48 Wall Street New York, NY
|
10005
|
(Address of principal executive offices)
|
(Zip code)
|
AST Fund Solutions, LLC 48 Wall Street New York, NY 10005
|
(Name and address of agent for service)
|
CORNERSTONE TOTAL RETURN FUND, INC.
|
|||||
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2017 (Unaudited)
|
Description
|
No. of Shares
|
Value
|
||||||
EQUITY SECURITIES - 99.37%
|
||||||||
CLOSED-END FUNDS - 20.75%
|
||||||||
CORE - 6.72%
|
||||||||
Adams Diversified Equity Fund, Inc.
|
326,725
|
$
|
4,969,487
|
|||||
General American Investors Company, Inc.
|
113,392
|
4,083,246
|
||||||
Liberty All-Star Equity Fund
|
753,639
|
4,544,443
|
||||||
Royce Micro-Cap Trust, Inc.
|
150,275
|
1,409,579
|
||||||
Royce Value Trust
|
24,952
|
393,992
|
||||||
Source Capital, Inc.
|
21,821
|
883,969
|
||||||
Sprott Focus Trust, Inc.
|
62,266
|
481,316
|
||||||
Tri-Continental Corporation
|
103,395
|
2,641,742
|
||||||
19,407,774
|
||||||||
DEVELOPED MARKET - 0.80%
|
||||||||
Aberdeen Singapore Fund, Inc.
|
47,257
|
549,126
|
||||||
Japan Smaller Capitalization Fund, Inc.
|
69,280
|
870,850
|
||||||
Morgan Stanley Asia-Pacific Fund, Inc.
|
23,146
|
399,037
|
||||||
New Germany Fund, Inc. (The)
|
18,171
|
337,454
|
||||||
Swiss Helvetia Fund, Inc. (The)
|
13,124
|
166,937
|
||||||
|
2,323,404
|
|||||||
EMERGING MARKETS - 4.39%
|
||||||||
Aberdeen Chile Fund, Inc.
|
34,408
|
288,683
|
||||||
Central Europe, Russia and Turkey Fund, Inc. (The )
|
37,121
|
916,889
|
||||||
India Fund, Inc. (The)
|
81,886
|
2,190,450
|
||||||
Latin American Discovery Fund, Inc. (The)
|
12,736
|
153,851
|
||||||
Mexico Equity & Income Fund Inc. *
|
23,635
|
275,348
|
||||||
Mexico Fund, Inc. (The)
|
78,579
|
1,349,987
|
||||||
Morgan Stanley China A Share Fund, Inc.
|
121,400
|
2,896,604
|
||||||
Morgan Stanley Emerging Markets Fund, Inc.
|
23,288
|
406,143
|
||||||
Morgan Stanley India Investment Fund, Inc.
|
28,828
|
988,483
|
||||||
Templeton Dragon Fund, Inc.
|
38,480
|
800,384
|
||||||
Templeton Emerging Markets Fund
|
145,796
|
2,408,550
|
||||||
|
12,675,372
|
|||||||
ENERGY MLP - 0.42%
|
||||||||
Kayne Anderson Midstream/Energy Fund, Inc.
|
72,242
|
1,061,957
|
||||||
Neuberger Berman MLP Income Fund Inc.
|
16,300
|
154,850
|
||||||
|
1,216,807
|
CORNERSTONE TOTAL RETURN FUND, INC.
|
|||||
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2017 (Unaudited)
|
GLOBAL - 1.45%
|
||||||||
Alpine Global Total Dynamic Dividend Fund
|
27,150
|
$ |
244,350
|
|||||
Delaware Enhanced Global Dividend and Income Fund
|
30,324
|
359,643
|
||||||
Gabelli Global Small and Mid Cap Value Trust (The)
|
28,520
|
376,749
|
||||||
GDL Fund (The)
|
96,213
|
982,335
|
||||||
Lazard Global Total Return & Income Fund, Inc.
