Report 
 
      
Registrant:   Clough Global Long/Short Fund — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  10/31/15

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      1638872
SEC File #:   811-23059

Telephone #:  877-256-8445
 
 2.
Address:      1290 Broadway, Suite 1100
              Denver, CO  80203
 
 3.
Is this the first Form N-SAR filed by the Registrant?  Yes
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         Clough Capital Partners
Role:         Adviser
SEC File #:   801-63142
Location:     Boston, MA
 
Administrator 
 
10.1
Name:         Alps Fund Services, Inc.
SEC File #:   084-05730
Location:     Denver, CO
 
Principal Underwriter 
 
11.1
Name:         Alps Portfolio Solutions Distributor, Inc.
SEC File #:   008-45730
Location:     Denver, CO
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Alps Fund Services, Inc.
SEC File #:   084-05730
Location:     Denver, CO
 
Independent Public Accountant 
 
13.1
Name:         Ernst & Young LLP
Location:     Boston, MA
 
Custodian 
 
15.1
Name:         BNP Paribus Securities Services
Role:         Sub-Custodian
Location:     Athens
              Greece

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.2
Name:         Citibank N.A.
Role:         Sub-Custodian
Location:     Singapore
              Singapore

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.3
Name:         Citibank N.A., Brazilian Branch
Role:         Sub-Custodian
Location:     Sao Paulo
              Brazil

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.4
Name:         Citibank NA Mexico
Role:         Sub-Custodian
Location:     Santa Fe
              Mexico

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.5
Name:         Credit Suisse AG
Role:         Sub-Custodian
Location:     Zurich
              Switzerland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.6
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Jakarta
              Indonesia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.7
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Eschborn
              Germany

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.8
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Amsterdam
              The Netherlands

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.9
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Makati City
              Phillipines

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.10
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Moscow
              Russia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.11
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Milan
              Italy

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.12
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Seoul
              Korea

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.13
Name:         Deutsche Bank AG
Role:         Sub-Custodian
Location:     Kuala Lumpur
              Malaysia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.14
Name:         Deutsche Bank Sociedad Anonima ESPA
Role:         Sub-Custodian
Location:     Madrid
              Spain

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.15
Name:         Firstrand Bank Ltd.
Role:         Sub-Custodian
Location:     Johannesburg
              South Africa

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.16
Name:         Hongkong & Shanghai Banking Corp. Ltd.
Role:         Sub-Custodian
Location:     Auckland
              New Zealand

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.17
Name:         HSBC Shanghai
Role:         Sub-Custodian
Location:     Shanghai
              China

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.18
Name:         HSBC Sydney
Role:         Sub-Custodian
Location:     Sydney
              Australia

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.19
Name:         Nordea Bank AB
Role:         Sub-Custodian
Location:     Stockholm
              Sweden

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.20
Name:         Nordea Bank Finland plc
Role:         Sub-Custodian
Location:     Helsinki
              Finland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.21
Name:         Nordea Bank Norge ASA
Role:         Sub-Custodian
Location:     Oslo
              Norway

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.22
Name:         Royal Bank of Canada
Role:         Sub-Custodian
Location:     Toronto ON
              Canada

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.23
Name:         Standard Chartered Bank (Hong Kong) Ltd.
Role:         Sub-Custodian
Location:     Kwun Tong
              Hong Kong

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.24
Name:         Standard Chartered Bank (Taiwan) Ltd.
Role:         Sub-Custodian
Location:     Tapei
              Taiwan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.25
Name:         Standard Chartered Bank (Thailand) plc
Role:         Sub-Custodian
Location:     Bangkok
              Thailand

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.26
Name:         State Street Bank & Trust Co.
Role:         Sub-Custodian
Location:     Edinburgh
              Scotland

Type of custody:  Rule 17f-5 — Foreign Custodian
 
15.27
Name:         The Hongkong & Shanghai Banking Corp.
Role:         Sub-Custodian
Location:     Tokyo
              Japan

Type of custody:  Rule 17f-5 — Foreign Custodian
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  No
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Knight Equity Markets, L.P.
IRS #:        22-3660471
Commissions paid ($000s):  10
 
