Clough Global Opportunities Fund (GLO) N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21846

Clough Global Opportunities Fund

(exact name of Registrant as specified in charter)

1290 Broadway, Suite 1000, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

Sareena Khwaja-Dixon, Secretary

Clough Global Opportunities Fund

1290 Broadway, Suite 1000

Denver, Colorado 80203

(Name and address of agent for service)

Registrant’s telephone number, including area code: 877-256-8445

Date of fiscal year end: October 31

Date of reporting period: November 1, 2020 – April 30, 2021

Section 19(b) Disclosure

April 30, 2021 (Unaudited)

Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each a “Fund” and collectively, the “Funds”), acting pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Fund’s Board of Trustees (the “Board”), have adopted a plan, consistent with each Fund’s investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plan, through December 2019, each Fund paid monthly distributions in an annualized amount of not less than 10% of the respective Fund’s average monthly net asset value (“NAV”). Effective January 1, 2020, the Funds’ managed distribution policy was revised to set the monthly distribution rate at an amount equal to one twelfth of 10% of each Fund’s adjusted year-ending NAV, which is the average of the NAVs as of the last five business days of the prior calendar year. Until July 2021, each Fund will pay monthly distributions in an amount not less than the average distribution rate of a peer group of closed-end funds selected by the Board.

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

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

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

Until July 2021, each Board may amend, suspend or terminate each Fund’s Plan without prior notice if the Board determines in good faith that continuation would constitute a breach of fiduciary duty or would violate the Investment Company Act of 1940.

The suspension or termination of the Plan could have the effect of creating a trading discount (if a Fund’s stock is trading at or above net asset value) or widening an existing trading discount. Each Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, increased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to the Notes to Financial Statements in the Annual Report to Shareholders for a more complete description of its risks.

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

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website at www.cloughglobal.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

Beginning on January 1, 2019, you may, notwithstanding the availability of shareholder reports online, elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 1-866-226-8017, from 8am to 5pm CT, to let the Fund know you wish to continue receiving paper copies of your shareholder reports.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-866-226-8017.

To Our Investors,

For the semi-annual period ending April 30, 2021, the Clough Global Dividend and Income Fund (“GLV” or the “Fund”) had a total net return of 21.60% on net asset value (“NAV”) and 44.91% on market price, compared to 13.15% for the 50% Bloomberg Barclays US Aggregate Index/50% MSCI World Index and 17.34% for the Morningstar Global Allocation Index for the same period.

The Fund had strong performance for the first half of fiscal 2021 (November 1, 2020-April 30,2021). Financials and Information Technology were the largest contributing sectors while hedges and holdings in Fixed Income were the largest detractors.

Top 5 Contributors and Detractors for the Fund's first fiscal half of the year:

Taiwan Semiconductor Manufacturing Co Ltd. continues to be in a very strong position as the leading foundry for the global economy, and is where most of the leading-edge semiconductors will continue to be produced for the foreseeable future. Sany Heavy Industry Co Ltd., a heavy equipment maker in China, was also a top contributor as it is a structural share gainer versus global competitors like Caterpillar Inc. and is a direct beneficiary from fiscal stimulus in China. First American Financial Corp., a market leading title insurer, Bank of America Corp., and mortgage lender PennyMac Financial Services Inc. rounded out the top five positive contributors.

Options on the S&P 500 Index as well as long dated U.S. Treasuries were the top detractors from performance. Short positions in Deutsche Bank, Novocure Ltd., an oncology focused company and Cree Inc., a semiconductor producer, rounded out the bottom five detractors.

On the markets:

After a large run up in growth stocks in 2020 and a significant rotation to value names in the first quarter of 2021, many investors are likely looking for where to allocate their capital going forward. Interest rates have risen from record lows and inflation fears are in the market all while a reopening of the economy from the COVID shutdown kicks into full gear.

