UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act file number 811-05150  

 

Cornerstone Strategic Value Fund, Inc.
(Exact name of registrant as specified in charter)

 

225 Pictoria Drive, Suite 450 Cincinnati, OH   45246
(Address of principal executive offices)   (Zip code)

 

Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246
(Name and address of agent for service)

 

Registrant's telephone number, including area code: (513) 587-3400  

 

Date of fiscal year end: December 31  
     
Date of reporting period: June 30, 2024  

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1.Reports to Stockholders.

 

(a)

 

Cornerstone Strategic
Value Fund, Inc.

 

June 30, 2024

 

 

 

 

CONTENTS

 

   

Letter to Stockholders

1

Portfolio Summary

3

Schedule of Investments

4

Statement of Assets and Liabilities

11

Statement of Operations

12

Statements of Changes in Net Assets

13

Financial Highlights

14

Notes to Financial Statements

15

Results of Annual Meeting of Stockholders

20

Investment Management Agreement Approval Disclosure

21

Description of Dividend Reinvestment Plan

23

Proxy Voting and Portfolio Holdings Information

25

Summary of General Information

25

Stockholder Information

25

 

 

Letter to Stockholders

 

August 5, 2024

 

Dear Fellow Stockholders:

 

Following is the semi-annual report for Cornerstone Strategic Value Fund, Inc. (the “Fund”) for the six-month period ended June 30, 2024. At the end of the period, the Fund’s net assets were $1,713.7 million and the Net Asset Value per share (“NAV”) was $7.11. The share price closed at $7.70. After reflecting the reinvestment of monthly distributions totaling $0.65 per share, the Fund achieved a total investment return at market value of 17.52% for the period ended June 30, 2024.

 

Economic and Market Summary

 

So far this year, the U.S. economy has done rather well by most metrics. 2024 has started slowly, but worries of a recession have subsided, inflation is decreasing, consumer spending is solid, and the labor market, while slowing, is still robust. Job growth was positive in the first half of the year, although the pace of expansion slowed in the second quarter. The unemployment rate started the year near an all-time low but gradually ticked up into the summer, hitting 4.0% in May for the first time since January 2022. At the beginning of the year, investors were unsure of the path the Federal Reserve (the “Fed”) would take. Some economists predicted multiple interest rate cuts, while others predicted no changes. The Fed has maintained rates in a range between 5.00% and 5.25% since July 2023, but economists are now predicting just one cut in the second half of 2024. The first half of the year saw a slowdown in U.S. economic growth, which was below economists’ forecasts. There were concerns that economic growth would be impacted by trade disruptions resulting from the Francis Scott Key Bridge collapse in Baltimore, but the negative effects were short-lived. Inflation metrics improved, but progress toward returning it to its pre-pandemic averages of just under 2% has slowed in recent months. The information technology and communication services sectors were strong contributors to gains in the S&P 500 during the first half of the year. Returns were significantly boosted by positive corporate returns from some of the Magnificent Seven technology companies. The first quarter saw weakness in the real estate and utilities sectors, while the second quarter saw weakness in the materials and industrials sectors.

 

Managed Distribution Policy

 

The Fund has maintained its policy of regular distributions to stockholders, which continues to be popular with investors. These distributions are not tied to the Fund’s investment income and capital gains and do not represent yield or investment return on the Fund’s portfolio. The policy of maintaining regular monthly distributions is designed to enhance stockholder value by increasing liquidity for individual investors and providing greater flexibility to manage their investment in the Fund. As always, stockholders have the option of taking their distributions in cash or reinvesting them in shares of the Fund pursuant to the Fund’s reinvestment plan. The Board of Directors believes that the Fund’s distribution policy maintains a stable, high rate of distribution for stockholders. As always, the monthly distributions are reviewed and approved by the Board throughout the year and are subject to change at their discretion. In addition, please note the Fund’s reinvestment plan which may provide additional benefit to participating stockholders, as explained further below. Please read the disclosure notes in the Fund’s report for details on the Fund’s distribution policy and reinvestment plan. As in previous years, stockholders will receive a final determination of the total distribution attributable to income, capital gains, or return-of-capital after the end of each year. The allocation among these categories may vary greatly from year to year. In any given year, there is no

 

 

1

 

 

Letter to Stockholders (concluded)

 

guarantee that the Fund’s investment returns will exceed the amount of the distributions. To the extent that the amount of distributions taken in cash exceeds the total net investment returns of the Fund, the assets of the Fund will decline. If the total net investment returns exceed the amount of cash distributions, the assets of the Fund will increase. In both cases, the Fund’s individual stockholders have complete flexibility to take their distributions in cash or to reinvest in Fund shares through the Fund’s reinvestment plan, and they can change this election as they desire.

 

Distribution Reinvestment Considerations

 

The Fund’s distribution reinvestment plan may at times provide significant benefits to plan participants; therefore, stockholders should evaluate the advantages of reinvesting their distribution payments through the plan. Under the plan, the method for determining the number of newly issued shares received when distributions are reinvested is determined by dividing the amount of the distribution either by the Fund’s last reported NAV or by a price equal to the average closing price of the Fund over the five trading days preceding the payment date of the distribution, whichever is lower. When the Fund trades at a premium to its NAV, as it has in recent history, stockholders may find that reinvestments through the plan provide potential advantages worth considering.

 

Outlook

 

Uncertainties persist surrounding the path of inflation as well as the timing and magnitude of Fed rate cuts. Growth is expected to continue moderating in the second half of 2024. Although many factors will influence the trajectory of the stock market, American consumers are still strong after years of hiring and wage growth, which will continue to have an outsized impact. The U.S. Presidential election in November could increase volatility but its effects will likely be short-term in nature.

 

The Fund’s Board of Directors, its officers, and its investment adviser appreciate your ongoing support and are aware that investors have placed their trust in us. We know you have a choice, and we all remain committed to continuing to provide our service to you.

 

Joshua G. Bradshaw
Portfolio Manager

Daniel W. Bradshaw
Portfolio Manager

 

2

  

 

 

Cornerstone Strategic Value Fund, Inc.
Portfolio Summary – As Of June 30, 2024 (Unaudited)

 

SECTOR ALLOCATION

 

Sector

Percent of
Net Assets

Information Technology

24.1

Closed-End Funds

15.6

Financials

10.2

Health Care

9.4

Communication Services

8.1

Consumer Discretionary

8.1

Exchange-Traded Funds

7.2

Consumer Staples

5.8

Industrials

5.8

Energy

2.4

Utilities

1.5

Materials

0.6

Real Estate

0.5

Other

0.7

 

TOP TEN HOLDINGS, BY ISSUER

 

Holding

Sector

Percent of
Net Assets

1.

Apple Inc.

Information Technology

6.8

2.

Microsoft Corporation

Information Technology

6.6

3.

NVIDIA Corporation

Information Technology

5.2

4.

Alphabet Inc. - Class C

Communication Services

4.5

5.

Amazon.com, Inc.

Consumer Discretionary

4.0

6.

Technology Select Sector SPDR® Fund (The)

Exchange-Traded Funds

2.4

7.

Eli Lilly and Company

Health Care

1.7

8.

Meta Platforms, Inc. - Class A

Communication Services

1.6

9.

Gabelli Dividend & Income Trust (The)

Closed-End Funds

1.4

10.

JPMorgan Chase & Co.

Financials

1.3

 

 

 

3

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Schedule of Investments – June 30, 2024 (Unaudited)

 

 

Description

  

No.of
Shares

    

Value

  

EQUITY SECURITIES — 99.33%

CLOSED-END FUNDS — 15.62%
 

CONVERTIBLE SECURITY FUNDS — 0.32%

Bancroft Fund Ltd.

