# EDGAR Filing Document

**Accession Number:** 0000814083
**File Stem:** 0001398344-26-004368
**Filing Date:** 2026-3
**Character Count:** 168008
**Document Hash:** 118a8c22b6bdd93f0519b702efdbecdc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004368.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001398344-26-004368

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cornerstone Strategic Investment Fund, Inc.
- **CENTRAL INDEX KEY:** 0000814083

**ORGANIZATION NAME:**
- **EIN:** 133407699
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05150
- **FILM NUMBER:** 26721154

**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:** CORNERSTONE STRATEGIC VALUE FUND INC
- **DATE OF NAME CHANGE:** 20090519

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CORNERSTONE STRATEGIC VALUE FUND INC/ NEW
- **DATE OF NAME CHANGE:** 20010503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CLEMENTE STRATEGIC VALUE FUND INC
- **DATE OF NAME CHANGE:** 19990622

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

Investment Company Act file number <u>811-05150</u>

<u>Cornerstone Strategic Investment Fund, Inc.</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450 Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

Jesse Halle, Esq.

<u>Ultimus Fund Solutions, LLC&nbsp;&nbsp;&nbsp;&nbsp; 225 Pictoria Drive, Suite 450&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, Ohio 45246</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>(513) 587-3400</u>

Date of fiscal year end: <u>December 31</u> <br>Date of reporting period: <u>December 31, 2025</u>

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.

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 ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to 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. § 3507.

**Item 1. Reports to Stockholders.**

(a) **Cornerstone Strategic Investment Fund, Inc.**

**December 31, 2025**

**CONTENTS** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Letter to Stockholders | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Performance Information | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Portfolio Summary | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Schedule of Investments | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Statement of Assets and Liabilities | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Statement of Operations | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Notes to Financial Statements | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;2025 Tax Information | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Additional Information Regarding the Fund's Directors and Corporate Officers | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;Fund Investment Objectives, Policies and Risks | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;Description of Dividend Reinvestment Plan | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;Proxy Voting and Portfolio Holdings Information | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;Summary of General Information | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;Indemnification | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;Stockholder Information | &nbsp;&nbsp;34 |

---

**Letter to Stockholders**

January 31, 2026

Dear Fellow Stockholders:

The following is the annual report for Cornerstone Strategic Investment Fund, Inc. (the "Fund") for the year ended December 31, 2025. At the end of the year, the Fund's net assets were $1,991.5 million and the Net Asset Value per share ("NAV") was $6.73. The share price closed at $8.36. After reflecting the reinvestment of monthly distributions totaling $1.47 per share, the Fund achieved a total investment return at market value of 20.91% for the year ended December 31, 2025.

**Economic and Market Summary** 

In 2025, macroeconomic conditions were shaped by slowing labor-market momentum, improving inflation trends, and a powerful equity rally driven by artificial intelligence ("AI") related investment and earnings growth. A late-year complication was the record-long federal government shutdown that ran from October through mid-November, which delayed the release of key economic data, creating an unusually ambiguous data environment for markets and policymakers. Despite these disruptions, economic growth remained resilient. U.S. real gross domestic product expanded at a 4.4% annualized rate in the third quarter of 2025, the strongest pace in two years, supported by consumer spending, exports, and government outlays. While growth estimates suggested a deceleration into year-end, the overall picture remained consistent with a slow but still expanding economy. Labor market conditions cooled meaningfully over the year. Payroll employment rose by 584,000 in 2025, averaging roughly 49,000 jobs per month, well below the 2.0 million jobs added in 2024. The unemployment rate ended the year at 4.4%, which is elevated compared to prior years, reflecting a labor market that cooled but did not unravel. Inflation improved steadily. By December, inflation stood at 2.7%, while a narrower metric which excludes volatile items such as food and energy eased to 2.6%, the lowest level since 2021. Monetary policy eased during the latter part of the year. The Federal Reserve (the "Fed") delivered three consecutive 0.25% cuts between September and December, lowering the federal funds target range to 3.5%–3.75%, its lowest level since 2022. Updated projections pointed to modestly stronger growth and lower inflation expectations, while signaling a more data-dependent path ahead. Outside the United States, economic growth remained stable, with performance varying across regions. Inflation continued to ease at differing paces, leading most central banks to adopt a more cautious, data-driven policy stance. Global markets reflected these dynamics, balancing gradual policy normalization against pockets of economic softness and ongoing geopolitical uncertainty.

