CORNERSTONE STRATEGIC VALUE FUND, INC. |
SCHEDULE OF INVESTMENTS - MARCH 31, 2020 (Unaudited) |
Description | No. of Shares | Value | ||||||
EQUITY SECURITIES - 95.51% | ||||||||
CLOSED-END FUNDS - 5.64% | ||||||||
CORE - 2.62% | ||||||||
Adams Diversified Equity Fund, Inc. | 455,966 | $ | 5,740,624 | |||||
General American Investors Company, Inc. | 288,580 | 7,915,757 | ||||||
Royce Micro-Cap Trust, Inc. | 132,910 | 738,980 | ||||||
Source Capital, Inc. | 67,964 | 2,085,815 | ||||||
16,481,176 | ||||||||
DEVELOPED MARKET - 0.29% | ||||||||
Aberdeen Japan Equity Fund, Inc. | 18,871 | 117,944 | ||||||
European Equity Fund, Inc. (The) | 2,245 | 15,872 | ||||||
Japan Smaller Capitalization Fund, Inc. | 116,001 | 817,806 | ||||||
New Germany Fund, Inc. (The) | 42,203 | 489,977 | ||||||
New Ireland Fund, Inc. (The) * | 42,429 | 261,787 | ||||||
Swiss Helvetia Fund, Inc. (The) | 20,167 | 140,161 | ||||||
1,843,547 | ||||||||
EMERGING MARKETS - 0.61% | ||||||||
Aberdeen Emerging Markets Equity Income Fund, Inc. | 52,534 | 272,126 | ||||||
Central and Eastern Europe Fund, Inc. (The) | 58,622 | 1,028,247 | ||||||
Korea Fund, Inc. (The) | 19,956 | 446,216 | ||||||
Morgan Stanley India Investment Fund, Inc. * | 129,133 | 1,654,194 | ||||||
Templeton Emerging Markets Fund | 39,110 | 436,077 | ||||||
3,836,860 | ||||||||
ENERGY MLP FUNDS - 0.49% | ||||||||
ClearBridge MLP and Midstream Fund Inc. | 193,420 | 353,959 | ||||||
ClearBridge MLP and Midstream Total Return Fund Inc. | 19,616 | 27,070 | ||||||
Kayne Anderson MLP/Midstream Investment Company | 546,700 | 1,984,520 | ||||||
Neuberger Berman MLP and Energy Income Fund Inc. | 159,900 | 302,211 | ||||||
Salient Midstream & MLP Fund | 121,170 | 421,672 | ||||||
3,089,432 | ||||||||
GLOBAL - 0.16% | ||||||||
Aberdeen Global Dynamic Dividend Fund | 2,697 | 19,796 | ||||||
Clough Global Opportunities Fund | 64,303 | 461,052 | ||||||
Delaware Enhanced Global Dividend and Income Fund | 20,400 | 151,980 | ||||||
Gabelli Global Small and Mid Cap Value Trust (The) | 3,351 | 24,362 |
See accompanying notes to schedules of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC. |
SCHEDULE OF INVESTMENTS - MARCH 31, 2020 (Unaudited)(Continued) |
Description | No. of Shares | Value | ||||||
GLOBAL - 0.16% (Continued) | ||||||||
GDL Fund (The) | 47,676 | $ | 373,780 | |||||
1,030,970 | ||||||||
INCOME & PREFERRED STOCK - 0.02% | ||||||||
LMP Capital and Income Fund Inc. | 15,100 | 121,706 | ||||||
NATURAL RESOURCES - 0.40% | ||||||||
Adams Natural Resources Fund, Inc. | 54,600 | 452,634 | ||||||
BlackRock Resources & Commodities Strategy Trust | 411,579 | 2,074,358 | ||||||
2,526,992 | ||||||||
OPTION ARBITRAGE/OPTIONS STRATEGIES - 0.00% # | ||||||||
Voya International High Dividend Equity Income Fund | 2,601 | 9,962 | ||||||
REAL ESTATE - 0.58% | ||||||||
CBRE Clarion Global Real Estate Income Fund | 192,955 | 1,011,084 | ||||||
Cohen & Steers Quality Income Realty Fund, Inc. | 227,200 | 2,053,898 | ||||||
Cohen & Steers REIT and Preferred Income Fund, Inc. | 37,200 | 599,664 | ||||||