    69,035     $ 1,081,778  

Ellsworth Growth and Income Fund Ltd.

    197,451       1,626,996  

Gabelli Convertible & Income Securities Fund Inc. (The)

    563       2,061  

Virtus Convertible & Income Fund

    520,738       1,702,814  

Virtus Convertible & Income Fund II

    232,071       677,647  

Virtus Diversified Income & Convertible Fund

    352       7,469  

Virtus Equity & Convertible Income Fund

    20,484       476,048  
              5,574,813  

DIVERSIFIED EQUITY — 4.20%

Adams Diversified Equity Fund, Inc.

    12,054       259,040  

Eaton Vance Tax-Advantaged Dividend Income Fund

    769,270       17,916,298  

Gabelli Dividend & Income Trust (The)

    1,076,136       24,439,049  

General American Investors Company, Inc.

    255,911       12,723,895  

John Hancock Tax-Advantaged Dividend Income Fund

    41,245       833,561  

Liberty All-Star® Equity Fund

    185,972       1,264,610  

Liberty All-Star® Growth Fund, Inc.

    968,506       5,171,822  

Royce Value Trust, Inc.

    424,806       6,146,943  

Tri-Continental Corporation

    102,657       3,179,287  
              71,934,505  

GLOBAL — 1.76%

abrdn Global Dynamic Dividend Fund

    40,165       392,010  

abrdn Total Dynamic Dividend Fund

    456,336       3,837,786  

Clough Global Dividend and Income Fund

    147,425       840,323  

Clough Global Equity Fund

    209,816       1,463,466  

Clough Global Opportunities Fund

    499,217       2,685,787  

Eaton Vance Tax-Advantaged Global Dividend Income Fund

    769,840       14,326,723  

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

    205,625       5,243,438  

Gabelli Global Small and Mid Cap Value Trust (The)

    27,712       312,868  

GDL Fund (The)

    109,514       858,590  

Lazard Global Total Return and Income Fund, Inc.

    7,194       119,852  

Royce Global Value Trust, Inc.

    2,186       24,308  
              30,105,151  

INCOME & PREFERRED STOCK — 0.60%

Calamos Long/Short Equity & Dynamic Income Trust

    52,154       795,349  

Calamos Strategic Total Return Fund

    561,277       9,451,904  

LMP Capital and Income Fund Inc.

    2,662       41,208  
              10,288,461  

NATURAL RESOURCES — 0.31%

Adams Natural Resources Fund, Inc.

    225,677       5,328,234  

 

 

See accompanying notes to financial statements.

 

4

  

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Schedule of Investments – June 30, 2024 (Unaudited) (continued)

 

 

Description

  

No.of
Shares

    

Value

  

OPTION ARBITRAGE/OPTIONS STRATEGIES — 7.17%

BlackRock Enhanced Capital and Income Fund, Inc.

    117,107     $ 2,340,969  

BlackRock Enhanced Equity Dividend Trust

    874,828       7,147,345  

BlackRock Enhanced Global Dividend Trust

    527,568       5,597,496  

BlackRock Enhanced International Dividend Trust

    289,338       1,614,506  

Eaton Vance Enhanced Equity Income Fund

    78,433       1,523,953  

Eaton Vance Enhanced Equity Income Fund II

    295,151       6,428,389  

Eaton Vance Risk-Managed Diversified Equity Income Fund

    764,354       6,711,028  

Eaton Vance Tax-Managed Buy-Write Income Fund

    315,293       4,451,937  

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

    1,238,473       16,929,927  

Eaton Vance Tax-Managed Diversified Equity Income Fund

    772,318       10,851,068  

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

    1,006,667       8,325,136  

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

    1,790,432       15,129,151  

First Trust Enhanced Equity Income Fund

    13,012       259,199  

Nuveen Dow 30SM Dynamic Overwrite Fund

    420,012       5,884,368  

Nuveen Nasdaq 100 Dynamic Overwrite Fund

    690,900       17,327,772  

Nuveen S&P 500 Buy-Write Income Fund

    589,490       7,958,115  

Nuveen S&P 500 Dynamic Overwrite Fund

    123,509       2,016,902  

Virtus Dividend, Interest & Premium Strategy Fund

    171,406       2,104,866  

Voya Global Equity Dividend and Premium Opportunity Fund

    52,493       269,814  
              122,871,941  

REAL ESTATE — 0.14%

Cohen & Steers Quality Income Realty Fund, Inc.

    140,133       1,636,753  

Cohen & Steers Total Return Realty Fund, Inc.

    61,386       709,622  

Nuveen Real Estate Income Fund

    9,431       72,053  
              2,418,428  

SECTOR EQUITY — 0.62%

abrdn Healthcare Investors

    31,240       545,450  

abrdn Healthcare Opportunities Fund

    2,841       57,900  

abrdn Life Sciences Investors

    22,339       316,544  

BlackRock Health Sciences Term Trust

    1,773       27,233  

BlackRock Innovation and Growth Term Trust

    904,388       6,538,725  

Gabelli Healthcare & WellnessRx Trust (The)

    105,646       1,012,089  

John Hancock Financial Opportunities Fund

    52,666       1,475,174  

Nuveen Real Asset Income and Growth Fund

    49,968       608,111  
              10,581,226  

 

 

See accompanying notes to financial statements.

 

 

5

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Schedule of Investments – June 30, 2024 (Unaudited) (continued)

 

 

Description

  

No.of
Shares

    

Value

  

UTILITY — 0.50%

Allspring Utilities and High Income Fund

    69,908     $ 686,497  

BlackRock Utilities, Infrastructure & Power Opportunities Trust

    158,367       3,507,829  

Duff & Phelps Utility and Infrastructure Fund Inc.

    444,375       4,368,206  
              8,562,532  
                 

TOTAL CLOSED-END FUNDS

     267,665,291  
 

COMMON STOCK — 76.49%
 

COMMUNICATION SERVICES — 8.10%

Alphabet Inc. - Class C

    422,500       77,494,950  

Comcast Corporation - Class A

    141,600       5,545,056  

Meta Platforms, Inc. - Class A

    54,900       27,681,678  

Netflix, Inc. *

     15,500       10,460,640  

T-Mobile US, Inc.

    38,900       6,853,402  

Verizon Communications Inc.

    115,400       4,759,096  

Walt Disney Company (The)

    60,300       5,987,187  
              138,782,009  

CONSUMER DISCRETIONARY — 8.08%

Amazon.com, Inc. *

     356,600       68,912,950  

AutoZone, Inc. *

     600       1,778,460  

Booking Holdings Inc.

    1,300       5,149,950  

Chipotle Mexican Grill, Inc. *

     55,000       3,445,750  

eBay Inc.

    16,900       907,868  

General Motors Company

    45,500       2,113,930  

Hilton Worldwide Holdings Inc.

    8,200       1,789,240  

Home Depot, Inc. (The)

    28,800       9,914,112  

Lowe’s Companies, Inc.

    20,000       4,409,200  

McDonald’s Corporation

    20,400       5,198,736  

NIKE, Inc. - Class B

    41,000       3,090,170  

O’Reilly Automotive, Inc. *

     2,400       2,534,544  

Ross Stores, Inc.

    6,500       944,580  

Starbucks Corporation

    29,700       2,312,145  

Tesla, Inc. *

     109,200       21,608,496  

TJX Companies, Inc. (The)

    39,200       4,315,920  
              138,426,051  

CONSUMER STAPLES — 5.81%

Altria Group, Inc.