**Portfolio** 

Equity markets extended gains in 2025, with the S&P 500 finishing the year up more than 17.0%, supported by continued enthusiasm for AI, solid corporate earnings, and a gradual shift toward easier monetary policy. Market leadership remained concentrated in mega-cap companies, though performance broadened at times as investors rotated toward more defensive positioning, particularly during periods of uncertainty. Information Technology and Communication Services were the strongest contributors to portfolio results during the year, driven by sustained capital spending on AI, cloud computing, and data-center infrastructure. Exposure to leading companies within these sectors contributed meaningfully to performance. Key contributors included Alphabet, Nvidia, Microsoft, Broadcom, and Apple, whose results reflected durable business models, strong balance sheets, and continued demand for AI-related infrastructure and services. Alphabet's performance improved as investor confidence strengthened around its AI strategy and monetization efforts, while gains in

**1**<br>

**Letter to Stockholders** **(continued)**

Micron Technology reinforced our view that AI-driven demand is tightening memory markets. Health Care also contributed positively, particularly late in the year. After an extended period of underperformance, the sector rebounded sharply in the fourth quarter, rising 11.7%. The recovery was supported by easing drug pricing concerns, increased interest in defensive sectors, and sustained demand for weight loss drugs. The Fund's overweight position in Eli Lilly contributed meaningfully to results. Financials, particularly banks, performed well later in the year as investors rotated toward more defensive exposure. Strength in banking helped offset weakness in parts of the insurance industry, where pricing power softened as inflation cooled. Our overweight position in banking contributed positively to fourth quarter results. By contrast, Consumer Discretionary and Consumer Staples were among the weakest contributors. Spending patterns became more selective as inflation pressures eased and consumers remained value conscious. Detractors during the year included PayPal, Home Depot, and Procter & Gamble, which were affected by slower discretionary demand and softening pricing power. Accenture and Salesforce lagged amid moderation in enterprise spending, while UnitedHealthcare underperformed as policy-related uncertainty weighed on managed care stocks. Within the consumer space, a bifurcation continued between those at the top of the income spectrum and those at the bottom. Consumers with equity exposure remained strong, driving outperformance in travel and leisure names. Meanwhile, lower-income consumers pulled back on restaurant and dining spend and traded down to lower-priced goods. Overall, performance dispersion reflected a market environment characterized by concentrated leadership, sector rotation, and heightened sensitivity to valuation and earnings durability. While AI and select defensive growth areas drove outsized gains, more economically sensitive and valuation-dependent segments faced headwinds as growth slowed and monetary policy expectations evolved.

**Managed Distribution Policy** 

The Fund has maintained its policy of regular distributions to stockholders, which continues to be popular with investors. These distributions are not tied to the Fund's investment income and capital gains and do not represent yield or investment return on the Fund's portfolio. The policy of maintaining regular monthly distributions is designed to enhance stockholder value by increasing liquidity for individual investors and providing greater flexibility to manage their investment in the Fund. As always, stockholders can take their distributions in cash or reinvest them in shares of the Fund pursuant to the Fund's reinvestment plan. Pursuant to the Fund's distribution policy, the monthly distribution amount for the year 2026 was reset to $0.1215 per share. The Board of Directors again approved a distribution percentage of 21.0% of net assets for the calendar year 2026. Under this policy, the annual percentage rate was applied to the Fund's NAV at the end of October 2025 in order to determine the monthly distribution amount for 2026. The Board of Directors believes that the Fund's distribution policy maintains a stable, high rate of distribution for stockholders. As always, the monthly distributions are reviewed and approved by the Board of Directors throughout the year and are subject to change at their discretion. In addition, be sure to note the Fund's reinvestment plan which may provide additional benefit to participating stockholders, as explained further below. Please read the disclosure notes in the Fund's report for details on the Fund's distribution policy and reinvestment plan. As in previous years, stockholders receive a final determination of the total distribution attributable to income, capital gains, or return-of-capital after the end of each year. The allocation among these categories may vary greatly from year to year. In any given year, there is no guarantee that the Fund's investment returns will exceed the amount of the distributions. To the extent that the amount of distributions taken in cash exceeds the total net investment returns of the Fund, the assets of the Fund will decline. If the total net investment

**2**<br>

**Letter to Stockholders** **(concluded)**

returns exceed the amount of cash distributions, the assets of the Fund will increase. In both cases, the Fund's individual stockholders have complete flexibility to take their distributions in cash or to reinvest in Fund shares through the Fund's reinvestment plan, and they can change this election as they desire.

**Distribution Reinvestment Considerations** 

The Fund's distribution reinvestment plan may at times provide significant benefits to plan participants; therefore, stockholders should evaluate the advantages of reinvesting their distribution payments through the plan. Under the plan, the method for determining the number of newly issued shares received when distributions are reinvested is determined by dividing the amount of the distribution either by the Fund's last reported NAV 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. When the Fund trades at a premium to its NAV, as it has in recent history, stockholders may find that reinvestments through the plan provide potential advantages worth considering.