|
34,860
|
584,254
|
||||||
Lazard World Dividend & Income Fund, Inc.
|
4,760
|
53,931
|
||||||
Royce Global Value Trust, Inc.
|
50,533
|
523,017
|
||||||
Voya Infrastructure, Industrials and Materials Fund
|
64,640
|
1,062,035
|
||||||
4,186,314
|
||||||||
GLOBAL INCOME - 0.05%
|
||||||||
Legg Mason BW Global Income Opportunities Fund Inc.
|
10,100
|
135,744
|
||||||
INCOME & PREFERRED STOCK - 0.41%
|
||||||||
LMP Capital and Income Fund Inc.
|
80,839
|
1,175,399
|
||||||
|
||||||||
NATURAL RESOURCES - 2.59%
|
||||||||
Adams Natural Resources Fund, Inc.
|
193,802
|
3,808,209
|
||||||
BlackRock Resources & Commodities Strategy Trust
|
415,503
|
3,693,822
|
||||||
7,502,031
|
||||||||
PACIFIC EX JAPAN - 0.15%
|
||||||||
Thai Fund, Inc. (The)
|
43,653
|
425,180
|
||||||
|
||||||||
REAL ESTATE - 2.01%
|
||||||||
Alpine Global Premier Properties Fund
|
400,001
|
2,652,007
|
||||||
CBRE Clarion Global Real Estate Income Fund
|
322,144
|
2,544,938
|
||||||
RMR Real Estate Income Fund
|
31,211
|
602,996
|
||||||
5,799,941
|
||||||||
SECTOR EQUITY - 0.18%
|
||||||||
Gabelli Healthcare & WellnessRx Trust
|
37,552
|
379,651
|
||||||
Nuveen Real Asset Income and Growth Fund
|
8,200
|
147,518
|
||||||
527,169
|
||||||||
UTILITY - 1.55%
|
||||||||
Cohen & Steers Infrastructure Fund, Inc.
|
85,913
|
1,975,999
|
||||||
Reaves Utility Income Fund
|
78,739
|
2,496,026
|
||||||
4,472,025
|
CORNERSTONE TOTAL RETURN FUND, INC.
|
|||||
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2017 (Unaudited)
|
VALUE - 0.03%
|
||||||||
Gabelli Dividend & Income Trust
|
4,177
|
$ |
93,523
|
|||||
TOTAL CLOSED-END FUNDS
|
59,940,683
|
|||||||
CONSUMER DISCRETIONARY - 9.66%
|
||||||||
Amazon.com, Inc. *
|
3,400
|
3,268,590
|
||||||
Charter Communications, Inc. *
|
3,500
|
1,271,970
|
||||||
Comcast Corporation - Class A
|
103,000
|
3,963,440
|
||||||
Delphi Automotive PLC
|
3,000
|
295,200
|
||||||
Ford Motor Company
|
54,400
|
651,168
|
||||||
General Motors Company
|
18,000
|
726,840
|
||||||
Home Depot, Inc. (The)
|
25,000
|
4,089,000
|
||||||
Lowe's Companies, Inc.
|
17,000
|
1,358,980
|
||||||
McDonald's Corporation
|
16,600
|
2,600,888
|
||||||
Netflix, Inc. *
|
9,000
|
1,632,150
|
||||||
Newell Brands Inc.
|
11,000
|
469,370
|
||||||
NIKE, Inc.
|
28,000
|
1,451,800
|
||||||
Royal Caribbean Cruises Ltd.
|
4,500
|
533,430
|
||||||
Starbucks Corporation
|
30,000
|
1,611,300
|
||||||
Time Warner, Inc.
|
7,000
|
717,150
|
||||||
TJX Companies, Inc. (The)
|
9,000
|
663,570
|
||||||
Twenty-First Century Fox, Inc.
|
8,500
|
219,215
|
||||||
Walt Disney Company (The)
|
21,500
|
2,119,255
|
||||||
Yum! Brands, Inc.