3,664,646 | ||||||||
SECTOR EQUITY - 0.45% | ||||||||
Gabelli Healthcare & WellnessRx Trust (The) | 89,236 | 772,784 | ||||||
GAMCO Global Gold, Natural Resources & Income Trust | 31,340 | 85,245 | ||||||
Nuveen Real Asset Income and Growth Fund | 12,800 | 126,336 | ||||||
Tekla Healthcare Investors | 102,349 | 1,822,835 | ||||||
2,807,200 | ||||||||
UTILITY - 0.02% | ||||||||
Macquarie Global Infrastructure Total Return Fund Inc. | 8,900 | 137,861 | ||||||
TOTAL CLOSED-END FUNDS | 35,550,352 | |||||||
COMMUNICATION SERVICES - 10.27% | ||||||||
Alphabet Inc. - Class C * | 26,405 | 30,703,998 | ||||||
AT&T Inc. | 135,900 | 3,961,485 | ||||||
Charter Communications, Inc. - Class A * | 12,000 | 5,235,720 | ||||||
Comcast Corporation - Class A | 280,000 | 9,626,400 | ||||||
Verizon Communications Inc. | 185,000 | 9,940,050 |
See accompanying notes to schedules of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC. |
SCHEDULE OF INVESTMENTS - MARCH 31, 2020 (Unaudited)(Continued) |
Description | No. of Shares | Value | ||||||
COMMUNICATION SERVICES - 10.28% (Continued) | ||||||||
Walt Disney Company (The) | 55,000 | $ | 5,313,000 | |||||
64,780,653 | ||||||||
CONSUMER DISCRETIONARY - 9.31% | ||||||||
Amazon.com, Inc. * | 11,500 | 22,421,780 | ||||||
AutoZone, Inc. * | 1,200 | 1,015,200 | ||||||
Dollar General Corporation | 14,000 | 2,114,140 | ||||||
Hilton Worldwide Holdings Inc. | 13,000 | 887,120 | ||||||
Home Depot, Inc. (The) | 51,000 | 9,522,210 | ||||||
Lowe's Companies, Inc. | 20,000 | 1,721,000 | ||||||
McDonald's Corporation | 9,000 | 1,488,150 | ||||||
NIKE, Inc. - Class B | 79,000 | 6,536,460 | ||||||
O'Reilly Automotive, Inc. * | 4,000 | 1,204,200 | ||||||
Ross Stores, Inc. | 24,000 | 2,087,280 | ||||||
Starbucks Corporation | 69,000 | 4,536,060 | ||||||
Target Corporation | 25,000 | 2,324,250 | ||||||
TJX Companies, Inc. (The) | 60,000 | 2,868,600 | ||||||
58,726,450 | ||||||||
CONSUMER STAPLES - 7.11% | ||||||||
Coca-Cola Company (The) | 216,000 | 9,558,000 | ||||||
Costco Wholesale Corporation | 25,500 | 7,270,815 | ||||||
Estée Lauder Companies, Inc. (The) - Class A | 19,000 | 3,027,460 | ||||||
Kimberly-Clark Corporation | 17,000 | 2,173,790 | ||||||
Procter & Gamble Company (The) | 130,000 | 14,300,000 | ||||||
Walmart Inc. | 75,000 | 8,521,500 | ||||||
44,851,565 | ||||||||
ENERGY - 0.88% | ||||||||
Chevron Corporation | 50,000 | 3,623,000 | ||||||
Kinder Morgan, Inc. | 85,500 | 1,190,160 | ||||||
Marathon Petroleum Corporation | 30,000 | 708,600 | ||||||
5,521,760 | ||||||||
EXCHANGE-TRADED FUNDS - 4.09% | ||||||||
iShares Core S&P 500 ETF | 10,000 | 2,584,000 | ||||||
SPDR S&P 500 ETF Trust | 90,000 | 23,197,500 | ||||||
25,781,500 | ||||||||
FINANCIALS - 9.07% | ||||||||
Aflac Incorporated | 18,000 | 616,320 |
See accompanying notes to schedules of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC. |
SCHEDULE OF INVESTMENTS - MARCH 31, 2020 (Unaudited)(Continued) |
Description | No. of Shares | Value | ||||||
FINANCIALS - 9.07% (Continued) | ||||||||
