND’S NOMINEES, AS THIS WILL CANCEL YOUR PRIOR VOTE FOR THE NOMINEES RECOMMENDED BY THE BOARD.

Additional Information about each Trustee/Nominee and the Fund’s Officers

The table below sets forthout the names, addresses and years of birth of the nominees, Trustees and principal officers of the Funds,Fund, 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.

7
Name, Address1 and Year of Birth
Position(s) Held with
the FundsFund
Term of office and length of service with GLVthe Fund2, GLQ3 & GLO4
Principal Occupation(s)
During Past
Five Years
Number of Portfolios in Fund Complex Overseen by Trustee53
Other Directorships Held by Trustee During the Past Five Years
Non-Interested Trustees/Nominees
Robert L. Butler
1941
Chairman
of the
Board and
Trustee
 
Nominee for: GLQ
Trustee since:
GLV: 2004
GLQ:since 2005
GLO: 2006
 
Term expires:expires
GLV: 2018
GLQ: 2019 (if elected)
GLO: 2017
Since 2001, Mr. Butler has been an independent consultant for businesses. Mr. Butler has over 45 yearsyears’ experience in the investment business, including 17 years as a senior executive with a global investment management/natural resources company and 20 years with a securities industry regulation organization, neither of which Mr. Butler has been employed by since 2001.organization.3NoneMr. Butler is Chairman and Trustee of GLV and GLO.
13
Name, Address1 and Year of Birth
Position(s) Held with
the Fund
Term of office and length of service with the Fund2
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
Adam D. Crescenzi
1942
Trustee
 
Nominee
for: GLO
Trustee
Trustee since:
GLV: 2004
GLQ:since 2005
GLO: 2006
 
Term expires:
GLV: 2017
GLQ:expires 2018
GLO: 2019
(if elected)
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. . He currently serves as an Associate Trustee of Dean College and previously served as a Trustee from 2003 to 2015. He also serves as a Director of two non-profit organizations and as a member of the Board of Governors for the Naples Botanical Gardens and the Club Pelican Bay. He retired from CSC Index as Executive Vice-President of Management Consulting Services.3NoneMr. Crescenzi is a Trustee of GLV and GLO.
John F. Mee
1943
Trustee
 
Nominee
for: GLV
Trustee since:
GLV: 2004
GLQ:since 2005
GLO: 2006
 
Term expires:expires 2017††
GLV: 2019 (if elected)
GLQ: 2017
GLO: 2018
Mr. Mee ishas over 40 years of experience as an attorney practicing commercial law, family law, product liability and criminal law. Mr. Mee is currently a member of the Bar of the Commonwealth of Massachusetts. He serves on the Board of Directors of The College of the Holy Cross Alumni Association and Concord Carlisle Scholarship Fund, a Charitable Trust. Mr. Mee was from 1990 to 2009 an Advisor at the Harvard Law School Trial Advocacy Workshop.3None
8
Name, Address1Mr. Mee is a Trustee of GLV and Year of Birth
Position(s) Held with the Funds
Term of office and length of service with GLV2, GLQ3 & GLO4
Principal Occupation(s) During Past
Five Years
Number of Portfolios in Fund Complex Overseen by Trustee5
Other Directorships Held by Trustee During the Past Five YearsGLO.
Richard C. Rantzow
1938
Vice
Chairman
Vice-Chairman of the
Board and
Trustee
 
Nominee
for: GLQ
Trustee since:
GLV: 2004
GLQ:since 2005
GLO: 2006
 
Term expires:
GLV: 2018
GLQ:expires 2019 (if elected)
GLO: 2017†
Mr. Rantzow has over 40 yearsyears’ experience in the financial industry. His professional experience includes serving as an audit partner with Ernst & Young which specifically involved auditing financial institutions. Mr. Rantzow has also served in several executive positions in both financial and non-financial industries. Mr. Rantzow’s educational background is in accounting and he is a Certified Public Accountant who has continued to serve on several audit committees of various financial organizations.
3Mr. Rantzow is a Trustee and Chairman of the Audit Committee of the Liberty All-Star Equity Fund andFund; Director and Chairman of the Audit Committee of the Liberty All-Star Growth Fund, Inc.; and Vice-Chairman and Trustee of GLV and GLO.
14
Name, Address1 and Year of Birth
Position(s) Held with
the Fund
Term of office and length of service with the Fund2
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
Jerry G. Rutledge
1944
Trustee
 
Nominee
for: GLO
Trustee since:
GLV: 2004
GLQ:since 2005
GLO: 2006
 
Term expires:
GLV: 2017
GLQ:expires 2018
GLO: 2019
(if elected)
Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge was from 1994 to 2007 a Regent of the University of Colorado. In addition, Mr. Rutledge is currently serving as a Director of the University of Colorado Hospital. Mr. Rutledge also served as a Director of the American National Bank from 1985 to 2009.4Mr. Rutledge is currently a Trustee of the Financial Investors Trust and the Principal Real Estate Income Fund.Fund and Trustee of GLV and GLO.
Hon. Vincent W. Versaci
1971
Trustee
 
