N-Q 1 fp0018725_nq.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21712

CLOUGH GLOBAL EQUITY FUND
(Exact name of registrant as specified in charter)

1290 Broadway, Suite 1100, Denver, Colorado 80203
(Address of principal executive offices) (Zip code)

Abigail J. Murray
Clough Global Equity Fund
1290 Broadway, Suite 1100
Denver, Colorado 80203
 (Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 623-2577

Date of fiscal year end: October 31

Date of reporting period: January 31, 2016


Item 1 – Schedule of Investments.

The Schedule of Investments is included herewith.
 
Clough Global Allocation Fund
STATEMENT OF INVESTMENTS
January 31, 2016 (Unaudited)
 
   
Shares
   
Value
 
COMMON STOCKS 97.03%
 
Consumer Discretionary 21.55%
 
Diversified Consumer Services 2.23%
 
Service Corp. International(a)(b)
   
45,700
   
$
1,105,483
 
Starbucks Corp.(a)(b)
   
35,400
     
2,151,258
 
             
3,256,741
 
                 
Household Durables 5.41%
 
DR Horton, Inc.(a)(b)
   
108,126
     
2,974,546
 
Lennar Corp. - Class A(a)(b)
   
97,300
     
4,101,195
 
PulteGroup, Inc.(a)(b)
   
48,500
     
812,860
 
             
7,888,601
 
                 
Internet & Catalog Retail 3.84%
 
JD.com, Inc. - ADR(a)(b)(c)
   
14,800
     
385,244
 
Liberty Ventures - Series A(a)(b)(c)
   
114,072
     
4,486,452
 
Rakuten, Inc.(c)
   
70,900
     
719,453
 
             
5,591,149
 
                 
Media 7.84%
 
AMC Entertainment Holdings, Inc. - Class A(a)(b)
   
38,600
     
841,480
 
Cable One, Inc.(a)(b)
   
1,800
     
773,982
 
Comcast Corp. - Class A(a)(b)
   
50,700
     
2,824,497
 
IMAX Corp.(a)(b)(c)
   
60,300
     
1,872,918
 
Liberty Broadband Corp. - Class A(a)(b)(c)
   
12,528
     
596,333
 
Liberty Broadband Corp. - Class C(a)(b)(c)
   
46,348
     
2,178,356
 
Liberty Media Corp. - Class A(a)(b)(c)
   
30,112
     
1,102,702
 
Liberty Media Corp. - Class C(a)(b)(c)
   
34,824
     
1,239,386
 
             
11,429,654
 
                 
Specialty Retail 1.45%
 
Signet Jewelers, Ltd.(a)(b)
   
18,250
     
2,117,000
 
                 
Textiles 0.78%
 
Carter's, Inc.(a)(b)
   
11,700
     
1,137,474
 
                 
TOTAL CONSUMER DISCRETIONARY
     
31,420,619
 
                 
                 
Consumer Staples 1.15%
 
CVS Health Corp.(a)(b)
   
9,100
     
878,969
 
Prestige Brands Holdings, Inc.(a)(c)
   
17,200
     
802,896
 
             
1,681,865
 
                 
Energy 5.11%
 
BP PLC - Sponsored ADR(a)(b)
   
80,300
     
2,599,311
 
Concho Resources, Inc.(a)(b)(c)
   
11,600
     
1,103,508
 
 
   
Shares
   
Value
 
Energy (continued)
 
Devon Energy Corp.(a)
   
16,900
   
$
471,510
 
EOG Resources, Inc.(a)
   
7,200
     
511,344
 
Fairway Energy Partners LLC(c)(d)(e)
   
130,700
     
1,323,337
 
Pioneer Natural Resources Co.(a)(b)
   
11,600
     
1,437,820
 
             
7,446,830
 
                 
Financials 28.08%
 
Business Development Corporations 3.00%
 
Ares Capital Corp.(a)
   
190,400
     
2,646,560
 
Golub Capital BDC, Inc.(a)
   
111,300
     
1,729,602
 
             
4,376,162
 
                 
Capital Markets 2.45%
 
Atlas Mara, Ltd.(c)(e)
   
183,658
     
899,924
 
Morgan Stanley(a)(b)
   
103,287
     
2,673,068
 
             
3,572,992
 
                 
Commercial Banks 2.03%
 
First Republic Bank(a)(b)
   
14,900
     
1,013,200
 
Mitsubishi UFJ Financial Group, Inc.
   
86,800
     
436,922
 
Mizuho Financial Group, Inc.
   
271,100
     
460,847
 
Sumitomo Mitsui Financial Group, Ltd.
   
7,600
     
249,849
 
Wells Fargo & Co.(a)(b)
   
15,800
     
793,634
 
             
2,954,452
 
                 
Diversified Financials 9.40%
 
Bank of America Corp.(a)
   
420,591
     
5,947,157
 
Citigroup, Inc.(a)(b)
   
156,730
     
6,673,563
 
JPMorgan Chase & Co.(a)(b)
   
18,200
     
1,082,900
 
             
13,703,620
 
                 
Insurance 1.88%
 
American International Group, Inc.(a)(b)
   
48,600
     
2,744,928
 
                 
Real Estate Investment Trusts 7.48%
 
American Capital Agency Corp.(a)(b)
   
94,900
     
1,619,943
 
Annaly Capital Management, Inc.(a)(b)
   
94,300
     
895,850
 
Healthcare Trust of America, Inc. - Class A(a)(b)
   
51,500
     
1,444,060
 
Ladder Capital Corp.(a)
   
55,102
     
606,122
 
PennyMac Mortgage Investment Trust(a)(b)
   
106,414
     
1,441,910
 
Physicians Realty Trust
   
29,600
     
505,272
 
Starwood Property Trust, Inc.(a)
   
154,400
     
2,939,776
 
Two Harbors Investment Corp.(a)(b)
   
191,791
     
1,457,611
 
             
10,910,544
 
                 
Thrifts & Mortgage Finance 1.84%
 
MGIC Investment Corp.(a)(b)(c)
   
316,634
     
2,096,117
 
 

   
Shares
   
Value
 
Financials (continued)
 
Radian Group, Inc.(a)(b)
   