**Outlook** 

Looking ahead to 2026, the investment environment remains supportive, though it is likely to be characterized by greater dispersion across sectors and periodic volatility. Ongoing investment in AI continues to underpin capital spending, productivity improvements, and growth in earnings, while market leadership may broaden as economic conditions evolve. Inflation has moderated meaningfully, and recent Fed communications underscore a more data-dependent and less predictable policy outlook. The December meeting highlighted differing views among policymakers regarding the balance between inflation risks and a cooling labor market, with updated projections implying roughly one additional rate cut in 2026. We continue to monitor monetary policy developments closely, though our portfolio construction philosophy remains rate-agnostic. We aim to build portfolios that can perform well whether rates rise or fall over longer time horizons, rather than making directional bets on monetary policy. We enter the new year encouraged by the resilience of economic activity and corporate earnings, while recognizing that market conditions can change and that volatility is a normal part of investing. With growth moderating but fundamentals remaining stable, we continue to emphasize disciplined portfolio construction, selectivity, diversification, and risk management as economic and policy conditions evolve.

The Fund's Board of Directors, its officers, and its investment adviser appreciate your ongoing support. We are all aware that investors have placed their trust in us. We know you have a choice, and we all remain committed to continuing to provide our service to you.

---

| |
|:---|
| ![](fp0097106-1_3.jpg) |
| Joshua G. Bradshaw<br> Portfolio Manager |

---

**3**<br>

**Cornerstone Strategic Investment Fund, Inc.**<br> **Performance Information** **– as of December 31, 2025** **(unaudited)**<br>

**Comparison of the Change in Value of a $10,000 Investment in Cornerstone Strategic Investment Fund, Inc. at Market Value versus the S&P 500<sup>®</sup>** **Index**![](fp0097106-1_4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>**(for periods ended December 31, 2025)** | **Average Annual Total Returns** <br>**(for periods ended December 31, 2025)** | **Average Annual Total Returns** <br>**(for periods ended December 31, 2025)** | **Average Annual Total Returns** <br>**(for periods ended December 31, 2025)** |
|  | **1 Year** | **5 Years** | **10 Years** |
| Cornerstone Strategic Investment Fund, Inc. at Market Value<sup>(a)</sup> | 20.91% | 16.00% | 17.17% |
| S&P 500<sup>®</sup> Index<sup>(b)</sup> | 17.88% | 14.42% | 14.82% |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Fund's 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's dividend reinvestment plan. Total investment return does not reflect brokerage commissions or the deduction of taxes a stockholder would pay on Fund distributions or the sale of Fund shares. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The S&P 500 Index tracks the stocks of 500 large companies. The index does not reflect expenses, fees, or sales charges, which would lower performance. The index is unmanaged and is not available for investment.

**4**<br>

**Cornerstone Strategic Investment Fund, Inc.**<br> **Portfolio Summary** **– As Of December 31, 2025** **(Unaudited)**<br>

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| Sector | Percent of<br> Net Assets |
| Information Technology | 30.3 |
| Financials | 12.6 |
| Communication Services | 10.7 |
| Consumer Discretionary | 9.8 |
| Health Care | 8.7 |
| Industrials | 7.7 |
| Exchange-Traded Funds | 7.7 |
| Consumer Staples | 5.0 |
| Closed-End Funds | 4.0 |
| Materials | 1.2 |
| Real Estate | 1.1 |
| Other | 1.2 |

---

**TOP TEN HOLDINGS, BY ISSUER** 

---

| | | | |
|:---|:---|:---|:---|
|  | Holding  | Sector  | Percent of <br> Net Assets |
| 1. | Apple Inc. | Information Technology | 7.0 |
| 2. | NVIDIA Corporation | Information Technology | 6.8 |
| 3. | Alphabet Inc. - Class C | Communication Services | 6.5 |
| 4. | Microsoft Corporation | Information Technology | 5.7 |
| 5. | Amazon.com, Inc. | Consumer Discretionary | 4.2 |
| 6. | Broadcom Inc. | Information Technology | 2.6 |
| 7. | State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF | Exchange-Traded Funds | 2.3 |
| 8. | Meta Platforms, Inc. - Class A | Communication Services | 1.9 |
| 9. | VanEck<sup>®</sup> Semiconductor ETF | Exchange-Traded Funds | 1.8 |
| 10. | JPMorgan Chase & Co. | Financials | 1.8 |

