UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-05150
Cornerstone Strategic Value Fund, Inc.
(Exact name of registrant as specified in charter)
| 48 Wall Street New York, NY | 10005 |
| (Address of principal executive offices) | (Zip code) |
Hoyt M. Peters
AST Fund Solutions, LLC 48 Wall Street New York, NY 10005
(Name and address of agent for service)
Registrant's telephone number, including area code: (866) 668-6558
Date of fiscal year end: December 31
Date of reporting period: March 31, 2018
Item 1. Schedule of Investments.
CORNERSTONE STRATEGIC VALUE FUND, INC.
SCHEDULE OF INVESTMENTS - MARCH 31, 2018 (UNAUDITED)
| Description | No. of Shares | Value | ||||||
| EQUITY SECURITIES - 99.47% | ||||||||
| CLOSED-END FUNDS - 21.96% | ||||||||
| CORE - 5.96% | ||||||||
| Adams Diversified Equity Fund, Inc. | 654,545 | $ | 9,674,175 | |||||
| Advent/Claymore Enhanced Growth & Income Fund | 63,978 | 506,706 | ||||||
| General American Investors Company, Inc. | 312,710 | 10,466,404 | ||||||
| Royce Micro-Cap Trust, Inc. | 221,429 | 2,072,575 | ||||||
| Royce Value Trust | 166,010 | 2,583,116 | ||||||
| Source Capital, Inc. | 38,753 | 1,546,051 | ||||||
| Sprott Focus Trust, Inc. | 43,121 | 335,912 | ||||||
| Tri-Continental Corporation | 251,161 | 6,608,053 | ||||||
| 33,792,992 | ||||||||
| DEVELOPED MARKET - 1.01% | ||||||||
| Aberdeen Japan Equity Fund, Inc. | 9,986 | 91,472 | ||||||
| Aberdeen Singapore Fund, Inc. | 8,890 | 117,881 | ||||||
| European Equity Fund, Inc. (The) | 3,022 | 29,192 | ||||||
| Japan Smaller Capitalization Fund, Inc. | 165,821 | 2,037,940 | ||||||
| Morgan Stanley Asia-Pacific Fund, Inc. | 110,110 | 2,005,103 | ||||||
| New Germany Fund, Inc. (The) | 33,636 | 656,911 | ||||||
| New Ireland Fund, Inc. (The) | 64,689 | 779,502 | ||||||
| 5,718,001 | ||||||||
| EMERGING MARKETS - 5.35% | ||||||||
| Aberdeen Chile Fund, Inc.* | 34,587 | 312,494 | ||||||
| Central Europe, Russia and Turkey Fund, Inc. (The ) | 39,003 | 997,697 | ||||||
| China Fund, Inc. (The) | 4,226 | 93,564 | ||||||
| India Fund, Inc. (The) | 198,655 | 4,892,873 | ||||||
| Latin American Discovery Fund, Inc. (The) | 50,134 | 618,654 | ||||||
| Mexico Equity & Income Fund Inc. | 20,863 | 228,658 | ||||||
| Mexico Fund, Inc. (The) | 218,420 | 3,540,588 | ||||||
| Morgan Stanley China A Share Fund, Inc. | 249,053 | 6,201,420 | ||||||
| Morgan Stanley Emerging Markets Fund, Inc. | 78,946 | 1,425,765 | ||||||
| Morgan Stanley India Investment Fund, Inc. | 20,500 | 622,790 | ||||||
| Taiwan Fund, Inc. (The) * | 27,099 | 576,125 | ||||||
| Templeton Dragon Fund, Inc. | 369,258 | 8,212,298 | ||||||
| Templeton Emerging Markets Fund | 160,256 | 2,608,980 | ||||||
| 30,331,906 | ||||||||
| GLOBAL - 0.92% | ||||||||
| Clough Global Dividend and Income Fund | 4,149 | 51,747 | ||||||
| Clough Global Opportunities Fund | 38,200 | 408,740 | ||||||
| Gabelli Global Small and Mid Cap Value Trust (The) | 83,322 | 996,531 | ||||||
| GDL Fund (The) | 200,974 | 1,873,078 | ||||||
| Royce Global Value Trust, Inc. | 158,158 | 1,734,993 | ||||||
| Voya Infrastructure, Industrials and Materials Fund | 10,800 | 164,052 | ||||||
| 5,229,141 | ||||||||
| GLOBAL INCOME - 0.47% | ||||||||
| BrandywineGLOBAL — Global Income Opportunities Fund Inc. | 206,252 | 2,658,588 | ||||||
| INCOME & PREFERRED STOCK - 0.12% | ||||||||
| Eagle Growth and Income Opportunities Fund | 34,770 | 521,898 | ||||||
| LMP Capital and Income Fund Inc. | 9,941 | 125,455 | ||||||
| 647,353 | ||||||||
See accompanying notes to schedule of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC.