58,100
   
$
584,486
 
             
2,680,603
 
                 
TOTAL FINANCIALS
     
40,943,301
 
                 
Health Care 13.87%
 
3SBio, Inc.(c)(e)
   
1,500
     
1,802
 
Acceleron Pharma, Inc.(a)(c)
   
14,200
     
435,940
 
Akorn, Inc.(a)(b)(c)
   
38,600
     
1,003,214
 
Albany Molecular Research, Inc.(a)(b)(c)
   
54,600
     
891,072
 
Allergan PLC(a)(b)(c)
   
5,000
     
1,422,150
 
Amsurg Corp.(a)(b)(c)
   
12,700
     
929,513
 
AstraZeneca PLC - Sponsored ADR(a)(b)
   
40,636
     
1,309,292
 
Bristol-Meyers Squibb Co.(a)(b)
   
13,187
     
819,704
 
Cardiome Pharma Corp.(a)(b)(c)
   
142,200
     
941,364
 
Cerner Corp.(a)(b)(c)
   
17,600
     
1,020,976
 
Cigna Corp.(a)(b)
   
2,900
     
387,440
 
Corindus Vascular Robotics, Inc.(a)(c)
   
146,900
     
295,269
 
Dynavax Technologies Corp.(a)(c)
   
27,300
     
657,657
 
Galapagos NV - Sponsored ADR(a)(c)
   
9,100
     
445,172
 
GW Pharmaceuticals PLC - ADR(a)(c)
   
8,200
     
411,312
 
HCA Holdings, Inc.(a)(c)
   
6,477
     
450,670
 
Healthways, Inc.(a)(b)(c)
   
127,549
     
1,499,976
 
Hologic, Inc.(a)(c)
   
10,900
     
369,946
 
Intra-Cellular Therapies, Inc.(a)(c)
   
19,100
     
708,228
 
Intrexon Corp.(a)(b)(c)
   
20,504
     
597,486
 
Jazz Pharmaceuticals PLC(a)(b)(c)
   
6,737
     
867,321
 
Keryx Biopharmaceuticals, Inc.(a)(b)(c)
   
165,400
     
583,862
 
Kura Oncology, Inc.(a)(c)(e)
   
69,700
     
334,560
 
Perrigo Co. PLC(a)(b)
   
9,560
     
1,382,185
 
Sinopharm Group Co., Ltd. - Class H
   
142,400
     
499,627
 
Team Health Holdings, Inc.(c)
   
9,800
     
400,526
 
Veracyte, Inc.(a)(b)(c)
   
81,556
     
528,483
 
Vertex Pharmaceuticals, Inc.(a)(b)(c)
   
11,300
     
1,025,475
 
             
20,220,222
 
                 
Industrials 8.29%
 
Allison Transmission Holdings, Inc.(a)(e)
   
61,041
     
1,452,165
 
Armstrong World Industries, Inc.(a)(b)(c)
   
27,400
     
1,059,832
 
FedEx Corp.(a)
   
2,800
     
372,064
 
Kansas City Southern(a)(b)
   
19,900
     
1,410,512
 
Keisei Electric Railway Co., Ltd.
   
73,000
     
956,329
 
Roper Technologies, Inc.(a)(b)
   
4,700
     
825,649
 
Seibu Holdings, Inc.
   
55,500
     
1,094,276
 
TransDigm Group, Inc.(a)(c)
   
11,400
     
2,561,922
 
Viasat, Inc.(a)(b)(c)
   
37,649
     
2,353,063
 
             
12,085,812
 
                 
Information Technology 9.72%
 
Alibaba Group Holding, Ltd. - Sponsored ADR(a)(c)
   
5,300
     
355,259
 
   
Shares
   
Value
 
Information Technology (continued)
 
Alphabet, Inc. - Class A(a)(b)(c)
   
2,680
   
$
2,040,418
 
Alphabet, Inc. - Class C(a)(b)(c)
   
3,137
     
2,330,634
 
Facebook, Inc. - Class A(a)(b)(c)
   
19,200
     
2,154,432
 
Fujifilm Holdings Corp.
   
14,100
     
535,513
 
Lam Research Corp.(a)(b)
   
28,900
     
2,074,731
 
Microsoft Corp.(a)(b)
   
28,400
     
1,564,556
 
Monolithic Power Systems, Inc.
   
10,900
     
682,013
 
Nintendo Co., Ltd.
   
4,200
     
577,797
 
Pandora Media, Inc.(a)(b)(c)
   
88,200
     
857,304
 
Salesforce.com, Inc.(a)(b)(c)
   
14,700
     
1,000,482
 
             
14,173,139
 
                 
Materials 2.81%
 
Air Products & Chemicals, Inc.(a)
   
6,900
     
874,299
 
Axalta Coating Systems, Ltd.(a)(b)(c)
   
63,000
     
1,500,030
 
W.R. Grace & Co.(a)(b)(c)
   
21,100
     
1,716,274
 
             
4,090,603
 
                 
Telecommunication Services 3.17%
 
AT&T, Inc.(a)(b)
   
76,800
     
2,769,408
 
China Mobile, Ltd.
   
96,500
     
1,062,872
 
Nippon Telegraph & Telephone Corp.
   
19,000
     
789,097
 
             
4,621,377
 
                 
                 
Utilities 3.28%
 
Calpine Corp.(a)(b)(c)
   
159,100
     
2,435,821
 
Eversource Energy(a)(b)
   
43,700
     
2,351,060
 
             
4,786,881
 
                 
TOTAL COMMON STOCKS
 
(Cost $155,631,688)
           
141,470,649
 
                 
EXCHANGE TRADED FUNDS 0.29%
 
PowerShares® Deutsche Bank U.S. Dollar Index Bullish Fund(a)(b)(c)
   
16,700
     
431,862
 
                 
TOTAL EXCHANGE TRADED FUNDS
 
(Cost $424,311)
           
431,862
 
 


   
Shares
   
Value
 
CLOSED-END FUNDS 4.58%
 
AllianzGI Diversified Income & Convertible Fund(a)
   
23,100
   
$
378,840
 
Avenue Income Credit Strategies Fund(a)
   
25,200
     
261,576
 
Calamos Dynamic Convertible & Income Fund
   
23,900
     
390,765
 
Calamos Strategic Total Return Fund
   
88,800
     
789,432
 
Cohen & Steers Quality Income Realty Fund, Inc.(a)
   
24,600
     
280,194
 
Cohen & Steers REIT and Preferred Income Fund, Inc.
   