Allstate Corporation (The) | 15,000 | $ | 1,375,950 | |||||
American Express Company | 32,000 | 2,739,520 | ||||||
Aon plc | 12,000 | 1,980,480 | ||||||
Bank of America Corporation | 253,300 | 5,377,559 | ||||||
Berkshire Hathaway Inc. - Class B * | 80,000 | 14,626,400 | ||||||
BlackRock, Inc. | 7,000 | 3,079,790 | ||||||
Chubb Limited | 10,000 | 1,116,900 | ||||||
Citigroup Inc. | 107,000 | 4,506,840 | ||||||
Intercontinental Exchange, Inc. | 27,000 | 2,180,250 | ||||||
JPMorgan Chase & Co. | 83,000 | 7,472,490 | ||||||
Moody's Corporation | 9,000 | 1,903,500 | ||||||
Progressive Corporation (The) | 15,000 | 1,107,600 | ||||||
S&P Global Inc. | 12,000 | 2,940,600 | ||||||
T. Rowe Price Group, Inc. | 11,000 | 1,074,150 | ||||||
Truist Financial Corporation | 76,965 | 2,373,601 | ||||||
U.S. Bancorp | 39,000 | 1,343,550 | ||||||
Willis Towers Watson Public Limited Company | 8,000 | 1,358,800 | ||||||
57,174,300 | ||||||||
HEALTH CARE - 13.07% | ||||||||
Abbott Laboratories | 107,000 | 8,443,370 | ||||||
Cigna Corporation | 9,354 | 1,657,342 | ||||||
Edwards Lifesciences Corporation * | 11,000 | 2,074,820 | ||||||
Eli Lilly and Company | 25,000 | 3,468,000 | ||||||
Gilead Sciences, Inc. | 44,000 | 3,289,440 | ||||||
Humana Inc. | 8,000 | 2,512,160 | ||||||
IQVIA Holdings Inc. * | 10,000 | 1,078,600 | ||||||
Johnson & Johnson | 105,700 | 13,860,441 | ||||||
Medtronic Public Limited Company | 75,000 | 6,763,500 | ||||||
Merck & Co., Inc. | 145,000 | 11,156,300 | ||||||
Pfizer Inc. | 150,000 | 4,896,000 | ||||||
Stryker Corporation | 19,000 | 3,163,310 | ||||||
Thermo Fisher Scientific Inc. | 14,000 | 3,970,400 | ||||||
UnitedHealth Group Incorporated | 37,000 | 9,227,060 | ||||||
Vertex Pharmaceuticals Incorporated * | 13,000 | 3,093,350 | ||||||
Zimmer Biomet Holdings, Inc. | 9,000 | 909,720 |
See accompanying notes to schedules of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC. |
SCHEDULE OF INVESTMENTS - MARCH 31, 2020 (Unaudited)(Continued) |
Description | No. of Shares | Value | ||||||
HEALTH CARE - 13.07% (Continued) | ||||||||
Zoetis, Inc. | 24,000 | $ | 2,824,560 | |||||
82,388,373 | ||||||||
INDUSTRIALS - 7.12% | ||||||||
Cintas Corporation | 8,000 | 1,385,760 | ||||||
CSX Corporation | 54,000 | 3,094,200 | ||||||
Cummins Inc. | 9,000 | 1,217,880 | ||||||
Deere & Company | 21,000 | 2,901,360 | ||||||
Delta Air Lines, Inc. | 41,000 | 1,169,730 | ||||||
Emerson Electric Co. | 28,000 | 1,334,200 | ||||||
Fortive Corporation | 15,000 | 827,850 | ||||||
General Dynamics Corporation | 16,000 | 2,116,960 | ||||||
Honeywell International Inc. | 24,000 | 3,210,960 | ||||||
IHS Markit Ltd. | 20,000 | 1,200,000 | ||||||
Ingersoll Rand Inc. * | 11,471 | 284,481 | ||||||
Lockheed Martin Corporation | 18,000 | 6,101,100 | ||||||
Norfolk Southern Corporation | 19,000 | 2,774,000 | ||||||
Northrop Grumman Corporation | 4,000 | 1,210,200 | ||||||
Republic Services, Inc. | 19,000 | 1,426,140 | ||||||
Roper Technologies, Inc. | 6,000 | 1,870,860 | ||||||
Trane Technologies plc | 13,000 | 1,073,670 | ||||||