    36,100       1,644,355  

Archer-Daniels-Midland Company

    8,000       483,600  

Coca-Cola Company (The)

    242,900       15,460,585  

Colgate-Palmolive Company

    21,931       2,128,184  

Constellation Brands, Inc. - Class A

    2,300       591,744  

Costco Wholesale Corporation

    21,300       18,104,787  

Dollar General Corporation

    7,600       1,004,948  

General Mills, Inc.

    11,800       746,468  

Hershey Company (The)

    5,200       955,916  

Keurig Dr Pepper Inc.

    27,500       918,500  

Kimberly-Clark Corporation

    4,900       677,180  

Kraft Heinz Company (The)

    18,400       592,848  

Mondelēz International, Inc. - Class A

    38,000       2,486,720  

Monster Beverage Corporation *

     54,900       2,742,255  

PepsiCo, Inc.

    56,000       9,236,080  

Philip Morris International Inc.

    60,700       6,150,731  

Procter & Gamble Company (The)

    84,000       13,853,280  

Target Corporation

    11,400       1,687,656  

 

 

See accompanying notes to financial statements.

 

6

  

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Schedule of Investments – June 30, 2024 (Unaudited) (continued)

 

 

Description

  

No.of
Shares

    

Value

  

CONSUMER STAPLES (Continued)

Walmart Inc.

    298,000     $ 20,177,580  
              99,643,417  

ENERGY — 2.43%

Chevron Corporation

    56,200       8,790,804  

ConocoPhillips

    40,700       4,655,266  

Devon Energy Corporation

    31,200       1,478,880  

Exxon Mobil Corporation

    186,063       21,419,573  

Kinder Morgan, Inc. - Class P

    121,900       2,422,153  

Occidental Petroleum Corporation

    36,600       2,306,898  

Phillips 66

    1,400       197,638  

Schlumberger Limited

    4,300       202,874  

Valero Energy Corporation

    100       15,676  

Williams Companies, Inc. (The)

    3,100       131,750  
              41,621,512  

FINANCIALS — 10.16%

Aflac Incorporated

    16,500       1,473,615  

American Express Company

    23,500       5,441,425  

American International Group, Inc.

    8,100       601,344  

Aon plc - Class A

    9,300       2,730,294  

Arthur J. Gallagher & Co.

    8,000       2,074,480  

Bank of America Corporation

    347,800       13,832,006  

Berkshire Hathaway Inc. - Class B *

     49,700       20,217,960  

BlackRock, Inc.

    5,200       4,094,064  

Capital One Financial Corporation

    2,200       304,590  

Charles Schwab Corporation (The)

    83,100       6,123,639  

Chubb Limited

    13,500       3,443,580  

Citigroup Inc.

    66,900       4,245,474  

CME Group Inc.

    13,300       2,614,780  

Fiserv, Inc. *

     12,100       1,803,384  

Goldman Sachs Group, Inc. (The)

    12,300       5,563,536  

Intercontinental Exchange, Inc.

    18,300       2,505,087  

JPMorgan Chase & Co.

    110,100       22,268,826  

Marsh & McLennan Companies, Inc.

    18,300       3,856,176  

Mastercard Incorporated - Class A

    33,200       14,646,512  

MetLife, Inc.

    22,200       1,558,218  

Moody’s Corporation

    8,100       3,409,533  

Morgan Stanley

    64,900       6,307,631  

MSCI Inc.

    3,800       1,830,650  

PayPal Holdings, Inc. *

     46,300       2,686,789  

PNC Financial Services Group, Inc. (The)

     13,800       2,145,624  

Progressive Corporation (The)

    26,700       5,545,857  

S&P Global Inc.

    11,700       5,218,200  

Travelers Companies, Inc. (The)

    3,000       610,020  

U.S. Bancorp

    57,700       2,290,690  

Visa, Inc. - Class A

    62,000       16,273,140  

Wells Fargo & Company

    140,900       8,368,051  
              174,085,175  

HEALTH CARE — 9.39%

Abbott Laboratories

    53,000       5,507,230  

AbbVie Inc.

    55,100       9,450,752  

Amgen Inc.

    15,800       4,936,710  

Becton, Dickinson and Company

    1,800       420,678  

Biogen Inc. *

     3,600       834,552  

Boston Scientific Corporation *

     51,300       3,950,613  

Bristol-Myers Squibb Company

    74,800       3,106,444  

Centene Corporation *

     4,800       318,240  

Cigna Group (The)

    11,200       3,702,384  

 

 

See accompanying notes to financial statements.

 

 

7

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Schedule of Investments – June 30, 2024 (Unaudited) (continued)

 

 

Description

  

No.of
Shares

    

Value

  

HEALTH CARE (Continued)

CVS Health Corporation

    12,800     $ 755,968  

Danaher Corporation

    26,900       6,720,965  

DexCom, Inc. *

     13,600       1,541,968  

Edwards Lifesciences Corporation *

     2,700       249,399  

Elevance Health, Inc.

    8,700       4,714,182  

Eli Lilly and Company

    32,900       29,787,002  

Gilead Sciences, Inc.

    47,300       3,245,253  

HCA Healthcare, Inc.

    10,500       3,373,440  

Humana Inc.

    4,000       1,494,600  

Intuitive Surgical, Inc. *

     8,000       3,558,800  

IQVIA Holdings Inc. *

     4,600       972,624  

Johnson & Johnson

    80,300       11,736,648  

McKesson Corporation

    5,200       3,037,008  

Medtronic plc

    35,500       2,794,205  

Merck & Co., Inc.

    94,800       11,736,240  

Mettler-Toledo International Inc. *

     700       978,313  

Pfizer Inc.

    170,100       4,759,398  

Regeneron Pharmaceuticals, Inc. *

     4,000       4,204,120  

Solventum Corporation *

     2,725       144,098  

Stryker Corporation

    14,400       4,899,600  

Thermo Fisher Scientific Inc.

    10,700       5,917,100  

UnitedHealth Group Incorporated

    35,000       17,824,100  

Vertex Pharmaceuticals Incorporated *

     9,100       4,265,352  
              160,937,986  

INDUSTRIALS — 5.80%

3M Company

    9,000       919,710  

Automatic Data Processing, Inc.

    7,500       1,790,175  

Boeing Company (The) *

     28,800       5,241,888  

Carrier Global Corporation

    13,700       864,196  

Caterpillar Inc.

    23,700       7,894,470  

Cintas Corporation

    1,400       980,364  

CSX Corporation

    107,500       3,595,875  

Deere & Company

    16,300       6,090,169  

Eaton Corporation plc

    5,000       1,567,750  

Emerson Electric Co.

    33,600       3,701,376  

FedEx Corporation

    3,900       1,169,376  

GE Vernova Inc. *

     7,825       1,342,066  

General Dynamics Corporation

    16,400       4,758,296  

General Electric Company

    31,000       4,928,070  

Honeywell International Inc.

    28,800       6,149,952  

Illinois Tool Works Inc.

    15,300       3,625,488  

Johnson Controls International plc

    8,900       591,583  

Lockheed Martin Corporation

    12,000       5,605,200  

Norfolk Southern Corporation

    14,200       3,048,598  

Northrop Grumman Corporation

    3,000       1,307,850  

Old Dominion Freight Line, Inc.

    3,300       582,780  

PACCAR Inc.

    30,100       3,098,494  

Parker-Hannifin Corporation

    1,900       961,039  

Paychex, Inc.

    5,300       628,368  

Republic Services, Inc.

    5,200       1,010,568  

Rockwell Automation, Inc.

    6,900       1,899,432  

RTX Corporation

    66,600       6,685,974  

Trane Technologies plc - Class A

    3,200       1,052,576  

TransDigm Group Incorporated

    2,800       3,577,308  

Union Pacific Corporation

    27,300       6,176,898  

United Parcel Service, Inc. - Class B

    19,800       2,709,630  

Veralto Corporation

    10,766       1,027,830  

 

 

See accompanying notes to financial statements.