Nominee
for: GLV,
GLQ and
GLO
Trustee since:
GLV: 2013
GLQ: 2013
GLO:since 2013
 
Term expires (if2020
(if elected):
GLV: 2019
GLQ: 2017
GLO: 2018
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'sSurrogate’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.3NoneJudge Versaci is a Trustee of GLV and GLO.
Clifford J. Weber
1963
NomineeTerm expires in 2020
(if elected)		Mr. Weber is the founder of Financial Products Consulting Group, LLC (a consulting firm). Prior to starting Financial Products Consulting Group, he was the Executive Vice President – Global Index and Exchange Traded Products of the NYSE, a subsidiary of Intercontinental Exchange, from 2013 to 2015.  Previously, Mr. Weber was the Executive Vice President – Head of Strategy and Product Development of NYSE Liffe U.S., a division of NYSE Euronext, from 2008 to 2013, and held various positions with the American Stock Exchange from 1990 to 2008.N/AClough Funds Trust (1 fund); Janus Detroit Street Trust (4 funds); Clayton Street Trust (3 funds); Elevation ETF Trust (1 fund).
915
Name, Address1 and Year of Birth
Position(s) Held with
the FundsFund
Term of office and length of service with GLVthe Fund2, GLQ3 & GLO4
Principal Occupation(s)
During Past
Five Years
Number of Portfolios in Fund Complex Overseen by Trustee53
Other Directorships Held by Trustee During the Past Five Years
Interested Trustees64/Nominees
Edmund J. Burke75
1961
Trustee and
President
Nominee
for: GLO
Trustee since:
GLV: 2006
GLQ: 2006
GLO:since 2006
Term expires:
GLV: 2019expires 2020
(if elected)
GLQ: 2017
GLO: 2018
President
since:
GLV: 2004
GLQ: since 2005
GLO: 2006
Mr. Burke joined ALPS in 1991 and is currently the Chief Executive Officer and President of ALPS Holdings, Inc. (a wholly-owned subsidiary of DST), and a Director of ALPS Advisors, Inc., ALPS Distributors, Inc., ALPS Fund Services, Inc., and ALPS Portfolio Solutions Distributor, Inc. Mr. Burke is also Director of Boston Financial Data Services. Mr. Burke is deemed an affiliate of eachthe Fund as defined under the 1940 Act.
5Mr. Burke is also Trustee, Chairman and President of Financial Investors Trust, Trustee and President of Clough Funds Trust, a Trustee and Vice President of the Liberty All-Star Equity Fund, Trustee and President of GLV and GLO, and is a Director and Vice President of the Liberty All-Star Growth Fund, Inc.
16
James E. CantyName, Address81 and Year of Birth
Position(s) Held with
the Fund
Term of office and length of service with the Fund2
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
Kevin McNally6
19621969
 
Clough Capital Partners LPL.P.
One Post Office Square
40th Floor
Boston, MA 02109
Trustee
 
Nominee
for: GLQ
Trustee since:
GLV: 2004
GLQ: 2016
GLO: 2006since 2017
 
Term expires:
GLV: 2018
GLQ:expires 2019
(if elected)
GLO: 2017
Mr. Canty is a founding partner, President and Portfolio Manager for Clough.McNally has over 24 years of industry experience focusing almost exclusively on closed-end funds. Mr. Canty is deemed an affiliate of each Fund as defined under the 1940 Act. Mr. CantyMcNally is currently a memberManaging Director at Clough and serves as the portfolio manager for an investment fund advised by Clough that invests primarily in closed-end funds. Prior to joining Clough Capital Partners L.P. in 2014, he served as the Director of Closed-End Funds at ALPS Fund Services, Inc. from 2003 to 2014, 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 BoardClosed-End Fund Marketing Department at Prudential Securities from 1992 to 1994. Mr. McNally received a Bachelor of DirectorsArts degree from the University of Clough Offshore Fund, Ltd.Massachusetts at Amherst in 1991 and Clough Offshore Fund (QP), Ltd. Mr. Canty is also currently a Trusteean MBA in Finance from New York University’s Stern School of St. Bonaventure University, Blacklight Power, Inc. and Razia’s Ray of Hope. Mr. Canty is a Certified Public Accountant.Business in 1998.43Mr. CantyMcNally is a Trustee of Clough Funds Trust.GLV and GLO.