SCHEDULE OF INVESTMENTS - MARCH 31, 2018 (UNAUDITED)
| Description | No. of Shares | Value | ||||||
| NATURAL RESOURCES - 1.33% | ||||||||
| Adams Natural Resources Fund, Inc. | 369,159 | $ | 6,733,460 | |||||
| BlackRock Resources & Commodities Strategy Trust | 91,500 | 812,520 | ||||||
| 7,545,980 | ||||||||
| OPTION ARBITRAGE/OPTIONS STRATEGIES - 1.03% | ||||||||
| AllianzGI NFJ Dividend, Interest & Premium Strategy Fund | 449,050 | 5,702,935 | ||||||
| Voya Asia Pacific High Dividend Equity Income Fund | 11,174 | 119,897 | ||||||
| 5,822,832 | ||||||||
| PACIFIC EX JAPAN - 0.27% | ||||||||
| Aberdeen Greater China Fund, Inc. | 15,121 | 199,748 | ||||||
| Korea Fund, Inc. (The) | 32,772 | 1,337,753 | ||||||
| 1,537,501 | ||||||||
| REAL ESTATE - 2.31% | ||||||||
| Alpine Global Premier Properties Fund | 291,431 | 1,818,529 | ||||||
| CBRE Clarion Global Real Estate Income Fund | 905,857 | 6,621,815 | ||||||
| Cohen & Steers Preferred Securities and Income Fund, Inc. | 136,615 | 2,553,334 | ||||||
| RMR Real Estate Income Fund | 125,575 | 2,093,334 | ||||||
| 13,087,012 | ||||||||
| SECTOR EQUITY - 0.88% | ||||||||
| Gabelli Healthcare & WellnessRx Trust | 266,349 | 2,530,316 | ||||||
| Nuveen Real Asset Income and Growth Fund | 151,400 | 2,455,708 | ||||||
| 4,986,024 | ||||||||
| UTILITY - 1.82% | ||||||||
| Cohen & Steers Infrastructure Fund, Inc. | 328,866 | 7,041,021 | ||||||
| Gabelli Global Utility & Income Trust (The) | 36,135 | 672,104 | ||||||
| Macquarie Global Infrastructure Total Return Fund Inc. | 116,303 | 2,581,927 | ||||||
| 10,295,052 | ||||||||
| VALUE - 0.49% | ||||||||
| John Hancock Tax-Advantaged Dividend Income Fund | 128,779 | 2,791,929 | ||||||
| TOTAL CLOSED-END FUNDS | 124,444,311 | |||||||
| CONSUMER DISCRETIONARY - 10.52% | ||||||||
| Amazon.com, Inc. * | 12,500 | 18,091,750 | ||||||
| Booking Holdings Inc. * | 1,500 | 3,120,585 | ||||||
| Carnival Corporation | 15,000 | 983,700 | ||||||
| Comcast Corporation - Class A | 175,000 | 5,979,750 | ||||||
| Ford Motor Company | 97,000 | 1,074,760 | ||||||
| General Motors Company | 39,000 | 1,417,260 | ||||||
| Home Depot, Inc. (The) | 56,600 | 10,088,384 | ||||||
| Lowe's Companies, Inc. | 30,000 | 2,632,500 | ||||||
| Marriott International, Inc. - Class A | 10,000 | 1,359,800 | ||||||
| McDonald's Corporation | 28,700 | 4,488,106 | ||||||
| Netflix, Inc. * | 16,000 | 4,725,600 | ||||||
| Newell Brands Inc. | 19,000 | 484,120 | ||||||
| Royal Caribbean Cruises Ltd. | 6,000 | 706,440 | ||||||
| Starbucks Corporation | 52,000 | 3,010,280 | ||||||
| TJX Companies, Inc. (The) | 18,000 | 1,468,080 | ||||||
| 59,631,115 | ||||||||
| CONSUMER STAPLES - 5.25% | ||||||||
| Altria Group, Inc. | 55,000 | 3,427,600 | ||||||
See accompanying notes to schedule of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC.