---

**5**<br>

**Cornerstone Strategic Investment Fund, Inc.**<br> **Schedule of Investments** **– December 31, 2025**<br>

---

| | | |
|:---|:---|:---|
| Description | No. of <br> Shares | Value |
| **EQUITY SECURITIES — 98.77%** | **EQUITY SECURITIES — 98.77%** | **EQUITY SECURITIES — 98.77%** |
| &nbsp;&nbsp;&nbsp;**CLOSED-END FUNDS — 4.04%** | &nbsp;&nbsp;&nbsp;**CLOSED-END FUNDS — 4.04%** | &nbsp;&nbsp;&nbsp;**CLOSED-END FUNDS — 4.04%** |
| &nbsp;&nbsp;&nbsp;**CONVERTIBLE SECURITY FUNDS — 0.10%** | &nbsp;&nbsp;&nbsp;**CONVERTIBLE SECURITY FUNDS — 0.10%** | &nbsp;&nbsp;&nbsp;**CONVERTIBLE SECURITY FUNDS — 0.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Equity & Convertible Income Fund  | 82200 | $2048424 |
| &nbsp;&nbsp;&nbsp;**DIVERSIFIED EQUITY — 0.46%** | &nbsp;&nbsp;&nbsp;**DIVERSIFIED EQUITY — 0.46%** | &nbsp;&nbsp;&nbsp;**DIVERSIFIED EQUITY — 0.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty All-Star<sup>®</sup> Equity Fund  | 559909 | 3516228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty All-Star<sup>®</sup> Growth Fund, Inc.  | 447561 | 2372073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Trust, Inc.  | 193081 | 3108605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Source Capital  | 3294 | 150733 |
|  |  | 9147639 |
| &nbsp;&nbsp;&nbsp;**GLOBAL — 1.00%** | &nbsp;&nbsp;&nbsp;**GLOBAL — 1.00%** | &nbsp;&nbsp;&nbsp;**GLOBAL — 1.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Tax-Advantaged Global Dividend Income Fund  | 632458 | 14609780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund  | 130239 | 3952754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabelli Global Small and Mid Cap Value Trust (The)  | 82 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDL Fund (The)  | 103894 | 879982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Global Trust, Inc.  | 36155 | 473992 |
|  |  | 19917738 |
| &nbsp;&nbsp;&nbsp;**INCOME & PREFERRED STOCK — 1.17%** | &nbsp;&nbsp;&nbsp;**INCOME & PREFERRED STOCK — 1.17%** | &nbsp;&nbsp;&nbsp;**INCOME & PREFERRED STOCK — 1.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Strategic Total Return Fund  | 1131048 | 21716121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LMP Capital and Income Fund Inc.  | 100773 | 1492448 |
|  |  | 23208569 |
| &nbsp;&nbsp;&nbsp;**OPTION ARBITRAGE/OPTIONS STRATEGIES — 0.65%** | &nbsp;&nbsp;&nbsp;**OPTION ARBITRAGE/OPTIONS STRATEGIES — 0.65%** | &nbsp;&nbsp;&nbsp;**OPTION ARBITRAGE/OPTIONS STRATEGIES — 0.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Seligman Premium Technology Growth Fund, Inc.  | 38662 | $1422375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Risk-Managed Diversified Equity Income Fund  | 554193 | 4887982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Tax-Managed Buy-Write Opportunities Fund  | 60214 | 864673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Trust Enhanced Equity Income Fund  | 58530 | 1288831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Core Equity Alpha Fund  | 107061 | 1706552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Dow 30<sup>SM</sup> Dynamic Overwrite Fund  | 143399 | 2188269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen S&P 500 Buy-Write Income Fund  | 38310 | 563157 |
|  |  | 12921839 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE — 0.04%** | &nbsp;&nbsp;&nbsp;**REAL ESTATE — 0.04%** | &nbsp;&nbsp;&nbsp;**REAL ESTATE — 0.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Real Estate Securities Income Fund Inc.  | 274014 | 833003 |
| &nbsp;&nbsp;&nbsp;**SECTOR EQUITY — 0.18%** | &nbsp;&nbsp;&nbsp;**SECTOR EQUITY — 0.18%** | &nbsp;&nbsp;&nbsp;**SECTOR EQUITY — 0.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;abrdn World Healthcare Fund  | 230035 | 2939847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAMCO Global Gold, Natural Resources & Income Trust  | 138151 | 712859 |
|  |  | 3652706 |
| &nbsp;&nbsp;&nbsp;**UTILITY — 0.44%** | &nbsp;&nbsp;&nbsp;**UTILITY — 0.44%** | &nbsp;&nbsp;&nbsp;**UTILITY — 0.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reaves Utility Income Fund  | 240844 | 8810074 |
| &nbsp;&nbsp;&nbsp;**TOTAL CLOSED-END FUNDS** | &nbsp;&nbsp;&nbsp;**TOTAL CLOSED-END FUNDS** | 80539992 |

---

See accompanying notes to financial statements.