28,500
     
503,025
 
Gabelli Equity Trust, Inc.
   
191,100
     
930,657
 
Liberty All-Star Equity Fund(a)
   
146,700
     
693,891
 
PIMCO Income Strategy Fund II
   
38,900
     
327,149
 
Tekla Healthcare Opportunities Fund(a)
   
18,900
     
297,864
 
Tekla World Healthcare Fund(a)
   
42,600
     
579,360
 
Wells Fargo Global Dividend Opportunity Fund(a)
   
149,400
     
863,532
 
Western Asset Global High Income Fund, Inc.
   
46,000
     
381,340
 
             
6,677,625
 
                 
TOTAL CLOSED-END FUNDS
 
(Cost $7,099,485)
           
6,677,625
 
                 
PARTICIPATION NOTES 2.03%
 
Consumer Staples 1.35%
 
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017
   
43,490
     
1,326,422
 
Shanghai Jahwa United Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 08/11/2017
   
138,300
     
638,861
 
             
1,965,283
 
Industrials 0.68%
 
Zhengzhou Yutong Bus Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 10/27/2017
   
349,050
     
991,101
 
                 
TOTAL PARTICIPATION NOTES
 
(Cost $3,594,621)
           
2,956,384
 
   
Shares
   
Value
 
WARRANTS 0.01%(c)
 
Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017(e)
   
116,958
   
$
14,620
 
                 
TOTAL WARRANTS
 
(Cost $1,170)
           
14,620
 
 
Description and
Maturity Date
 
Principal
Amount
   
Value
 
CORPORATE BONDS 16.82%
 
American Express Co.
           
Series C, Perpetual Maturity, 4.900%(f)(g)
 
$
500,000
     
466,875
 
Bank of America Corp.
               
Series K, Perpetual Maturity, 8.000%(a)(f)(g)
   
1,000,000
     
1,010,930
 
Bank of New York Mellon Corp.
               
Series D, Perpetual Maturity, 4.500%(a)(f)(g)
   
700,000
     
635,320
 
BankUnited, Inc.
               
11/17/2025, 4.875%(a)
   
1,300,000
     
1,290,797
 
Berkshire Hathaway Energy Co.
               
11/15/2018, 2.000%(a)
   
1,000,000
     
1,002,139
 
Citigroup, Inc.
               
Series N, Perpetual Maturity, 5.800%(a)(f)(g)
   
1,300,000
     
1,265,875
 
Series P, Perpetual Maturity, 5.950%(a)(f)(g)
   
1,400,000
     
1,360,170
 
Citizens Bank National Association
               
12/04/2019, 2.450%(a)
   
1,000,000
     
1,001,296
 
Citizens Financial Group, Inc.
               
Perpetual Maturity, 5.500%(a)(e)(f)(g)
   
1,600,000
     
1,550,000
 
Exelon Generation Co. LLC
               
10/01/2017, 6.200%(a)
   
1,000,000
     
1,063,349
 
Ford Motor Credit Co. LLC
               
06/15/2018, 2.240%
   
1,000,000
     
989,583
 
Goldman Sachs Group, Inc.
               
Series M, Perpetual Maturity, 5.375%(a)(f)(g)
   
1,000,000
     
977,500
 
Jersey Central Power & Light Co.
               
06/15/2018, 4.800%(a)
   
1,000,000
     
1,053,112
 
JPMorgan Chase & Co.
               
Series 1, Perpetual Maturity, 7.900%(a)(f)(g)
   
1,000,000
     
1,010,625
 
M&T Bank Corp.
               
Perpetual Maturity, 6.875%(a)(g)
   
1,000,000
     
1,011,250
 
Manufacturers & Traders Trust Co.
               
12/01/2021, 5.629%(a)(f)
   
1,750,000
     
1,719,375
 
PNC Financial Services Group, Inc.,
               
Series R, Perpetual Maturity, 4.850%(a)(f)(g)
   
1,000,000
     
935,000
 
Radian Group, Inc.
               
06/15/2020, 5.250%(a)
   
1,000,000
     
917,500
 
Stifel Financial Corp.
               
12/01/2020, 3.500%(a)
   
1,000,000
     
999,653
 
SunTrust Banks, Inc.
               
Perpetual Maturity, 5.625%(a)(f)(g)
   
1,900,000
     
1,892,875
 
 

Description and
Maturity Date
 
Principal
Amount
   
Value
 
CORPORATE BONDS (continued)
 
Textron Financial Corp.
           
02/15/2067, 6.000%(a)(e)(f)
 
$
1,910,000
   
$
1,360,875
 
U.S. Bancorp
               
Series I, Perpetual Maturity, 5.125%(a)(f)(g)
   
1,000,000
     
1,008,850
 
                 
TOTAL CORPORATE BONDS
         
(Cost $25,166,005)
           
24,522,949
 
                 
ASSET/MORTGAGE BACKED SECURITIES 4.88%
 
Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
               
Series 2015-K049, Class A2, 07/25/2025, 3.010%
   
1,000,000
     
1,032,476
 
Federal National Mortgage Association
               
Series AM8004, 02/01/2027, 2.720%(a)
   
810,464
     
798,970
 
Government National Mortgage Association
               
Series 2014-155, Class VA, 03/16/2037, 3.000%
   
954,862
     
1,003,389
 
Series 2014-86, Class A, 11/16/2040, 2.650%
   
701,349
     
715,530
 
Series 2015-75, Class A, 02/16/2044, 3.000%
   
987,437
     
1,020,148
 
Series 2015-22, Class A, 08/16/2047, 2.400%
   
930,958
     
943,799
 
Series 2015-2, Class VA, 12/16/2049, 2.500%
   
1,336,884
     
1,360,269
 
Small Business Administration Participation Certificates
               
Series 2008-20L, Class 1, 12/01/2028, 6.220%
   
205,839
     
236,931
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
         
(Cost $7,048,803)
           
7,111,512
 
                 
GOVERNMENT & AGENCY OBLIGATIONS 28.89%
 
U.S. Treasury Bonds
 
08/15/2029, 6.125%(a)
   
