<SEC-DOCUMENT>0001752724-20-048264.txt : 20200311
<SEC-HEADER>0001752724-20-048264.hdr.sgml : 20200311
<ACCEPTANCE-DATETIME>20200311161657
ACCESSION NUMBER:		0001752724-20-048264
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200311
DATE AS OF CHANGE:		20200311
EFFECTIVENESS DATE:		20200311

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-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02363
		FILM NUMBER:		20705472

	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
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>fp0051061_g1aiii.htm
<TEXT>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: bold 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: justify"><B>Stockholders and Board of Directors</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>New York, New York</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">In planning and performing our audit of the
financial statements of Cornerstone Total Return Fund, Inc. (the &ldquo;Fund&rdquo;), as of and for the year ended December 31,
2019, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal
control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN,
but not for the purpose of expressing an opinion on the effectiveness of Fund&rsquo;s internal control over financial reporting.
Accordingly, we express no such opinion.</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">The management of the Fund is responsible for
establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and related costs of controls. A fund&rsquo;s internal
control over financial reporting is a process designed 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.
A fund&rsquo;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance
with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of a fund&rsquo;s assets that could have a material effect on the financial
statements.</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">Because of inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.</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 deficiency in internal control over financial
reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the fund&rsquo;s annual or interim financial statements will not be prevented or detected on a timely basis.</P>

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

<!-- Field: Page; Sequence: 1 -->
    <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: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Shareholders and Board of Directors</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our consideration of the Fund&rsquo;s internal
control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting
Oversight Board (United States). However, we noted no deficiencies in the Fund&rsquo;s internal control over financial reporting
and its operation, including controls for safeguarding securities, that we consider to be material weaknesses, as defined above,
as of December 31, 2019.</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">This report is intended solely for the information
and use of management, Shareholders and Board of Directors of Cornerstone Total Return Fund, Inc. and the Securities and Exchange
Commission, and is not intended to be and should not be used by anyone other than these specified parties.</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">/s/ <FONT STYLE="font-size: 11pt">TAIT, WELLER
&amp; BAKER LLP</FONT></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>TAIT, WELLER &amp; BAKER LLP</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"><B>Philadelphia, Pennsylvania</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>February 14, 2020</B></P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>3
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: bold 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-indent: 0.5in">THIS INVESTMENT MANAGEMENT AGREEMENT dated and
effective as of May 1, 2019 between CORNERSTONE TOTAL RETURN FUND, INC., a New York corporation (herein referred to as the &ldquo;Fund&rdquo;),
and CORNERSTONE ADVISORS ASSET MANAGEMENT LLC, a limited liability company duly organized under the laws of North Carolina (herein
referred to as the &ldquo;Investment Manager&rdquo;).</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">1. APPOINTMENT
OF INVESTMENT MANAGER. The Investment Manager hereby undertakes and agrees, upon the terms and conditions herein set forth, to
provide overall investment management services for the Fund, and in connection therewith to (i)supervise the Fund&rsquo;s investment
program, including advising and consulting with the Fund&rsquo;s Board of Directors regarding the Fund&rsquo;s overall investment
strategy;(ii) make, in consultation with the Fund&rsquo;s Board of Directors, investment strategy decisions for the Fund; (iii)
manage the investing and reinvesting of the Fund&rsquo;s assets; (iv) place purchase and sale orders on behalf of the Fund;(v)&nbsp;advise
the Fund with respect to all matters relating to the Fund&rsquo;s use of leveraging techniques; (vi) provide or procure the provision
of research and statistical data to the Fund in relation to investing and other matters within the scope of the investment objective
and limitations of the Fund; (vii) monitor the performance of the Fund&rsquo;s outside service providers, including the Fund&rsquo;s
administrator, transfer agent and custodian; (viii) be responsible for compliance by the Fund with U.S. federal, state and other
applicable laws and regulations; and (ix) pay the salaries, fees and expenses of such of the Fund&rsquo;s directors, officers or
employees who are directors, officers or employees of the Investment Manager or any of its affiliates, except that the Fund will
bear travel expenses or an appropriate portion thereof of directors and officers of the Fund who are directors, officers or employees
of the Investment Manager, to the extent that such expenses relate to attendance at meetings of the Board of Directors or any committees
thereof. The Investment Manager may delegate any of the foregoing responsibilities to a third party with the consent of the Board
of Directors.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">2. EXPENSES.
