<SEC-DOCUMENT>0001398344-19-015385.txt : 20190828
<SEC-HEADER>0001398344-19-015385.hdr.sgml : 20190828
<ACCEPTANCE-DATETIME>20190828114121
ACCESSION NUMBER:		0001398344-19-015385
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190630
FILED AS OF DATE:		20190828
DATE AS OF CHANGE:		20190828
EFFECTIVENESS DATE:		20190828

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0000033934
		IRS NUMBER:				132727013
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02363
		FILM NUMBER:		191059882

	BUSINESS ADDRESS:	
		STREET 1:		225 PICTORIA DRIVE, SUITE 450
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45246
		BUSINESS PHONE:		(513) 587-3400

	MAIL ADDRESS:	
		STREET 1:		225 PICTORIA DRIVE, SUITE 450
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45246

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EIS FUND INC
		DATE OF NAME CHANGE:	20020109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCELSIOR INCOME SHARES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>fp0044985_ncsrs.htm
<TEXT>
<HTML>
<HEAD>
    <TITLE>fp0044266</TITLE>
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<BODY>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" ALIGN="RIGHT" STYLE="width: 25%; font: 11pt Times New Roman, Times, Serif; border: Black 1pt solid">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">OMB APPROVAL</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">OMB Number: 3235-0570</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Expires: August 31, 2020</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Estimated average burden hours per response: 20.6</P></TD></TR>
</TABLE>



<BR STYLE="clear: both">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM N-CSR</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment Company Act file number</FONT></TD>
    <TD STYLE="width: 20%; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">811-02363</FONT></TD>
    <TD STYLE="width: 55%; font-size: 11pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cornerstone Total Return Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Exact name of registrant as specified in charter)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">225 Pictoria
    Drive, Suite 450 Cincinnati, OH</FONT></TD>
    <TD STYLE="width: 40%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">45246</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Zip code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Benjamin V. Mollozzi, Esq.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Name and address of agent for service)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registrant's telephone number, including area code:</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(513) 587-3400</FONT></TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date of fiscal year end:</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December 31</FONT></TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date of reporting period:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">June 30, 2019</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 (&quot;OMB&quot;)
control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions
for reducing the burden to the 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. &sect; 3507.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.</B></TD><TD><B>Reports to Stockholders.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top; width: 100%; border-top: Black 4pt double; border-bottom: Black 4pt double"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>&nbsp;</B></FONT></P>
                                                                                                            <P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: small-caps 14pt Times New Roman, Times, Serif"><FONT STYLE="font-variant: small-caps"><B>C</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>ornerstone</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> T</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>otal</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b><br>
R</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>eturn</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> F</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>und</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>, I</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>nc.
</b></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Semi-A</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>nnual</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> R</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>eport</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b><br>
June 30, 2019<br>
(Unaudited)</B></FONT></P>
                                                                             <P STYLE="text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font: small-caps 11pt Times New Roman, Times, Serif"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>CONTENTS</b></FONT>
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;">&nbsp;</td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Portfolio Summary</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">1</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Schedule of Investments</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Statement of Assets and Liabilities</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">7</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Statement of Operations</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">8</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Statements of Changes in Net Assets</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">9</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Financial Highlights</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">10</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Notes to Financial Statements</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">11</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Results of Annual Meeting of Stockholders</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">15</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Investment Management Agreement Approval Disclosure</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">16</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Description of Dividend Reinvestment Plan</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">19</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Proxy Voting and Portfolio Holdings Information</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">21</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Summary of General Information</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">21</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Stockholder Information</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 4.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">21</P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>Portfolio Summary</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> &#8211; as of June 30, 2019 </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited)</b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="TEXT-ALIGN: left; margin-left: 9pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>SECTOR ALLOCATION
</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Sector</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Percent of<br>
Net Assets</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Closed-End Funds</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">21.1</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Information Technology</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">17.6</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Health Care</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">12.4</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Financials</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">10.2</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Communication Services</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">8.9</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Consumer Discretionary</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">8.4</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Industrials</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">7.6</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Consumer Staples</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">5.4</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Energy</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2.1</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Utilities</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2.1</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Exchange-Traded Funds</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">1.7</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Materials</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">1.4</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Real Estate</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">0.7</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 89%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Other</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">0.4</P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="TEXT-ALIGN: left; margin-left: 9pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>TOP TEN HOLDINGS, BY ISSUER
</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">&nbsp;</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Holding </P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Sector </P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Percent of <br>
Net Assets</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">1.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Microsoft Corporation</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Information Technology</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">4.7</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Alphabet Inc. - Class C</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Communication Services</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">3.4</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">3.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Amazon.com, Inc.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Consumer Discretionary</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">3.2</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">4.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">JPMorgan Chase &amp; Co.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Financials</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2.7</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">5.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Adams Diversified Equity Fund, Inc.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Closed-End Funds</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2.2</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">6.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Visa, Inc. - Class A</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Information Technology</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2.2</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">7.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Merck &amp; Co., Inc.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Health Care</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2.0</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">8.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Procter &amp; Gamble Company (The)</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Consumer Staples</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">1.9</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">9.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Walt Disney Company (The)</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Communication Services</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">1.8</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">10.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 56%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Apple Inc.</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 29%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Information Technology</P></td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 11%;"><P STYLE="TEXT-ALIGN: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">1.8</P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>1</b></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>Schedule of Investments</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> &#8211; June 30, 2019</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited)</b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Description</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">No. of<br>
Shares</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Value</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td colspan="9"  STYLE="VERTICAL-ALIGN: top;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>EQUITY SECURITIES &#8212; 99.56%</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>CLOSED-END FUNDS &#8212; 21.06%</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td colspan="5"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>CORE &#8212; 6.17%</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Adams Diversified Equity Fund, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">598,567</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">9,247,860</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">General American Investors Company, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">165,219</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,863,622</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Royce Micro-Cap Trust, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">49,376</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">405,871</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Royce Value Trust, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">246,462</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,430,751</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Source Capital, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">64,061</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,342,710</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Tri-Continental Corporation</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">170,423</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">4,596,308</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">25,887,122</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>DEVELOPED MARKET &#8212; 0.76%</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Aberdeen Japan Equity Fund, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">53,708</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">375,956</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">European Equity Fund, Inc. (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">33,264</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">293,388</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Japan Smaller Capitalization Fund, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">209,255</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,780,761</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">New Germany Fund, Inc. (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">13,857</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">196,492</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">New Ireland Fund, Inc. (The) <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">43,689</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">391,890</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Swiss Helvetia Fund, Inc. (The) <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,557</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">130,800</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">3,169,287</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>EMERGING MARKETS &#8212; 1.58%</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Central and Eastern Europe Fund, Inc. (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">50,519</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,374,117</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">First Trust/Aberdeen Emerging Opportunity Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">30,733</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">432,106</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Herzfeld Caribbean Basin Fund, Inc. (The) <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">67,356</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">427,711</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Mexico Equity &amp; Income Fund, Inc. (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">26,410</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">293,151</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Mexico Fund, Inc. (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">64,832</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">891,440</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Morgan Stanley India Investment Fund, Inc. <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,749</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">57,647</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Taiwan Fund, Inc. (The) <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">13,521</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">229,181</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Templeton Dragon Fund, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">52,351</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,006,186</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Templeton Emerging Markets Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">93,668</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,414,386</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Voya Emerging Markets High Dividend Equity Fund</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">63,016</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">489,004</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">6,614,929</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>ENERGY MLP FUNDS &#8212; 0.74%</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">ClearBridge Energy Midstream Opportunity Fund Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">147,158</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,353,854</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">ClearBridge MLP and Midstream Total Return Fund Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">60,354</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">566,121</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cushing Energy Income Fund (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">32,665</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">227,675</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Kayne Anderson Midstream/Energy Fund, Inc.