5,000,000
     
7,335,740
 
02/15/2031, 5.375%(a)
   
7,400,000
     
10,411,023
 
05/15/2040, 4.375%(a)
   
2,000,000
     
2,636,758
 
08/15/2040, 3.875%(a)
   
2,200,000
     
2,697,363
 
05/15/2041, 4.375%(a)
   
1,500,000
     
1,983,897
 
08/15/2042, 2.750%(a)
   
4,000,000
     
4,031,016
 
05/15/2043, 2.875%(a)
   
2,000,000
     
2,057,422
 
U.S. Treasury Notes
 
07/31/2017, 0.625%
   
6,000,000
     
5,990,628
 
09/30/2017, 0.625%(a)
   
5,000,000
     
4,988,280
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
 
(Cost $41,497,417)
           
42,132,127
 
   
 
Shares
   
Value
 
SHORT-TERM INVESTMENTS 1.01%
 
Money Market Fund 1.01%
 
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.132% 7-day yield)
   
1,465,814
   
$
1,465,814
 
                 
TOTAL SHORT-TERM INVESTMENTS
         
(Cost $1,465,814)
           
1,465,814
 
               
Total Investments - 155.54%
         
(Cost $241,929,314)
           
226,783,542
 
                 
Liabilities in Excess of Other Assets - (55.54%)(h)
     
(80,978,490
)
                 
NET ASSETS - 100.00%
         
$
145,805,052
 
 
SCHEDULE OF SECURITIES SOLD SHORT (c)
 
Shares
   
Value
 
COMMON STOCKS (29.62%)
 
Consumer Discretionary (0.38%)
 
Multiline Retailing (0.10%)
 
Burlington Stores, Inc.
   
(2,800
)
 
$
(150,444
)
                 
Specialty Retail (0.28%)
 
Tiffany & Co.
   
(6,400
)
   
(408,576
)
                 
TOTAL CONSUMER DISCRETIONARY
     
(559,020
)
                 
Energy (1.59%)
 
Inpex Corp.
   
(95,174
)
   
(828,198
)
Petroleo Brasileiro S.A. - Sponsored ADR
   
(147,700
)
   
(512,519
)
Rowan Cos., PLC - A Shares
   
(19,100
)
   
(241,615
)
Transocean, Ltd.
   
(70,000
)
   
(729,400
)
             
(2,311,732
)
                 
Financials (8.82%)
 
Capital Markets (0.50%)
 
Credit Suisse Group AG - Sponsored ADR
   
(21,000
)
   
(373,800
)
Deutsche Bank AG
   
(19,800
)
   
(354,222
)
             
(728,022
)
Commercial Banks (6.27%)
 
ABN AMRO Group NV
   
(22,936
)
   
(478,048
)
Banco Santander S.A. - Sponsored ADR
   
(132,500
)
   
(555,175
)
BNP Paribas S.A.
   
(31,517
)
   
(1,492,875
)
Hang Seng Bank, Ltd.
   
(41,000
)
   
(677,111
)
ING Groep NV - Sponsored ADR
   
(41,000
)
   
(475,190
)
Intesa Sanpaolo SpA
   
(362,246
)
   
(1,027,359
)
 
 

SCHEDULE OF SECURITIES SOLD SHORT (c) (continued)
 
Shares
   
Value
 
Financials (continued)
 
Itau Unibanco Holding S.A. - Class H, Sponsored Preferred ADR
   
(305,700
)
 
$
(1,922,853
)
Seven Bank, Ltd.
   
(204,100
)
   
(856,423
)
UniCredit SpA
   
(176,444
)
   
(678,171
)
United Overseas Bank, Ltd.
   
(76,700
)
   
(973,960
)
             
(9,137,165
)
Consumer Finance (1.67%)
 
Ally Financial, Inc.
   
(45,500
)
   
(721,175
)
American Express Co.
   
(23,600
)
   
(1,262,600
)
Synchrony Financial
   
(16,100
)
   
(457,562
)
             
(2,441,337
)
Real Estate Management & Development (0.38%)
 
Wharf Holdings, Ltd.
   
(119,000
)
   
(550,583
)
                 
               
TOTAL FINANCIALS
     
(12,857,107
)
                 
Health Care (6.96%)
 
AbbVie, Inc.
   
(13,500
)
   
(741,150
)
Aetna, Inc.
   
(9,900
)
   
(1,008,216
)
AmerisourceBergen Corp.
   
(6,400
)
   
(573,184
)
ANI Pharmaceuticals, Inc.
   
(18,000
)
   
(576,180
)
Bruker Corp.
   
(55,600
)
   
(1,241,548
)
Celgene Corp.
   
(4,600
)
   
(461,472
)
Express Scripts Holding Co.
   
(1,425
)
   
(102,415
)
Gilead Sciences, Inc.
   
(4,800
)
   
(398,400
)
Mallinckrodt PLC
   
(13,000
)
   
(755,170
)
Merck & Co., Inc.
   
(6,600
)
   
(334,422
)
Pfizer, Inc.
   
(45,700
)
   
(1,393,393
)
United Therapeutics Corp.
   
(3,000
)
   
(369,540
)
UnitedHealth Group, Inc.
   
(12,000
)
   
(1,381,920
)
Varian Medical Systems, Inc.
   
(10,500
)
   
(809,865
)
             
(10,146,875
)
                 
Industrials (8.76%)
 
Caterpillar, Inc.
   
(26,600
)
   
(1,655,584
)
Chicago Bridge & Iron Co. NV
   
(38,900
)
   
(1,510,098
)
Cummins, Inc.
   
(4,100
)
   
(368,549
)
Deutsche Lufthansa AG
   
(65,318
)
   
(952,770
)
easyJet PLC
   
(39,339
)
   
(867,718
)
Emerson Electric Co., Inc.
   
(18,000
)
   
(827,640
)
International Consolidated Airlines Group S.A.
   
(101,293
)
   
(778,673
)
Keppel Corp., Ltd.
   
(138,500
)
   
(488,046
)
Kone OYJ - B Shares
   
(21,232
)
   
(928,536
)
Kuehne + Nagel International AG
   
(7,000
)
   
(922,536
)
Metso OYJ
   
(35,099
)
   
(722,432
)
Rolls-Royce Holdings PLC
   
(4
)
   
(32
)
Rolls-Royce Holdings Preference - C Shares(d)
   
(10
)
   
 
Sandvik AB
   
(138,169
)
   
(1,146,854
)
United Technologies Corp.
   