1017
Officers
Jeremy O. May
1970
Treasurer
Officer since97:
GLV: 2004
GLQ: 2005
GLO: 2006
Mr. May joined ALPS in 1995 and is currently President of ALPS and ALPS Distributors, Inc., and Executive Vice President and Director of ALPS Advisors, Inc. and ALPS Holdings, Inc. Mr. May is also Director of ALPS Portfolio Solutions Distributor, Inc. Mr. May is deemed to be an affiliate of each Fund as defined under the 1940 Act. Mr. May is also President, Chairman and Trustee of ALPS Series Trust and Elevation ETF Trust. Mr. May is also President, Chairman and Trustee of the Reaves Utility Income Fund. Mr. May is currently on the Board of Directors of the University of Colorado Foundation.
N/AN/A
Abigail J. MurraySareena Khwaja-Dixon
19751980
Secretary
Officer since97: 2016
GLV: 2015
GLQ: 2015
GLO: 2015
Ms. MurrayKhwaja-Dixon joined ALPS in April 2015. SheAugust 2015 and is currently Senior Counsel and Vice President and Senior Counsel of ALPS.ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Murray was an Attorney and Managing Member at Murray & Rouvina PLC from 2014 to 2015 and an Associate with Vedder Price P.C. from 2007 to 2014.Khwaja-Dixon served as a Senior Paralegal/Paralegal for Russell Investments (2011 – 2015). Ms. MurrayKhwaja-Dixon is also the Secretary of ALPS ETFStadion Investment Trust, Liberty All-Star Equity Fund, Liberty All-Star Growth Fund, Inc., and Clough Funds Trust RiverNorth Opportunities Fund, Inc. and The Caldwell & Orkin Funds, Inc. and Assistant Secretary of Elevation ETF Trust, Ms. Murray is deemed to be an affiliate of each Fund as defined under the 1940 Act.ALPS Variable Investment Trust.N/AN/A
Melanie Zimdars
1976
Chief Compliance Officer
Officer since97:
GLV: 2016
GLQ: 2016
GLO: 2016
Ms. Zimdars currently serves as a Deputy Chief Compliance Officer with ALPS. Prior to joining ALPS in September 2009, Ms. Zimdars served as Principal Financial Officer, Treasurer and Secretary for the Wasatch Funds from February 2007 to December 2008. Because of her position with ALPS, Ms. Zimdars is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Zimdars is also the CCO of ALPS Series Trust, Broadview Funds Trust, Elkhorn ETF Trust, Clough Funds Trust and CaldwellGoehring & OrkinRozencwajg Investment Funds Inc.Trust.N/AN/A
11
Alan Gattis
1980
Assistant Treasurer
Officer since97:
GLV: 2016
GLQ: 2016
GLO: 2016
Mr. Gattis joined ALPS in 2011, and is currently Vice President and Fund Controller. Prior to ALPS Mr. Gattis served as Audit Manager, Spicer Jeffries LLP, from 2009 through 2011 and Auditor, PricewaterhouseCoopers LLP, from 2004 through 2009. Mr. Gattis also Servesserves as Assistant Treasurer of Clough Global Allocation Fund, Clough Global Equity Fund, Clough Global Opportunities Fund,Funds Trust, Griffin Institutional Access Real Estate Fund, Stadion Funds,Elevation ETF Trust, Financial Investors Trust, and Centaur Mutual FundsALPS Series Trust.N/AN/A
18
Jennifer A. Craig
1973
Assistant Secretary
Officer since97 :
GLV: 2016
GLQ: 2016
GLO: 2016
Ms. Craig joined ALPS in 2007 and is currently Assistant Vice President and Legal Manager of ALPS. Prior to joining ALPS, Ms. Craig was Legal Manager at Janus Capital Management LLC and served as Assistant Secretary of Janus Investment Fund, Janus Adviser Series and Janus Aspen Series. Ms. Craig is also Assistant Secretary of ALPS ETF Trust, Financial Investors Trust, ALPS Series Trust and Clough Funds Trust.N/AN/A
1Address: 1290 Broadway, Suite 1100, Denver, Colorado 80203, unless otherwise noted.
2GLV commenced operations on July 28, 2004.
3GLQThe Fund commenced operations on April 27, 2005.
4GLO commenced operations on April 25, 2006.
53The Fund Complex for all Trustees, except Mr. Rutledge Mr. Canty and Mr. Burke, consists of the Clough Global AllocationDividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund. The Fund Complex for Mr. Rutledge consists of Clough Global AllocationDividend and Income Fund, Clough Global Equity Fund, Clough Global Opportunities Fund and the Clough China Fund, a series of the Financial Investors Trust. The Fund Complex for Mr. Burke consists of Clough Global AllocationDividend and Income Fund, Clough Global Equity Fund, Clough Global Opportunities Fund, the Clough China Fund, a series of the Financial Investors Trust, and Clough Global Long-Short Fund, a series of Clough Funds Trust. The Fund Complex for Mr. Canty consists of Clough Global Allocation Fund, Clough Global Equity Fund, Clough Global Opportunities Fund and Clough Global Long-Short Fund, a series of Clough Funds Trust.
64
“Interested Trustees”Trustees” refers to those Trustees who constitute “interested persons” of athe Fund as defined in the 1940 Act.
75Mr. Burke is considered to be an “Interested Trustee” because he is President of eachthe Fund.
86Mr. CantyMcNally is considered to be an “Interested Trustee” because of his affiliation with Clough, which acts as eachthe Fund’s investment adviser.
97Officers are elected annually and each officer will hold such office until a successor has been elected by the Board.

†
Mr. Rantzow expects to retire from the Board at the conclusion of the Annual Meeting of Shareholders.
12
††
Mr. Mee is not seeking reelection as a Trustee at the Annual Meeting of Shareholders after his term has expired.
*
Mr. Weber also serves as a trustee of Clough Funds Trust, along with Mr. Burke. Jennifer A. Craig, Sareena Khwaja-Dixon, Melanie Zimdars and Alan Gattis serve as officers of Clough Funds Trust.

Beneficial Ownership of GLV Common Shares, GLQ Common Shares and GLO Common Shares Held in the Fund Complex by each Trustee/Nominee

Set forthout in the table below is the dollar range of equity securities held in eachthe 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
Dollar Range1, 2 of Equity
Securities Held in the Fund:
Aggregate Dollar Range of
Equity Securities Held in
the Family of Investment Companies3
Robert L. Butler$10,001-$50,000$10,001-$50,000$10,001-$50,000$50,001-$100,000$10,001-$50,000$50,001-$100,000
Adam D. Crescenzi$0$0$1-$10,000$1-$10,000$0$1-$10,000
John F. Mee$0$0$0$0$0$0
Richard C. Rantzow$10,001-$50,000$1-$10,000$0$10,001-$50,000$1-$10,000$10,001-$50,000
Jerry G. RutledgeOver $100,000Over $100,000$50,001-$100,000Over $100,000$1-$10,000$1-$10,000
Vincent W. Versaci$1-$10,000$1-$10,000$1-$10,000$10,001-$50,000$10,001-$50,000$10,001-$50,000
Clifford J. Weber$0$0
Interested Trustee/Nominee      
Edmund J. Burke$0$0$0$0$0$0
James E. CantyOver $100,000Over $100,000Over $100,000Over $100,000
Kevin McNally$0$0

19
(1)
This information has been furnished by each Trustee and nominee for election as Trustee as of March 31, 2016. “Beneficial Ownership”2017. “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 Fundsfunds in the family of investment companies for all Trustees consistsconsist of the Clough Global AllocationDividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund.