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">83,811</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">970,531</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">3,118,181</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>GLOBAL &#8212; 3.36%</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Aberdeen Global Dynamic Dividend Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">113,285</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,092,068</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Aberdeen Total Dynamic Dividend Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">646,769</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,394,054</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Clough Global Dividend and Income Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">34,007</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">380,538</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Delaware Enhanced Global Dividend and Income Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">102,418</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,013,938</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Gabelli Global Small and Mid Cap Value Trust (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">121,475</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,410,325</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">GDL Fund (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">191,987</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,773,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>2</b></P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
Schedule of Investments &#8211; June 30, 2019</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> (unaudited) (continued) </b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Description</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">No. of<br>
Shares</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Value</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>GLOBAL (continued)</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">John Hancock Tax-Advantaged Global Shareholder Yield Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> 66,821</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">456,387</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Lazard Global Total Return and Income Fund, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">23,837</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">386,040</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Royce Global Value Trust, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">79,060</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">834,083</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Voya Infrastructure, Industrials and Materials Fund</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">107,104</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,333,445</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">14,073,878</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>GLOBAL INCOME &#8212; 0.12%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">BrandywineGLOBAL - Global Income Opportunities Fund Inc.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> 41,123</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">482,373</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b> INCOME &amp; PREFERRED STOCK &#8212; 0.05%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Eagle Growth and Income Opportunities Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">11,045</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">169,651</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">LMP Capital and Income Fund Inc.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,867</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">52,437</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">222,088</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NATURAL RESOURCES &#8212; 2.09%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Adams Natural Resources Fund, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">300,702</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4,973,611</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">BlackRock Resources &amp; Commodities Strategy Trust</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">463,472</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">3,791,201</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">8,764,812</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>OPTION ARBITRAGE/OPTIONS STRATEGIES &#8212; 1.35%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">AllianzGI NFJ Dividend, Interest &amp; Premium Strategy Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> 446,337</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,534,578</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Voya Asia Pacific High Dividend Equity Income Fund</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">12,385</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">114,314</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">5,648,892</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>PACIFIC EX JAPAN &#8212; 0.01%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Korea Fund, Inc. (The)</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,609</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;"></td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">46,404</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>REAL ESTATE &#8212; 2.21%</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Aberdeen Global Premier Properties Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">45,082</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">282,213</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">CBRE Clarion Global Real Estate Income Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">898,488</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,729,676</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">RMR Real Estate Income Fund</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">123,758</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,268,484</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">9,280,373</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>SECTOR EQUITY &#8212; 1.87%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Gabelli Healthcare &amp; Wellness<sup>Rx</sup> Trust (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">130,494</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,374,102</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Nuveen Real Asset Income and Growth Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">282,033</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4,774,819</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Tekla Healthcare Investors</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,800</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">216,864</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Tekla Healthcare Opportunities Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,576</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">152,824</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Tekla World Healthcare Fund</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">104,450</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,334,871</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">7,853,480</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>UTILITY &#8212; 0.75%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Macquarie/First Trust Global Infrastructure/Utilities Dividend &amp; Income Fund</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> 31,825</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">330,344</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Macquarie Global Infrastructure Total Return Fund Inc.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">118,659</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,807,471</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">3,137,815</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="5"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>TOTAL CLOSED-END FUNDS</b></FONT></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">88,299,634</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>COMMUNICATION SERVICES &#8212; 8.90%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Alphabet Inc. - Class C <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">13,002</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,053,992</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Charter Communications, Inc. - Class A <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,300</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,094,454</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Comcast Corporation - Class A</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">158,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,680,240</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<p style="TEXT-ALIGN: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>3</b></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
Schedule of Investments &#8211; June 30, 2019</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> (unaudited) (continued) </b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Description</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">No. of<br>
Shares</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Value</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>COMMUNICATION SERVICES (continued)</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Verizon Communications, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">119,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">6,798,470</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Walt Disney Company (The)</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">55,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">7,680,200</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">37,307,356</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>CONSUMER DISCRETIONARY &#8212; 8.44%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Amazon.com, Inc. <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">13,255,410</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">AutoZone, Inc. <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">700</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">769,629</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Dollar General Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">946,120</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Home Depot, Inc. (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">35,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,278,950</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Lowe&#8217;s Companies, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">24,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,421,840</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">McDonald&#8217;s Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">13,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,699,580</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">NIKE, Inc. - Class B</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">25,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,098,750</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ross Stores, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">991,200</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Starbucks Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">36,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,017,880</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">TJX Companies, Inc. (The)</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">36,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,903,680</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">35,383,039</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>CONSUMER STAPLES &#8212; 5.40%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Costco Wholesale Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,699,640</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Est&#233;e Lauder Companies, Inc. (The) - Class A</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">9,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,647,990</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">General Mills, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">15,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">787,800</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">PepsiCo, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">40,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,245,200</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Procter &amp; Gamble Company (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">71,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,785,150</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Sysco Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,131,520</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Walmart, Inc.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">21,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,320,290</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">22,617,590</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>ENERGY &#8212; 2.11%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">ConocoPhillips</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">40,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,440,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Exxon Mobil Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">68,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,210,840</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Kinder Morgan, Inc.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">57,300</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,196,424</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">8,847,264</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>EXCHANGE-TRADED FUNDS &#8212; 1.75%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">iShares Core S&amp;P 500 ETF</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">15,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4,421,250</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">SPDR S&amp;P 500 ETF Trust</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,930,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">7,351,250</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>FINANCIALS &#8212; 10.20%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Aflac Incorporated</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">20,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,096,200</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">American Express Company</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,975,040</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Aon plc</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,350,860</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Bank of America Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">224,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,496,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">BB&amp;T Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">24,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,179,120</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Berkshire Hathaway, Inc. - Class B <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">17,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,623,890</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Citigroup Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">78,700</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,511,361</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">CME Group Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,941,100</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Intercontinental Exchange, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">16,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,375,040</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">JPMorgan Chase &amp; Co.