At Clough Capital Partners L.P. (“Clough Capital”), we are always looking for attractive profit cycles regardless of the state of the economy, the price of broader market indices, or whether the market favors growth or value stocks. Capital is always on the move, and we try to set up in front of where we believe these flows may turn as we seek returns for our investors. Or, as Wayne Gretzky would say; “don’t skate to the puck, skate to where the puck is going.”

We generally look for profit cycles in three significant areas, among others. First, markets that have seen significant underinvestment that now are entering a demand cycle. The COVID-19 shutdowns created underinvestment in several industries that are now facing a surge in demand. Two such industries are currently aerospace and semiconductors.

Second, we look for profit cycles in disruptive technologies. Finally, we look for new technologies to invest in such as electronic vehicles and the build out in the 5G networks.

Our analysts look for investments in these profit cycles globally. We have dedicated resources to have boots on the ground in China, as we believe it is still the largest consumer growth story on the planet and requires active monitoring and analysis.

Interest Rates and Inflation:

We think the behavior of the recent markets signals the recovery and corresponding rise in rates and inflation expectations may be more difficult to sustain, once the “sugar rush” from spending the stimulus checks runs its course. Even the rally in commodities seems to have faltered, at least temporarily.

Pent up demand for most durable goods like automobiles may be spent. The base effect caused by falling prices during the pandemic will make year-to-year inflation numbers this spring look like we are going back to the 1970s, but we believe that is likely to evaporate in the summer months.

Commodity prices rise because a demand surge happens before supplies can be brought on. Shortages of industrial and agricultural commodities are widespread today but eventually supply and logistical bottlenecks will be resolved, and price pressures relieved. As we write this, things are reportedly speeding up at the Port of Long Beach, California. China was the first economy to recover last spring and its needs for industrial materials soared, but it has now reportedly rebuilt its inventory stocks. The likelihood that the cyclical boom may be temporary might be why several growth and technology stock indexes, which had been range bound since last summer, have been performing well again.

One thing to watch is how bank deposits behave. Baby boomers are the wealthier segment of the population, and they are proving to be world class savers, as evidenced by the rise in bank deposits sitting unused by the banking system.

Households saved a good percentage of last year’s fiscal stimulus and invested it back in bank certificates of deposit (“CDs”). That rise in CDs outstanding, and not spending, is what blew out the money supply measures such as M2. Should the same happen again with the new stimulus checks, the financial markets could turn their attention to a possible slowdown in the economy later in the year. Powerful secular forces, which limit spending and inflation pressures, including demographics, already heavy consumer balance sheets and technology are still at work. And households have a history of treating one-time transfer payments and income subsidies like a temporary tax cut. They generally do not increase spending levels because the effect on incomes is temporary (academics call it the permanent income hypothesis). So, while most of the money went to boost deposits by 25%, bank loans rose only 10%. The American Jobs Plan’s infrastructure program is large in numbers, but it stretches out over eight years and any tax increase will only be further dilutive of spending and investment.

However, as this all plays out, it seems to us that monetary and fiscal actions are currently bullish for stocks, and we still believe a portfolio based upon a balance of growth and value makes the most sense. We see plenty of value plays in cruise lines and other leisure activities that are still well below their pre-COVID highs. We also believe growth stocks in technology and health care, that have been sold during this period of rising rates, will be very attractive once the market gets comfortable that rates have settled into their post-COVID range.

The Hedge Book:

The Fund continues to use the hedge book to attempt to lower volatility as well as protect long term positions from being liquidated at market bottoms. Last year, Eurodollar futures and long duration U.S. Treasuries proved to be a valuable addition to equity shorts in protecting the long book during the sharp selloff in February and March. This year, the Fund has pivoted to using sector specific ETFs along with individual short positions to hedge the portfolio from the sharp market rotation from growth to value. The ability to use multiple strategies to protect the portfolio during times of market volatility remains critical. Having your long book in place as the market recovers is crucial to creating returns for shareholders.

Sincerely,

Charles I Clough, Jr.

Robert M. Zdunczyk

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

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

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

The Bloomberg Barclays US Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The Barclays Aggregate Bond index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States, including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.