|
3,500
|
257,635
|
||||||
27,900,951
|
||||||||
CONSUMER STAPLES - 5.91%
|
||||||||
Altria Group, Inc.
|
29,000
|
1,839,180
|
||||||
Archer-Daniels-Midland Company
|
8,000
|
340,080
|
||||||
British American Tobacco p.l.c. - ADR
|
7,364
|
459,882
|
||||||
Clorox Company (The)
|
2,000
|
263,820
|
||||||
ConAgra Foods, Inc.
|
4,500
|
151,830
|
||||||
Constellation Brands, Inc.
|
4,000
|
797,800
|
||||||
Costco Wholesale Corporation
|
7,000
|
1,150,030
|
||||||
CVS Health Corporation
|
15,000
|
1,219,800
|
||||||
Estée Lauder Companies Inc. (The) - Class A
|
4,000
|
431,360
|
||||||
General Mills, Inc.
|
8,000
|
414,080
|
||||||
Kellogg Company
|
5,000
|
311,850
|
||||||
Kraft Heinz Company (The)
|
8,000
|
620,400
|
||||||
Kroger Company (The)
|
14,000
|
280,840
|
CORNERSTONE TOTAL RETURN FUND, INC.
|
|||||
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2017 (Unaudited)
|
Lamb Weston Holdings, Inc.
|
1
|
$ |
47
|
|||||
Molson Coors Brewing Company - Class B
|
2,000
|
163,280
|
||||||
Mondelez International, Inc.
|
23,000
|
935,180
|
||||||
Monster Beverage Corporation *
|
8,000
|
442,000
|
||||||
PepsiCo, Inc.
|
20,000
|
2,228,600
|
||||||
Procter & Gamble Company (The)
|
29,000
|
2,638,420
|
||||||
Sysco Corporation
|
12,000
|
647,400
|
||||||
Tyson Foods, Inc.
|
5,000
|
352,250
|
||||||
Walgreens Boots Alliance, Inc.
|
18,000
|
1,389,960
|
||||||
17,078,089
|
||||||||
ENERGY - 3.57%
|
||||||||
Baker Hughes, a GE company
|
3,000
|
109,860
|
||||||
Chevron Corporation
|
25,000
|
2,937,500
|
||||||
Concho Resources Inc. *
|
2,000
|
263,440
|
||||||
ConocoPhillips
|
17,000
|
850,850
|
||||||
Devon Energy Corporation
|
7,500
|
275,325
|
||||||
EOG Resources, Inc.
|
8,000
|
773,920
|
||||||
Exxon Mobil Corporation
|
50,000
|
4,099,000
|
||||||
Occidental Petroleum Corporation
|
10,900
|
699,889
|
||||||
Pioneer Natural Resources Company
|
2,000
|
295,080
|
||||||
10,304,864
|
||||||||
EXCHANGE-TRADED FUNDS - 2.18%
|
||||||||
iShares Core S&P 500 ETF
|
10,000
|
2,529,300
|
||||||
SPDR S&P 500 ETF Trust
|
15,000
|
3,768,450
|
||||||
6,297,750
|
||||||||
FINANCIALS - 12.06%
|
||||||||
Allstate Corporation (The)
|
8,000
|
735,280
|
||||||
Aon plc
|
7,000
|
1,022,700
|
||||||
Bank of America Corporation
|
201,000
|
5,093,340
|
||||||
Bank of New York Mellon Corporation (The)
|
21,000
|
1,113,420
|
||||||
BB&T Corporation
|
12,000
|
563,280
|
||||||
BlackRock, Inc. - Class A
|
2,000
|
894,180
|
||||||
Brighthouse Financial, Inc. *
|
1,271
|
77,277
|
||||||
Charles Schwab Corporation (The)
|
26,000
|
1,137,240
|
||||||
Chubb Limited
|
7,203
|
1,026,787
|
||||||
Citigroup Inc.