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">101,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">11,291,800</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">PNC Financial Services Group, Inc. (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,921,920</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Progressive Corporation (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">20,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,598,600</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">S&amp;P Global, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,822,320</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">U.S. Bancorp</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">30,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,572,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">42,755,251</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>HEALTH CARE &#8212; 12.38%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Abbott Laboratories</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">54,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4,541,400</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Anthem, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,257,680</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Baxter International Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">573,300</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Becton, Dickinson and Company</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,260,050</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Boston Scientific Corporation <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">43,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,848,140</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cigna Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">11,164</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,758,888</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Edwards Lifesciences Corporation <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">923,700</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Eli Lilly and Company</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">32,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,545,280</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">HCA Healthcare, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">12,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,622,040</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>4</b></P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
Schedule of Investments &#8211; June 30, 2019</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> (unaudited) (continued) </b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Description</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">No. of<br>
Shares</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Value</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>HEALTH CARE (continued)</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">IQVIA Holdings Inc. <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,300</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">852,770</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Johnson &amp; Johnson</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">51,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,103,280</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Medtronic Public Limited Company</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">40,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,895,600</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Merck &amp; Co., Inc. </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">100,800</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,452,080</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Pfizer Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">99,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4,288,680</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Stryker Corporation </P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,055,800</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Thermo Fisher Scientific Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,349,440</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">UnitedHealth Group, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,416,140</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Zoetis Inc.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,134,900</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">51,879,168</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>INDUSTRIALS &#8212; 7.56%</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Boeing Company (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">20,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,280,200</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Caterpillar Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,362,900</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">CSX Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">26,900</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,081,253</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Deere &amp; Company</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">11,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,822,810</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Honeywell International Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">11,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,920,490</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ingersoll-Rand Public Limited Company</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,013,360</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Lockheed Martin Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,635,400</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Norfolk Southern Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,993,300</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Republic Services, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">10,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">866,400</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Roper Technologies, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,500</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">915,650</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Union Pacific Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">25,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4,227,750</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">United Parcel Service, Inc. - Class B</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">28,600</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,953,522</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Waste Management, Inc.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,615,180</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">31,688,215</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>INFORMATION TECHNOLOGY &#8212; 17.60%</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Accenture plc - Class A</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">18,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,325,860</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Apple Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">38,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,520,960</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Automatic Data Processing, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">13,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,149,290</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Broadcom Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">12,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,454,320</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cisco Systems, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">137,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,498,010</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Fiserv, Inc. <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,276,240</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Intel Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">140,200</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,711,374</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Intuit Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,090,640</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Mastercard Incorporated - Class A</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,322,650</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Microsoft Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">147,400</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">19,745,704</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Motorola Solutions, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">4,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">666,920</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Paychex, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">11,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">905,190</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">salesforce.com, inc. <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">19,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,882,870</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Texas Instruments Incorporated</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">30,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,442,800</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">VeriSign, Inc. <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">627,480</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Visa, Inc. - Class A</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">53,100</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">9,215,505</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Xilinx, Inc.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">943,360</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">73,779,173</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>MATERIALS &#8212; 1.38%</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Air Products and Chemicals, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,584,589</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Corteva, Inc. <sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,273</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">422,053</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Dow Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,273</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">703,802</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">DuPont de Nemours, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,273</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">470,914</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ecolab, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,579,520</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Linde plc</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">5,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,004,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">5,764,878</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>REAL ESTATE &#8212; 0.70%</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">American Tower Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">6,800</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,390,260</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Crown Castle International Corp.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">12,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">1,564,200</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,954,460</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>UTILITIES &#8212; 2.08%</b></FONT></P></td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">American Electric Power Company, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">13,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,144,130</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Dominion Energy, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">15,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,159,800</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">DTE Energy Company</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">895,160</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: White">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Exelon Corporation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">671,160</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">NextEra Energy, Inc.</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">9,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,843,740</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<p style="TEXT-ALIGN: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>5</b></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
Schedule of Investments &#8211; June 30, 2019</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> (unaudited) (concluded) </b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Description</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">No. of<br>
Shares</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Value</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>UTILITIES (continued)</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Sempra Energy</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">962,080</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Southern Company (The)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">22,000</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">1,216,160</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Xcel Energy, Inc.</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">14,000</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">832,860</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">8,725,090</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>TOTAL EQUITY SECURITIES</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="5"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">(cost - $366,654,918)</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">417,352,368</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>SHORT-TERM INVESTMENT &#8212; 0.49%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>MONEY MARKET FUND &#8212; 0.49%</b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Fidelity Institutional Money Market Government Portfolio - Class I, 2.26% <sup>^</sup> (cost - $2,068,412)</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;"> 2,068,412</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,068,412</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td colspan="9"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>TOTAL INVESTMENTS &#8212; 100.05% </b></FONT></P></td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">(cost - $368,723,330)</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">419,420,780</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="5"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>LIABILITIES IN EXCESS OF OTHER ASSETS &#8212; (0.05%)</b></FONT></P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(193,865</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td colspan="5"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NET ASSETS &#8212; 100.00%</b></FONT></P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">419,226,915</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<!-- Field: Rule-Page --><DIV ALIGN="left" STYLE="margin-top: 3pt; margin-bottom: 3pt">
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</DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 22.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup>	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Non-income producing security.
</P>
</TD>
</TR>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 22.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup>^</sup></P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">	The rate shown is the 7-day effective yield as of June 30, 2019.