In connection herewith, the Investment Manager agrees to maintain a staff within its organization to furnish the above services
to the Fund. The Investment Manager shall bear all expenses arising out of its duties hereunder.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Except as provided in Section 1 hereof, the Fund
shall be responsible for all of the Fund&rsquo;s expenses and liabilities, including expenses for legal, accounting and auditing
services; taxes and governmental fees; dues and expenses incurred in connection with membership in investment company organizations;
fees and expenses incurred in connection with listing the Fund&rsquo;s shares on any stock exchange; costs of printing and distributing
shareholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Fund&rsquo;s
custodians and sub-custodians, administrators and sub-administrators, registrars, transfer agents, dividend disbursing agents and
dividend reinvestment plan agents; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees
of the Securities and Exchange Commission; expenses of registering or qualifying securities of the Fund for sale in the various
states; freight and other charges in connection with the shipment of the Fund&rsquo;s portfolio securities; fees and expenses of
non-interested directors or non-interested members of any advisory or investment board, committee or panel of the Fund; fees and
expenses of any officers and interested directors of the Fund who are not affiliated with the Investment Manager, the Administrator
or their respective affiliates; travel expenses or an appropriate portion thereof of directors and officers of the Fund, or members
of any advisory or investment board, committee or panel of the Fund, to the extent that such expenses relate to attendance at meetings
of the Board of Directors or any committee thereof, or of any such advisory or investment board, committee or panel; salaries of
shareholder relations personnel; costs of shareholder meetings; insurance; interest; brokerage costs; and litigation and other
extraordinary or non-recurring expenses.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3. TRANSACTIONS
WITH AFFILIATES. The Investment Manager is authorized on behalf of the Fund, from time to time when deemed to be in the best interests
of the Fund and to the extent permitted by applicable law, to purchase and/or sell securities in which the Investment Manager or
any of its affiliates underwrites, deals in and/or makes a market and/or may perform or seek to perform investment banking services
for issuers of such securities. The Investment Manager is further authorized, to the extent permitted by applicable law, to select
brokers (including any brokers affiliated with the Investment Manager) for the execution of trades for the Fund.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">4. BEST
EXECUTION; RESEARCH SERVICES. The Investment Manager is authorized, for the purchase and sale of the Fund&rsquo;s portfolio services,
to employ such dealers and brokers as may, in the judgment of the Investment Manager, implement the policy of the Fund to obtain
the best results taking into account such factors as price, including dealer spread, the size, type and difficulty of the transaction
involved, the firm&rsquo;s general execution and operational facilities and the firm&rsquo;s risk in positioning the securities
involved. Consistent with this policy, the Investment Manager is authorized to direct the execution of the Fund&rsquo;s portfolio
transactions to dealers and brokers furnishing statistical information or research deemed by the Investment Manager to be useful
or valuable to the performance of its investment advisory functions for the Fund.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">It is understood that in these circumstances,
as contemplated by Section 28(e) of the Securities Exchange Act of 1934, the commissions paid may be higher than those which the
Fund might otherwise have paid to another broker if those services had not been provided. Information so received will be in addition
to and not in lieu of the services required to be performed by the Investment Manager. It is understood that the expenses of the
Investment Manager will not necessarily be reduced as a result of the receipt of such information or research. Research services
furnished to the Investment Manager by brokers who effect securities transactions for the Fund may be used by the Investment Manager
in servicing other investment companies and accounts which it manages. Similarly, research services furnished to the Investment
Manager by brokers who effect securities transactions for other investment companies and accounts which the Investment Manager
manages may be used by the Investment Manager in servicing the Fund. It is understood that not all of these research services are
used by the Investment Manager in managing any particular account, including the Fund.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">5. REMUNERATION.
In consideration of the services to be rendered by the Investment Manager under this Agreement, the Fund shall pay the Investment
Manager a monthly fee in United States dollars for the previous month at an annual rate of one (1.00%) percent of the Fund&rsquo;s
average weekly net assets. If the fee payable to the Investment Manager pursuant to this paragraph 5 begins to accrue before the
end of any month or if this Agreement terminates before the end of any month, the fee for the period from such date to the end
of such month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to
the proportion which such period bears to the full month in which such effectiveness or termination occurs. For purposes of calculating
each such monthly fee, the value of the Fund&rsquo;s net assets shall be computed at the time and in the manner specified in the
Registration Statement.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">6. REPRESENTATIONS
AND WARRANTIES. The Investment Manager represents and warrants that it is duly registered and authorized as an investment adviser
under the Investment Advisers <FONT STYLE="font-family: Times New Roman, Times, Serif">Act of 1940, as amended, and the Investment
Manager agrees to maintain effective all requisite re</FONT>gistrations, authorizations and licenses, as the case may be, until
the termination of this Agreement.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">7. SERVICES
NOT DEEMED EXCLUSIVE. The services provided hereunder by the Investment Manager are not to be deemed exclusive and the Investment
Manager and any of its affiliates or related persons are free to render similar services to other and to use the research developed
in connection with this Agreement for other clients or affiliates. Nothing herein shall be construed as constituting the Investment
Manager an agent of the Fund.</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-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in; text-align: left">8.