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

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

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

RISKS

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semiannual report which contains this and other information visit www.cloughglobal.com or call 1-877-256-8445. Read them carefully before investing.

A Fund’s distribution policy will, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital resulting in less of a shareholder’s assets being invested in the Fund and, over time, increase the Fund’s expense ratio.

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

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

A Fund’s investments in preferred stocks and bonds of below investment grade quality (commonly referred to as “high yield” or “junk bonds”), if any, are predominately speculative because of the credit risk of their issuers.

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

Interest rate risk is the risk that preferred stocks paying fixed dividend rates and fixed-rate debt securities will decline in value because of changes in market interest rates. When interest rates rise the value of such securities generally will fall. Derivative transactions (such as futures contracts and options thereon, options, swaps, and short sales) subject a Fund to increased risk of principal loss due to imperfect correlation or unexpected price or interest rate movements. Compared to investment companies that focus only on large companies, the Fund’s share price may be more volatile because it also invests in small and medium capitalization companies.

Past performance is neither a guarantee, nor necessarily indicative, of future results, which may be significantly affected by changes in economic and other conditions.

To Our Investors,

For the semi-annual period ending April 30, 2021, the Clough Global Equity Fund (“GLQ” or the “Fund”) had a total net return of 37.64% on net asset value (“NAV”) and 55.55% on market price, compared to 29.39% for the MSCI World Index for the same period.

The Fund had strong performance for the first half of fiscal 2021 (November 1, 2020-April 30, 2021). Health Care, Financials and Information Technology were the largest contributing sector while hedges and holdings in Fixed Income were the largest detractors.

Top 5 Contributors and Detractors for the Fund's first fiscal half of the year:

Among the top five positive contributors in the period, two health care investments, CRISPR Therapeutics and the ETFMG Alternative Harvest exchange-traded fund (“ETF”) were among the top gainers. Alternative Harvest is comprised of investments in the cannabis market which rallied as the incoming Biden administration is expected to be supportive of wide legalization and relaxing of regulatory barriers to the industry. First American Financial Corp., a market leading title insurer, Bank of America Corp., and Carnival Corp. rounded out the top five positive contributors.

Options on the S&P 500 Index as well as long dated U.S. Treasuries were top detractors from performance. A long position in AbCellera Biologics Inc., a specialty life sciences company, was also a detractor during the period. We continue to hold the name as we believe their development opportunities are significant. Short positions Cree Inc., a semiconductor producer, and Deutsche Bank rounded out the bottom five detractors.

On the Markets:

After a large run up in growth stocks in 2020 and a significant rotation to value names in the first quarter of 2021, many investors are likely looking for where to allocate their capital going forward. Interest rates have risen from record lows and inflation fears are in the market all while a reopening of the economy from the COVID shutdown kicks into full gear.

At Clough Capital Partners L.P. (“Clough Capital”), we are always looking for attractive profit cycles regardless of the state of the economy, the price of broader market indices, or whether the market favors growth or value stocks. Capital is always on the move, and we try to set up in front of where we believe these flows may turn as we seek returns for our investors. Or, as Wayne Gretzky would say; “don’t skate to the puck, skate to where the puck is going.”

We generally look for profit cycles in three significant areas, among others. First, markets that have seen significant underinvestment that now are entering a demand cycle. The COVID-19 shutdowns created underinvestment in several industries that are now facing a surge in demand. Two such industries are currently aerospace and semiconductors.

Second, we look for profit cycles in disruptive technologies. Finally, we look for new technologies to invest in such as electronic vehicles and the build out in the 5G networks.

Our analysts look for investments in these profit cycles globally. We have dedicated resources to have boots on the ground in China, as we believe it is still the largest consumer growth story on the planet and requires active monitoring and analysis.

Interest Rates and Inflation:

We think the behavior of the recent markets signals the recovery and corresponding rise in rates and inflation expectations may be more difficult to sustain, once the “sugar rush” from spending the stimulus checks runs its course. Even the rally in commodities seems to have faltered, at least temporarily.

