50
Three-Year Average Annual 18.32

*Not Annualized
**Royce and Associates, LLC assumed investment management responsibilities
for the Fund on 11/1/96. eFunds Corporation 3.P.

closed mutual

For more information or to download sample commentary and reports ,
please visit http://www.94
Five-Year Average Annual 18. will serve as the administrator
and sponsor of the Fund. Clough served as Chief
Global Investment Strategist at Merrill Lynch, where he was responsible for
directing the global investment strategy research effort for one of the
world's largest investment firms.

regulation inclusive

Morningstar
provides data on more than 125,000 investment offerings, including stocks,
mutual funds, and similar vehicles.19

Total Return Performance
Periods ended January 31, 2005 NAV MKT

1 Month* -3.18% -2. Launches Second Closed -End Fund on Amex

NEW YORK, The American Stock Exchange(R)
(Amex(R)) today began trading common shares of Clough Global Equity Fund under
the ticker symbol GLQ.P.

expanded ici

FundXtra. Canadian Government 3% Bond 4. Industrial Products 24%
2.

American Stock Exchange Lists Clough Global Equity Fund

Thank you, Open Directory Investing Editors.

offshore socially

"There is no doubt that Morningstar is one of the most highly regarded
investment data providers and is always on the short list of those requested
by our clients," said Mike Iapalucci, Partner at UpTick .

About UpTick Data Technologies
UpTick Data Technologies automates the process of creating commentary on
investment products and financial markets through the use of proprietary
"rules based text generation" technology. Average P/E Ratio: 17. Alleghany Corporation 3.
"We are very pleased to welcome Clough Capital Partners and their second
closed-end fund to the American Stock Exchange," said Tom Rzepski, Vice
President of the Amex 's closed-end fund business. For additional information on this fund or other Amex-
listed closed -end funds, please call 1-800-THE-AMEX.

The American Stock Exchange(R) (Amex(R)) is the only primary exchange that
offers trading across a full range of equities, options and exchange traded
funds (ETFs), including structured products and HOLDRS(SM).

investing ici

is a leading provider of independent investment research
in the United States and in major international markets. New Zealand Government 6.

ici investing

5% Bond 6.3
9.P.

ici hedge

2
5. Financial Intermediaries 7

Recent Developments
Royce Focus Trust, Inc. The Fund's investment goal
is long-term capital growth, which it seeks by normally investing as least 75%
of its assets in equity securities. Clough , Jr.

closed funds

Technology 11
4.
Daily net asset values (NAVs) for Royce Focus Trust are now available on
our website and online through most ticker symbol lookup services and on
broker terminals under the symbol XFUNX. The Fund's investment objective is
to provide a high level of total return.S.

socially mezzanine

Incorporating data from leading financial
information vendors, together with client data, UpTick's commentary and
reports are used by financial advisors, broker/dealers , investment managers
and information vendors to more easily and effectively communicate with their
clients.uptickdata. The company offers an
extensive line of Internet, software, and print-based products and services
for individuals, financial advisors, and institutional clients.44
MKT $10.86
From Inception (11/1/96**) Average Annual 13.62 17.4%
Net Assets Attributable to Common Stock: $103 million
Net Leverage: 4%

*The Funds' P/E ratio calculations exclude companies with zero or negative
earnings.8
3. Meridian Gold 3. will act as the Fund's investment
advisor and ALPS Mutual Funds Services, Inc.

This category is inclusive and if you know of one we have missed , please send the web page location to us.

51 selecting

com will offer reports using Morningstar data early this year . Average P/B Ratio: 2."
"We are pleased for the opportunity to list the Clough Global Equity Fund
on the American Stock Exchange and look forward to our ongoing relationship,"
said Charles I.

investing prospectuses

3
4. Schnitzer Steel Industries Cl. For more information, please call The
Royce Funds at (800) 221-4268 or visit our website at
http://www. "With our longstanding
partnership with the fund's administrator and sponsor, ALPS Mutual Funds
Services, the Amex looks forward to continuing to collaborate with ALPS while
further enhancing our relationship with Clough Capital Partners to bring
additional investment opportunities to our marketplace.
The Clough Global Equity Fund is issuing 15,250,000 common shares at an
initial price of $20 per share, resulting in gross proceeds of $305 million
(exclusive of the underwriter's over allotments)., trading options on
broad-based and sector indexes as well as domestic and foreign stocks.

