Clough Global Long/Short Fund

Monthly Performance* as of 04/30/2019

  Cumulative Annualized
1 Mo. 3 Mo. YTD S.I. 1 Yr. 3 Yr. S.I.
Class A (Net Asset Value)1.09%3.64%10.46%9.68%-3.14%6.04%2.16%
Class A (Maximum Offering Price)-4.48%-2.03%4.43%3.65%-8.50%4.07%0.83%
S&P 500 Total Return Index (Benchmark)4.05%9.48%18.25%56.36%13.49%14.87%10.88%
HFRI Equity Hedge (Total) Index (Benchmark)1.63%4.09%9.45%20.25%0.98%6.92%4.35%
MSCI All Country World Index - NR (Benchmark)3.38%7.48%15.96%37.15%5.06%11.36%7.57%

Quarterly Performance* as of 03/31/2019

  Cumulative Annualized
1 Mo. 3 Mo. YTD S.I. 1 Yr. 3 Yr. S.I.
Class A (Net Asset Value)-0.45%9.26%9.26%8.49%-3.60%6.00%1.94%
Class A (Maximum Offering Price)-5.92%3.30%3.30%2.52%-8.89%4.01%0.59%
S&P 500 Total Return Index (Benchmark)1.94%13.65%13.65%50.27%9.50%13.51%10.07%
HFRI Equity Hedge (Total) Index (Benchmark)0.74%7.92%7.92%18.60%-0.07%6.83%4.10%
MSCI All Country World Index - NR (Benchmark)1.26%12.18%12.18%32.67%2.60%10.67%6.88%

Class A Expense Ratios as of 02/28/2019

Direct Operating Expenses2.86%
Acquired Fund Fees0.04%
Total Expense Ratio2.90%
Total Net Expense Ratio2.42%
Net Expense Ratios Excluding Acquired Funds Fees and Expenses and Dividend and Interest Expenses on Short Sales1.95%

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 Investor Class shares includes the Fund's maximum sales charge of 0.00%. 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 February 28, 2020. 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.

Effective December 1, 2017, the Clough Global Long/Short Fund Class A name changed to the Clough Global Long/Short Fund Investor Class.

Effective June 29, 2018, Class A shares of the Clough Global Long/Short Fund were added as a new available share class. Performance for Class A Shares prior to June 29, 2018 reflects the historical performance of the respective Fund’s Investor Class Shares, calculated using the fees and expense of Class A Shares.

As of February 28, 2019, the benchmark for the Fund changed from the S&P 500 Index to the MSCI All-Country World Index.

MSCI All-Country World Index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI ACWI is maintained by Morgan Stanley Capital International (MSCI), and is comprised of stocks from both developed and emerging markets.