Trustee Transactions with Fund Affiliates

As of March 31, 2016,2017, 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 MKT LLC’s (“NYSE MKT”) 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 FundsFund and investmentsother in affiliated investment vehicles that, pursuant to guidance from the SEC Staff, do not affect such Trustee’s independence.registered funds. 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.

13
Trustee Compensation

The following table sets forthout certain information regarding the compensation of the Funds’Fund’s Trustees for the fiscal year ended October 31, 2015.2016. Trustees and Officers of the FundsFund who are employed by ALPS or Clough receive no compensation or expense reimbursement from the Funds.Fund.

Compensation Table for the Fiscal Year Ended October 31, 2015.2016.

Name of Trustee/ Nominee
Clough Global
Allocation Fund
Clough Global
Equity Fund
Clough Global Opportunities Fund
Total Compensation Paid From the Fund Complex1
Total Compensation
Paid From the Fund
Total Compensation
Paid From the Fund Complex1
Robert L. Butler $28,600 $32,200 $28,600 $89,400$24,600$73,800
Adam D. Crescenzi $23,833 $26,833 $23,833 $74,500$20,500$61,500
John F. Mee $23,833 $26,833 $23,833 $74,500$20,500$61,500
Richard C. Rantzow $26,217 $29,517 $26,217 $81,950$22,550$67,650
Jerry G. Rutledge $23,833 $26,833 $23,833 $75,059$20,500$61,840
Vincent W. Versaci $23,833 $26,833 $23,833 $74,500$20,500$61,500
20
(1)The Fund Complex for all Trustees, except Mr. Rutledge Mr. Canty and Mr. Burke, consists of the Clough Global AllocationDividend and Income Fund, Clough Global Equity Fund and Clough Global Opportunities Fund. The Fund Complex for Mr. Rutledge consists of Clough Global AllocationDividend and Income Fund, Clough Global Equity Fund, Clough Global Opportunities Fund and the Clough China Fund, a series of the Financial Investors Trust. The Fund Complex for Mr. Burke consists of Clough Global AllocationDividend and Income Fund, Clough Global Equity Fund, Clough Global Opportunities Fund, the Clough China Fund, a series of the Financial Investors Trust, and Clough Global Long-Short Fund, a series of Clough Funds Trust. The Fund Complex for Mr. Canty consists of Clough Global Allocation Fund, Clough Global Equity Fund, Clough Global Opportunities Fund and Clough Global Long-Short Fund, a series of Clough Funds Trust.

EachThe 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 eachthe Fund an annual retainer of $14,000 per year plus $1,500 per Board meeting attended. The Chairman receives from eachthe Fund an annual retainer of $16,800 per year plus $1,800 per Board meeting attended. The Audit Committee Chairman receives from eachthe Fund an annual retainer of $15,400 per year plus $1,650 per Board meeting attended. Effective November 1, 2015, the Independent Trustees determined to change the additional per-meeting fees forFor each telephonic Board meeting attended, to the following:Trustees are paid as follows: (i) $500 for each Independent Trustee; (ii) $600 for the Chairman; and (iii) $550 for the Chairman of the Audit Committee. The Independent Trustees will continue todo not receive any additional fees for in-person or telephonic committee meetings. The Chairman, Audit Committee Chairman and each Independent Trustee’s actual out-of-pocket expenses relating to their attendance at such meetings are also paid for by the Funds.Fund.

14
During the fiscal year ended October 31, 2015,2016, the Board of GLV and GLOthe Fund met seven times and the Board of GLQ met ninefive times. Each Trustee then serving in such capacity attended at least 75% of the meetings of Trustees and of any Committee of which he is a member.

Leadership Structure of the Board of Trustees

The Board, which has overall responsibility for the oversight of eachthe 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’Fund’s officers, attorneys and various other service providers, including but not limited to, the Funds’Fund’s investment adviser, administrator and other such third parties servicing the Funds.Fund. 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 chairmanthe Adviser 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 Nominating Committee; and the Executive Committee. The Audit Committee and Nominating Committee are each chaired by, and composed of, members who are Independent Trustees. The Executive Committee consists of two Interested Trustees and one Independent Trustee.

21
Oversight of Risk Management

EachThe Fund, by the nature of its business, is confronted with a multitude ofvarious risks such as investment risk, counter partycounterparty risk, valuation risk, political risk, risk of operational failures, business continuity risk, regulatory risk, legal risk and other risks not listed here. The Board recognizes that not all risks that may affect the FundsFund can be known, eliminated or mitigated. In addition, there are some risks that may not be cost effective or an efficient use of eachthe 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 eachthe Fund to bear certain and undeniable risks, such as investment risk, in order for eachthe Fund to operate in accordance with its prospectus, statement of additional information and other related documents.investment strategies.

However, as required under the 1940 Act, the Board has adopted on the Funds’Fund’s behalf a vigorous risk program that mandates the Funds’Fund’s 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 athe Fund. The Board fulfillsimplements its leadershipoversight role by receiving a variety of quarterly written reports prepared by the Funds’Fund’s Chief Compliance Officer (“CCO”CCO”) that: (i) evaluate the operation of the Funds’Fund’s service providers; (ii) make known any material changes to the policies and procedures adopted by the FundsFund or theirits 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.Fund. 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’Fund’s day-to-day risk management activities.