20.2
Broker:       Morgan Stanley & Co., Inc.
IRS #:        13-2655998
Commissions paid ($000s):  7
 
20.3
Broker:       Credit Agricole Cheuvreux North America, Inc.
IRS #:        13-3867844
Commissions paid ($000s):  7
 
20.4
Broker:       Deutsche Bank Securities, Inc.
IRS #:        13-2730828
Commissions paid ($000s):  2
 
20.5
Broker:       Citigroup Global Markets, Inc.
IRS #:        11-2418191
Commissions paid ($000s):  2
 
20.6
Broker:       State Street Global Markets, LLC
IRS #:        04-3464336
Commissions paid ($000s):  1
 
20.7
Broker:       Merrill Lynch Professional Clearing Corp.
IRS #:        12-3247006
Commissions paid ($000s):  1
 
20.8
Broker:       Credit Suisse Securities (USA) LLC
IRS #:        05-0546650
Commissions paid ($000s):  1
 
20.9
Broker:       Goldman Sachs & Co.
IRS #:        13-5108880
Commissions paid ($000s):  1
 
20.10
Broker:       JP Morgan Chase & Co.
IRS #:        13-2624428
Commissions paid ($000s):  1
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  39
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Blackrock Institutional Liquidity Funds
Registrant’s purchases ($000s):  12,232
Registrant’s sales ($000s):  5,834
 
22.2
Entity:       Morgan Stanley & Co., Inc.
IRS #:        13-2655998
Registrant’s purchases ($000s):  303
Registrant’s sales ($000s):  394
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  12,535
   Aggregate sales ($000s):  6,228
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  Yes

25.

The brokers or dealers, or their parents (issuers):
 
25.1
Name:         Bank of America Corp.
IRS #:        94-1687665
Type of security owned:  Equity
Value of securities owned at period end ($000s):  784
 
25.2
Name:         Citigroup Global Markets, Inc.
IRS #:        11-2418191
Type of security owned:  Equity
Value of securities owned at period end ($000s):  976
 
25.3
Name:         Goldman Sachs & Co.
IRS #:        13-5108880
Type of security owned:  Equity
Value of securities owned at period end ($000s):  175
 
25.4
Name:         JP Morgan Chase & Co.
IRS #:        13-2624428
Type of security owned:  Equity
Value of securities owned at period end ($000s):  135
 
25.5
Name:         Morgan Stanley & Co., Inc.
IRS #:        13-2655998
Type of security owned:  Equity
Value of securities owned at period end ($000s):  327
 
25.6
Name:         Blackrock Institutional Liquidity Funds
Type of security owned:  Debt
Value of securities owned at period end ($000s):  6,398
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  Yes
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  Yes
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 100
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 35,021

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 35,121
 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.
Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  0

The maximum sales load rate in effect at period end as a percentage of
the offering price:  5.75%
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  Yes
 
35.
Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s):  0
 
36.
Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period?  No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s):  0
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  Yes
 
38.
Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s):  0
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
Payments to brokers or dealers .........................................
 100
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  1.35%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  Yes
Services of independent auditors .......................................  Yes
Services of outside counsel ............................................  Yes
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  Yes
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  Yes
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  Yes
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $1
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes to both
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes to both
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  No        –
Margin purchases?                                        No        –
Short selling?                                           Yes to both
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  34,771
Sales ($000s):      6,494

Monthly average Value of portfolio ($000s):  29,504

Percent turnover (lesser of Purchases or Sales, divided by Value):  22%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  1

Income  ($000s)
Net interest income ..............................................
 –
Net dividend income ..............................................
 17
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 34
Administrator fees ...............................................
 4
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 2
Custodian fees ...................................................
 3
Postage ..........................................................
 –
Printing expenses ................................................
 6
Directors’ fees ..................................................
 5
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 8
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 43
Legal fees .......................................................
 –
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 37
Total expenses ...................................................
 142

Expense reimbursements ($000s):   83

Net investment income ($000s):    -42

Realized capital gains ($000s):   20

Net unrealized appreciation during the period ($000s):  713

Total income dividends for which the record date passed during the
period ($000s):  0

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 3
Repurchase agreements ............................................
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 27,525
Options on all futures ...........................................
 –
Other investments ................................................
 8,377
Receivables from portfolio instruments sold ......................
 1,488
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 7
All other assets .................................................
 10,218
Total assets .....................................................
 47,618

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 917
Amounts owed to affiliated persons ...............................
 5
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 10,787
  Written options ................................................
 –
  All other liabilities ..........................................
 97

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 35,812

Number of shares outstanding (000s):   3
Number of shares outstanding of a second class of shares (000s):  3

Net Asset Value (NAV) per share (to nearest cent):  $10.30
NAV per share of a second class of shares (to nearest cent):  $10.30

Total number of shareholder accounts:  10

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  17,956
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77I:  Terms of New or Amended Securities?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      AIG Specialty Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  750
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  No
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  Yes

The amount of the deductible ($000s):  25
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Patrick D. Buchanan      
Name:   Patrick D. Buchanan
Title:  Treasurer