SCHEDULE OF INVESTMENTS - MARCH 31, 2018 (UNAUDITED)
| Description | No. of Shares | Value | ||||||
| British American Tobacco p.l.c. - ADR | 14,202 | $ | 819,313 | |||||
| Constellation Brands, Inc. | 7,000 | 1,595,440 | ||||||
| Costco Wholesale Corporation | 15,000 | 2,826,450 | ||||||
| CVS Health Corporation | 39,000 | 2,426,190 | ||||||
| Estée Lauder Companies Inc. (The) - Class A | 14,000 | 2,096,080 | ||||||
| Kroger Company (The) | 25,000 | 598,500 | ||||||
| Mondelez International, Inc. | 45,000 | 1,877,850 | ||||||
| PepsiCo, Inc. | 50,000 | 5,457,500 | ||||||
| Philip Morris International Inc. | 10,000 | 994,000 | ||||||
| Procter & Gamble Company (The) | 40,055 | 3,175,560 | ||||||
| Sysco Corporation | 17,500 | 1,049,300 | ||||||
| Tyson Foods, Inc. | 15,000 | 1,097,850 | ||||||
| Walgreens Boots Alliance, Inc. | 35,000 | 2,291,450 | ||||||
| 29,733,083 | ||||||||
| ENERGY - 3.12% | ||||||||
| Chevron Corporation | 55,000 | 6,272,200 | ||||||
| Concho Resources Inc. * | 2,500 | 375,825 | ||||||
| ConocoPhillips | 31,000 | 1,837,990 | ||||||
| EOG Resources, Inc. | 16,600 | 1,747,482 | ||||||
| Exxon Mobil Corporation | 64,636 | 4,822,492 | ||||||
| Occidental Petroleum Corporation | 14,400 | 935,424 | ||||||
| Phillips 66 | 12,000 | 1,151,040 | ||||||
| Pioneer Natural Resources Company | 3,000 | 515,340 | ||||||
| 17,657,793 | ||||||||
| EXCHANGE-TRADED FUNDS - 1.63% | ||||||||
| iShares Core S&P 500 ETF | 20,000 | 5,307,400 | ||||||
| SPDR S&P 500 ETF | 15,000 | 3,947,250 | ||||||
| 9,254,650 | ||||||||
| FINANCIALS - 11.75% | ||||||||
| Allstate Corporation (The) | 14,000 | 1,327,200 | ||||||
| American Express Company | 32,000 | 2,984,960 | ||||||
| Ameriprise Financial, Inc. | 7,000 | 1,035,580 | ||||||
| Aon plc | 9,000 | 1,262,970 | ||||||
| Bank of America Corporation | 263,300 | 7,896,367 | ||||||
| Bank of New York Mellon Corporation (The) | 38,500 | 1,983,905 | ||||||
| BlackRock, Inc. - Class A | 7,000 | 3,792,040 | ||||||
| Brighthouse Financial, Inc. * | 2 | 103 | ||||||
| Charles Schwab Corporation (The) | 24,000 | 1,253,280 | ||||||
| Citigroup Inc. | 97,000 | 6,547,500 | ||||||
| CME Group Inc. | 13,000 | 2,102,620 | ||||||
| Goldman Sachs Group, Inc. (The) | 11,000 | 2,770,460 | ||||||
| Intercontinental Exchange, Inc. | 20,000 | 1,450,400 | ||||||
| JPMorgan Chase & Co. | 131,000 | 14,406,070 | ||||||
| Marsh & McLennan Companies, Inc. | 18,000 | 1,486,620 | ||||||
| Moody's Corporation | 8,000 | 1,290,400 | ||||||
| Morgan Stanley | 54,000 | 2,913,840 | ||||||
| PNC Financial Services Group, Inc. (The) | 18,000 | 2,722,320 | ||||||
| Progressive Corporation | 20,000 | 1,218,600 | ||||||
| Prudential Financial, Inc. | 15,000 | 1,553,250 | ||||||
| S&P Global Inc. | 9,000 | 1,719,540 | ||||||
| State Street Corporation | 8,000 | 797,840 | ||||||
| T. Rowe Price Group, Inc. | 10,000 | 1,079,700 | ||||||
See accompanying notes to schedule of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC.
