Clough Global Long/Short Fund

Monthly Performance* as of 02/28/2017

  Cumulative Annualized
1 Mo. 3 Mo. YTD S.I. 1 Yr. S.I.
Class I (Net Asset Value)2.29%3.59%4.58%-2.63%8.87%-1.22%
S&P 500 Total Return Index (Benchmark)3.97%8.04%5.94%20.25%24.98%8.91%
HFRI Equity Hedge (Total) Index (Benchmark)1.17%3.93%3.05%7.67%14.46%3.48%

Quarterly Performance* as of 12/31/2016

  Cumulative Annualized
1 Mo. 3 Mo. YTD S.I. 1 Yr. S.I.
Class I (Net Asset Value)-0.95%-3.79%-6.66%-6.89%-6.66%-3.51%
S&P 500 Total Return Index (Benchmark)1.98%3.82%11.96%13.51%11.96%6.54%
HFRI Equity Hedge (Total) Index (Benchmark)0.86%1.33%5.54%4.51%5.54%2.23%

Class I Expense Ratios as of 10/01/2015

Gross Expense Ratio 2.61%
Net Expense Ratio 2.15%

The performance data quoted represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the performance quoted. Performance reflects the deduction of management fees and other applicable expenses. For the most current month-end performance data please call 1-855-425-6844. Investment returns and value of the Fund shares will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost.

Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 5.50%. Contingent Deferred Sales Charge (CDSC) performance for Class C shares includes a 1% CDSC on C shares redeemed within 12 months of purchase. Performance shown at Net Asset Value (NAV) does not include these sales charges and would have been lower had it been taken into account.

* The performance data quoted for periods prior to October 1, 2015 is that of an unregistered investment fund (the “Predecessor Fund”) that was managed by the Adviser and was reorganized into the Fund as of the date the Fund commenced investment operations. The Predecessor Fund was not a registered mutual fund and therefore was not subject to the same investment and tax restrictions as the Fund. Performance information reflects all fees and expenses incurred by the Predecessor Fund, and has not been adjusted to reflect Fund expenses. If it had been so adjusted, the Predecessor Fund’s performance might have been higher or lower for a given period depending on the amount of such expenses incurred for any given period. The Predecessor Fund commenced operations on January 2, 2015.

Clough Capital Partners L.P. (the “Adviser”) has agreed contractually to limit the operating expenses of each class of the Fund (excluding Rule 12b1 Distribution and Service Fees, Shareholder Services Fees, acquired fund fees and expenses, interest, taxes, brokerage costs and commissions, dividend and interest expense on short sales, and litigation, indemnification and extraordinary expenses as determined under generally accepted accounting principles) to an annual rate of 1.60% through October 1, 2016. The Adviser is permitted to recover, on a class by class basis, any fees waived and/or expenses reimbursed pursuant to the waiver arrangement described above to the extent that such recovery does not cause total annual operating expenses to exceed the expense limitation in effect (i) at the time the fees and/or expenses to be recovered were waived and/or reimbursed and (ii) at the time of such recovery. The Adviser will not be entitled to recover any such waived or reimbursed fees and expenses more than three years after the end of the fiscal year in which the fees were waived or expenses were reimbursed. The Adviser may not terminate this waiver arrangement without the approval of the Fund’s Board of Trustees.