**6**<br>

**Cornerstone Strategic Investment Fund, Inc.<br> Schedule of Investments –** **December 31, 2025** **(continued)**<br>

---

| | | |
|:---|:---|:---|
| Description | No. of <br> Shares | Value |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS — 87.08%** | &nbsp;&nbsp;&nbsp;**COMMON STOCKS — 87.08%** | &nbsp;&nbsp;&nbsp;**COMMON STOCKS — 87.08%** |
| &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 10.67%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 10.67%** | &nbsp;&nbsp;&nbsp;**COMMUNICATION SERVICES — 10.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc. - Class C  | 412700 | $129505260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. \* | 39011 | 5559068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A  | 57200 | 37757148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. \* | 168000 | 15751680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc.  | 34100 | 7126900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc.  | 29500 | 5989680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc. (The) - Class A \* | 125520 | 4764739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Inc.  | 149900 | 6105427 |
|  |  | 212559902 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 9.84%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 9.84%** | &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY — 9.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. \* | 358600 | 82772052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings Inc.  | 2100 | 11246193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A \* | 61900 | 14019111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings Inc. - Class A \* | 169378 | 5836766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc.  | 32770 | 9413183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The)  | 42600 | 14658660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc.  | 53800 | 12974408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. \* | 53100 | 4843251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. \* | 76300 | 34313636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The)  | 38100 | 5852541 |
|  |  | 195929801 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 5.06%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 5.06%** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES — 5.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Company (The)  | 181100 | 12660701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation  | 21600 | 18626544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corporation \* | 142670 | 10938509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc.  | 63600 | 9127872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Inc.  | 61700 | 9896680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Company (The)  | 86000 | 12324660 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES (Continued)** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES (Continued)** | &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Inc.  | 243600 | $27139476 |
|  |  | 100714442 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS — 12.57%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 12.57%** | &nbsp;&nbsp;&nbsp;**FINANCIALS — 12.57%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company  | 24300 | 8989785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon plc - Class A  | 17700 | 6245976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. - Class B \* | 26950 | 13546417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc.  | 10400 | 11131536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc.  | 62478 | 4979497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corporation (The)  | 88100 | 8802071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Limited  | 22400 | 6991488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Inc.  | 149300 | 17421817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The)  | 14800 | 13009200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. - Class A  | 131436 | 8452649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc.  | 45958 | 8386416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.  | 112900 | 36378638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. Inc.  | 72400 | 9229552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc.  | 26200 | 4860624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Incorporated - Class A  | 33400 | 19067392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation  | 14100 | 7202985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The)  | 58668 | 13359877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A \* | 39108 | 4423115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global Inc.  | 26200 | 13691858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A  | 62600 | 21954446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company  | 131600 | 12265120 |
|  |  | 250390459 |

---

See accompanying notes to financial statements.

**7**<br>

**Cornerstone Strategic Investment Fund, Inc.<br> Schedule of Investments –** **December 31, 2025** **(continued)**<br>

---

| | | |
|:---|:---|:---|
| Description | No. of <br> Shares | Value |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE — 8.67%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 8.67%** | &nbsp;&nbsp;&nbsp;**HEALTH CARE — 8.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories  | 59000 | $7392110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corporation \* | 51300 | 4891455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Company  | 155100 | 8366094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc.  | 17100 | 5994405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Company  | 31800 | 34174823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. \* | 6674 | 4515161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. \* | 11000 | 6229960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson  | 86690 | 17940496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings Inc.  | 18696 | 4690452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation  | 12776 | 10480026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc  | 59100 | 5677146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc.  | 84600 | 8904996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Inc.  | 292500 | 7283250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corporation \* | 32000 | 5243520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corporation  | 23700 | 8329839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc.  | 43900 | 25437855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Inc. - Class A \* | 31700 | 7076391 |
|  |  | 172627979 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 7.68%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 7.68%** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS — 7.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. \* | 9325 | 5295947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Company (The) \* | 29300 | 6361616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Inc.  | 14300 | 8192041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. \* | 220590 | 8636099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Company  | 25300 | 11778921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corporation plc  | 25300 | 8058303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co.  | 55100 | 7312872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova Inc.  | 6925 | 4525972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corporation  | 16400 | 5521224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Company  | 32100 | 9887763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International Inc.  | 28800 | 5618592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works Inc.  | 36300 | 8940690 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS (Continued)** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS (Continued)** | &nbsp;&nbsp;&nbsp;**INDUSTRIALS (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc.  | 35448 | $5558246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc.  | 140960 | 8460419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corporation  | 76000 | 13938399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group Incorporated  | 5222 | 6944477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corporation  | 52576 | 12161881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc.  | 6262 | 5067962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc.  | 22326 | 4994103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc.  | 26400 | 5800344 |
|  |  | 153055871 |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 30.31%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 30.31%** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY — 30.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A  | 30400 | 8156320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc.  | 21200 | 5749440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Inc.  | 509200 | 138431112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc.  | 17900 | 4600121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corporation - Class A \* | 7679 | 5174264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. \* | 87639 | 11483338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc.  | 152459 | 52766060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. \* | 25100 | 7845758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A \* | 19716 | 9242072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corporation \* | 11600 | 19611192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit Inc.  | 11800 | 7816556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation  | 7214 | 8765587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc.  | 41582 | 11867919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation  | 233600 | 112973632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc.  | 6300 | 5710068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation  | 725900 | 135380351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corporation  | 96600 | 18828306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc.  | 46800 | 12397788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. \* | 77290 | 11840055 |

---

See accompanying notes to financial statements.