(8,700
)
   
(762,903
)
WW Grainger, Inc.
   
(4,300
)
   
(845,767
)
             
(12,778,138
)
SCHEDULE OF SECURITIES SOLD SHORT (c) (continued)
 
Shares
   
Value
 
Information Technology (1.78%)
 
AAC Technologies Holdings, Inc.
   
(106,500
)
 
$
(677,529
)
International Business Machines Corp.
   
(5,150
)
   
(642,668
)
Mobileye NV
   
(6,400
)
   
(173,632
)
Murata Manufacturing Co., Ltd.
   
(9,700
)
   
(1,097,274
)
             
(2,591,103
)
                 
Materials (1.33%)
 
Anglo American PLC
   
(186,216
)
   
(736,183
)
BHP Billiton, Ltd.
   
(59,440
)
   
(645,754
)
Glencore International PLC
   
(438,932
)
   
(559,638
)
             
(1,941,575
)
                 
TOTAL COMMON STOCKS
 
(Proceeds $47,843,293)
           
(43,185,550
)
                 
EXCHANGE TRADED FUNDS (6.37%)
 
Health Care Select Sector SPDR® Fund
   
(32,700
)
   
(2,173,569
)
iShares® MSCI Emerging Markets ETF
   
(32,600
)
   
(996,908
)
iShares® MSCI South Korea Capped ETF
   
(16,800
)
   
(802,032
)
iShares® Nasdaq Biotechnology ETF
   
(2,882
)
   
(769,638
)
Market Vectors® Semiconductor ETF
   
(7,500
)
   
(372,900
)
SPDR® S&P 500® ETF Trust
   
(21,500
)
   
(4,168,205
)
                 
TOTAL EXCHANGE TRADED FUNDS
 
(Proceeds $9,377,588)
           
(9,283,252
)
                 
PREFERRED STOCKS (0.67%)
 
Financials (0.67%)
 
Commercial Banks (0.67%)
 
Banco Bradesco S.A. - ADR
   
(215,500
)
   
(984,835
)
                 
TOTAL PREFERRED STOCKS
 
(Proceeds $1,096,650)
           
(984,835
)
                 
TOTAL SECURITIES SOLD SHORT
         
(Proceeds $58,317,531)
         
$
(53,453,637
)
 
(a)
Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of January 31, 2016, the aggregate market value of those securities was $170,410,564 representing 116.88% of net assets. (See Note 1 and Note 3)
(b)
Loaned security; a portion or all of the security is on loan as of January 31, 2016.
(c)
Non-income producing security.
(d)
Fair valued security; valued by management in accordance with procedures approved by the Fund's Board of Trustees. As of January 31, 2016, these securities had an aggregate market value of $1,323,337 or 0.91% of total net assets.
 
 

(e)
Security exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of January 31, 2016, these securities had an aggregate market value of $6,937,283 or 4.76% of net assets.
(f)
Floating or variable rate security - rate disclosed as of January 31, 2016.
(g)
This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
(h)
Includes cash which is being held as collateral for total return swap contracts or futures contracts.
 
 

FUTURES CONTRACTS

Description
Position
 
Contracts
 
Expiration
Date
 
Underlying Face
Amount at Value
   
Unrealized
Depreciation
 
Foreign Currency Contracts
                     
Japanese Yen Currency Future
Short
 
17
 
03/15/2016
 
$
(1,755,994
)
 
$
(4,526
)
                
$
(1,755,994
)
 
$
(4,526
)
 
TOTAL RETURN SWAP CONTRACTS

Counter Party
Reference
Entity/Obligation
 
Notional
Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
 Date
 
Net Unrealized
Appreciation
 
Morgan Stanley
Bharti Infratel, Ltd.
 
$
547,621
 
30 bps + 1D FEDEF
1 D FEDEF
12/27/2016
 
$
99,429
 
      
$
547,621
           
$
99,429
 

Counter Party
Reference
Entity/Obligation
 
Notional
Amount
 
Floating Rate
Paid by the Fund
Floating
Rate Index
Termination
 Date
 
Net Unrealized
Depreciation
 
Credit Suisse
Hero MotoCorp, Ltd.
 
$
852,687
 
75 bps + 1M LIBOR
1 M LIBOR
11/30/2017
 
$
(54,199
)
Morgan Stanley
Housing Development Finance Corp.
   
670,284
 
30 bps + 1D FEDEF
1 D FEDEF
12/27/2016
   
(32,125
)
Credit Suisse
Jiangsu Hengrui Medicine Co., Ltd. - Class A
   
675,878
 
75 bps + 1M LIBOR
1 M LIBOR
05/26/2017
   
(107,023
)
Credit Suisse
Larsen & Toubro, Ltd.
   
628,131
 
75 bps + 1M LIBOR
1 M LIBOR
11/30/2017
   
(254,842
)
Morgan Stanley
LG Electronics, Inc.
   
(697,005
)
50 bps - 1D FEDEF
1 D FEDEF
10/30/2017
   
(80,533
)
Credit Suisse
Ultratech Cement, Ltd.
   
1,024,119
 
75 bps + 1M LIBOR
1 M LIBOR
11/30/2017
   
(85,111
)
Morgan Stanley
Zhengzhou Yutong Bus Co., Ltd.
   