TransDigm Group Incorporated | 2,500 | 800,475 | ||||||
Union Pacific Corporation | 29,000 | 4,090,160 | ||||||
United Parcel Service, Inc. - Class B | 49,000 | 4,577,580 | ||||||
Waste Management, Inc. | 24,000 | 2,221,440 | ||||||
44,889,006 | ||||||||
INFORMATION TECHNOLOGY - 22.04% | ||||||||
Accenture plc - Class A | 34,000 | 5,550,840 | ||||||
Adobe Inc. * | 22,000 | 7,001,280 | ||||||
Apple Inc. | 122,000 | 31,023,380 | ||||||
Automatic Data Processing, Inc. | 24,000 | 3,280,320 | ||||||
Fiserv, Inc. * | 32,000 | 3,039,680 | ||||||
FleetCor Technologies, Inc. * | 2,000 | 373,080 | ||||||
Intel Corporation | 96,000 | 5,195,520 | ||||||
Intuit Inc. | 12,000 | 2,760,000 | ||||||
Mastercard Incorporated - Class A | 60,000 | 14,493,600 | ||||||
Microsoft Corporation | 331,000 | 52,202,009 |
See accompanying notes to schedules of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC. |
SCHEDULE OF INVESTMENTS - MARCH 31, 2020 (Unaudited)(Continued) |
Description | No. of Shares | Value | ||||||
INFORMATION TECHNOLOGY - 22.04% (Continued) | ||||||||
Motorola Solutions, Inc. | 8,000 | $ | 1,063,360 | |||||
Paychex, Inc. | 20,000 | 1,258,400 | ||||||
Texas Instruments Incorporated | 24,000 | 2,398,320 | ||||||
VeriSign, Inc. * | 7,000 | 1,260,630 | ||||||
Visa, Inc. - Class A | 50,000 | 8,056,000 | ||||||
138,956,419 | ||||||||
MATERIALS - 1.82% | ||||||||
Air Products and Chemicals, Inc. | 7,000 | 1,397,270 | ||||||
Corteva, Inc. | 20,431 | 480,129 | ||||||
Dow Inc. | 20,431 | 597,402 | ||||||
DuPont de Nemours, Inc. | 20,431 | 696,697 | ||||||
Ecolab Inc. | 17,000 | 2,649,110 | ||||||
Linde plc | 7,000 | 1,211,000 | ||||||
Newmont Corporation | 37,000 | 1,675,360 | ||||||
PPG Industries, Inc. | 11,000 | 919,600 | ||||||
Sherwin-Williams Company (The) | 4,000 | 1,838,080 | ||||||
11,464,648 | ||||||||
REAL ESTATE - 2.05% | ||||||||
American Tower Corporation | 23,000 | 5,008,250 | ||||||
Crown Castle International Corp. | 23,000 | 3,321,200 | ||||||
Equinix, Inc. | 4,000 | 2,498,280 | ||||||
Equity Residential | 12,000 | 740,520 | ||||||
SBA Communications Corporation | 5,000 | 1,349,849 | ||||||
12,918,099 | ||||||||
UTILITIES - 3.04% | ||||||||
American Electric Power Company, Inc. | 28,000 | 2,239,440 | ||||||
Dominion Energy, Inc. | 38,000 | 2,743,220 | ||||||
Duke Energy Corporation | 34,000 | 2,749,920 | ||||||
Eversource Energy | 14,000 | 1,094,940 | ||||||
Exelon Corporation | 60,000 | 2,208,600 | ||||||
NextEra Energy, Inc. | 22,000 | 5,293,640 | ||||||
Public Service Enterprise Group Incorporated | 25,000 | 1,122,750 |
See accompanying notes to schedules of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC. |
SCHEDULE OF INVESTMENTS - MARCH 31, 2020 (Unaudited)(Concluded) |
Description | No. of Shares | Value | ||||||
UTILITIES - 3.04% (Continued) | ||||||||
Sempra Energy | 15,000 | $ | 1,694,850 | |||||
19,147,360 | ||||||||
TOTAL EQUITY SECURITIES (cost - $585,725,968) | 602,150,485 | |||||||
SHORT-TERM INVESTMENT - 2.90% | ||||||||
MONEY MARKET FUND - 2.90% | ||||||||