**8**<br>

**Cornerstone Strategic Investment Fund, Inc.<br> Schedule of Investments –** **December 31, 2025** **(concluded)**<br>

---

| | | |
|:---|:---|:---|
| Description | No. of <br> Shares | Value |
| &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY (Continued)** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY (Continued)** | &nbsp;&nbsp;&nbsp;**INFORMATION TECHNOLOGY (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Limited - ADR  | 32880 | $9991903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. \* | 10865 | 4932167 |
|  |  | 603564009 |
| &nbsp;&nbsp;&nbsp;**MATERIALS — 1.18%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.18%** | &nbsp;&nbsp;&nbsp;**MATERIALS — 1.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab Inc.  | 18511 | 4859508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde plc  | 29729 | 12676148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Company  | 20696 | 5902913 |
|  |  | 23438569 |
| &nbsp;&nbsp;&nbsp;**REAL ESTATE — 1.10%** | &nbsp;&nbsp;&nbsp;**REAL ESTATE — 1.10%** | &nbsp;&nbsp;&nbsp;**REAL ESTATE — 1.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc.  | 59650 | 9228452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc.  | 99300 | 12676638 |
|  |  | 21905090 |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS** | 1734186122 |
| &nbsp;&nbsp;&nbsp;**EXCHANGE-TRADED FUNDS — 7.65%** | &nbsp;&nbsp;&nbsp;**EXCHANGE-TRADED FUNDS — 7.65%** | &nbsp;&nbsp;&nbsp;**EXCHANGE-TRADED FUNDS — 7.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco KBW Bank ETF  | 233190 | 19655585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Biotechnology ETF  | 89020 | 15023905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street<sup>®</sup> Energy Select Sector SPDR<sup>®</sup> ETF  | 1015364 | 45396924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street<sup>®</sup> Materials Select Sector SPDR<sup>®</sup> ETF  | 217450 | 9861358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street<sup>®</sup> Utilities Select Sector SPDR<sup>®</sup> ETF  | 609122 | 26003418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck<sup>®</sup> Semiconductor ETF  | 101204 | 36446597 |
| &nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE-TRADED FUNDS** | &nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE-TRADED FUNDS** | 152387787 |
| &nbsp;&nbsp;&nbsp;**TOTAL EQUITY SECURITIES** | &nbsp;&nbsp;&nbsp;**TOTAL EQUITY SECURITIES** | &nbsp;&nbsp;&nbsp;**TOTAL EQUITY SECURITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost - $1,309,211,418) |  | 1967113901 |
| &nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENT — 1.27%** | &nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENT — 1.27%** | &nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENT — 1.27%** |
| &nbsp;&nbsp;&nbsp;**MONEY MARKET FUND — 1.27%** | &nbsp;&nbsp;&nbsp;**MONEY MARKET FUND — 1.27%** | &nbsp;&nbsp;&nbsp;**MONEY MARKET FUND — 1.27%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Institutional Money Market Government Portfolio - Class I, 3.67% ^ (cost - $25,350,307) | 25350307 | $25350307 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 100.04%** | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 100.04%** | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS — 100.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost - $1,334,561,725) |  | 1992464208 |
| &nbsp;&nbsp;&nbsp;**LIABILITIES IN EXCESS OF OTHER ASSETS —-(0.04%)** | &nbsp;&nbsp;&nbsp;**LIABILITIES IN EXCESS OF OTHER ASSETS —-(0.04%)** | (919228) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**NET ASSETS — 100.00%** | $1991544980 |

---

\* Non-income producing security.

^ The rate shown is the 7-day effective yield as of December 31, 2025.

ADR American Depositary Receipt

ETF Exchange-Traded Fund

plc Public Limited Company

See accompanying notes to financial statements.

**9**<br>

**Cornerstone Strategic Investment Fund, Inc.**<br> **Statement of Assets and Liabilities** **– December 31, 2025**<br>

---

| | |
|:---|:---|
| **ASSETS** |  |
| Investments, at value (cost – $1,334,561,725) (Notes B and C) | $1992464208 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1243404 |
| Prepaid expenses | 41728 |
| Total Assets | 1993749340 |
| **LIABILITIES** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees (Note D) | 1699602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and fund accounting fees (Note D) | 125757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees and expenses | 92086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 286915 |
| Total Liabilities | 2204360 |
| NET ASSETS (applicable to 295,765,569 shares of common stock) | $1991544980 |
| NET ASSET VALUE PER SHARE ($1,991,544,980 ÷ 295,765,569) | $6.73 |
| **NET ASSETS CONSISTS OF** |  |
| Common stock, $0.001 par value; 295,765,569 shares issued and outstanding (800,000,000 shares authorized) | $295766 |
| Paid-in capital | 1333368964 |
| Accumulated earnings | 657880250 |
| Net assets applicable to shares outstanding | $1991544980 |

---

See accompanying notes to financial statements.