SCHEDULE OF INVESTMENTS - MARCH 31, 2018 (UNAUDITED)
| Description | No. of Shares | Value | ||||||
| U.S. Bancorp | 60,000 | $ | 3,030,000 | |||||
| 66,625,565 | ||||||||
| HEALTH CARE - 11.62% | ||||||||
| Abbott Laboratories | 57,000 | 3,415,440 | ||||||
| AbbVie Inc. | 72,000 | 6,814,800 | ||||||
| Aetna Inc. | 13,000 | 2,197,000 | ||||||
| Allergan plc | 4,400 | 740,476 | ||||||
| Amgen Inc. | 26,000 | 4,432,480 | ||||||
| Baxter International Inc. | 17,000 | 1,105,680 | ||||||
| Becton, Dickinson and Company | 6,000 | 1,300,200 | ||||||
| Boston Scientific Corporation * | 49,000 | 1,338,680 | ||||||
| Celgene Corporation * | 28,000 | 2,497,880 | ||||||
| Cigna Corporation | 9,000 | 1,509,660 | ||||||
| Edwards Lifesciences Corporation * | 8,000 | 1,116,160 | ||||||
| Eli Lilly and Company | 18,000 | 1,392,660 | ||||||
| Express Scripts Holding Company * | 22,000 | 1,519,760 | ||||||
| Gilead Sciences, Inc. | 36,000 | 2,714,040 | ||||||
| HCA Healthcare, Inc. * | 8,000 | 776,000 | ||||||
| Humana Inc. | 5,000 | 1,344,150 | ||||||
| Intuitive Surgical, Inc. * | 3,000 | 1,238,490 | ||||||
| Johnson & Johnson | 90,700 | 11,623,205 | ||||||
| McKesson Corporation | 6,000 | 845,220 | ||||||
| Medtronic Plc | 28,000 | 2,246,160 | ||||||
| Regeneron Pharmaceuticals, Inc. * | 3,000 | 1,033,080 | ||||||
| Thermo Fisher Scientific Inc. | 14,000 | 2,890,440 | ||||||
| UnitedHealth Group Incorporated | 42,000 | 8,988,000 | ||||||
| Vertex Pharmaceuticals Incorporated * | 9,000 | 1,466,820 | ||||||
| Zimmer Biomet Holdings, Inc. | 3,000 | 327,120 | ||||||
| Zoetis Inc. | 12,000 | 1,002,120 | ||||||
| 65,875,721 | ||||||||
| INDUSTRIALS - 7.93% | ||||||||
| 3M Company | 17,000 | 3,731,840 | ||||||
| Boeing Company (The) | 21,000 | 6,885,480 | ||||||
| Caterpillar Inc. | 20,000 | 2,947,600 | ||||||
| CSX Corporation | 32,000 | 1,782,720 | ||||||
| Cummins Inc. | 7,000 | 1,134,630 | ||||||
| Danaher Corporation | 17,000 | 1,664,470 | ||||||
| Deere & Company | 10,000 | 1,553,200 | ||||||
| Delta Air Lines, Inc | 26,000 | 1,425,060 | ||||||
| FedEx Corporation | 9,000 | 2,160,990 | ||||||
| Honeywell International Inc. | 24,000 | 3,468,240 | ||||||
| Illinois Tool Works Inc. | 11,900 | 1,864,254 | ||||||
| Ingersoll-Rand Plc | 7,000 | 598,570 | ||||||
| Lockheed Martin Corporation | 6,000 | 2,027,580 | ||||||
| Norfolk Southern Corporation | 8,000 | 1,086,240 | ||||||
| Raytheon Company | 8,000 | 1,726,560 | ||||||
| Republic Services, Inc. | 7,000 | 463,610 | ||||||
| Roper Technologies, Inc. | 5,000 | 1,403,450 | ||||||
| Southwest Airlines Co. | 21,500 | 1,231,520 | ||||||
| Stanley Black & Decker, Inc. | 4,000 | 612,800 | ||||||
| United Parcel Service, Inc. - Class B | 19,000 | 1,988,540 | ||||||
| Union Pacific Corporation | 30,000 | 4,032,900 | ||||||
See accompanying notes to schedule of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC.
SCHEDULE OF INVESTMENTS - MARCH 31, 2018 (UNAUDITED)