108,978
 
55 bps + 1D FEDEF
1 D FEDEF
01/05/2017
   
(9,315
)
      
$
3,263,072
           
$
(623,148
)
      
$
3,810,693
           
$
(523,719
)
 

Clough Global Equity Fund
STATEMENT OF INVESTMENTS
January 31, 2016 (Unaudited)
 
   
Shares
   
Value
 
COMMON STOCKS 105.89%
 
Consumer Discretionary 26.79%
 
Diversified Consumer Services 2.31%
 
Service Corp. International(a)(b)
   
76,500
   
$
1,850,535
 
Starbucks Corp.(a)(b)
   
58,800
     
3,573,276
 
             
5,423,811
 
                 
Household Durables 5.64%
 
DR Horton, Inc.(a)(b)
   
181,221
     
4,985,390
 
Lennar Corp. - Class A(a)(b)
   
163,000
     
6,870,450
 
PulteGroup, Inc.(a)
   
81,000
     
1,357,560
 
             
13,213,400
 
                 
Internet & Catalog Retail 5.27%
 
JD.com, Inc. - ADR(a)(b)(c)
   
30,000
     
780,900
 
Liberty Ventures - Series A(a)(b)(c)
   
220,703
     
8,680,249
 
Rakuten, Inc.(c)
   
118,100
     
1,198,413
 
Wayfair, Inc. - Class A(a)(c)
   
37,400
     
1,690,480
 
             
12,350,042
 
                 
Media 8.90%
 
AMC Entertainment Holdings, Inc. - Class A(a)(b)
   
64,300
     
1,401,740
 
Cable One, Inc.(a)
   
3,000
     
1,289,970
 
Comcast Corp. - Class A(a)(b)
   
84,300
     
4,696,353
 
IMAX Corp.(a)(b)(c)
   
134,095
     
4,164,991
 
Liberty Broadband Corp. - Class A(a)(b)(c)
   
22,092
     
1,051,579
 
Liberty Broadband Corp. - Class C(a)(b)(c)
   
81,166
     
3,814,802
 
Liberty Media Corp. - Class A(a)(b)(c)
   
54,868
     
2,009,266
 
Liberty Media Corp. - Class C(a)(b)(c)
   
68,036
     
2,421,401
 
             
20,850,102
 
                 
Specialty Retail 2.52%
 
CarMax, Inc.(a)(c)
   
28,200
     
1,245,876
 
Restoration Hardware Holdings, Inc.(a)(c)
   
19,400
     
1,195,428
 
Signet Jewelers, Ltd.(a)(b)
   
29,946
     
3,473,736
 
             
5,915,040
 
                 
Textiles 2.15%
 
Carter's, Inc.(a)(b)
   
51,900
     
5,045,718
 
                 
TOTAL CONSUMER DISCRETIONARY
     
62,798,113
 
                 
Consumer Staples 1.18%
 
CVS Health Corp.(a)
   
15,000
     
1,448,850
 
   
Shares
   
Value
 
Consumer Staples (continued)
 
Prestige Brands Holdings, Inc.(a)(c)
   
28,200
   
$
1,316,376
 
             
2,765,226
 
                 
Energy 3.48%
 
Concho Resources, Inc.(a)(c)
   
19,300
     
1,836,009
 
Devon Energy Corp.(a)
   
28,200
     
786,780
 
EOG Resources, Inc.(a)
   
12,100
     
859,342
 
Fairway Energy Partners LLC(c)(d)(e)
   
217,600
     
2,203,200
 
Pacific Coast Oil Trust(a)(e)
   
95,800
     
107,296
 
Pioneer Natural Resources Co.(a)
   
19,000
     
2,355,050
 
             
8,147,677
 
                 
Financials 28.56%
 
Business Development Corporations 0.82%
 
Ares Capital Corp.(a)
   
137,300
     
1,908,470
 
                 
Capital Markets 2.94%
 
Atlas Mara, Ltd.(c)(e)
   
306,320
     
1,500,968
 
Goldman Sachs BDC(a)
   
53,000
     
946,050
 
Morgan Stanley(a)(b)
   
171,796
     
4,446,080
 
             
6,893,098
 
                 
Commercial Banks 2.08%
 
First Republic Bank(a)
   
24,700
     
1,679,600
 
Mitsubishi UFJ Financial Group, Inc.
   
144,300
     
726,357
 
Mizuho Financial Group, Inc.
   
450,000
     
764,961
 
Sumitomo Mitsui Financial Group, Ltd.
   
12,400
     
407,649
 
Wells Fargo & Co.(a)
   
25,900
     
1,300,957
 
             
4,879,524
 
                 
Diversified Financials 9.79%
 
Bank of America Corp.(a)(b)
   
706,605
     
9,991,395
 
Citigroup, Inc.(a)(b)
   
262,019
     
11,156,769
 
JPMorgan Chase & Co.(a)(b)
   
30,300
     
1,802,850
 
             
22,951,014
 
                 
Insurance 2.12%
 
American International Group, Inc.(a)(b)
   
88,000
     
4,970,240
 
                 
Real Estate Investment Trusts 7.55%
 
American Capital Agency Corp.(a)(b)
   
155,900
     
2,661,213
 
Annaly Capital Management, Inc.(a)
   
154,600
     
1,468,700
 
Healthcare Trust of America, Inc. - Class A(a)(b)
   
85,800
     
2,405,832
 
Ladder Capital Corp.(a)
   
130,392
     
1,434,312
 
PennyMac Mortgage Investment Trust(a)(b)
   
177,788
     
2,409,028
 
Starwood Property Trust, Inc.(a)(b)
   
257,400
     
4,900,896
 
Two Harbors Investment Corp.(a)(b)
   
318,757
     
2,422,553
 
             
17,702,534
 

 

   
Shares
   
Value
 
Financials (continued)
 
Thrifts & Mortgage Finance 3.26%
 
Essent Group, Ltd.(a)(b)(c)
   
123,700
   
$
2,222,889
 
MGIC Investment Corp.(a)(b)(c)
   
524,865
     
3,474,606
 
NMI Holdings, Inc. - Class A(a)(c)
   
177,200
     
930,300
 
Radian Group, Inc.(a)(b)
   
100,200
     
1,008,012
 
             
7,635,807
 
                 
TOTAL FINANCIALS
     
66,940,687
 
                 
Health Care 15.08%
 
3SBio, Inc.(c)(e)
   
446,500
     
536,545
 
Acceleron Pharma, Inc.(a)(b)(c)
   
23,200
     
712,240
 
Akorn, Inc.(a)(b)(c)
   
72,600
     
1,886,874
 
Albany Molecular Research, Inc.(a)(c)
   
90,600
     
1,478,592
 
Allergan PLC(a)(b)(c)
   
8,300
     
2,360,769
 
Amsurg Corp.(a)(c)
   
21,100
     
1,544,309
 
AstraZeneca PLC - Sponsored ADR(a)
   
67,629
     
2,179,006
 
Bristol-Meyers Squibb Co.(a)
   