15
The role of the Funds’Fund’s Audit Committee is to assist the Board in its oversight of: (i) the quality and integrity of Funds’Fund’s financial statements, reporting process and the independent registered public accounting firm (the “independent accountant”“independent accountant”) and reviews thereof; (ii) the Funds’Fund’s accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of certain service providers; (iii) the Funds’Fund’s 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 eachthe Fund’s annual proxy statement. EachThe Audit Committee operates pursuant to anthe Audit Committee Charter (the “Charter”) that was most recently reviewed and approved by the Audit Committee on December 23, 2015.21, 2016. The Charter is available at the Funds’Fund’s website, www.cloughglobal.com. As set forthout in the Charter, management is responsible for maintaining appropriate systems for accounting and internal control and the Funds’Fund’s independent accountant is responsible for planning and carrying out proper audits and reviews. The independent accountant is ultimately accountable to eachthe Fund’s Board and Audit Committee, as representatives of eachthe Fund’s shareholders. The independent accountant for the FundsFund reports directly to the Audit Committee.

22
In performing its oversight function, at a meeting held on December 23, 2015,21, 2016, the Audit Committee reviewed and discussed with management of the FundsFund and the independent accountant, Cohen Fund Audit Services,& Company, Ltd. (“Cohen”), the audited financial statements of the FundsFund as of and for the fiscal year ended October 31, 2015,2016, 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 FundsFund 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”PCAOB”) Audit Standard No. 16 Communications with Audit Committees. The Audit Committee also received from the independent accountant the written disclosures and letters required by PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, and discussed the relationship between the independent accountant and the FundsFund and the impact that any such relationships might have on the objectivity and independence of the independent accountant.

16
As set forthout above, and as more fully set forthout in the Charter, the Audit Committee has significant duties and powers in its oversight role with respect to eachthe 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 FundsFund for accounting, financial management or internal control purposes. Moreover, eachthe Audit Committee relies on and makes no independent verification of the facts presented to it or representations made by management or the independent verification of the facts presented to it or representation made by management or the Funds’Fund’s 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 eachthe 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’Fund’s independent accountant, and subject to the limitations on the responsibilities and role of the Audit Committee set forthout in the Charter and those discussed above, eachthe Audit Committee recommends that eachthe Fund’s audited financial statements, subject to the modifications discussed at the December 23, 201521, 2016 Audit Committee meeting, be included in the Funds’Fund’s Annual Report for the fiscal year ended October 31, 2015.2016.

23
SUBMITTED BY THE AUDIT COMMITTEE OF EACHTHE FUND’S BOARD OF TRUSTEES

Richard C. Rantzow, Chairman
Robert L. Butler
Adam D. Crescenzi
John F. Mee
Jerry G. Rutledge
Vincent W. Versaci

December 23, 201521, 2016

Audit Committee

EachThe Audit Committee met three3 times during the fiscal year ended October 31, 2015.  Each2016. The Audit Committee is composed of six Independent Trustees, namely Messrs. Butler, Crescenzi, Mee, Rantzow, Rutledge and Judge Versaci. None of the members of the Audit Committee are “interested persons” of the Funds.Fund. It is expected that Ms. DiGravio and Mr. Weber will join the Audit Committee upon joining the Board.

Based on the findings of the Audit Committee, the Audit Committee has determined that Mr. Richard C. Rantzow is eachthe Fund’s “audit committee financial expert,” as defined in the rules promulgated by the SEC, and as required by NYSE MKT listing standards. Mr. Rantzow serves as the Chairman of the Audit Committee for eachthe Fund. The Audit Committee has also determined that Ms. DiGravio meets the criteria to be designated an audit committee financial expert.

17
Nominating Committee

EachThe Fund’s Board has a Nominating Committee composed of six Independent Trustees as the term is defined by the NYSE MKT listing standards, namely Messrs. Butler, Crescenzi, Mee, Rantzow, Rutledge and Judge Versaci. None of the members of the Nominating Committee are “interested persons” of the Funds. EachFund. It is expected that Ms. DiGravio and Mr. Weber will join the Nominating Committee upon joining the Board. The Nominating Committee operates pursuant to athe Nominating Committee Charter (the “Charter”“Charter”) that was most recently reviewed and approved by the Nominating Committee on October 14, 2015.5, 2016. The Charter is available at the Funds’Fund’s website, www.cloughglobal.com. The Nominating Committee met three times during the fiscal year ended October 31, 2015.2016. The Nominating Committee is responsible for identifying and recommending to the Board individuals believed to be qualified to become Board members and officers of the FundsFund in the event that a position is vacated or created. Mr. Crescenzi serves as Chairman of the Nominating Committee of eachthe Fund.

When such vacancies or creations occur, the Nominating Committee will consider Trustee candidates recommended by a variety of sources to include each Fund’s respective shareholders.sources. The Nominating Committee has a diversity policy. In considering Trustee candidates, the 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.

24
Shareholders may submit for the Nominating Committee’s consideration recommendations regarding potential independent Board member nominees. Each eligible shareholder or shareholder group may submit no more than one independent Board member nominee each calendar year.

The Charter of the Nominating Committee (which is available at www.cloughglobal.com) includes criteria that the Nominating Committee will assess in determining whether it will consider a shareholder’s submission. In order foraddition, the Committee to consider shareholder submissions,by-laws of the followingFund contain detailed requirements regarding information that must be satisfied regarding the nominee:included with any shareholder proposal.

(a)The nominee must satisfy all qualifications provided under the 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.

18
(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 Committee.