</P>
</TD>
</TR>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>6</b></P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>Statement of Assets and Liabilities</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> &#8211; June 30, 2019</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited)</b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>ASSETS</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Investments, at value (cost &#8211; $368,723,330) (Notes B and C)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">419,420,780</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cash</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">63,850</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Receivables:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Investments sold</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">112,777</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Dividends</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">224,001</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Prepaid expenses</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">20,649</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total Assets</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">419,842,057</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>LIABILITIES</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Payables:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Investments purchased</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">134,733</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Investment management fees (Note D)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">339,343</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Directors&#8217; fees and expenses</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">40,413</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Administration fees (Note D)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">38,851</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Other accrued expenses</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">61,802</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total Liabilities</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">615,142</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">NET ASSETS (applicable to 39,060,439 shares of common stock)</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">419,226,915</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">NET ASSET VALUE PER SHARE ($419,226,915 &#247; 39,060,439)</P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">10.73</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NET ASSETS CONSISTS OF</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Common stock, $0.01 par value; 39,060,439 shares issued and outstanding (100,000,000 shares authorized)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">390,604</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Paid-in Capital</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">368,433,495</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Accumulated earnings</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">50,402,816</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net assets applicable to shares outstanding</P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">419,226,915</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<p style="TEXT-ALIGN: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>7</b></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>Statement of Operations</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> &#8211; for the Six Months Ended June 30, 2019 </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited)</b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>INVESTMENT INCOME</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Income:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Dividends</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">5,324,181</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Expenses:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Investment management fees (Note D)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,060,513</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Administration and fund accounting fees (Note D)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">124,571</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Directors&#8217; fees and expenses</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">80,364</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Proxy solicitation costs (Note D)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">76,287</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Printing</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">49,255</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Legal and audit fees</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">43,154</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Custodian fees</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">30,077</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Transfer agent fees</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">20,315</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Insurance</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,204</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Stock exchange listing fees</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,750</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Miscellaneous</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">10,476</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 40.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total Expenses</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,506,966</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Expenses reimbursed by the investment manager (Note D)</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(76,287</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 40.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net Expenses </P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,430,679</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net Investment Income</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">2,893,502</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net realized gain from investments</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,017,372</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Capital gain distributions from regulated investment companies</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">162,741</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net change in unrealized appreciation in value of investments</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">62,461,126</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net realized and unrealized gain on investments</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">65,641,239</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS</P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">68,534,741</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>8</b></P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>Statements of Changes in Net Assets</b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">For the Six<br>
Months Ended<br>
June 30, 2019<br>
(Unaudited)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">For the<br>
Year Ended<br>
December 31,<br>
2018</P></td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>INCREASE IN NET ASSETS</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Operations:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net investment income</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">2,893,502</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">3,053,183</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net realized gain from investments</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">3,180,113</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">8,903,276</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net change in unrealized appreciation (depreciation) in value of investments</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">62,461,126</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(45,729,692</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 40.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net increase/(decrease) in net assets resulting from operations</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">68,534,741</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(33,773,233</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Distributions to stockholders (Note B):</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">From earnings</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(6,042,647</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(12,273,762</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Return-of-capital</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(40,002,275</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(67,642,063</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 40.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total distributions to stockholders</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(46,044,922</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(79,915,825</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Common stock transactions:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Proceeds from rights offering of 0 and 15,050,616 shares of newly issued common stock, respectively</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">197,012,563</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Offering expenses associated with rights offering</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">(137,051</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Proceeds from 696,678 and 1,113,659 shares newly issued in reinvestment of dividends and distributions, respectively</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">7,505,818</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">13,177,893</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Payments for 0 and 94,000 shares repurchased, respectively</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(925,509</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 40.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net increase in net assets from common stock transactions</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">7,505,818</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">209,127,896</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 54pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total increase in net assets</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">29,995,637</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">95,438,838</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NET ASSETS</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Beginning of period</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">389,231,278</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">293,792,440</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">End of period</P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">419,226,915</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">389,231,278</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<p style="TEXT-ALIGN: right; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>9</b></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>Financial Highlights</b></FONT></P></td>
</TR>
<TR>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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&#8217;s shares.</P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td colspan="2"  STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">For the Six<br>
Months<br>
Ended<br>
June 30,</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td colspan="18"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">For the Years Ended December 31,</P></td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr>
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2019<br>
(Unaudited)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2018</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2017</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2016</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2015</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2014<sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup></P></td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>PER SHARE OPERATING PERFORMANCE</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net asset value, beginning of period</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">10.15</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">13.18</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">13.04</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">15.05</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">18.69</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">20.56</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net investment income #</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.07</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.10</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.13</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.15</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.14</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.16</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net realized and unrealized gain/(loss) on investments</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">1.70</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(0.94</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">2.40</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.83</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(0.25</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">2.15</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net increase/(decrease) in net assets resulting from operations</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">1.77</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(0.84</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">2.54</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.98</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(0.11</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">2.31</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Dividends and distributions to stockholders:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net investment income</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.07</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.10</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.12</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.15</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.14</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.16</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net realized capital gains</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.08</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.32</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(1.33</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(1.08</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.30</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">(0.82</td>
<td style="white-space: nowrap; width: 1%;text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Return-of-capital</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(1.04</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(2.34</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(1.30</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(2.12</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(3.54</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(3.20</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total dividends and distributions to stockholders</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(1.19</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(2.76</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(2.75</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(3.35</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(3.98</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">(4.18</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Common stock transactions:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Anti-dilutive effect due to shares issued:</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Rights offering</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.57</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.35</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.36</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.45</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Reinvestment of dividends and distributions</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;<sup>+</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;<sup>+</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;<sup>+</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;<sup>+</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;<sup>+</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;<sup>+</sup></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Common stock repurchases</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;<sup>+</sup></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;"> &#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total common stock transactions</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;<sup>+</sup></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.57</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.35</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.36</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.45</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">0.00</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;<sup>+</sup></td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net asset value, end of period</P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">10.73</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">10.15</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">13.18</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">13.04</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">15.05</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">18.69</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Market value, end of period</P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">11.32</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">11.11</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">15.29</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">15.07</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">16.89</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">19.41</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total investment return <sup>(a)</sup></P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">13.68</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">%<sup>(b)</sup></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">(8.89</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)%</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">25.13</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">%</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">13.88</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">%</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">10.28</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">%</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 2.5pt double; text-align: right;">(0.68</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)%</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>RATIOS/SUPPLEMENTAL DATA</b></FONT></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net assets, end of period (000 omitted)</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">419,227</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">389,231</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">293,792</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">170,337</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">115,331</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 9%;text-align: right;">83,678</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ratio of net expenses to average net assets <sup>(c)</sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.18</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%<sup>(d)(e)</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.18</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.22</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.33</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.35</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.44</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ratio of net investment income to average net assets <sup>(f)</sup></P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.40</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%<sup>(d)</sup></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.86</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.99</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">1.12</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.86</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 9%;text-align: right;">0.84</td>
<td style="white-space: nowrap; width: 1%;text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="border-bottom: #000000 1pt solid;border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Portfolio turnover rate</P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">26</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">%<sup>(b)</sup></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">57</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">%</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">71</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">%</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">64</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">%</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">53</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">%</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 9%;border-bottom: Black 1pt solid; text-align: right;">32</td>
<td style="white-space: nowrap; width: 1%;border-bottom: Black 1pt solid; text-align: left">%</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup>	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Effective December 29, 2014, a reverse stock split of 1:4 occurred. All per share amounts have been restated according to the terms of the split.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">#	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Based on average shares outstanding.
</P>
</TD>
</TR>
</TABLE>


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<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">+ 	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Amount rounds to less than $0.01 per share.
</P>
</TD>
</TR>
</TABLE>


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<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(a)	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">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&#8217;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(b)	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Not annualized.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(c)	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Expenses do not include expenses of investments companies in which the Fund invests.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(d)	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Annualized.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(e)	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">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 1.22%, annualized, for the six months ended June 30, 2019.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(f)	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">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.</P>
</TD>
</TR>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">See accompanying notes to financial statements.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>10</b></P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</TR>
</table>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>Notes to Financial Statements </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited)</b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NOTE A. ORGANIZATION
</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cornerstone Total Return Fund, Inc. (the &#8220;Fund&#8221;) was incorporated in New York on March 16, 1973 and commenced investment operations on May 15, 1973. Its investment objective is to seek capital appreciation with current income as a secondary objective. The Fund is registered under the Investment Company Act of 1940, as amended, 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 (&#8220;FASB&#8221;) Accounting Standards Codification Topic 946, &#8220;Financial Services &#8211; Investment Companies.&#8221;
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NOTE B. SIGNIFICANT ACCOUNTING POLICIES</b></FONT>
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Management Estimates:</b></i><FONT STYLE="font-weight: normal; font-style: normal;"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) requires management to make certain estimates and assumptions that may affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
</FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Subsequent Events:</b></i><FONT STYLE="font-weight: normal; font-style: normal;"> 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.
</FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Portfolio Valuation:</b></i><FONT STYLE="font-weight: normal; font-style: normal;"> Investments are stated at value in the accompanying financial statements. Readily marketable portfolio securities listed on the New York Stock Exchange (&#8220;NYSE&#8221;) 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. (&#8220;NASDAQ&#8221;) are valued at the NASDAQ Official Closing Price.
</FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Readily marketable securities traded in the over-the counter market, including listed securities whose primary market is believed by Cornerstone Advisors, LLC (the &#8220;Investment Manager&#8221; or &#8220;Cornerstone&#8221;) 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, 2019, the Fund held no securities valued in good faith by the Board of Directors.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Fund is exposed to financial market risks, including the valuations of its investment portfolio. During the six months ended June 30, 2019, the Fund did not invest in derivative instruments or engage in hedging activities.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Investment Transactions and Investment Income: </b></i><FONT STYLE="font-weight: normal; font-style: normal;">Investment transactions are accounted for on the trade date. The cost of investments sold is determined by use of the specific identification </FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>11</b></P></td>
</TR>
</table>
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<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
Notes to Financial Statement </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited) (continued)</b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Risks Associated with Investments in Other Closed-End Funds:</b></i><FONT STYLE="font-weight: normal; font-style: normal;"> Closed-end investment companies are subject to the risks of investing in the underlying securities. The Fund, as a holder of the securities of the closed-end investment company, will bear its pro rata portion of the closed-end investment company&#8217;s expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#8217;s own operations.
</FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Taxes:</b></i><FONT STYLE="font-weight: normal; font-style: normal;"> No provision is made for U.S. federal income or excise taxes as it is the Fund&#8217;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.
</FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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 &#8220;more-likely-than-not&#8221; 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&#8217;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, 2019, the Fund does not have any interest or penalties associated with the underpayment of any income taxes. Management reviewed any uncertain tax positions for open tax years 2016 through 2018, and for the six months ended June 30, 2019. There was no material impact to the financial statements.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Distributions to Stockholders:</b></i><FONT STYLE="font-weight: normal; font-style: normal;"> Effective January 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&#8217;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&#8217;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&#8217;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&#8217;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&#8217;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&#8217;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&#8217;s shares in the Fund. Dividends and distributions to stockholders are recorded by the Fund on the ex-dividend date.
</FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i><b>Managed Distribution Risk:</b></i><FONT STYLE="font-weight: normal; font-style: normal;"> Under the managed distribution policy, the Fund makes monthly distributions to stockholders at a rate that may include periodic distributions of its net income and </FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
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<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>12</b></P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</TR>
</table>
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<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
Notes to Financial Statement </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited) (continued)</b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">net capital gains (&#8220;Net Earnings&#8221;), or from return- of-capital. If, for any fiscal year where total cash distributions exceeded Net Earnings (the &#8220;Excess&#8221;), the Excess would decrease the Fund&#8217;s total assets and, as a result, would have the likely effect of increasing the Fund&#8217;s expense ratio. There is a risk that the total Net Earnings from the Fund&#8217;s portfolio would not be great enough to offset the amount of cash distributions paid to Fund stockholders. If this were to be the case, the Fund&#8217;s assets would be depleted, and there is no guarantee that the Fund would be able to replace the assets. In addition, in order to make such distributions, the Fund may have to sell a portion of its investment portfolio at a time when independent investment judgment might not dictate such action. Furthermore, such assets used to make distributions will not be available for investment pursuant to the Fund&#8217;s investment objective.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NOTE C. FAIR VALUE
</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories:
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">&#9679;	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Level 1 &#8211; quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
</P>
</TD>
</TR>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">&#9679;	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Level 2 &#8211; 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.
</P>
</TD>
</TR>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">&#9679;	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Level 3 &#8211; 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&#8217;s own assumptions that market participants would use to price the asset or liability based on the best available information.
</P>
</TD>
</TR>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The following is a summary of the inputs used as of June 30, 2019 in valuing the Fund&#8217;s investments carried at value:
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Valuation Inputs</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Investments <br>
in Securities</b></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
<td colspan="2"  STYLE="border-bottom: Black 1pt solid; VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Other <br>
Financial <br>
Instruments</b><sup><b><font style="font-size: 11pt; vertical-align: bottom;">*</font></b></sup></P></td>
<td style="width: 1%;border-bottom: Black 1pt solid; ">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Level 1 &#8211; Quoted Prices</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&nbsp;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Equity Securities</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">417,352,368</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 9pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Short-Term Investment</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">2,068,412</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Level 2 &#8211; Other Significant Observable Inputs</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Level 3 &#8211; Significant Unobservable Inputs</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total</P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">419,420,780</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">&#8212;</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt"><sup><font style="font-size: 11pt; vertical-align: bottom;">*</font></sup>	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">Other financial instruments include futures, forwards and swap contracts, if any.