 

8

  

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Schedule of Investments – June 30, 2024 (Unaudited) (continued)

 

 

Description

  

No.of
Shares

    

Value

  

INDUSTRIALS (Continued)

Waste Management, Inc.

    22,600     $ 4,821,484  
              99,404,833  

INFORMATION TECHNOLOGY — 24.11%

Accenture plc - Class A

    18,600       5,643,426  

Adobe Inc. *

     16,900       9,388,626  

Advanced Micro Devices, Inc. *

     44,800       7,267,008  

Analog Devices, Inc.

    8,800       2,008,688  

Apple Inc.

    549,900       115,819,938  

Applied Materials, Inc.

    31,700       7,480,883  

Autodesk, Inc. *

     5,600       1,385,720  

Broadcom Inc.

    11,900       19,105,807  

Cisco Systems, Inc.

    110,600       5,254,606  

Intuit Inc.

    10,400       6,834,984  

Lam Research Corporation

    5,100       5,430,735  

Microsoft Corporation

    254,400       113,704,080  

NVIDIA Corporation

    720,000       88,948,800  

Oracle Corporation

    62,600       8,839,120  

Roper Technologies, Inc.

    3,100       1,747,346  

Salesforce, Inc.

    35,500       9,127,050  

Texas Instruments Incorporated

    26,500       5,155,045  
              413,141,862  

MATERIALS — 0.63%

Air Products and Chemicals, Inc.

    4,800       1,238,640  

Corteva, Inc.

    13,500       728,190  

Ecolab Inc.

    6,800       1,618,400  

Freeport-McMoRan Inc.

    8,000       388,800  

Linde plc

    10,800       4,739,148  

Nucor Corporation

    4,400       695,552  

Sherwin-Williams Company (The)

    4,900       1,462,307  
              10,871,037  

REAL ESTATE — 0.48%

American Tower Corporation

    6,800       1,321,784  

AvalonBay Communities, Inc.

    3,000       620,670  

CBRE Group, Inc. - Class A *

     12,100       1,078,231  

Equinix, Inc.

    2,700       2,042,820  

Equity Residential

    8,500       589,390  

Public Storage

    4,300       1,236,895  

Realty Income Corporation

    17,200       908,504  

SBA Communications Corporation - Class A

    2,200       431,860  
              8,230,154  

UTILITIES — 1.50%

American Electric Power Company, Inc.

    23,900       2,096,986  

American Water Works Company, Inc.

    13,500       1,743,660  

Constellation Energy Corporation

    17,133       3,431,226  

Dominion Energy, Inc.

    22,700       1,112,300  

Duke Energy Corporation

    25,600       2,565,888  

Exelon Corporation

    66,800       2,311,948  

NextEra Energy, Inc.

    62,200       4,404,382  

Sempra

    31,500       2,395,890  

Southern Company (The)

    61,300       4,755,041  

WEC Energy Group, Inc.

    12,300       965,058  
              25,782,379  
                 

TOTAL COMMON STOCKS

     1,310,926,415  
                 

EXCHANGE-TRADED FUNDS — 7.22%

Communication Services Select Sector SPDR® Fund (The)

    14,700       1,259,202  

Consumer Discretionary Select Sector SPDR® Fund (The)

    7,300       1,331,520  

 

 

See accompanying notes to financial statements.

 

 

9

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Schedule of Investments – June 30, 2024 (Unaudited) (concluded)

 

 

Description

  

No.of
Shares

    

Value

  

EXCHANGE-TRADED FUNDS (Continued)

Consumer Staples Select Sector SPDR® Fund (The)

    59,000     $ 4,518,220  

Energy Select Sector SPDR® Fund (The)

    148,800       13,563,120  

Financial Select Sector SPDR® Fund (The)

    4,300       176,773  

Health Care Select Sector SPDR® Fund (The)

    38,700       5,640,525  

Industrial Select Sector SPDR® Fund (The)

    181,900       22,168,153  

Materials Select Sector SPDR® Fund (The)

    171,500       15,145,165  

Real Estate Select Sector SPDR® Fund (The)

    495,000       19,012,950  

Technology Select Sector SPDR® Fund (The)

    180,600       40,857,138  

TOTAL EXCHANGE-TRADED FUNDS

     123,672,766  
         

TOTAL EQUITY SECURITIES

        

(cost - $1,267,105,860)

             1,702,264,472  
                 

SHORT-TERM INVESTMENT — 0.56%

MONEY MARKET FUNDS — 0.56%

        

Fidelity Institutional Money Market Government Portfolio - Class I, 5.21% ^ (cost - $9,572,340)

     9,572,340       9,572,340  
                 

TOTAL INVESTMENTS — 99.89% (cost - $1,276,678,200)

     1,711,836,812  
                 

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.11%

     1,909,815  
                 

NET ASSETS — 100.00%

           $ 1,713,746,627  

 

 
 

*

Non-income producing security.

 

 

^

The rate shown is the 7-day effective yield as of June 30, 2024.

 

 

plc

Public Limited Company.

 

See accompanying notes to financial statements.

 

10

  

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Statement of Assets and Liabilities – June 30, 2024 (Unaudited)

 

 

ASSETS

        

Investments, at value (cost – $1,276,678,200) (Notes B and C)

   $ 1,711,836,812  

Receivables:

        

Investments sold

     2,417,294  

Dividends

     1,248,303  

Prepaid expenses

     54,250  

Total Assets

     1,715,556,659  
         

LIABILITIES

        

Payables:

        

Investment management fees (Note D)

     1,387,967  

Administration and fund accounting fees (Note D)

     112,305  

Directors’ fees and expenses

     76,472  

Investments purchased

     56,138  

Other accrued expenses

     177,150  

Total Liabilities

     1,810,032  
         

NET ASSETS (applicable to 240,941,149 shares of common stock)

   $ 1,713,746,627  
         

NET ASSET VALUE PER SHARE ($1,713,746,627 ÷ 240,941,149)

   $ 7.11  
         

NET ASSETS CONSISTS OF

        

Common stock, $0.001 par value; 240,941,149 shares issued and outstanding (800,000,000 shares authorized)

   $ 240,941  

Paid-in capital

     1,279,136,480  

Accumulated earnings

     434,369,206  

Net assets applicable to shares outstanding

   $ 1,713,746,627  

 

 

See accompanying notes to financial statements.

 

 

11

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Statement of Operations – for the Six Months Ended June 30, 2024 (Unaudited)

 

 

INVESTMENT INCOME

        

Income:

        

Dividends

   $ 19,947,946  
         

Expenses:

        

Investment management fees (Note D)

     8,170,471  

Administration and fund accounting fees (Note D)

     345,361  

Directors’ fees and expenses

     159,332  

Printing

     113,970  

Custodian fees

     96,241  

Legal and audit fees

     38,080  

Transfer agent fees

     26,551  

Stock exchange listing fees

     16,914  

Insurance

     14,474  

Miscellaneous

     23,137  

Total Expenses

     9,004,531  
         

Net Investment Income

     10,943,415  
         

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS

        

Net realized gain from investments

     60,451,529  

Long-term capital gain distributions from regulated investment companies

     38,952  

Net change in unrealized appreciation/(depreciation) in value of investments

     164,336,880  

Net realized and unrealized gain on investments

     224,827,361  
         

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 235,770,776  

 

 

See accompanying notes to financial statements.