**10**<br>

**Cornerstone Strategic Investment Fund, Inc.**<br> **Statement of Operations** **– for the Year Ended December 31, 2025**<br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (Net foreign withholding taxes on dividends of $12,802) | $26144342 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees (Note D) | 18360112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration and fund accounting fees (Note D) | 741053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees and expenses | 372489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing | 208501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 199026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and audit fees | 90524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 46336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock exchange listing fees | 34045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 28590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 51390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 20132066 |
| Net Investment Income | 6012276 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| Net realized gain from investments | 166059039 |
| Long-term capital gain distributions from regulated investment companies | 5643767 |
| Net change in unrealized appreciation/(depreciation) in value of investments | 135106420 |
| Net realized and unrealized gain on investments | 306809226 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $312821502 |

---

See accompanying notes to financial statements.

**11**<br>

**Cornerstone Strategic Investment Fund, Inc.**<br> **Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | For the <br> Year Ended <br> December 31, <br> 2025 | For the <br> Year Ended <br> December 31, <br> 2024 |
| **INCREASE IN NET ASSETS** |  |  |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $6012276 | $5871833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments | 171702806 | 116354800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) in value of investments | 135106420 | 251974330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 312821502 | 374200963 |
| Distributions to stockholders (Note B): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From earnings | (177610506) | (120825925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return-of-capital | (222736046) | (192374807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to stockholders | (400346552) | (313200732) |
| Common stock transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from rights offering of 26,164,941 and 0 shares of newly issued common stock, respectively | 191004069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering expenses associated with rights offering | (635913) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from 21,199,663 and 14,921,848 shares newly issued in reinvestment of dividends and distributions, respectively | 142477144 | 105032122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets from common stock transactions | 332845300 | 105032122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase in net assets | 245320250 | 166032353 |
| **NET ASSETS** |  |  |
| Beginning of year | 1746224730 | 1580192377 |
| End of year | $1991544980 | $1746224730 |

---

See accompanying notes to financial statements.

**12**<br>

---

| |
|:---|
| **Cornerstone Strategic Investment Fund, Inc.**<br> **Financial Highlights** |
| 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 year indicated. This information has been derived from information provided in the financial statements and market price data for the Fund's shares. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| **PER SHARE OPERATING PERFORMANCE** |  |  |  |  |  |
| Net asset value, beginning of year | $7.03 | $6.77 | $6.48 | $10.23 | $9.93 |
| Net investment income # | 0.02 | 0.02 | 0.03 | 0.02 | 0.01 |
| Net realized and unrealized gain/(loss) on investments | 1.07 | 1.54 | 1.74 | (2.20 | 1.86 |
| Net increase/(decrease) in net assets resulting from operations | 1.09 | 1.56 | 1.77 | (2.18 | 1.87 |
| Dividends and distributions to stockholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.02) | (0.03) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains | (0.63) | (0.48) | (0.53) | (0.22) | (0.92) |
| &nbsp;&nbsp;&nbsp;Return-of-capital | (0.82 | (0.80 | (0.92 | (1.91 | (0.99 |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions to stockholders | (1.47 | (1.30 | (1.48 | (2.16 | (1.92 |
| Common stock transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Anti-dilutive effect due to shares issued: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights offering | 0.08 |  |  | 0.59 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of dividends and distributions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock repurchases |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total common stock transactions | 0.08 | 0.00 | 0.00 | 0.59 | 0.35 |
| Net asset value, end of year | $6.73 | $7.03 | $6.77 | $6.48 | $10.23 |
| Market value, end of year | $8.36 | $8.59 | $7.19 | $7.37 | $14.29 |
| Total investment return <sup>(a)</sup> | 20.91 | 43.57 | 21.40 | (32.21 | 47.04 |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
| Net assets, end of year (000 omitted) | $1991545 | $1746225 | $1580192 | $1400340 | $1227371 |
| Ratio of net expenses to average net assets <sup>(b)</sup> | 1.10 | 1.10 | 1.11 | 1.11 | 1.12 |
| Ratio of net investment income to average net assets <sup>(c)</sup> | 0.33 | 0.35 | 0.38 | 0.31 | 0.14 |
| Portfolio turnover rate | 45 | 22 | 46 | 39 | 72 |

---

# Based on average shares outstanding.

---

| | |
|:---|:---|
| +  | Amount rounds to less than $0.01 per share.  |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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's dividend reinvestment plan. Total investment return does not reflect brokerage commissions. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Expenses do not include expenses of investment companies in which the Fund invests.