In order for the Committee to consider shareholder submissions, the following requirements must be satisfied regarding the shareholder or shareholder group submitting the proposed nominee:

(a)Any shareholder or shareholder group submitting a proposed nominee must beneficially own, either individually or in the aggregate, more than 5% of the Fund’s securities that are eligible to vote both at the time of submission of the nominee and at the time of the Board member election. Each of the securities used for purposes of calculating this ownership must have been held continuously for at least two years as of the date of the nomination. In addition, such securities must continue to be held through the date of the meeting. The nominating shareholder or shareholder group must also bear the economic risk of the investment and the securities used for purposes of calculating the ownership cannot be held “short.”

(b)The nominating shareholder or shareholder group must not qualify as an adverse holder. In other words, if such shareholder were required to report beneficial ownership of its securities, its report would be filed on Securities Exchange Act Schedule 13G instead of Schedule 13D in reliance on Securities Exchange Act Rule 13d-1(b) or (c).

(c)Shareholders or shareholder groups submitting proposed nominees must substantiate compliance with the above requirements at the time of submitting their proposed nominee as part of their written submission to the attention of the Fund’s Secretary, which must include: (i) a brief description of the business desired to be brought before the annual or special meeting and the reasons for conducting such business at the annual or special meeting, (ii) the name and address, as they appear on the Fund’s books, of the shareholder proposing such business or nomination, (iii) a representation that the shareholder is a holder of record of stock of the Fund entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to present such proposal or nomination; (iv) whether the shareholder plans to deliver or solicit proxies from other shareholders; (v) the class and number of shares of the capital stock of the Fund, which are beneficially owned by the shareholder and, if applicable, the proposed nominee to the Board of Trustees, (vi) any material interest of the shareholder or nominee in such business; (vii) to the extent to which such shareholder (including such shareholder’s principals) or the proposed nominee to the Board of Trustees has entered into any hedging transaction or other arrangement with the effect or intent of mitigating or otherwise managing profit, loss, or risk of changes in the value of the common stock or the daily quoted market price of the Fund held by such shareholder (including shareholder’s principals) or the proposed nominee, including independently verifiable information in support of the foregoing; and (viii) in the case of a nomination of any person for election as a Trustee, such other information regarding such nominee proposed by such shareholder as would be required to be included in a proxy statement filed pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended.

19
It shall be in the Committee’s sole discretion whether to seek corrections of a deficient submission or to exclude a nominee from consideration.

Any shareholder recommendation described above must be sent to the applicable Fund’s Secretary c/o ALPS.

Executive Committee

The Executive Committee meets periodically to take action, as authorized by the Board, if the Board cannot meet. Members of the Executive Committee are currently Messrs. Burke, Butler and Canty.McNally. During the fiscal year ended October 31, 2015,2016, the Executive Committee of GLQ met four times, anddid not meet. Mr. McNally joined the Executive Committees of both GLV and GLO, each met one time.Committee in May 2017.

Compensation Committee

The Funds doFund does not have a compensation committee.

Other Board Related Matters

The Funds doFund does not require Trustees to attend the Annual Meeting of Shareholders. No Trustees attended the Funds’Fund’s Annual Meeting of Shareholders held in 2015.2016.

20
REQUIRED VOTE

Proposal 1

The election of each of the listed nominees for Trustee of athe Fund requires the affirmative vote of the holders of a plurality of the votes cast by holdersShares of eachthe Fund entitled to vote and represented at the Fund’s Meeting, if a quorum is present.

EACHBroker Non-Votes and Abstentions

Votes will be counted as either “FOR” or “AGAINST.” Abstentions or broker non-votes will not be counted as votes cast. Abstentions or broker non-votes, however, will be considered to be present at the Meeting for purposes of determining the existence of the Fund’s quorum. Accordingly, abstentions or broker non-votes will have no effect on Proposal 1.

Shareholders of the Fund will be informed of the voting results of its Meeting in the Fund’s Annual Report dated October 31, 2017.

25
THE FUND’S BOARD, OF TRUSTEES, INCLUDING THE “NON-INTERESTED”INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE “FOR” THE ELECTION OF THE FUND’S RESPECTIVE NOMINEES.NOMINEES BY USING THE WHITE PROXY CARD.

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 eachthe Fund to be beneficial owners of more than 5% of athe Fund’s outstanding applicable Shares.

Trustees and Executive Officers
Name & Address1
Percentage of Shares HeldTotal Shares Owned
GLV Common Shares2
Edmund J. Burke*0%0
Robert L. Butler>1%2,007
James E. Canty>1%8,783
Adam D. Crescenzi0%0
Jeremy O. May*0%0
John F. Mee0%0
Richard C. Rantzow>1%2,188
Jerry G. Rutledge>1%7,712
Vincent W. Versaci>1%320
All Trustees and Executive Officers as a group>1%21,010
GLQ Common Shares2
Edmund J. Burke*0%0
Robert L. Butler>1%1,982
James E. Canty>1%105,887
Adam D. Crescenzi0%0
Jeremy O. May*0%0
John F. Mee0%0
Richard C. Rantzow0%24
Jerry G. Rutledge>1%12,750
Vincent W. Versaci>1%1,165
All Trustees and Executive Officers as a group>1%121,808
GLO Common Shares2
Edmund J. Burke* 0
Robert L. Butler>1%1,857
21
James E. Canty>1%12,785
Adam D. Crescenzi>1%406
Jeremy O. May*0%0
John F. Mee0%0
Richard C. Rantzow0%0
Jerry G. Rutledge>1%5,000
Vincent W. Versaci0%390
All Trustees and Executive Officers as a group>1%20,438
* Mr. Burke is a Trustee and the Principal Executive Officer of each Fund. Mr. May is the Principal Financial Officer of each Fund.