Pent up demand for most durable goods like automobiles may be spent. The base effect caused by falling prices during the pandemic will make year- to-year inflation numbers this spring look like we are going back to the 1970s, but we believe that is likely to evaporate in the summer months.

Commodity prices rise because a demand surge happens before supplies can be brought on. Shortages of industrial and agricultural commodities are widespread today but eventually supply and logistical bottlenecks will be resolved, and price pressures relieved. As we write this, things are reportedly speeding up at the Port of Long Beach, California. China was the first economy to recover last spring and its needs for industrial materials soared, but it has now reportedly rebuilt its inventory stocks. The likelihood that the cyclical boom may be temporary might be why several growth and technology stock indexes, which had been range bound since last summer, have been performing well again.

One thing to watch is how bank deposits behave. Baby boomers are the wealthier segment of the population, and they are proving to be world class savers, as evidenced by the rise in bank deposits sitting unused by the banking system.

Households saved a good percentage of last year’s fiscal stimulus and invested it back in bank certificates of deposit (“CDs”). That rise in CDs outstanding, and not spending, is what blew out the money supply measures such as M2. Should the same happen again with the new stimulus checks, the financial markets could turn their attention to a possible slowdown in the economy later in the year. Powerful secular forces, which limit spending and inflation pressures, including demographics, already heavy consumer balance sheets and technology are still at work. And households have a history of treating one-time transfer payments and income subsidies like a temporary tax cut. They generally do not increase spending levels because the effect on incomes is temporary (academics call it the permanent income hypothesis). So, while most of the money went to boost deposits by 25%, bank loans rose only 10%. The American Jobs Plan’s infrastructure program is large in numbers, but it stretches out over eight years and any tax increase will only be further dilutive of spending and investment.

However, as this all plays out, it seems to us that monetary and fiscal actions are currently bullish for stocks, and we still believe a portfolio based upon a balance of growth and value makes the most sense. We see plenty of value plays in cruise lines and other leisure activities that are still well below their pre-COVID highs. We also believe growth stocks in technology and healthcare, that have been sold during this period of rising rates, will be very attractive once the market gets comfortable that rates have settled into their post-COVID range.

The Hedge Book:

The Fund continues to use the hedge book to attempt to lower volatility as well as protect long term positions from being liquidated at market bottoms. Last year, Eurodollar futures and long duration U.S. Treasuries proved to be a valuable addition to equity shorts in protecting the long book during the sharp selloff in February and March. This year, the Fund has pivoted to using sector specific ETFs along with individual short positions to hedge the portfolio from the sharp market rotation from growth to value. The ability to use multiple strategies to protect the portfolio during times of market volatility remains critical. Having your long book in place as the market recovers is crucial to creating returns for shareholders.

Sincerely,

Charles I Clough, Jr.

Robert M. Zdunczyk

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

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

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

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

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

RISKS

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semiannual report which contains this and other information visit www.cloughglobal.com or call 1-877-256-8445. Read them carefully before investing.

A Fund’s distribution policy will, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital resulting in less of a shareholder’s assets being invested in the Fund and, over time, increase the Fund’s expense ratio.

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

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

A Fund’s investments in preferred stocks and bonds of below investment grade quality (commonly referred to as “high yield” or “junk bonds”), if any, are predominately speculative because of the credit risk of their issuers.

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

Interest rate risk is the risk that preferred stocks paying fixed dividend rates and fixed-rate debt securities will decline in value because of changes in market interest rates. When interest rates rise the value of such securities generally will fall. Derivative transactions (such as futures contracts and options thereon, options, swaps, and short sales) subject a Fund to increased risk of principal loss due to imperfect correlation or unexpected price or interest rate movements. Compared to investment companies that focus only on large companies, the Fund’s share price may be more volatile because it also invests in small and medium capitalization companies.

Past performance is neither a guarantee, nor necessarily indicative, of future results, which may be significantly affected by changes in economic and other conditions.