 

12

  

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Statements of Changes in Net Assets

 

 

   

For the Six
Months Ended
June 30, 2024
(Unaudited)

      

For the
Year Ended
December 31,
2023

  
                   

INCREASE IN NET ASSETS

                  

Operations:

                  

Net investment income

   $ 10,943,415       $ 5,719,087  

Net realized gain from investments

     60,490,481         120,041,542  

Net change in unrealized appreciation/(depreciation) in value of investments

     164,336,880         267,486,319  
                   

Net increase in net assets resulting from operations

     235,770,776         393,246,948  
                   

Distributions to stockholders (Note B):

                  

From earnings

     (70,695,789 )       (124,050,838 )

Return-of-capital

     (83,465,296 )       (205,965,385 )
                   

Total distributions to stockholders

     (154,161,085 )       (330,016,223 )
                   

Common stock transactions:

                  

Proceeds from 7,462,032 and 17,467,548 shares newly issued in reinvestment of dividends and distributions, respectively

     51,944,559         116,621,678  
                   

Net increase in net assets from common stock transactions

     51,944,559         116,621,678  
                   

Total increase in net assets

     133,554,250         179,852,403  
                   

NET ASSETS

                  

Beginning of period

     1,580,192,377         1,400,339,974  

End of period

   $ 1,713,746,627       $ 1,580,192,377  

 

 

 

See accompanying notes to financial statements.

 

 

13

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Financial Highlights

Contained below is per share operating performance data for a share of common stock outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from information provided in the financial statements and market price data for the Fund’s shares.

 

 

   

For the Six
Months
Ended
June 30,

    

For the Years Ended December 31,

  
   

2024
(Unaudited)

    

2023

    

2022

    

2021

    

2020

    

2019

  

PER SHARE OPERATING PERFORMANCE

                                                

Net asset value, beginning of period

   $ 6.77     $ 6.48     $ 10.23     $ 9.93     $ 10.80     $ 10.50  

Net investment income #

     0.05       0.03       0.02       0.01       0.05       0.10  

Net realized and unrealized gain/(loss) on investments

     0.94       1.74       (2.20 )     1.86       1.31       2.66  

Net increase/(decrease) in net assets resulting from operations

     0.99       1.77       (2.18 )     1.87       1.36       2.76  
                                                 

Dividends and distributions to stockholders:

                                                

Net investment income

     (0.05 )     (0.03 )     (0.03 )     (0.01 )     (0.05 )     (0.10 )

Net realized capital gains

     (0.25 )     (0.53 )     (0.22 )     (0.92 )     (0.78 )     (0.52 )

Return-of-capital

     (0.35 )     (0.92 )     (1.91 )     (0.99 )     (1.40 )     (1.84 )

Total dividends and distributions to stockholders

     (0.65 )     (1.48 )     (2.16 )     (1.92 )     (2.23 )     (2.46 )
                                                 

Common stock transactions:

                                                

Anti-dilutive effect due to shares issued:

                                                

Rights offering

     —       —       0.59       0.35       —       —  

Reinvestment of dividends and distributions

     0.00 +      0.00 +      0.00 +      0.00 +      0.00 +      0.00 + 

Common stock repurchases

     —       —       —       —       0.00 +      —  

Total common stock transactions

     —       —       0.59       0.35       0.00 +      0.00 + 
                                                 

Net asset value, end of period

   $ 7.11     $ 6.77     $ 6.48     $ 10.23     $ 9.93     $ 10.80  

Market value, end of period

   $ 7.70     $ 7.19     $ 7.37     $ 14.29     $ 11.73     $ 11.21  

Total investment return (a)

     17.52 %(b)     21.40 %     (32.21 )%     47.04 %     31.58 %     25.42 %
                                                 

RATIOS/SUPPLEMENTAL DATA

                                                

Net assets, end of period (000 omitted)

   $ 1,713,747     $ 1,580,192     $ 1,400,340     $ 1,227,371     $ 769,031     $ 810,598  

Ratio of net expenses to average net assets (c)

     1.10 %(d)     1.11 %     1.11 %     1.12 %     1.14 %     1.13 %(e)

Ratio of net investment income to average net assets (f)

     1.34 %(d)     0.38 %     0.31 %     0.14 %     0.47 %     0.95 %(e)

Portfolio turnover rate

     13 %(b)     46 %     39 %     72 %     95 %     45 %

 

 

#

Based on average shares outstanding.

 

+

Amount rounds to less than $0.01 per share.

 

(a)

Total investment return at market value is based on the changes in market price of a share during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions.

 

(b)

Not annualized.

 

(c)

Expenses do not include expenses of investment companies in which the Fund invests.

 

(d)

Annualized.

 

(e)

Includes the reimbursement of proxy solicitation costs by the investment manager. If these costs had not been reimbursed by the investment manager, the ratio of expenses to average net assets would have been 1.14% for the year ended December 31, 2019.

 

(f)

Recognition of net investment income by the Fund may be affected by the timing of the declaration of dividends, if any, by investment companies in which the Fund invests.

 

See accompanying notes to financial statements.

 

14

  

 

 

 

 

Cornerstone Strategic Value Fund, Inc.
Notes to Financial Statements (Unaudited)

 

 

NOTE A. ORGANIZATION

 

Cornerstone Strategic Value Fund, Inc. (the “Fund” or “CLM”) was incorporated in Maryland on May 1, 1987 and commenced investment operations on June 30, 1987. Its investment objective is to seek long-term capital appreciation through investment primarily in equity securities of U.S. and non-U.S. companies. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a closed-end, diversified management investment company. As an investment company, the Fund follows the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services–Investment Companies.”

 

NOTE B. SIGNIFICANT ACCOUNTING POLICIES

 

Management Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

 

Subsequent Events: The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date its financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to such financial statements.

 

Portfolio Valuation: Investments are stated at value in the accompanying financial statements. Readily marketable portfolio securities listed on the New York Stock Exchange (“NYSE”) are valued, except as indicated below, at the last sale price reflected on the consolidated tape at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day or if market prices may be unreliable because of events occurring after the close of trading, then the security is valued by such method as the Board of Directors shall determine in good faith to reflect its fair market value. Readily marketable securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a like manner. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the consolidated tape at the close of the exchange representing the principal market for such securities. Securities trading on the Nasdaq Stock Market, Inc. (“NASDAQ”) are valued at the NASDAQ Official Closing Price.

 

Readily marketable securities traded in the over-the counter market, including listed securities whose primary market is believed by Cornerstone Advisors, LLC (the “Investment Manager” or “Cornerstone”) to be over-the-counter, are valued at the mean of the current bid and asked prices as reported by the NASDAQ or, in the case of securities not reported by the NASDAQ or a comparable source, as the Board of Directors deem appropriate to reflect their fair market value. Where securities are traded on more than one exchange and also over-the-counter, the securities will generally be valued using the quotations the Board of Directors believes reflect most closely the value of such securities. At June 30, 2024, the Fund held no securities valued in good faith by the Board of Directors.

 

The net asset value per share of the Fund is calculated weekly and on the last business day of the month with the exception of those days on which the NYSE is closed.

 

The Fund is exposed to financial market risks, including the valuations of its investment portfolio. During the six months ended June 30, 2024, the Fund did not invest in derivative instruments or engage in hedging activities.

 

 

15

 

 

Cornerstone Strategic Value Fund, Inc.
Notes to Financial Statements (Unaudited) (continued)

 

Investment Transactions and Investment Income: Investment transactions are accounted for on the trade date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. Interest income is recorded on an accrual basis; dividend income is recorded on the ex-dividend date.

 

The Fund holds certain investments which pay distributions to their stockholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or long-term capital gains are treated as a reduction of the cost of investments or as a realized gain, respectively.