Investing in mutual funds has expanded in number tremendously throughout the 1990's.

prospectuses bonds

54 40.86 24.4
7.
Clough Global Equity Fund is a newly organized, non-diversified,
closed-end management investment company.S.

superstore inclusive

SAN FRANCISCO, UpTick Data Technologies, a leader
in customized sales and client communication solutions utilizing rules based
text generation today announced the availability of Morningstar data for use
with its full suite of mutual fund reporting solutions. The company has operations in 16
countries.

Portfolio Composition

Top 10 Positions % of Net Assets
1.

missed mutual

com. is a closed-end diversified management investment
company whose shares of Common Stock are listed and traded on the Nasdaq
National Market (Nasdaq: FUND) and whose shares of 6.00% Cumulative Preferred
Stock are listed and traded on the NYSE (RFO.roycefunds.

missed prospectuses

UpTick combines this patented
technology with report building skills to create customized, value added
financial communication products.

Portfolio Diagnostics

Median Market Cap $1,162 million
Wtd.6x
Wtd.9%
2. IPSCO 3. Ensign 3.2

Top Five Industries % of Net Assets
1. Clough Capital Partners, L. in 2000, Mr., Chairman and Chief Executive Officer, Clough
Capital Partners L. In addition to its
role as a national equities market, the Amex is the pioneer of the ETF,
responsible for bringing the first domestic product to market in 1993.

traded mutual

About Morningstar
Morningstar, Inc. The Fund seeks to pursue this
objective by applying a fundamental research-driven investment process and
will invest in equity and equity-related securities in both U. and non-U.

mutuals traded

Iapalucci.

Net leverage is the percentage, in excess of 100%, of the total value of
equity type investments, divided by net assets, applicable to common stock.com.
Charles I.

ici lipper

A 3.3
10. Health 10
5. Prior to
founding Clough Capital Partners L. The Amex is
also one of the largest options exchanges in the U.

funds traded

4
6. Clough, Jr.P. The specialist for the Clough
Global Equity Fund is Kellogg Capital Group, LLC.

funds mezzanine

Uptick Data Technologies Extends Data Distribution Relationship With Morningstar

67%
One-Year 20. Trican Well Service 4.3
8.

The American Stock Exchange currently lists 149 closed-end funds with over
$27 billion in assets.

traded fund

traded inclusive

Morningstar fund performance, risk and descriptive data including the
proprietary Morningstar Rating (TM) for funds, Morningstar Style(TM) Box and
Morningstar Categories are now available in UpTick's retirement plan sponsor
reporting solutions, which automate the production and distribution of
quarterly reports to plan sponsors. UpTick's mutual fund research portal,
http://www.

Royce Focus Trust (Nasdaq: FUND) as of January 31 2005

Average Yield: 1.
markets. Clough Capital Partners L.

missed closed

NEW YORK,

* Invests in a limited number of small-cap companies using a value
approach
* Average weekly trading volume of approximately 276,000 shares
* Fund 's adviser has more than 30 years of small- and micro-cap investment
experience

Closing Prices - January 31, 2005

NAV $9.50 26.3x*
Wtd. Natural Resources 21
3.S. The lead manager of the
underwriting syndicate is Merrill Lynch + Co. Leading
the industry in ETF listings, the Amex lists 155 ETFs to date.

mezzanine closed

"We are committed to
providing clients with their preferred choice of data and are delighted to add
Morningstar to the list of sources available with all of UpTick's solutions,"
added Mr. Simpson Manufacturing 4.pra).

is lead portfolio manager of the fund.