| Description | No. of Shares | Value | ||||||
| Waste Management, Inc. | 14,000 | $ | 1,177,680 | |||||
| 44,967,934 | ||||||||
| INFORMATION TECHNOLOGY - 21.30% | ||||||||
| Accenture plc - Class A | 15,000 | 2,302,500 | ||||||
| Adobe Systems Incorporated * | 17,000 | 3,673,360 | ||||||
| Alphabet Inc. - Class C * | 17,005 | 17,545,589 | ||||||
| Analog Devices, Inc. | 13,000 | 1,184,690 | ||||||
| Apple Inc. | 115,000 | 19,294,700 | ||||||
| Applied Materials, Inc. | 43,000 | 2,391,230 | ||||||
| Broadcom Limited | 16,000 | 3,770,400 | ||||||
| Facebook, Inc. - Class A * | 85,500 | 13,662,045 | ||||||
| Fidelity National Information Services, Inc. | 15,000 | 1,444,500 | ||||||
| Fiserv, Inc. * | 20,000 | 1,426,200 | ||||||
| Intel Corporation | 198,500 | 10,337,880 | ||||||
| Intuit Inc. | 9,000 | 1,560,150 | ||||||
| Lam Research Corporation | 6,000 | 1,218,960 | ||||||
| Mastercard Incorporated | 34,000 | 5,955,440 | ||||||
| Microsoft Corporation | 186,000 | 16,976,220 | ||||||
| Oracle Corporation | 87,272 | 3,992,694 | ||||||
| PayPal Holdings, Inc. * | 20,000 | 1,517,400 | ||||||
| Salesforce.com, Inc. * | 23,000 | 2,674,900 | ||||||
| TE Connectivity Ltd. | 13,000 | 1,298,700 | ||||||
| Visa, Inc. - Class A | 71,000 | 8,493,020 | ||||||
| 120,720,578 | ||||||||
| MATERIALS - 1.71% | ||||||||
| Air Products and Chemicals, Inc. | 7,000 | 1,113,210 | ||||||
| DowDuPont Inc. | 61,294 | 3,905,041 | ||||||
| Ecolab Inc. | 8,000 | 1,096,560 | ||||||
| Monsanto Company | 12,000 | 1,400,280 | ||||||
| Praxair, Inc. | 7,000 | 1,010,100 | ||||||
| Sherwin-Williams Company (The) | 3,000 | 1,176,360 | ||||||
| 9,701,551 | ||||||||
| REAL ESTATE - 0.65% | ||||||||
| American Tower Corporation | 17,000 | 2,470,780 | ||||||
| Prologis, Inc. | 19,000 | 1,196,810 | ||||||
| 3,667,590 | ||||||||
| TELECOMMUNICATION SERVICES - 1.10% | ||||||||
| AT&T, Inc. | 107,568 | 3,834,799 | ||||||
| Verizon Communications Inc. | 50,000 | 2,391,000 | ||||||
| 6,225,799 | ||||||||
| UTILITIES - 0.93% | ||||||||
| American Electric Power Company, Inc. | 14,200 | 973,978 | ||||||
| DTE Energy Company | 7,000 | 730,800 | ||||||
| Edison International | 9,800 | 623,868 | ||||||
| NextEra Energy, Inc. | 18,000 | 2,939,940 | ||||||
| 5,268,586 | ||||||||
| TOTAL EQUITY SECURITIES (cost - $514,656,230) | 563,774,276 | |||||||
| SHORT-TERM INVESTMENT - 0.67% | ||||||||
| MONEY MARKET FUND - 0.67% | ||||||||
| Fidelity Institutional Money Market Government Portfolio - Class I, 1.49%^ (cost - $3,820,019) | 3,820,019 | 3,820,019 | ||||||
See accompanying notes to schedule of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC.
SCHEDULE OF INVESTMENTS - MARCH 31, 2018 (UNAUDITED)
| Description | No. of Shares | Value | ||||||
| TOTAL INVESTMENTS - 100.14% (cost - $541,476,249) | $ | 567,594,295 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.14)% | (808,366 | ) | ||||||