 

Taxes: No provision is made for U.S. federal income or excise taxes as it is the Fund’s intention to continue to qualify as a regulated investment company and to make the requisite distributions to its stockholders which will be sufficient to relieve it from all or substantially all U.S. federal income and excise taxes.

 

The Accounting for Uncertainty in Income Taxes Topic of the FASB Accounting Standards Codification defines the threshold for recognizing the benefits of tax-return positions in the financial statements as “more-likely-than-not” to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. The Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of June 30, 2024, the Fund does not have any interest or penalties associated with the under-payment of any income taxes. Management reviewed any uncertain tax positions for open tax years 2021 through 2023, and for the six months ended June 30, 2024. There was no material impact to the financial statements.

 

Distributions to Stockholders: Effective June 25, 2002, the Fund initiated a fixed, monthly distribution to stockholders. On November 29, 2006, this distribution policy was updated to provide for the annual resetting of the monthly distribution amount per share based on the Fund’s net asset value on the last business day in each October. The terms of the distribution policy will be reviewed and approved at least annually by the Fund’s Board of Directors and can be modified at their discretion. To the extent that these distributions exceed the current earnings of the Fund, the balance will be generated from sales of portfolio securities held by the Fund, which will either be short-term or long- term capital gains or a tax-free return-of-capital. To the extent these distributions are not represented by net investment income and capital gains, they will not represent yield or investment return on the Fund’s investment portfolio. The Fund plans to maintain this distribution policy even if regulatory requirements would make part of a return-of-capital, necessary to maintain the distribution, taxable to stockholders and to disclose that portion of the distribution that is classified as ordinary income. Although it has no current intention to do so, the Board may terminate this distribution policy at any time and such termination may have an adverse effect on the market price for the Fund’s common shares. The Fund determines annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses, including capital loss carryovers, if any. To the extent that the Fund’s taxable income in any calendar year exceeds the aggregate amount distributed pursuant to this distribution policy, an additional distribution may be made to avoid the payment of a 4% U.S. federal excise tax, and to the extent that the aggregate amount distributed in any calendar year exceeds the Fund’s taxable income, the amount of that excess may constitute a return-of-capital for tax purposes. A return-of-capital distribution reduces the cost basis of an investor’s shares in the Fund. Dividends and distributions to stockholders are recorded by the Fund on the ex-dividend date.

 

16

  

 

 

Cornerstone Strategic Value Fund, Inc.
Notes to Financial Statements (Unaudited) (continued)

 

NOTE C. FAIR VALUE

 

As required by the Fair Value Measurement and Disclosures Topic of the FASB Accounting Standards Codification, the Fund has performed an analysis of all assets and liabilities measured at fair value to determine the significance and character of all inputs to their fair value determination.

 

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories:

 

 

●

Level 1 – quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.

 

 

●

Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

 

 

●

Level 3 – model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information.

 

Securities or other assets that are not publicly traded or for which a market price is not otherwise readily available will be valued at a price that reflects such security’s fair value, as determined by the Investment Manager and ratified by the Board in accordance with the Fund’s Policy for Valuation of Portfolio Securities. In making such fair value determinations, the Investment Manager is required to consider all appropriate factors relevant to the value of securities for which other pricing sources are not available or reliable as described above. No single method exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Investment Manager would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debit issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Investment Manager’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund’s NAV calculation that may affect a security’s value, or the Investment Manager is aware of any other data that calls into question the reliability of market quotations.

 

The following is a summary of the Fund’s investments and the inputs used as of June 30, 2024, in valuing the investments carried at value:

 

Valuation Inputs

  

Investments
in Securities

    

Other
Financial
Instruments*

  

Level 1 – Quoted Prices

                

Equity Securities

   $ 1,702,264,472     $ —  

Short-Term Investment

     9,572,340       —  

Level 2 – Other Significant Observable Inputs

     —       —  

Level 3 – Significant Unobservable Inputs

     —       —  

Total

   $ 1,711,836,812     $ —  

 

 

*

Other financial instruments include futures, forwards and swap contracts, if any.

 

 

17

 

 

Cornerstone Strategic Value Fund, Inc.
Notes to Financial Statements (Unaudited) (continued)

 

The breakdown of the Fund’s investments into major categories is disclosed in its Schedule of Investments.

 

The Fund did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at June 30, 2024.

 

NOTE D. AGREEMENTS WITH AFFILIATES

 

At June 30, 2024, certain officers of the Fund are also officers of Cornerstone or Ultimus Fund Solutions, LLC (“Ultimus”). Such officers are paid no fees by the Fund for serving as officers of the Fund.

 

Investment Management Agreement

 

Cornerstone serves as the Fund’s Investment Manager with respect to all investments. As compensation for its investment management services, Cornerstone receives from the Fund an annual fee, calculated weekly and paid monthly, equal to 1.00% of the Fund’s average weekly net assets. For the six months ended June 30, 2024, Cornerstone earned $8,170,471 for investment management services.

 

Fund Accounting and Administration Agreement

 

Under the fund accounting and administration agreement with the Fund, Ultimus is responsible for generally managing the administrative affairs of the Fund, including supervising the preparation of reports to stockholders, reports to and filings with the Securities and Exchange Commission (“SEC”) and materials for meetings of the Board.

 

Ultimus is also responsible for calculating the net asset value per share and maintaining the financial books and records of the Fund. Ultimus is entitled to receive a fee in accordance with the agreements. For the six months ended June 30, 2024, Ultimus earned $345,361 as fund accounting agent and administrator.

 

NOTE E. INVESTMENT IN SECURITIES

 

For the six months ended June 30, 2024, purchases and sales of securities, other than short-term investments, were $204,115,277 and $297,150,524, respectively.

 

NOTE F. SHARES OF COMMON STOCK

 

The Fund has 800,000,000 shares of common stock authorized and 240,941,149 shares issued and outstanding at June 30, 2024. Transactions in common stock for the six months ended June 30, 2024, were as follows:

 

Shares at beginning of period

     233,479,117  

Shares newly issued from rights offering

     —  

Shares issued in reinvestment of dividends and distributions

    7,462,032  

Shares at end of period

     240,941,149  

 

NOTE G. FEDERAL INCOME TAXES

 

Income and capital gains distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of losses deferred due to wash sales.

 

The tax character of dividends and distributions paid to stockholders during the periods ended June 30, 2024 and December 31, 2023 was as follows:

 

   

June 30,
2024

    

December 31,
2023

  

Ordinary Income

   $ 10,943,415     $ 14,232,381  

Long-Term Capital Gains

     59,752,374       109,818,457  

Return-of-Capital

     83,465,296       205,965,385  

Total Distributions

   $ 154,161,085     $ 330,016,223  

 

18

  

 

 

Cornerstone Strategic Value Fund, Inc.
Notes to Financial Statements (Unaudited) (concluded)

 

At December 31, 2023, the components of accumulated earnings on a tax basis for the Fund were as follows:

 

Net unrealized appreciation

   $ 269,294,218  

Total accumulated earnings

   $ 269,294,218  

 

The following information is computed on a tax basis for each item as of June 30, 2024:

 

Cost of portfolio investments

   $ 1,277,467,606  

Gross unrealized appreciation

   $ 469,361,227  

Gross unrealized depreciation

     (34,992,021 )

Net unrealized appreciation

   $ 434,369,206  

 

 

19

 

 

Results of Annual Meeting of Stockholders (unaudited)

 

On April 16, 2024, the Annual Meeting of Stockholders of the Fund was held and the following matter was voted upon based on 234,744,009 shares of common stock outstanding on the record date of February 15, 2024:

 

(1) To approve the election of three Directors to hold office until the year 2027 Annual Meeting of Stockholders.