</P>
</TD>
</TR>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The breakdown of the Fund&#8217;s investments into major categories is disclosed in its Schedule of Investments.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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, 2019.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">On October 13, 2016, the Securities and Exchange Commission (the &#8220;SEC&#8221;) 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. The compliance dates of the new forms was April 2019 for larger fund groups and is April 2020 for smaller fund groups.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>13</b></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-top: #000000 1pt solid;border-bottom: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Cornerstone Total Return Fund, Inc.<br>
Notes to Financial Statement </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited) (concluded)</b></FONT></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NOTE D. AGREEMENTS WITH AFFILIATES
</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">At June 30, 2019, certain officers of the Fund are also officers of Cornerstone or Ultimus Fund Solutions, LLC (&#8220;Ultimus&#8221;). Such officers are paid no fees by the Fund for serving as officers of the Fund.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i>Investment Management Agreement
</i></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cornerstone serves as the Fund&#8217;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&#8217;s average weekly net assets. For the six months ended June 30, 2019, Cornerstone and the former investment manager earned $2,060,513 for investment management services.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">At the Fund&#8217;s annual meeting of stockholders held on April 16, 2019, stockholders of the Fund approved a new investment agreement with Cornerstone Advisors Asset Management LLC. The new investment management agreement for the Fund became effective May 1, 2019. Effective June 25, 2019, as disclosed in the proxy statement dated March 1, 2019, the investment manager changed its name to Cornerstone Advisors, LLC. For the six months ended June 30, 2019, Cornerstone reimbursed the Fund $76,287 for proxy solicitation costs as disclosed in the proxy statement.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i>Fund Accounting and Administration Agreement
</i></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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 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, 2019, Ultimus earned $124,571 as fund accounting agent and administrator.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NOTE E. INVESTMENT IN SECURITIES
</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">For the six months ended June 30, 2019, purchases and sales of securities, other than short-term investments, were $105,002,055 and $138,474,677, respectively.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NOTE F. SHARES OF COMMON STOCK
</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Fund has 100,000,000 shares of common stock authorized and 39,060,439 shares issued and outstanding at June 30, 2019. Transactions in common stock for the six months ended June 30, 2019 were as follows:
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Shares at beginning of period</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">&nbsp;</td>
<td style="width: 12%;text-align: right;">38,363,761</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Shares issued in reinvestment of dividends and distributions</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">696,678</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Shares at end of period</P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">39,060,439</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>NOTE G. FEDERAL INCOME TAXES
</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The tax character of dividends and distributions paid to stockholders during the year ended December 31, 2018 for the Fund was ordinary income of $3,053,183, long-term capital gains of $9,220,579 and return of capital of $67,642,063.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">At December 31, 2018, the components of accumulated deficit on a tax basis for the Fund were as follows:
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net unrealized depreciation </P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(12,089,278</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Total accumulated deficit </P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">(12,089,278</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The following information is computed on a tax basis for each item as of June 30, 2019:
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<table style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cost of portfolio investments</P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">369,017,963</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Gross unrealized appreciation</P></td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%;text-align: left;">$</td>
<td style="width: 12%;text-align: right;">57,662,516</td>
<td style="white-space: nowrap; width: 1%;text-align: left">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom; background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Gross unrealized depreciation</P></td>
<td style="width: 1%; padding-bottom: 1pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="width: 12%;border-bottom: Black 1pt solid; text-align: right;">(7,259,699</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;"><P STYLE="TEXT-ALIGN: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Net unrealized appreciation</P></td>
<td style="width: 1%; padding-bottom: 2.5pt;">&nbsp;</td>
<td style="width: 1%;border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="width: 12%;border-bottom: Black 2.5pt double; text-align: right;">50,402,817</td>
<td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
</tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>14</b></P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="001010131835938"></A>Results of Annual Meeting of Stockholders </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="001010131835938"></A>(unaudited)</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">On April 16, 2019, the Annual Meeting of Stockholders of the Fund was held and the following matters were voted upon based on 38,493,435 shares of common stock outstanding on the record date of February 19, 2019:
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(1)	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">To approve the election of seven directors to hold office until the year 2020 Annual Meeting of Stockholders.
</P>
</TD>
</TR>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 34%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Name of Directors</b></P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>For</b></P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Withheld</b></P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 34%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Ralph W. Bradshaw</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">26,002,296</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2,065,345</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 34%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Robert E. Dean</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">26,027,186</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2,040,455</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 34%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Edwin Meese III</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">25,971,589</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2,096,051</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 34%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Matthew W. Morris</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">26,036,952</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2,030,689</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 34%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Scott B. Rogers</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">26,060,586</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2,007,055</P></td>
</TR>
<TR style="background-color: White;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 34%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Andrew A. Strauss</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">26,025,069</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2,042,572</P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 34%;"><P STYLE="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Glenn W. Wilcox, Sr.</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">26,009,011</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 26%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">2,058,630</P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">(2)	</P>
</TD>
<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">To approve a new investment management agreement with Cornerstone Advisors Asset Management LLC.
</P>
</TD>
</TR>
</TABLE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 27%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>For</b></P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 27%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Against</b></P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="border-bottom: #000000 1pt solid;VERTICAL-ALIGN: bottom;WIDTH: 32%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>Abstain</b></P></td>
</TR>
<TR style="background-color: Gainsboro;">
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 27%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">19,774,941</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 27%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">844,156</P></td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 7%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: bottom;WIDTH: 32%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">463,148</P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>15</b></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 22 -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="088583374023438"></A>Investment Management Agreement Approval Disclosure </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="088583374023438"></A>(unaudited)</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Board of Directors, including the Independent Directors (the &#8220;Board&#8221;) of Cornerstone Total Return Fund, Inc. (the &#8220;Fund&#8221;) considers the approval of the continuation of the Investment Management Agreement (the &#8220;Agreement&#8221;) between Cornerstone Advisors, Inc. (the &#8220;Investment Manager&#8221;) and the Fund on an annual basis. Potential organization and ownership changes at the Investment Manager (the &#8220;Reorganization&#8221;) required that the Board also consider the approval of a new Investment Management Agreement (a &#8220;New Management Agreement&#8221;) between Cornerstone Advisors Asset Management LLC and the Fund. The most recent approval of the continuation of the Agreement and approval of the New Management Agreement occurred at an in-person meeting of the Board held on February 8, 2019. At the Fund&#8217;s annual meeting of stockholders held on April 16, 2019, stockholders of the Fund approved the New Management Agreement with Cornerstone Advisors Asset Management LLC. As disclosed in the Fund&#8217;s proxy statement dated March 1, 2019, upon completion of the Reorganization, Cornerstone Advisors Asset Management LLC changed its name to Cornerstone Advisors, LLC (the &#8220;New Investment Adviser&#8221;). This change was effective June 25, 2019.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Board requested and received extensive materials and information from the Investment Manager and the New Investment Adviser to assist them in considering the approval of the continuance of the Agreement and approval of the New Management Agreement.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Fund counsel advised the Board regarding the duties and responsibilities related to consideration of the approval of the continuation of an investment management agreement. The materials provided by the Investment Manager to the Board described the services provided by the Investment Manager to the Fund and included an overview of the Investment Manager&#8217;s investment philosophy, management style and plan, including the Investment Manager&#8217;s extensive knowledge and experience in the closed-end fund industry and with respect to the use of managed distribution plans. The Board noted that at each quarterly Board meeting the Investment Manager provided quarterly reviews of the performance and services related to the Fund. The Board discussed the importance of the experience and knowledge of certain personnel at the Investment Manager with respect to managing the Fund&#8217;s monthly distribution program. The Board discussed the Investment Manager&#8217;s robust compliance program as well as its role in monitoring the performance of the Fund&#8217;s service providers. Additionally, the Board discussed the Investment Manager&#8217;s succession planning, staffing and disaster recovery planning. The Board also discussed their satisfaction with the results of previous rights offerings conducted by the Fund.