|
40,700
|
2,960,518
|
||||||
CME Group Inc.
|
4,000
|
542,720
|
||||||
Goldman Sachs Group, Inc. (The)
|
7,000
|
1,660,330
|
||||||
JPMorgan Chase & Co.
|
76,000
|
7,258,760
|
||||||
Loews Corporation
|
6,000
|
287,160
|
CORNERSTONE TOTAL RETURN FUND, INC.
|
|||||
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2017 (Unaudited)
|
Marsh & McLennan Companies, Inc.
|
10,000
|
$ |
838,100
|
|||||
MetLife, Inc.
|
14,000
|
727,300
|
||||||
Moody's Corporation
|
4,000
|
556,840
|
||||||
Morgan Stanley
|
30,500
|
1,469,185
|
||||||
PNC Financial Services Group, Inc. (The)
|
10,000
|
1,347,700
|
||||||
S&P Global Inc.
|
6,000
|
937,860
|
||||||
State Street Corporation
|
8,000
|
764,320
|
||||||
U.S. Bancorp
|
23,000
|
1,232,570
|
||||||
Wells Fargo & Company
|
47,000
|
2,592,050
|
||||||
|
34,838,917
|
|||||||
HEALTH CARE - 11.60%
|
||||||||
Abbott Laboratories
|
21,000
|
1,120,560
|
||||||
AbbVie Inc.
|
45,000
|
3,998,700
|
||||||
Aetna Inc.
|
7,000
|
1,113,070
|
||||||
Allergan plc
|
1,900
|
389,405
|
||||||
Amgen Inc.
|
20,000
|
3,729,000
|
||||||
Anthem, Inc.
|
4,000
|
759,520
|
||||||
Baxter International Inc.
|
11,000
|
690,250
|
||||||
Boston Scientific Corporation *
|
27,000
|
787,590
|
||||||
Bristol-Myers Squibb Company
|
22,000
|
1,402,280
|
||||||
Celgene Corporation *
|
16,000
|
2,333,120
|
||||||
Cigna Corporation
|
6,000
|
1,121,640
|
||||||
Eli Lilly and Company
|
7,000
|
598,780
|
||||||
Express Scripts Holding Company *
|
13,000
|
823,160
|
||||||
Gilead Sciences, Inc.
|
8,000
|
648,160
|
||||||
Humana Inc.
|
3,000
|
730,890
|
||||||
Johnson & Johnson
|
37,000
|
4,810,370
|
||||||
McKesson Corporation
|
2,000
|
307,220
|
||||||
Medtronic Plc
|
13,000
|
1,011,010
|
||||||
Mylan N.V. *
|
8,000
|
250,960
|
||||||
Regeneron Pharmaceuticals, Inc. *
|
2,000
|
894,240
|
||||||
Thermo Fisher Scientific Inc.
|
8,000
|
1,513,600
|
||||||
UnitedHealth Group Incorporated
|
19,000
|
3,721,150
|
||||||
Vertex Pharmaceuticals Incorporated *
|
5,000
|
760,200
|
||||||
33,514,875
|
||||||||
INDUSTRIALS - 8.36%
|
||||||||
3M Company
|
9,000
|
1,889,100
|
||||||
Boeing Company (The)
|
12,000
|
3,050,520
|
||||||
Caterpillar Inc.
|
8,000
|
997,680
|
||||||
CSX Corporation
|
20,900
|
1,134,034
|
||||||
Cummins Inc.
|
2,000
|
336,060
|
CORNERSTONE TOTAL RETURN FUND, INC.
|
|||||
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2017 (Unaudited)
|
Danaher Corporation
|
9,000
|
$ |
772,020
|
|||||
Delta Air Lines, Inc
|
15,000
|
723,300
|
||||||
FedEx Corporation
|
5,500
|
1,240,690
|
||||||
Deere & Company
|
6,000
|
753,540
|
||||||
Eaton Corporation plc
|
6,000
|
460,740
|
||||||
Fortive Corporation
|
3,500
|
247,765
|
||||||
General Dynamics Corporation
|
5,000
|
1,027,900
|
||||||
Honeywell International Inc.