5% or Greater Shareholders
   
GLV Common Shares3
Bank of America Corporation
Bank of America Corporate Center
100 N Tryon Street
Charlotte, NC 28255
5.74%596,399
Advisors Asset Management, Inc.
18925 Base Camp Road
Monument, CO 80132
6.61%687,331
 
GLQ Common Shares3
Bank of America Corporation
Bank of America Corporate Center
100 N Tryon Street
Charlotte, NC 28255
7.86%1,387,304
RiverNorth Capital Management LLC
325 N. LaSalle Street
Suite 645
Chicago, IL 60654-7030
8.97%1,584,239

GLQ Common Shares1
Title of class
Name and address of
beneficial owner
Percent of class
Amount and nature
of beneficial ownership
Common shares
Bank of America Corporation
Bank of America Corporate Center
100 N Tryon Street
Charlotte, NC 28255
7.07%1,248,462
Common shares
RiverNorth Capital Management LLC
325 N. LaSalle Street
Suite 645
Chicago, IL 60654-7030
9.65%1,704,080
Common shares
Bulldog Investors LLC
Park 80 West, 250 Pehle Ave. Suite 708
Saddle Brook, NJ 07663
 
Phillip Goldstein
Park 80 West, 250 Pehle Ave. Suite 708
Saddle Brook, NJ 07663
 
Andrew Dakos
Park 80 West, 250 Pehle Ave. Suite 708
Saddle Brook, NJ 07663
 
Steven Samuels
Park 80 West, 250 Pehle Ave. Suite 708
Saddle Brook, NJ 07663
6.26%(a)1,104,979(a)
Common shares
Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor
New York, New York 10174
 
Boaz R. Weinstein
405 Lexington Avenue, 58th Floor
New York, New York 10174
13.65%(b)2,409,240(b)
GLO Common Shares3
Bank of America Corporation
Bank of America Corporate Center
100 N Tryon Street
Charlotte, NC 28255
6.78%3,495,803
RiverNorth Capital Management LLC
325 N. LaSalle Street
Suite 645
Chicago, IL 60654-7030
7.88%4,061,636

(1) The address for each Trustee and/or Officer of each Fund is 1290 Broadway, Suite 1100, Denver, Colorado 80203, unless otherwise noted.
(a)Bulldog Investors LLC, Phillip Goldstein, Andrew Dakos and Steven Samuels filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(2) The table above shows Trustees’ and Executive Officers’ ownership of Shares of each Fund as of March 31, 2016.
(b)Saba Capital Management, L.P. and Boaz R. Weinstein filed their schedule 13D jointly and did not differentiate holdings as to each entity.  The percentages used in this Schedule 13D are calculated based upon 17,653,305 Shares outstanding as of October 31, 2016 as reported in the Issuer's Annual Report to Shareholders on Form N-CSR filed on January 9, 2017.
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(1)The table above shows 5% or greater shareholders’ ownership of Shares as of May 4, 2017.  The information contained in this table is based on Schedule 13G/D filings made on or before May 4, 2017.
(3) The table above shows 5% or greater shareholders’ ownership of Shares as of May 23, 2016. The information contained in this table is based on Schedule 13G filings made on or before May 23, 2016.

ADDITIONAL INFORMATION

Independent Registered Public Accounting Firm

Cohen Fund Audit Services,& Company, Ltd. (“Cohen”), 1350 Euclid Avenue, Suite 800, Cleveland, OH 44145, has been selected to serve as eachthe Fund’s independent registered public accounting firm for eachthe Fund’s fiscal year ending October 31, 2016.2017. Cohen acted as eachthe Fund’s independent registered public accounting firm for the fiscal year ended October 31, 2015.2016. The Funds knowFund knows of no direct financial or material indirect financial interest of Cohen in any of the Funds.Fund. 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 forthout the aggregate audit and non-audit fees billed to eachthe Fund for each of the last threetwo fiscal years/periodyears for professional services rendered by the Funds’Fund’s principal accountant, Cohen.

 
Fiscal year ended
October 31, 2015
Fiscal period ended
October 31, 2014 (1)
Fiscal year ended
March 31, 2014
 GLVGLQGLOGLVGLQGLVGLVGLQGLO
Audit Fees (2)$20,500$20,500$20,500$20,500$20,500$20,500$20,500$20,500$20,500
Audit-Related Fees (3)000000000
Tax Fees (4)3,0003,0003,0003,0003,0003,0003,0003,0003,000
All Other Fees (5)000000000
Aggregate Non-Audit Fees (6)3,0003,0003,0003,0003,0003,0003,0003,0003,000
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Fiscal year ended
October 31, 2016
Fiscal year ended
October 31, 2015
Audit Fees (1)$20,500$20,500
Audit-Related Fees (2)00
Tax Fees (3)3,0003,000
All Other Fees (4)00
Aggregate Non-Audit Fees (5)3,0003,000
 
(1)In 2014, each Fund changed its fiscal year end to October 31, so this fiscal period consists of the seven months ended ended October 31, 2014.
(2)Audit Fees are fees billed for professional services rendered by Cohen for the audit of the Fund’s annual financial statements and for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.
 
(3)(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 Fund’s financial statements and are not reported under the caption “Audit Fees”.
 
(4)(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 athe Fund’s annual tax returns, excise tax returns, and review of dividend distribution calculation fees.
 
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(5)(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”.
 
(6)(5)Aggregate Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Fund, the Fund’s investment adviser (the “Adviser”)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 43 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.