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Board next discussed a comparison of the Fund&#8217;s performance with comparable closed-end funds and a comparison of the Fund&#8217;s annual expense ratio and management fee with those of comparable closed-end funds. Additionally, the Investment Manager presented an analysis of its profitability based on its contractual relationship with the Fund, including specific references highlighting amounts paid to two entities affiliated with it for the performance of certain support services.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Board meeting in executive session with Fund counsel, carefully evaluated the information provided by the Investment Manager and the New Investment Adviser, 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 Board was advised by independent legal counsel with respect to their deliberations and agreed that they had received sufficient information to make informed decisions.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Based on the Board&#8217;s review of the information requested and provided, consultation with Fund counsel and discussions with management of the Investment Manager and the New Investment Adviser, the Board determined that the approvals of the Agreement and the New Management Agreement were consistent with the best interests of the Fund and its stockholders. The Board determined that the renewal of the Agreement and the approval of </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>16</b></P></td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 23 -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Investment Management Agreement Approval Disclosure </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited) (continued)</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">the New Management Agreement would enable the Fund to continue to receive high quality services at a cost that was appropriate, reasonable, and in the best interests of the Fund and its stockholders. The Board made their determination on the basis of the following factors, among others: (1) the structure of the New Investment Adviser and the reasons for Reorganization; (2) the effect of the Reorganization on the ongoing services provided to the Fund; (3) the stability and continuity of the Investment Manager&#8217;s and the New Investment Adviser&#8217;s management and key employees; (4) the post-Reorganization financial resources of the New Investment Adviser; (5) the nature, quality and extent of the services to be provided by the Investment Manager and the New Investment Adviser; (6) the cost to the Investment Manager and the New Investment Adviser for providing such services, with special attention to the New Investment Adviser&#8217;s potential profitability (and whether the New Investment Adviser may realize any economies of scale); (7) the direct and indirect benefits that may be received by the Investment Manager and the New Investment Adviser from its relationship with the Fund; and (8) comparative information as to the management fees, expense ratios and performance of other similarly situated closed-end investment companies. The Board also noted the quality and thoroughness of the materials provided by the Investment Manager and the New Investment Adviser. They discussed current staffing levels and adequacy of resources at the Investment Manager and at the New Investment Adviser as well as their succession plans. They also expressed their satisfaction with the investment management and growth of the Funds.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">In reviewing the New Management Agreement, the Board considered the nature, extent and quality of the services that had been provided by the Investment Manager to the Fund and that are expected to be provided by the New Investment Adviser to the Fund following the completion of the Reorganization. The Board reviewed the terms of the New Management Agreement and noted that such terms were substantially identical to the terms of the Agreement, except for different execution and effective dates. The Board reviewed the New Investment Adviser&#8217;s investment approach for the Fund and its research process and concluded that these would be unchanged from those of the Investment Manager. The Board considered the resources of the New Investment Adviser and the personnel of the New Investment Adviser who provide investment management services to the Fund noting that that the portfolio managers would remain unchanged. They also reviewed the non-investment resources and personnel of the New Investment Adviser that are involved in the New Investment Adviser&#8217;s services to the Fund, including the New Investment Adviser&#8217;s compliance and administration resources and personnel.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Board considered that the New Investment Adviser would continue to supervise and monitor the performance of the Fund&#8217;s service providers and would continue to provide the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund&#8217;s business management and operations. The Board also considered that the New Investment Adviser would continue to provide those investment management and research services and resources to the Fund following the completion of the Reorganization.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Board considered that the Reorganization would not have a material adverse impact on the nature, scope and overall quality of services provided to the Fund and its stockholders, including investment management, risk management, administrative, compliance and other services.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Based on these considerations, the Board concluded that the nature, extent and quality of services that the New Investment Adviser would provide to the Fund under the New Management Agreement would be satisfactory and consistent with the terms of the Agreement.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">In considering the Fund&#8217;s anticipated performance under the New Management Agreement, the Board noted that they regularly reviewed and discussed throughout the year data prepared by the Investment Manager and information comparing the Fund&#8217;s performance. The Board also noted that </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>17</b></P></td>
</TR>
</table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 24 -->
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Investment Management Agreement Approval Disclosure </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited) (concluded)</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">they expect that the New Investment Adviser would continue to provide the same level of performance as the Investment Manager has provided the Fund in the past. The Board noted that the New Investment Adviser&#8217;s experience and expertise with respect to the Fund&#8217;s managed distribution program, the Fund&#8217;s historic premium to net asset value and the success of previously completed rights offerings were factors in their deliberations concerning the approval of the New Management Agreement. The Board also considered that the New Investment Adviser is in agreement with and committed to the ongoing distribution policy carried out by the Fund under the direction of the Fund&#8217;s Board of Directors.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Board determined that the Agreement and New Management Agreement were consistent with the best interests of the Fund and its stockholders and enable and will continue to enable the Fund to receive high quality services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its stockholders. 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 all the independent Board members present in person at the meeting) approved the continuance of the Agreement and approved the New Management Agreement with respect to the Fund.
</p>
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<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="010076904296875"></A>Description of Dividend Reinvestment Plan </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="010076904296875"></A>(unaudited)</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cornerstone Total Return Fund, Inc. (the &#8220;Fund&#8221;) operates a Dividend Reinvestment Plan (the &#8220;Plan&#8221;), administered by American Stock Transfer &amp; Trust Company, LLC (the &#8220;Agent&#8221;), pursuant to which the Fund&#8217;s income dividends or capital gains or other distributions (each, a &#8220;Distribution&#8221; and collectively, &#8220;Distributions&#8221;), net of any applicable U.S. withholding tax, are reinvested in shares of the Fund.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Stockholders automatically participate in the Fund&#8217;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 P.O. Box 922, Wall Street Station, New York, New York 10269-0560. Under the Plan, the Fund&#8217;s Distributions to stockholders are reinvested in full and fractional shares as described below.
</p>
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<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">When the Fund declares a Distribution the Agent, on the stockholder&#8217;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 (&#8220;Newly Issued Shares&#8221;) or (ii) purchase outstanding shares on the open market, on the NYSE American or elsewhere, with cash allocated to it by the Fund (&#8220;Open Market Purchases&#8221;).
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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&#8217;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&#8217;s shares is higher than the average closing price of the Fund over the five trading days preceding the payment date of the Distribution (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&#8217; 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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Whenever the Fund declares a Distribution and the last reported net asset value of the Fund&#8217;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&#8217;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&#8217;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 </p>
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<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>Description of Dividend Reinvestment Plan </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited) (concluded)</b></FONT></p>
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<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. The Agent may aggregate a Plan participant&#8217;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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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&#8217;s proxy will include those shares purchased pursuant to the Plan. The Agent will distribute all proxy solicitation materials to participating stockholders.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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&#8217;s name and held for the account of beneficial owners participating in the Plan.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Participants may at any time sell some or all of their shares though the Agent. Shares may be sold via the internet at <u>www.amstock.com</u> 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 American Stock Transfer and Trust Company LLC, P.O Box 922 Wall Street Station, New York, N.Y. 10269-0560. There is a fee of $15.00 per transaction and commission of $0.10 per share.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">All correspondence concerning the Plan should be directed to the Agent at P.O. Box 922, Wall Street Station, New York, New York 10269-0560. Certain transactions can be performed online at <u>www.amstock.com</u> or by calling the toll-free number (866) 668-6558.
</p>
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<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>20</b></P></td>
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<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="0202392578125"></A>Proxy Voting and Portfolio Holdings Information </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="0202392578125"></A>(unaudited)</b></FONT></p>
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<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:
</p>
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<TD STYLE="WIDTH: 9pt">&#160;</TD>
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<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">&#9679;	</P>
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<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">without charge, upon request, by calling toll-free (866) 668-6558; and
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<TD STYLE="WIDTH: 9pt">&#160;</TD>
<TD STYLE="WIDTH: 13.5pt; VERTICAL-ALIGN: top; text-align: right">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman; MARGIN-BOTTOM: 0pt">&#9679;	</P>
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<TD STYLE="VERTICAL-ALIGN: top; text-align: left">
<P STYLE="TEXT-ALIGN: justify; MARGIN-TOP: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">on the website of the SEC, <u>www.sec.gov</u>.