Fidelity Institutional Money Market Government Portfolio - Class I, 0.30% ^ (cost - $18,256,840) | 18,256,840 | 18,256,840 | ||||||
TOTAL INVESTMENTS - 98.41% (cost - $603,982,808) | 620,407,325 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.59% | 10,022,460 | |||||||
NET ASSETS - 100.00% | $ | 630,429,785 | ||||||
* | Non-income producing security. |
# | Percentage rounds to less than 0.01%. |
^ | The rate shown is the 7-day effective yield as of March 31, 2020. |
See accompanying notes to schedules of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Federal Income Tax Cost: The following information is computed on a tax basis for each item as of March 31, 2020:
Cost of portfolio investments | $ | 608,944,199 | ||
Gross unrealized appreciation | $ | 66,038,429 | ||
Gross unrealized depreciation | (54,575,303 | ) | ||
Net unrealized appreciation | $ | 11,463,126 |
The difference between the federal income tax cost of portfolio investments and the Schedule of Investments cost for Cornerstone Strategic Value Fund, Inc. (the “Fund”) is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and generally accepted accounting principles. These "book/tax" differences are temporary in nature and are due to the tax deferral of losses on wash sales.
As required by the Fair Value Measurement and Disclosures Topic of the Financial Accounting Standards Board ("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.
The following is a summary of the inputs used as of March 31, 2020 in valuing the Fund's investments carried at value:
VALUTION INPUTS | INVESTMENTS IN SECURITIES | OTHER FINANCIAL INSTRUMENTS* | ||||||
Level 1 - Quoted Prices | ||||||||
Equity Securities | $ | 602,150,485 | $ | - | ||||
Short-Term Investment | 18,256,840 | - | ||||||
Level 2 - Other Significant Observable Inputs | - | - | ||||||
Level 3 - Significant Unobservable Inputs | - | - | ||||||
Total | $ | 620,407,325 | $ | - |
* | Other financial instruments include futures, forwards and swap contracts, if any. |
CORNERSTONE STRATEGIC VALUE FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (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 March 31, 2020.
The Fund is exposed to financial market risks, including the valuations of its investment portfolio. During the period ended March 31, 2020, the Fund did not engage in derivative instruments and other hedging activities.
The Fund has evaluated the need for additional disclosures and/or adjustments resulting through the date its financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to such Schedule of Investments.
Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the Fund's annual report previously filed with the Securities and Exchange Commission on the Form N-CSR on February 28, 2020 with a file number 811-05150.
Other information regarding the Fund is available in the Fund’s most recent annual report. This information is also available on the Fund’s website at www.cornerstonestrategicvaluefund.com; or on the website of the Securities and Exchange Commission at www.sec.gov.