EachThe Fund’s Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the independent registered public accountant to athe 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”affiliates”) that provide on-going services to athe Fund (a “Covered“Covered Services Provider”Provider”), if the engagement relates directly to the operations and financial reporting of athe Fund. EachThe 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 anthe Audit Committee’s pre-approval responsibilities to other persons (other than the investment adviser or athe Fund’s officers). Pre-approval by anthe 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 athe Fund, the investment adviser,Adviser, and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by athe 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 athe 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 FundsFund fees for the fiscal year ended October 31, 2015,2016, were pre-approved by the Audit Committee.

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Other Methods of Proxy Solicitation

In addition to the solicitation of proxies by internet or mail, officers of the FundsFund and officers and regular employees of DST Systems, Inc. (“DST”), the Funds’Fund’s transfer agent, ALPS Fund Services, Inc. (“ALPS”), the Funds’Fund’s administrator, and affiliates of DST, ALPS or other representatives of the FundsFund may also solicit proxies by telephone, internet or in person. The Fund has engaged Okapi Partners LLC, a proxy solicitation firm, to assist in the solicitation of proxies. If representatives of Okapi call you, they will clearly identify themselves as the proxy solicitor for the Fund. It is anticipated that Okapi Partners LLC will be paid solicitation fees not to exceed $225,000 plus charges for calls with individual investors and expenses for such solicitation services, which costs are to be borne by the Fund. Under the terms of the engagement, Okapi will be providing a website for the dissemination of these proxy materials and tabulation services. The expenses incurred in connection with preparing the Proxy Statement and its enclosures will be paid by the Funds.Fund. The FundsFund will also reimburse brokerage firms and others for their expenses in forwarding solicitation materials to the beneficial owners of the Funds’ Shares (as defined below). In addition, the Funds have engaged Boston Financial Data Services, Inc. (“BFDS”) to assist in the proxy effort for the Funds. Under the terms of the engagement, BFDS will be providing a web site for the dissemination of these proxy materials and tabulation services.Fund’s Shares. 

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The Investment Adviser and Administrator

Clough is the investment adviser for each of the Funds,Fund, and its business address is One Post Office Square, 40th Floor, Boston, Massachusetts 02109.

ALPS is the administrator for eachthe Fund, and its business address is 1290 Broadway, Suite 1100, Denver, Colorado 80203.

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’Fund’s 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 athe Fund’s Common Shares (the “Reporting Persons”“Reporting Persons”) to file reports of ownership and changes in ownership with the SEC and the NYSE MKT and to furnish the FundsFund with copies of all Section 16(a) forms they file. Based solely on these reports and other information provided to the FundsFund by the Reporting Persons, eachthe Fund believes that all Reporting Persons timely filed the required reports during fiscal year ended October 31, 2015.

Broker Non-Votes and Abstentions

The affirmative vote2016; with the exception of a pluralitystatement of votes cast for each nominee by the holders entitled to vote for a particular nominee is necessary for the electionbeneficial ownership on Form 4 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 resultMr. Rutledge, Trustee of the election. Abstentions or broker non-votes, however, will be considered to be present atFund, that was not filed before the Meeting for purposes of determining the existence of each Fund’s quorum.

Shareholders of each Fund will be informedend of the voting resultssecond business day following the day on which a transaction resulting in a change of beneficial ownership was executed.  The statement of change of beneficial ownership of Mr. Rutledge has since been filed with the Meeting in the Funds’ Annual Report dated October 31, 2016.SEC.

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OTHER MATTERS TO COME BEFORE THE MEETING

The Trustees of eachthe 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 eachthe Fund’s Board, to committees of the Board or to specified individual Trustees in care of the Secretary of the Funds,Fund, 1290 Broadway, Suite 1100, Denver, Colorado 80203. 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 athe Fund or its operations, management, activities, policies, service providers, Board, officers, shareholders or other matters relating to an investment in athe Fund or is purely ministerial in nature.

25
SHAREHOLDER PROPOSALS

Any shareholder proposal, including any nomination by a shareholder for a person to serve as Trustee, to be considered for inclusion in the Funds’Fund’s proxy statement and form of proxy for the annual meeting of shareholders to be held in 20162017 should have been received by the Secretary of the relevant Fund no later than March 3, 2016.February 20, 2017. To submit a shareholder proposal for athe Fund’s annual meeting, a shareholder is required to fivegive to athe Fund notice of, and specified information with respect to any proposals pursuant to Rule 14a-8 under the 1934 Act by February 20, 2017.April 5, 2018. In addition, pursuant to eachthe Fund’s By-Laws, a shareholder is required to give to athe Fund notice of, and specified information with respect to, any proposals that such shareholder intends to present at the 2017 annual meeting not later than the close of business on the ninetieth (120th)one hundred twentieth (120th) day, nor earlier than the close of business on the one hundred twentieth (150th)fiftieth (150th) day, prior to the first anniversary of the preceding year’s annual meeting. Under the circumstances described in, and upon compliance with, Rule 14a-4(c) under the 1934 Act, athe Fund may solicit proxies in connection with the 20172018 annual meeting which confer discretionary authority to vote on any shareholder proposals of which the Secretary of the relevant Fund does not receive notice in accordance with the aforementioned date. Timely submission of a proposal does not guarantee that such proposal will be included.

HOUSEHOLDING OF PROXY MATERIALS

Shareholders who share the same address and last name may receive only one copy of the proxy materials unless BFDS,Okapi, in the case of shareholders of record, or such shareholder'sshareholder’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 to BFDS.the Fund, addressed to the Secretary of the Fund, c/o ALPS, 1290 Broadway, Suite 1100, Denver, Colorado 80203.

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IF VOTING BY PAPER PROXIES, IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND ATHE MEETING ARE THEREFORE URGED TO COMPLETE, SIGN, DATE, AND RETURN THE WHITEPROXY CARD AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.

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