</P>
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<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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&#8217;s website at <u>www.sec.gov</u> or on the Fund&#8217;s website at <u>www.cornerstonetotalreturnfund.com</u> (See Form N-PX).
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund&#8217;s Form N-Q is available on the SEC&#8217;s website at <u>www.sec.gov</u>.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="033932495117188"></A>Summary of General Information </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited)</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="033932495117188"></A>
</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">Cornerstone Total Return 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.
</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="005975341796875"></A>Stockholder Information </b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>(unaudited)</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b><A NAME="005975341796875"></A>
</b></FONT></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>
<p style="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">The Fund is listed on the NYSE American (symbol &#8220;CRF&#8221;). The previous week&#8217;s net asset value per share, market price, and related premium or discount are available on the Fund&#8217;s website at <u>www.cornerstonetotalreturnfund.com</u>.
</p>
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<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
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<td STYLE="border-bottom: #000000 1pt solid;border-top: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><i>Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that Cornerstone Total Return Fund, Inc. may from time to time purchase shares of its common stock in the open market.</i></P></td>
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<TABLE cellspacing="0" cellpadding="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
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<td STYLE="border-bottom: #000000 1pt solid;border-top: #000000 1pt solid;VERTICAL-ALIGN: top;WIDTH: 100%;"><P STYLE="TEXT-ALIGN: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; ">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. </P></td>
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<TABLE cellspacing="0" cellpadding="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
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<td STYLE="VERTICAL-ALIGN: top;WIDTH: 96%;">&nbsp;</td>
<td STYLE="VERTICAL-ALIGN: top;WIDTH: 4%;"><P STYLE="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 11pt Times New Roman, Times, Serif; "><b>21</b></P></td>
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<p style="TEXT-ALIGN: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; FONT: 14pt Times New Roman, Times, Serif; FONT-VARIANT: small-caps; "><FONT STYLE="FONT-VARIANT: small-caps;"><b>C</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>ornerstone</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> T</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>otal</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> R</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>eturn</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b> F</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>und</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>, I</b></FONT><FONT STYLE="FONT-VARIANT: small-caps;"><b>nc.</b></FONT></p>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>




<P STYLE="margin: 0pt">&nbsp;&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.</B></TD><TD><B>Code of Ethics.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 3.</B></TD><TD><B>Audit Committee Financial Expert.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not required</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 4.</B></TD><TD><B>Principal Accountant Fees and Services.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not required</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 5.</B></TD><TD><B>Audit Committee of Listed Registrants.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 6.</B></TD><TD><B>Schedule of Investments.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 40.3pt; text-indent: -40.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Not applicable [schedule filed with Item 1]</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Not applicable</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 7.</B></TD><TD STYLE="text-align: justify"><B>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8.</B></TD><TD><B>Portfolio Managers of Closed-End Management Investment Companies.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Not required</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>There has not been a change in any of the Portfolio Managers identified in response to this Item in the registrant&rsquo;s
most recent annual report on Form N-CSR.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.</B></TD><TD STYLE="text-align: justify"><B>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">None</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 10.</B></TD><TD><B>Submission of Matters to a Vote of Security Holders.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">There have been no material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of trustees 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 11.</B></TD><TD><B>Controls and Procedures.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(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 second fiscal
quarter of 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 12. Disclosure of Securities Lending
Activities for Closed-End Management Investment Companies.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Registrant does not engage in securities
lending activities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 13.</B></TD><TD><B>Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">File the exhibits listed below as part of this
Form. Letter or number the exhibits in the sequence indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)(1) Any code of ethics, or amendment thereto,
that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements
through filing of an exhibit: Not required</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)(2) 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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)(3) Any written solicitation to purchase
securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf
of the registrant to 10 or more persons: Not applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)(4) Change in the registrant&rsquo;s independent
public accountants: Not applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b) Certifications required by Rule 30a-2(b)
under the Act (17 CFR 270.30a-2(b)): Attached hereto</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: left; font-size: 11pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exhibit 99.CERT</FONT></TD>
    <TD STYLE="text-align: left; font-size: 11pt; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certifications required by Rule 30a-2(a) under the Act</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exhibit 99.906CERT</FONT></TD>
    <TD STYLE="text-align: left; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certifications required by Rule 30a-2(b) under the Act</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Registrant)</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cornerstone Total Return
    Fund, Inc.</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw, Chairman and President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">August 28, 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw, Chairman and President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">August 28, 2019</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Theresa M. Bridge</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Theresa M. Bridge, Treasurer and <BR>
    Principal Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">August 28, 2019</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>*</SUP></TD><TD STYLE="text-align: justify">Print the name and title of each signing officer under
his or her signature.</TD>
</TR></TABLE>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>fp0044985_ex99cert.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">EX-99.CERT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">I, Ralph W. Bradshaw, certify that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this report on Form N-CSR of Cornerstone Total Return Fund, Inc.;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&rsquo;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:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(c) Evaluated
the effectiveness of the registrant&rsquo;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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(d) Disclosed
in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the second fiscal
quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit committee
of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(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&rsquo;s ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(b) Any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal
control over financial reporting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date: August 28, 2019</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw, Chairman and President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">I, Theresa M. Bridge, certify that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have reviewed this report on Form N-CSR of Cornerstone Total Return Fund, Inc.;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&rsquo;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:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(c) Evaluated
the effectiveness of the registrant&rsquo;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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(d) Disclosed
in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the second fiscal
quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit committee
of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(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&rsquo;s ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.25in">(b) Any fraud,
whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal
control over financial reporting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date: August 28, 2019</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Theresa M. Bridge</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Theresa M. Bridge, Treasurer and Principal Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>fp0044985_ex99906cert.htm
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-weight: normal; text-decoration: none">EX-99.906CERT</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>CERTIFICATIONS</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ralph W. Bradshaw, Principal Executive Officer,
and Theresa M. Bridge, Principal Financial Officer, of Cornerstone Total Return Fund, Inc. (the &ldquo;Registrant&rdquo;), each
certify to the best of his knowledge that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s periodic report on Form N-CSR for the period ended June 30, 2019 (the &ldquo;Form
N-CSR&rdquo;) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as
amended; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">PRINCIPAL EXECUTIVE OFFICER</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">PRINCIPAL FINANCIAL OFFICER</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Cornerstone Total Return Fund, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Cornerstone Total Return Fund, Inc.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Theresa M. Bridge</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ralph W. Bradshaw, Chairman and President<BR>
 (Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, imes, Serif">Theresa M. Bridge, Treasurer and Principal</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial Officer</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: August 28, 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: August 28, 2019</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>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 Total Return
Fund, Inc. and will be retained by Cornerstone Total Return Fund, Inc. and furnished to the Securities and Exchange Commission
or its staff upon request.</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>



<P STYLE="margin: 0"></P>

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