22,016
     
1,368,515
 
Cardiome Pharma Corp.(a)(b)(c)
   
238,400
     
1,578,208
 
Cerner Corp.(a)(b)(c)
   
29,100
     
1,688,091
 
Cigna Corp.(a)
   
4,900
     
654,640
 
Corindus Vascular Robotics, Inc.(a)(c)
   
245,000
     
492,450
 
Dynavax Technologies Corp.(a)(c)
   
45,200
     
1,088,868
 
Galapagos NV - Sponsored ADR(a)(c)
   
15,000
     
733,800
 
GW Pharmaceuticals PLC - ADR(a)(b)(c)
   
13,500
     
677,160
 
HCA Holdings, Inc.(a)(c)
   
11,115
     
773,382
 
Healthways, Inc.(a)(b)(c)
   
212,611
     
2,500,305
 
Hologic, Inc.(a)(c)
   
18,400
     
624,496
 
Intra-Cellular Therapies, Inc.(a)(c)
   
31,700
     
1,175,436
 
Intrexon Corp.(a)(b)(c)
   
34,559
     
1,007,049
 
Jazz Pharmaceuticals PLC(a)(b)(c)
   
11,234
     
1,446,265
 
Keryx Biopharmaceuticals, Inc.(a)(b)(c)
   
276,400
     
975,692
 
Kura Oncology, Inc.(a)(c)(e)
   
116,800
     
560,640
 
MedEquities Realty Trust, Inc.(d)(e)
   
51,100
     
804,825
 
Perrigo Co. PLC(a)(b)
   
15,850
     
2,291,593
 
Sinopharm Group Co., Ltd. - Class H
   
236,800
     
830,840
 
Team Health Holdings, Inc.(a)(c)
   
16,400
     
670,268
 
Veracyte, Inc.(a)(b)(c)
   
153,735
     
996,203
 
Vertex Pharmaceuticals, Inc.(a)(b)(c)
   
18,900
     
1,715,175
 
             
35,352,236
 
                 
Industrials 9.25%
 
Allison Transmission Holdings, Inc.(a)(e)
   
101,477
     
2,414,138
 
Armstrong World Industries, Inc.(a)(c)
   
45,200
     
1,748,336
 
FedEx Corp.(a)
   
4,600
     
611,248
 
Kansas City Southern(a)(b)
   
32,700
     
2,317,776
 
Keisei Electric Railway Co., Ltd.
   
122,000
     
1,598,249
 
   
Shares
   
Value
 
Industrials (continued)
 
Roper Technologies, Inc.(a)
   
7,600
   
$
1,335,092
 
Seibu Holdings, Inc.
   
92,600
     
1,825,765
 
TransDigm Group, Inc.(a)(c)
   
24,520
     
5,510,379
 
Viasat, Inc.(a)(b)(c)
   
69,242
     
4,327,625
 
             
21,688,608
 
                 
Information Technology 11.66%
 
Alibaba Group Holding, Ltd. - Sponsored ADR(a)(b)(c)
   
11,600
     
777,548
 
Alphabet, Inc. - Class A(a)(b)(c)
   
4,443
     
3,382,678
 
Alphabet, Inc. - Class C(a)(b)(c)
   
5,166
     
3,838,079
 
Electronics For Imaging, Inc.(a)(b)(c)
   
53,600
     
2,217,968
 
Facebook, Inc. - Class A(a)(b)(c)
   
32,500
     
3,646,825
 
Fujifilm Holdings Corp.
   
23,000
     
873,531
 
Lam Research Corp.(a)(b)
   
52,000
     
3,733,080
 
Microsoft Corp.(a)(b)
   
40,600
     
2,236,654
 
Monolithic Power Systems, Inc.(a)
   
17,900
     
1,120,003
 
Nintendo Co., Ltd.
   
6,800
     
935,481
 
Pandora Media, Inc.(a)(b)(c)
   
273,700
     
2,660,364
 
Salesforce.com, Inc.(a)(c)
   
28,100
     
1,912,486
 
             
27,334,697
 
                 
Materials 3.20%
 
Air Products & Chemicals, Inc.(a)
   
11,300
     
1,431,823
 
Axalta Coating Systems, Ltd.(a)(b)(c)
   
122,700
     
2,921,487
 
W.R. Grace & Co.(a)(b)(c)
   
38,600
     
3,139,724
 
             
7,493,034
 
                 
Telecommunication Services 3.29%
 
AT&T, Inc.(a)(b)
   
128,000
     
4,615,680
 
China Mobile, Ltd.
   
161,500
     
1,778,797
 
Nippon Telegraph & Telephone Corp.
   
31,800
     
1,320,699
 
             
7,715,176
 
                 
Utilities 3.40%
 
Calpine Corp.(a)(b)(c)
   
264,400
     
4,047,964
 
Eversource Energy(a)(b)
   
73,000
     
3,927,400
 
             
7,975,364
 
                 
TOTAL COMMON STOCKS
 
(Cost $272,728,925)
           
248,210,818
 

 

   
 
Shares
   
Value
 
EXCHANGE TRADED FUNDS 0.31%
 
PowerShares® Deutsche Bank U.S. Dollar Index Bullish Fund(a)(b)(c)
   
27,900
   
$
721,494
 
                 
TOTAL EXCHANGE TRADED FUNDS
 
(Cost $708,897)
           
721,494
 
                 
PARTICIPATION NOTES 2.11%
 
Consumer Staples 1.40%
 
Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017
   
72,590
     
2,213,958
 
Shanghai Jahwa United Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 08/11/2017
   
230,300
     
1,063,844
 
             
3,277,802
 
                 
Industrials 0.71%
 
Zhengzhou Yutong Bus Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 10/27/2017
   
584,600
     
1,659,927
 
                 
TOTAL PARTICIPATION NOTES
 
(Cost $6,003,226)
           
4,937,729
 
                 
WARRANTS 0.01%(c)
 
Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017(e)
   
195,720
     
24,465
 
                 
TOTAL WARRANTS
 
(Cost $1,957)
           
24,465
 
 
Description and
Maturity Date
 
Principal
Amount
   
Value
 
CORPORATE BONDS 2.64%
 
Bank of America Corp.
           
Series K, Perpetual Maturity, 8.000%(a)(f)(g)
 
$
1,000,000
     
1,010,930
 
Citigroup, Inc.
               