To Our Investors,

For the semi-annual period ending April 30, 2021, the Clough Global Opportunities Fund (“GLO” or the “Fund”) had a total net return of 35.06% on net asset value (“NAV”) and 55.00% on market price compared to 21.07% for the 75% MSCI World Index/25% Bloomberg Barclays US Aggregate Index and 17.34% for the Morningstar Global Allocation Index for the same period.

The Fund had strong performance for the first half of fiscal 2021 (November 1, 2020-April 30,2021). Health Care, Financials and Information Technology were the largest contributing sectors while hedges and holdings in Fixed Income were the largest detractors.

Top 5 Contributors and Detractors for the Fund's first fiscal half of the year:

Among the top five positive contributors in the period, three health care investments, CRISPR Therapeutics, ETFMG Alternative Harvest exchange-traded fund (“ETF”) and GW Pharmaceuticals Plc were among the top gainers. Alternative Harvest is comprised of investments in the cannabis market which rallied as the incoming Biden administration is expected to be supportive of wide legalization and relaxing of regulatory barriers to the industry. GW Pharmaceuticals Plc is a specialty pharmaceutical company using genetically modified cannabis plants for the treatment of pediatric seizures. The stock rose when Jazz Pharmaceuticals Plc offered to acquire the company at a 50% premium to its market price. GW Pharmaceutical’s Epidiolex was the first plant-derived cannabinoid prescription medicine and is the only U.S. Food and Drug Administration (“FDA”) approved form of cannabidiol. Carnival Corp. and Bank of America Corp. rounded out the top five positive contributors.

Options on the S&P 500 Index as well as long dated U.S. Treasuries were the top detractors to performance. A long position in AbCellera Biologics Inc., a specialty life sciences company, was also a detractor during the period. We continue to hold the name as we believe their development opportunities are significant. Short positions in Deutsche Bank and Cree Inc., a semiconductor producer, rounded out the bottom five detractors.

On the Markets:

After a large run up in growth stocks in 2020 and a significant rotation to value names in the first quarter of 2021, many investors are likely looking for where to allocate their capital going forward. Interest rates have risen from record lows and inflation fears are in the market all while a reopening of the economy from the COVID shutdown kicks into full gear.

At Clough Capital Partners L.P. (“Clough Capital”), we are always looking for attractive profit cycles regardless of the state of the economy, the price of broader market indices, or whether the market favors growth or value stocks. Capital is always on the move, and we try to set up in front of where we believe these flows may turn as we seek returns for our investors. Or, as Wayne Gretzky would say; “don’t skate to the puck, skate to where the puck is going.”

We generally look for profit cycles in three significant areas, among others. First, markets that have seen significant underinvestment that now are entering a demand cycle. The COVID-19 shutdowns created underinvestment in several industries that are now facing a surge in demand. Two such industries are currently aerospace and semiconductors.

Second, we look for profit cycles in disruptive technologies. The Fund’s holdings of Carvana Co., the leading online auto retailer, and CRISPR Therapeutics, the groundbreaking gene editing company fit, this profile. Finally, we look for new technologies to invest in such as electronic vehicles and the build out in the 5G networks.

Our analysts look for investments in these profit cycles globally. We have dedicated resources to have boots on the ground in China, as we believe it is still the largest consumer growth story on the planet and requires active monitoring and analysis.

Interest Rates and Inflation:

We think the behavior of the recent markets signals the recovery and corresponding rise in rates and inflation expectations may be more difficult to sustain, once the “sugar rush” from spending the stimulus checks runs its course. Even the rally in commodities seems to have faltered, at least temporarily.

Pent up demand for most durable goods like automobiles may be spent. The base effect caused by falling prices during the pandemic will make year- to-year inflation numbers this spring look like we are going back to the 1970s, but we believe that is likely to evaporate in the summer months.

Commodity prices rise because a demand surge happens before supplies can be brought on. Shortages of industrial and agricultural commodities are widespread today but eventually supply and logistical bottlenecks will be resolved, and price pressures relieved. As we write this, things are reportedly speeding up at the Port of Long Beach, California. China was the first economy to recover last spring and its needs for industrial materials soared, but it has now reportedly rebuilt its inventory stocks. The likelihood that the cyclical boom may be temporary might be why several growth and technology stock indexes, which had been range bound since last summer, have been performing well again.