LIMIT OF LIABILITY. The Investment Manager shall exercise its best judgment in rendering the services in accordance with the terms
of this Agreement. The Investment Manager shall not be liable for any error of judgment or mistake of law or for any act or omission
or any loss suffered by the Fund in connection with the matters to which this Agreement relates, provided that nothing herein
shall be deemed to protect or purport to protect the Investment Manager against any liability to the Fund or its shareholders
to which the Investment Manager would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on
its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement
(&ldquo;disabling conduct&rdquo;). The Fund will indemnify the Investment Manager against, and hold it harmless from, any and
all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses), including any amounts paid
in satisfaction of judgments, in compromise or as fines or penalties, not resulting from disabling conduct by the Investment Manager.
Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before whom the proceeding
was brought that the Investment Manager was not liable by reason of disabling conduct, or (ii) in the absence of such a decision,
a reasonable determination, based upon a review of the facts, that the Investment Manager was not liable by reason of disabling
conduct by (a) the vote of a majority of a quorum of directors of the Fund who are neither &ldquo;interested persons&rdquo; of
the Fund nor parties to the proceeding (&ldquo;disinterested non-party directors&rdquo;), or (b) an independent legal counsel
in a written opinion. The Investment Manager shall be entitled to advances from the Fund for payment of the reasonable expenses
(including reasonable counsel fees and expenses)incurred by it in connection with the matter as to which it is seeking indemnification
in the manner and to the fullest extent permissible under law. Prior to any such advance, the Investment Manager shall provide
to the Fund a written affirmation of its good faith belief that the standard conduct necessary for indemnification by the Fund
has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct
has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Investment Manager shall
provide a security in form and amount acceptable to the Fund for its undertaking; (b) the Fund is insured against losses arising
by reason of the advance; or (c) a majority of a quorum of disinterested non-party directors, or independent legal counsel, in
a written opinion,</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">shall have determined, based on a review of facts
readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the Investment
Manager will ultimately be found to be entitled to indemnification.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">9. DURATION
AND TERMINATION. This Agreement shall have an initial term beginning May 1, 2019 and ending May 1, 2021, and then shall continue
in effect thereafter for successive annual periods, but only so long as such continuance is specifically approved at least annually
by the affirmative vote of (i) a majority of the members of the Fund&rsquo;s Board of Directors who are not parties to this Agreement
or &ldquo;interested persons&rdquo; (as defined in the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;)) of any such
party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) the Fund&rsquo;s Board of Directors
or the holders of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund.</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: 1in">Notwithstanding the above, this Agreement (a)
may nevertheless be terminated at any time, without penalty, by the Fund&rsquo;s Board of Directors, by vote of holders of a majority
of the outstanding voting securities (as defined in the 1940 Act) of the Fund or by the Investment Manager, upon sixty (60) days&rsquo;
written notice delivered to each party hereto, and (b) shall automatically be terminated in the event of its assignment (as defined
in the 1940 Act). Any such notice shall be deemed given when received by the addressee.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">10. GOVERNING
LAW. This Agreement shall be governed, construed and interpreted in accordance with the laws of the State of New York, provided,
however, that nothing herein shall be construed as being inconsistent with the 1940 Act.</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">11.&nbsp;NOTICES.
Any notice hereunder shall be in writing and shall be delivered in person or by telex or facsimile (followed by delivery in person)
to the parties at the addresses set forth below:</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><U>IF TO THE FUND:</U></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"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">CORNERSTONE STRATEGIC VALUE FUND, INC.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">c/o Cornerstone Advisors Asset Management LLC</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1075 Hendersonville Road</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Suite 250</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Asheville, NC 28803</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Telephone No.: (828) 210-8184</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"><U>IF TO THE INVESTMENT MANAGER:</U></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">CORNERSTONE ADVISORS ASSET MANAGEMENT LLC</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1075 Hendersonville Road</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Suite 250</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Asheville, NC 28803</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Telephone No.: (828) 210-8184</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">or to such other address as to which the recipient
shall have informed the other party in writing.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless specifically provided elsewhere, notice
given as provided above shall be deemed to have been given, if by personal delivery, on the day of such delivery, and, if by facsimile
and mail, on the date on which such facsimile or mail is sent.</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">12. COUNTERPARTS.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together
shall constitute one and the same instrument.</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: 1in">IN WITNESS WHEREOF, the parties hereto caused
their duly authorized signatories to execute this Agreement as of the day and year first written above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&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>&nbsp;</TD>
    <TD COLSPAN="2">CORNERSTONE TOTAL RETURN FUND, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>/s/ Ralph W. Bradshaw</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ralph W. Bradshaw</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CORNERSTONE ADVISORS ASSET MANAGEMENT LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>/s/ Ralph W. Bradshaw</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ralph W. Bradshaw</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>President</TD></TR>
</TABLE>
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