| NET ASSETS - 100.00% | $ | 566,785,929 | ||||||
| * | Non-income producing security. |
| ^ | The rate shown is the 7-day effective yield as of March 31, 2018. |
See accompanying notes to schedule of investments.
CORNERSTONE STRATEGIC VALUE FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS
MARCH 31, 2018 (Unaudited)
Federal Income Tax Cost: The following information is computed on a tax basis for each item as of March 31, 2018:
| Cost of portfolio investments | $ | 514,897,675 | ||
| Gross unrealized appreciation | $ | 68,179,111 | ||
| Gross unrealized depreciation | (15,482,491) | |||
| Net unrealized appreciation | $ | 52,696,620 |
The difference between the federal income tax cost of portfolio investments and the Schedule of Investments cost for 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, 2018 in valuing the Fund's investments carried at value:
| VALUATION INPUTS | INVESTMENTS IN SECURITIES | OTHER FINANCIAL INSTRUMENTS* | ||||||
| Level 1 – Quoted Prices | ||||||||
| Equity Investments | $ | 563,774,276 | $ | - | ||||
| Short-Term Investments | 3,820,019 | - | ||||||
| Level 2 – Other Significant Observable Inputs | - | - | ||||||
| Level 3 – Significant Unobservable Inputs | - | - | ||||||
| Total | $ | 567,594,295 | $ | - | ||||
| * | Other financial instruments include futures, forwards and swap contracts, if any. |
The breakdown of the Fund's investments into major categories is disclosed in its Schedule of Investments.
As of March 31, 2018, the Fund did not have any transfers in and out of any Level.
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, 2018.
On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance dates of the other amendments and rules is April 2019 for larger fund groups and April 2020 for smaller fund groups. Management is currently evaluating the impacts to the financial statement disclosures.
The Fund is exposed to financial market risks, including the valuations of its investment portfolio. During the three months ended March 31, 2018, 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 15, 2018 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.
Item 2. 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 such information 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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
File as exhibits as part of this Form 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.
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, President and Chairman | |||
| (Principal Executive Officer) | |||
| Date | May 18, 2018 | ||
| 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, President and Chairman | |||
| (Principal Executive Officer) | |||
| Date | May 18, 2018 | ||
| By (Signature and Title)* | /s/ Alan M. Mandel | ||
|
Alan M. Mandel, Treasurer (Principal Financial Officer) |
|||
| Date | May 18, 2018 | ||
| * | Print the name and title of each signing officer under his or her signature. |