|
11,000
|
1,559,140
|
||||||
Illinois Tool Works Inc.
|
6,500
|
961,740
|
||||||
Ingersoll-Rand Plc
|
4,000
|
356,680
|
||||||
Johnson Controls International plc
|
6,000
|
241,740
|
||||||
Norfolk Southern Corporation
|
4,000
|
528,960
|
||||||
Northrop Grumman Corporation
|
4,000
|
1,150,880
|
||||||
Raytheon Company
|
4,000
|
746,320
|
||||||
Republic Services, Inc.
|
4,000
|
264,240
|
||||||
Southwest Airlines Co.
|
12,000
|
671,760
|
||||||
Union Pacific Corporation
|
16,000
|
1,855,520
|
||||||
United Parcel Service, Inc.
|
10,100
|
1,212,909
|
||||||
United Technologies Corporation
|
11,000
|
1,276,880
|
||||||
Waste Management, Inc.
|
9,000
|
704,430
|
||||||
24,164,548
|
||||||||
INFORMATION TECHNOLOGY - 19.54%
|
||||||||
Activision Blizzard, Inc.
|
6,700
|
432,217
|
||||||
Adobe Systems Incorporated *
|
10,000
|
1,491,800
|
||||||
Alphabet Inc. - Class A *
|
1,000
|
973,720
|
||||||
Alphabet Inc. - Class C *
|
6,002
|
5,756,578
|
||||||
Amphenol Corporation
|
8,000
|
677,120
|
||||||
Analog Devices, Inc.
|
10,500
|
904,785
|
||||||
Apple Inc.
|
39,000
|
6,010,680
|
||||||
Applied Materials, Inc.
|
27,000
|
1,406,430
|
||||||
Broadcom Limited
|
8,000
|
1,940,320
|
||||||
Cisco Systems, Inc.
|
50,000
|
1,681,500
|
||||||
Cognizant Technology Solutions Corporation
|
4,000
|
290,160
|
||||||
Corning Incorporated
|
19,000
|
568,480
|
||||||
eBay Inc. *
|
7,000
|
269,220
|
||||||
Electronic Arts Inc. *
|
6,000
|
708,360
|
||||||
Facebook, Inc. - Class A *
|
60,000
|
10,252,200
|
||||||
Intel Corporation
|
95,200
|
3,625,216
|
||||||
Intuit Inc.
|
5,000
|
710,700
|
||||||
Mastercard Incorporated
|
19,000
|
2,682,800
|
||||||
Microsoft Corporation
|
62,400
|
4,648,176
|
CORNERSTONE TOTAL RETURN FUND, INC.
|
|||||
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2017 (Unaudited)
|
Micron Technology, Inc. *
|
26,000
|
$ |
1,022,580
|
|||||
NVIDIA Corporation
|
11,000
|
1,966,470
|
||||||
Oracle Corporation
|
45,700
|
2,209,595
|
||||||
PayPal Holdings, Inc. *
|
14,000
|
896,420
|
||||||
Symantec Corporation
|
7,000
|
229,670
|
||||||
TE Connectivity Ltd.
|
8,000
|
664,480
|
||||||
Texas Instruments Incorporated
|
20,000
|
1,792,800
|
||||||
Visa, Inc. - Class A
|
25,100
|
2,641,524
|
||||||
56,454,001
|
||||||||
MATERIALS - 1.97%
|
||||||||
Air Products and Chemicals, Inc.
|
3,000
|
453,660
|
||||||
DowDuPont Inc.
|
30,820
|
2,133,669
|
||||||
Ecolab Inc.
|
4,000
|
514,440
|
||||||
Freeport-McMoRan Inc. *
|
18,100
|
254,124
|
||||||
LyondellBasell Industries N.V.