 

Name of
Director

  

For

  

Withheld

Ralph W. Bradshaw

 

138,967,042

  

8,830,563

Matthew W. Morris

  

139,165,049

  

8,632,556

Scott B. Rogers

  

139,356,526

  

8,441,079

 

20

  

 

 

Investment Management Agreement Approval Disclosure (unaudited)

 

The Board of Directors (the “Board”) of Cornerstone Strategic Value Fund, Inc. (the “Fund”) , including those members of the Board who are not “interested persons,” as such term is defined by the 1940 Act (the “Independent Directors”), considers the approval of the continuation of the Investment Management Agreement (the “Agreement”) between Cornerstone Advisors, LLC (the “Investment Manager”) and the Fund on an annual basis. The most recent approval of the continuation of the Agreement occurred at an in-person meeting of the Board held on February 9, 2024.

 

The Board requested and received extensive materials and information from the Investment Manager to assist them in considering the approval of the continuance of the Agreement. Based on the Board’s review of the materials and information as well as discussions with management of the Investment Manager, the Board determined that the approval of the continuation of the Agreement was consistent with the best interests of the Fund and its stockholders. The Board decided that the continuation of the Agreement would enable the Fund to continue to receive high quality services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its stockholders. The Board made these determinations on the basis of the following factors, among others: (1) the nature, extent, and quality of the services provided by the Investment Manager; (2) the cost to the Investment Manager for providing such services, with special attention to the Investment Manager’s profitability (and whether the Investment Manager realizes any economies of scale); (3) the direct and indirect benefits received by the Investment Manager from its relationship with the Fund and the other investment companies advised by the Investment

 

Manager; and (4) comparative information as to the management fees, expense ratios and performance of other similarly situated closed-end investment companies.

 

In response to a questionnaire distributed by Fund counsel to the Investment Manager in accordance with Section 15(c) of the 1940 Act, as amended, the Investment Manager provided certain information to the independent members of the Board in advance of the meeting held on February 9, 2024. The materials provided by the Investment Manager described the services offered by the Investment Manager to the Fund and included an overview of the Investment Manager’s investment philosophy, management style and plan, including the Investment Manager’s extensive knowledge and experience in the closed-end fund industry. The Board noted that the Investment Manager provides quarterly reviews of the performance of the Fund and the Investment Manager’s services for the Fund. The Board also discussed the experience and knowledge of the Investment Manager with respect to managing the Fund’s monthly distribution policy and the extent to which such policy contributes to the market’s positive valuation of the Fund.

 

The Board also reviewed and discussed a comparison of the Fund’s performance for the one-year, three-year, five-year and since inception periods ending December 31, 2023 with the performance of comparable closed-end funds for the same periods and a comparison of the Fund’s expense ratios and management fees with those of comparable funds. Additionally, the Investment Manager presented an analysis of its profitability based on its contractual relationship with the Fund and the other investment companies advised by the Investment Manager.

 

The Board carefully evaluated this information, taking into consideration many factors including the overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies, and performance of the Investment Manager. The Independent Directors met in executive session to discuss the information provided and was advised by independent legal counsel with respect to their deliberations and their duties when considering the Agreement’s continuance. Based on their review of the information requested and provided, the Independent Directors determined that: (i) the Investment Manager is expected to continue to provide a high-caliber quality of service to the Fund for the benefit of its stockholders; (ii) the Fund’s

 

 

21

 

 

Investment Management Agreement Approval Disclosure (unaudited)
(Concluded)

 

performance was satisfactory; (iii) the management fees payable to the Investment Manager under the Agreement, in light of the services to be provided, were not unreasonable; and (iv) the Investment Manager’s estimated profitability with respect to the Fund was not excessive. The Independent Directors concluded that the Fund’s fee structure was not unreasonable and that the renewal of the Agreement with respect to the Fund was in the best interests of its stockholders. In considering the Agreement’s renewal, the Independent Directors considered a variety of factors, including those discussed above, and also considered other factors (including conditions and trends prevailing generally in the economy and the securities markets). The Independent Directors did not identify any one factor as determinative, and each Independent Director may have weighed each factor differently. The Independent Directors’ noted that their conclusions may be based in part on the Board’s ongoing regular review of the Fund’s performance and operations throughout the year. Accordingly, in light of the above considerations and such other factors and information it considered relevant, the Board by a unanimous vote (including a separate vote of the Independent Directors) approved the continuance of the Agreement with respect to the Fund.

 

22

  

 

 

Description of Dividend Reinvestment Plan (unaudited)

 

Cornerstone Strategic Value Fund, Inc. (the “Fund”) operates a Dividend Reinvestment Plan (the “Plan”), administered by Equiniti Trust Company, LLC (the “Agent”), pursuant to which the Fund’s income dividends or capital gains or other distributions (each, a “Distribution” and collectively, “Distributions”), net of any applicable U.S. withholding tax, are reinvested in shares of the Fund.

 

Stockholders automatically participate in the Fund’s Plan, unless and until an election is made to withdraw from the Plan on behalf of such participating stockholder. Stockholders who do not wish to have Distributions automatically reinvested should so notify the Agent at 48 Wall Street, 23rd Floor, New York, NY 10005. Under the Plan, the Fund’s Distributions to stockholders are reinvested in full and fractional shares as described below.

 

When the Fund declares a Distribution the Agent, on the stockholder’s behalf, will (i) receive additional authorized shares from the Fund either newly issued or repurchased from stockholders by the Fund and held as treasury stock (“Newly Issued Shares”) or (ii) purchase outstanding shares on the open market, on the NYSE American or elsewhere, with cash allocated to it by the Fund (“Open Market Purchases”).

 

The method for determining the number of Newly Issued Shares received when Distributions are reinvested will be determined by dividing the amount of the Distribution either by the Fund’s last reported net asset value per share or by a price equal to the average closing price of the Fund over the five trading days preceding the payment date of the Distribution, whichever is lower. However, if the last reported net asset value of the Fund’s shares is higher than the average closing price of the Fund over the five trading days preceding the payment date of the Distribution ice (i.e., the Fund is selling at a discount), shares may be acquired by the Agent in Open Market Purchases and allocated to the reinvesting stockholders based on the average cost of such Open Market Purchases. Upon notice from the Fund, the Agent will receive the distribution in cash and will purchase shares of common stock in the open market, on the NYSE American or elsewhere, for the participants’ accounts, except that the Agent will endeavor to terminate purchases in the open market and cause the Fund to issue the remaining shares if, following the commencement of the purchases, the market value of the shares, including brokerage commissions, exceeds the net asset value at the time of valuation. These remaining shares will be issued by the Fund at a price equal to the net asset value at the time of valuation.

 

In a case where the Agent has terminated open market purchases and caused the issuance of remaining shares by the Fund, the number of shares received by the participant in respect of the cash dividend or distribution will be based on the weighted average of prices paid for shares purchased in the open market, including brokerage commissions, and the price at which the Fund issues the remaining shares. To the extent that the Agent is unable to terminate purchases in the open market before the Agent has completed its purchases, or remaining shares cannot be issued by the Fund because the Fund declared a dividend or distribution payable only in cash, and the market price exceeds the net asset value of the shares, the average share purchase price paid by the Agent may exceed the net asset value of the shares, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund.