One thing to watch is how bank deposits behave. Baby boomers are the wealthier segment of the population, and they are proving to be world class savers, as evidenced by the rise in bank deposits sitting unused by the banking system.

Households saved a good percentage of last year’s fiscal stimulus and invested it back in bank certificates of deposit (“CDs”). That rise in CDs outstanding, and not spending, is what blew out the money supply measures such as M2. Should the same happen again with the new stimulus checks, the financial markets could turn their attention to a possible slowdown in the economy later in the year. Powerful secular forces, which limit spending and inflation pressures, including demographics, already heavy consumer balance sheets and technology are still at work. And households have a history of treating one-time transfer payments and income subsidies like a temporary tax cut. They generally do not increase spending levels because the effect on incomes is temporary (academics call it the permanent income hypothesis). So, while most of the money went to boost deposits by 25%, bank loans rose only 10%. The American Jobs Plan’s infrastructure program is large in numbers, but it stretches out over eight years and any tax increase will only be further dilutive of spending and investment.

However, as this all plays out, it seems to us that monetary and fiscal actions are currently bullish for stocks, and we still believe a portfolio based upon a balance of growth and value makes the most sense. We see plenty of value plays in cruise lines and other leisure activities that are still well below their pre-COVID highs. We also believe growth stocks in technology and healthcare that have been sold during this period of rising rates will be very attractive once the market gets comfortable that rates have settled into their post-COVD range.

The Hedge Book:

The Fund continues to use the hedge book to attempt to lower volatility as well as protect long term positions from being liquidated at market bottoms. Last year, Eurodollar futures and long duration U.S. Treasuries proved to be a valuable addition to equity shorts in protecting the long book during the sharp selloff in February and March. This year, the fund has pivoted to using sector specific ETFs along with individual short positions to hedge the portfolio from the sharp market rotation from growth to value. The ability to use multiple strategies to protect the portfolio during times of market volatility remains critical. Having your long book in place as the market recovers is crucial to creating returns for shareholders.

Sincerely,

Charles I Clough, Jr.

Robert M. Zdunczyk

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

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

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

The Bloomberg Barclays US Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The Barclays Aggregate Bond index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States, including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.

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

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

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

RISKS 

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semiannual report which contains this and other information visit www.cloughglobal.com or call 1-877-256-8445. Read them carefully before investing.

A Fund’s distribution policy will, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital resulting in less of a shareholder’s assets being invested in the Fund and, over time, increase the Fund’s expense ratio.

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

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

A Fund’s investments in preferred stocks and bonds of below investment grade quality (commonly referred to as “high yield” or “junk bonds”), if any, are predominately speculative because of the credit risk of their issuers.

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

Interest rate risk is the risk that preferred stocks paying fixed dividend rates and fixed-rate debt securities will decline in value because of changes in market interest rates. When interest rates rise the value of such securities generally will fall. Derivative transactions (such as futures contracts and options thereon, options, swaps, and short sales) subject a Fund to increased risk of principal loss due to imperfect correlation or unexpected price or interest rate movements. Compared to investment companies that focus only on large companies, the Fund’s share price may be more volatile because it also invests in small and medium capitalization companies.

Past performance is neither a guarantee, nor necessarily indicative, of future results, which may be significantly affected by changes in economic and other conditions.

See Notes to the Financial Statements.

See Notes to the Financial Statements.

See Notes to the Financial Statements.

See Notes to the Financial Statements.

FUTURES CONTRACTS

TOTAL RETURN SWAP CONTRACTS

CALL OPTIONS WRITTEN

See Notes to the Financial Statements.

See Notes to the Financial Statements.

See Notes to the Financial Statements.

See Notes to the Financial Statements.

FUTURES CONTRACTS

TOTAL RETURN SWAP CONTRACTS

CALL OPTIONS WRITTEN

See Notes to the Financial Statements.