|
7,000
|
693,350
|
||||||
Monsanto Company
|
5,000
|
599,100
|
||||||
Nucor Corporation
|
6,300
|
353,052
|
||||||
Praxair, Inc.
|
5,000
|
698,700
|
||||||
5,700,095
|
||||||||
REAL ESTATE - 0.53%
|
||||||||
American Tower Corporation
|
9,000
|
1,230,120
|
||||||
Weyerhaeuser Company
|
9,000
|
306,270
|
||||||
1,536,390
|
||||||||
TELECOMMUNICATION SERVICES - 1.71%
|
||||||||
AT&T, Inc.
|
48,103
|
1,884,194
|
||||||
Verizon Communications, Inc.
|
62,000
|
3,068,380
|
||||||
4,952,574
|
||||||||
UTILITIES - 1.53%
|
||||||||
American Electric Power Company, Inc.
|
7,000
|
491,680
|
||||||
DTE Energy Company
|
2,000
|
214,720
|
||||||
Edison International
|
4,500
|
347,265
|
||||||
NextEra Energy, Inc.
|
9,000
|
1,318,950
|
||||||
PG&E Corporation
|
7,000
|
476,630
|
||||||
Public Service Enterprises Group, Inc.
|
4,000
|
185,000
|
||||||
Sempra Energy
|
5,000
|
570,650
|
||||||
WEC Energy Group, Inc.
|
5,000
|
313,900
|
||||||
Xcel Energy Inc.
|
10,500
|
496,860
|
||||||
4,415,655
|
||||||||
TOTAL EQUITY SECURITIES (cost - $261,439,250)
|
287,099,392
|
CORNERSTONE TOTAL RETURN FUND, INC.
|
|||||
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2017 (Unaudited)
|
SHORT-TERM INVESTMENT - 0.85%
|
||||||||
MONEY MARKET FUND - 0.85%
|
||||||||
Fidelity Institutional Money Market Government Portfolio - Class I, 0.91%^ (cost - $2,442,981)
|
2,442,981
|
$ |
2,442,981
|
|||||
|
||||||||
TOTAL INVESTMENTS - 100.22% (cost - $263,882,231)
|
289,542,373
|
|||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.22)%
|
(629,151
|
)
|
||||||
NET ASSETS - 100.00%
|
$
|
288,913,222
|
*
|
Non-income producing security.
|
^
|
The rate shown is the 7-day effective yield as of September 30, 2017.
|
Cost of portfolio investments
|
$
|
263,885,220
|
||
Gross unrealized appreciation
|
$
|
28,689,237
|
||
Gross unrealized depreciation
|
(3,032,084 |
)
|
||
Net unrealized appreciation
|
$
|
25,657,153
|
·
|
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.
|
VALUATION INPUTS
|
INVESTMENTS
IN SECURITIES
|
OTHER FINANCIAL INSTRUMENTS*
|
||||||
|
||||||||
Level 1 – Quoted Prices
|
||||||||
Equity Investments
|
$
|
287,099,392
|
$
|
-
|
||||
Short-Term Investments
|
2,442,981
|
-
|
||||||
Level 2 – Other Significant Observable Inputs
|
-
|
-
|
||||||
Level 3 – Significant Unobservable Inputs
|
-
|
-
|
||||||
Total
|
$
|
289,542,373
|
$
|
-
|
*
|
Other financial instruments include futures, forwards and swap contracts, if any.
|
By (Signature and Title)*
|
/s/ Ralph W. Bradshaw
|
||
Ralph W. Bradshaw, President and Chairman
|
|||
(Principal Executive Officer)
|
|||
Date
|
November 21, 2017
|
||
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
|
November 21, 2017
|
||
By (Signature and Title)*
|
/s/ Frank J. Maresca
|
||
Frank J. Maresca, Treasurer
(Principal Financial Officer)
|
|||
Date
|
November 21, 2017
|
* |
Print the name and title of each signing officer under his or her signature.
|