 

Whenever the Fund declares a Distribution and the last reported net asset value of the Fund’s shares is higher than its market price, the Agent will apply the amount of such Distribution payable to Plan participants of the Fund in Fund shares (less such Plan participant’s pro rata share of brokerage commissions incurred with respect to Open Market Purchases in connection with the reinvestment of such Distribution) to the purchase on the open market of Fund shares for such Plan participant’s account. Such purchases will be made on or after the payable date for such Distribution, and in no event more than 30 days after such date except where temporary curtailment or suspension of purchase

 

 

23

 

 

Description of Dividend Reinvestment Plan (unaudited) (concluded)

 

is necessary to comply with applicable provisions of federal securities laws. The Agent may aggregate a Plan participant’s purchases with the purchases of other Plan participants, and the average price (including brokerage commissions) of all shares purchased by the Agent shall be the price per share allocable to each Plan participant.

 

Registered stockholders who do not wish to have their Distributions automatically reinvested should so notify the Fund in writing. If a stockholder has not elected to receive cash Distributions and the Agent does not receive notice of an election to receive cash Distributions prior to the record date of any Distribution, the stockholder will automatically receive such Distributions in additional shares.

 

Participants in the Plan may withdraw from the Plan by providing written notice to the Agent at least 30 days prior to the applicable Distribution payment date. The Agent will maintain all stockholder accounts in the Plan and furnish written confirmations of all transactions in the accounts, including information needed by stockholders for personal and tax records The Agent will hold shares in the account of the Plan participant in non-certificated form in the name of the participant, and each stockholder’s proxy will include those shares purchased pursuant to the Plan. The Agent will distribute all proxy solicitation materials to participating stockholders.

 

In the case of stockholders, such as banks, brokers or nominees, that hold shares for others who are beneficial owners participating in the Plan, the Agent will administer the Plan on the basis of the number of shares certified from time to time by the record stockholder as representing the total amount of shares registered in the stockholder’s name and held for the account of beneficial owners participating in the Plan.

 

Neither the Agent nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participants account prior to receipt of written notice of his or her death or with respect to prices at which shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.

 

The automatic reinvestment of Distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Distributions. The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan.

 

Participants may at any time sell some or all their shares though the Agent. Shares may be sold via the internet at www.equiniti.com or through the toll free number. Participants can also use the tear off portion attached to the bottom of their statement and mail the request to Equiniti Trust Company, LLC, 48 Wall Street, 23rd Floor, New York, NY 10005. There is a commission of $0.05 per share.

 

All correspondence concerning the Plan should be directed to Equiniti Trust Company, LLC, 48 Wall Street, 23rd Floor, New York, NY 10005. Certain transactions can be performed online at www.equiniti.com or by calling the toll-free number (866) 668-6558.

 

24

  

 

 

Proxy Voting and Portfolio Holdings Information (unaudited)

 

The policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:

 

 

●

without charge, upon request, by calling toll-free (866) 668-6558; and

 

 

●

on the website of the SEC, www.sec.gov.

 

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll-free (866) 668-6558, and on the SEC’s website at www.sec.gov or on the Fund’s website at www.cornerstonestrategicvaluefund.com (See Form N-PX).

 

The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov.

 

Summary of General Information (unaudited)

 

Cornerstone Strategic Value Fund, Inc. is a closed-end, diversified investment company whose shares trade on the NYSE American. Its investment objective is to seek capital appreciation with current income as a secondary objective. The Fund is managed by Cornerstone Advisors, LLC.

 

Stockholder Information (unaudited)

 

The Fund is listed on the NYSE American (symbol “CLM”). The previous week’s net asset value per share, market price, and related premium or discount are available on the Fund’s website at www.cornerstonestrategicvaluefund.com.

 

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that Cornerstone Strategic Value Fund, Inc. may from time to time purchase shares of its common stock in the open market.

 

This report, including the financial statements herein, is sent to the stockholders of the Fund for their information. The financial information included herein is taken from the records of the Fund without examination by the independent registered public accountants who do not express an opinion thereon. It is not a prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in the report.

 

 

 

25

 

 

 

 

Cornerstone Strategic Value Fund, Inc.

 

 

 

 

(b)Not applicable

 

Item 2.Code of Ethics.

 

Not applicable.

 

Item 3.Audit Committee Financial Expert.

 

Not applicable

 

Item 4.Principal Accountant Fees and Services.

 

Not applicable

 

Item 5.Audit Committee of Listed Registrants.

 

Not applicable

 

Item 6.Investments.

 

(a)The Registrant(s) schedule(s) of investments is included in the Financial Statements under Item 1 of this form.

 

(b)Not applicable

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

 

(a)Not applicable

  

(b)Not applicable

 

Item 8.Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable

 

Item 9.Proxy Disclosures for Open-End Management Investment Companies.

 

Not applicable

 

Item 10.Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

Not applicable

 

 

Item 11.Statement Regarding Basis for Approval of Investment Advisory Contract.

 

Included under Item 1

 

Item 12.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable

 

Item 13.Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable

 

Item 14.Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable

 

Item 15.Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors that have been implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) or this Item.

 

Item 16. Controls and Procedures.

 

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

This Registrant does not engage in securities lending activities.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

(a)Not applicable

 

(b)Not applicable

 

 

Item 19.Exhibits.

 

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

 

(a)(1) Not applicable

 

(a)(2) Not applicable

 

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto

 

(1) Not applicable

 

(2) Change in the registrant’s independent public accountant: Not applicable

 

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

 

Exhibit 99.CERT Certifications required by Rule 30a-2(a) under the Act
Exhibit 99.906CERT Certifications required by Rule 30a-2(b) under the Act

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Cornerstone Strategic Value Fund, Inc.      
         
By (Signature and Title)*   /s/ Ralph W. Bradshaw  
      Ralph W. Bradshaw, Chairman and President  
      (Principal Executive Officer)  
         
Date August 29, 2024      

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*   /s/ Ralph W. Bradshaw  
      Ralph W. Bradshaw, Chairman and President  
      (Principal Executive Officer)  
         
Date August 29, 2024      
         
By (Signature and Title)*   /s/ Brian J. Lutes  
      Brian J. Lutes, Treasurer and Principal Financial Officer  
         
Date August 29, 2024      

 

*Print the name and title of each signing officer under his or her signature.

 

EX-99.CERT

 

CERTIFICATIONS

 

I, Ralph W. Bradshaw, certify that:

 

1.I have reviewed this report on Form N-CSR of Cornerstone Strategic Value Fund, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 29, 2024   /s/ Ralph W. Bradshaw  
    Ralph W. Bradshaw, Chairman and President  
    (Principal Executive Officer)  

 
 

CERTIFICATIONS

 

I, Brian J. Lutes, certify that:

 

1.I have reviewed this report on Form N-CSR of Cornerstone Strategic Value Fund, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 29, 2024   /s/ Brian J. Lutes  
    Brian J. Lutes, Treasurer and Principal Financial Officer  
 

 

EX-99.906CERT

 

CERTIFICATIONS

 

Ralph W. Bradshaw, Principal Executive Officer, and Brian J. Lutes, Principal Financial Officer, of Cornerstone Strategic Value Fund, Inc. (the “Registrant”), each certify to the best of his knowledge that:

 

1.The Registrant’s periodic report on Form N-CSR for the period ended June 30, 2024 (the “Form N-CSR”) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

PRINCIPAL EXECUTIVE OFFICER   PRINCIPAL FINANCIAL OFFICER  
       
Cornerstone Strategic Value Fund, Inc.   Cornerstone Strategic Value Fund, Inc.  
       
/s/ Ralph W. Bradshaw   /s/ Brian J. Lutes  
Ralph W. Bradshaw, Chairman and President (Principal Executive Officer)   Brian J. Lutes, Treasurer and Principal Financial Officer  
       
Date:  August 29, 2024   Date:  August 29, 2024  

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Cornerstone Strategic Value Fund, Inc. and will be retained by Cornerstone Strategic Value Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

 

 

 

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