Series N, Perpetual Maturity, 5.800%(a)(f)(g)
   
1,900,000
     
1,850,125
 
Citizens Financial Group, Inc.
               
Perpetual Maturity, 5.500%(a)(e)(f)(g)
   
1,900,000
     
1,840,625
 
 
Description and
Maturity Date
 
Principal
Amount
   
Value
 
CORPORATE BONDS (continued)
 
SunTrust Banks, Inc.
           
Perpetual Maturity, 5.625%(f)(g)
 
$
1,500,000
   
$
1,494,375
 
                 
TOTAL CORPORATE BONDS
         
(Cost $6,309,215)
           
6,196,055
 
                 
ASSET/MORTGAGE BACKED SECURITIES 0.58%
 
Federal National Mortgage Association
               
Series AM8004, 02/01/2027, 2.720%(a)
   
1,375,333
     
1,355,828
 
                 
TOTAL ASSET/MORTGAGE BACKED SECURITIES
         
(Cost $1,370,175)
           
1,355,828
 
                 
GOVERNMENT & AGENCY OBLIGATIONS 28.91%
 
U.S. Treasury Bonds
 
08/15/2029, 6.125%(a)
   
6,000,000
     
8,802,888
 
02/15/2031, 5.375%(a)
   
9,000,000
     
12,662,055
 
05/15/2040, 4.375%(a)
   
2,000,000
     
2,636,758
 
08/15/2040, 3.875%(a)
   
3,800,000
     
4,659,081
 
08/15/2042, 2.750%(a)
   
6,000,000
     
6,046,524
 
U.S. Treasury Notes
 
01/31/2017, 0.500%
   
12,000,000
     
11,982,660
 
07/31/2017, 0.625%
   
13,000,000
     
12,979,694
 
09/15/2017, 1.000%(a)
   
3,000,000
     
3,011,310
 
09/30/2017, 0.625%(a)
   
5,000,000
     
4,988,280
 
                 
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
 
(Cost $67,201,362)
           
67,769,250
 
 
   
Shares
   
Value
 
SHORT-TERM INVESTMENTS 16.49%
 
Money Market Fund 16.49%
 
BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.132% 7-day yield)
   
38,647,913
     
38,647,913
 
                 
TOTAL SHORT-TERM INVESTMENTS
         
(Cost $38,647,913)
           
38,647,913
 
               
Total Investments - 156.94%
         
(Cost $392,971,670)
           
367,863,552
 
                 
Liabilities in Excess of Other Assets - (56.94%)(h)
     
(133,473,368
)
                 
NET ASSETS - 100.00%
         
$
234,390,184
 
 
SCHEDULE OF SECURITIES SOLD SHORT (c)
 
Shares
   
Value
 
COMMON STOCKS (30.58%)
 
Consumer Discretionary (0.39%)
 
Multiline Retailing (0.11%)
 
Burlington Stores, Inc.
   
(4,700
)
 
$
(252,531
)
 


SCHEDULE OF SECURITIES SOLD SHORT (c) (continued)
 
Shares
   
Value
 
Consumer Discretionary (continued)
 
Specialty Retail (0.28%)
 
Tiffany & Co.
   
(10,400
)
 
$
(663,936
)
                 
TOTAL CONSUMER DISCRETIONARY
     
(916,467
)
                 
Energy (1.63%)
 
Inpex Corp.
   
(156,011
)
   
(1,357,598
)
Petroleo Brasileiro S.A. - Sponsored ADR
   
(246,100
)
   
(853,967
)
Rowan Cos., PLC - A Shares
   
(31,500
)
   
(398,475
)
Transocean, Ltd.
   
(117,000
)
   
(1,219,140
)
             
(3,829,180
)
                 
Financials (9.09%)
 
Capital Markets (0.51%)
 
Credit Suisse Group AG - Sponsored ADR
   
(34,500
)
   
(614,100
)
Deutsche Bank AG
   
(33,200
)
   
(593,948
)
             
(1,208,048
)
Commercial Banks (6.46%)
 
ABN AMRO Group NV
   
(37,678
)
   
(785,311
)
Banco Santander S.A. - Sponsored ADR
   
(217,700
)
   
(912,163
)
BNP Paribas S.A.
   
(52,418
)
   
(2,482,900
)
Hang Seng Bank, Ltd.
   
(66,800
)
   
(1,103,196
)
ING Groep NV - Sponsored ADR
   
(67,400
)
   
(781,166
)
Intesa Sanpaolo SpA
   
(606,343
)
   
(1,719,637
)
Itau Unibanco Holding S.A. - Class H, Sponsored Preferred ADR
   
(507,300
)
   
(3,190,917
)
Seven Bank, Ltd.
   
(340,000
)
   
(1,426,672
)
UniCredit SpA
   
(293,451
)
   
(1,127,893
)
United Overseas Bank, Ltd.
   
(126,800
)
   
(1,610,145
)
             
(15,140,000
)
Consumer Finance (1.73%)
 
Ally Financial, Inc.
   
(75,900
)
   
(1,203,015
)
American Express Co.
   
(39,300
)
   
(2,102,550
)
Synchrony Financial
   
(26,400
)
   
(750,288
)
             
(4,055,853
)
Real Estate Management & Development (0.39%)
 
Wharf Holdings, Ltd.
   
(196,000
)
   
(906,842
)
                 
               
TOTAL FINANCIALS
     
(21,310,743
)
                 
Health Care (7.18%)
 
AbbVie, Inc.
   
(22,300
)
   
(1,224,270
)
Aetna, Inc.
   
(16,500
)
   
(1,680,360
)
AmerisourceBergen Corp.
   
(10,700
)
   
(958,292
)
ANI Pharmaceuticals, Inc.
   
(30,000
)
   
(960,300
)
Bruker Corp.
   
(91,500
)
   
(2,043,195
)
Celgene Corp.
   
(7,650
)
   
(767,448
)
Express Scripts Holding Co.
   
(2,350
)
   
(168,894
)
Gilead Sciences, Inc.
   
(7,900
)
   
(655,700
)
Mallinckrodt PLC
   
(21,600
)
   
(1,254,744
)
Merck & Co., Inc.
   
(10,700