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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.

See accompanying notes to financial statements.

**13**<br>

**Cornerstone Strategic Investment Fund, Inc.**<br> **Notes to Financial Statements**<br>

**NOTE A. ORGANIZATION** 

Cornerstone Strategic Investment Fund, Inc. (formerly Cornerstone Strategic Value Fund, Inc.) (the "Fund" or "CLM") was incorporated in Maryland on May 1, 1987 and commenced investment operations on June 30, 1987. Effective December 6, 2024, the Fund changed its name from Cornerstone Strategic Value Fund, Inc. to Cornerstone Strategic Investment Fund, Inc. Its investment objective is to seek long-term capital appreciation through investment primarily in equity securities of U.S. and non-U.S. companies. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), 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 ("FASB") Accounting Standards Codification Topic 946, "Financial Services–Investment Companies."

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**NOTE B. SIGNIFICANT ACCOUNTING POLICIES** 

***New Accounting Pronouncement:*** In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund management has evaluated the the impact which was not material. As part of its assessment, management noted that foreign withholding taxes were approximately 0% of the Fund's net assets and therefore, further disclosure regarding foreign withholding taxes on dividend income was considered immaterial.

***Management Estimates:*** The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make certain estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

***Subsequent Events:*** 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.

***Portfolio Valuation:*** Investments are stated at value in the accompanying financial statements. Readily marketable portfolio securities listed on the New York Stock Exchange ("NYSE") 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

**14**<br>

**Cornerstone Strategic Investment Fund, Inc.<br> Notes to Financial Statements** **(continued)**<br>

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 Cornerstone Advisors, LLC (the "Investment Manager or "Cornerstone"), as the Fund's Valuation Designee, 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. ("NASDAQ") are valued at the NASDAQ Official Closing Price.

Readily marketable securities traded in the over-the counter market, including listed securities whose primary market is believed by the Investment Manager, as the Fund's Valuation Designee, 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 Investment Manager, as the Fund's Valuation Designee, deems 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 Investment Manager, as the Fund's Valuation Designee, believes reflect most closely the value of such securities. At December 31, 2025, the Fund held no securities valued in good faith by the Investment Manager, as the Fund's Valuation Designee.

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.

The Fund is exposed to financial market risks, including the valuations of its investment portfolio. During the year ended December 31, 2025, the Fund did not invest in derivative instruments or engage in hedging activities.

***Investment Transactions and Investment Income:*** Investment transactions are accounted for on the trade date. The cost of investments sold is determined by use of the specific identification 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.

The Fund holds certain investments which pay distributions to their stockholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or long-term capital gains are treated as a reduction of the cost of investments or as a realized gain, respectively.

***Taxes:*** No provision is made for U.S. federal income or excise taxes as it is the Fund'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.

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 "more-likely-than-not" to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion,

**15**<br>

**Cornerstone Strategic Investment Fund, Inc.<br> Notes to Financial Statements** **(continued)**<br>

based on the largest benefit that is more than 50 percent likely to be realized. The Fund'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 December 31, 2025, the Fund does not have any interest or penalties associated with the under-payment of any income taxes. Management reviewed any uncertain tax positions for open tax years 2022 through 2024, and for the year ended December 31, 2025. There was no material impact to the financial statements.

***Distributions to Stockholders:*** Effective June 25, 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'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'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'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'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'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'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's shares in the Fund. Dividends and distributions to stockholders are recorded by the Fund on the ex-dividend date.

**NOTE C. FAIR VALUE** 

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.

The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories:

● Level 1 – quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.

● Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

● Level 3 – model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund's

**16**<br>

**Cornerstone Strategic Investment Fund, Inc.<br> Notes to Financial Statements** **(continued)**<br>

own assumptions that market participants would use to price the asset or liability based on the best available information.

At the August 2, 2024 meeting of the Board of Directors, the Board approved updated Valuation and Fair Pricing Policies and Procedures. The Board designated the Investment Manager as the Valuation Designee (the "Valuation Designee"), pursuant to Rule 2a-5 under the 1940 Act, and in turn the Investment Manager established a pricing/ valuation committee to assume the day-to-day fair value responsibilities of the Fund, as necessary. Securities or other assets that are not publicly traded or for which a market price is not otherwise readily available will be valued at a price that reflects such security's fair value, as determined by the Valuation Designee. In making such fair value determinations, the Valuation Designee is required to consider all appropriate factors relevant to the value of securities for which other pricing sources are not available or reliable as described above. No single method exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Valuation Designee would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Valuation Designee's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund's NAV calculation that may affect a security's value, or the Valuation Designee is aware of any other data that calls into question the reliability of market quotations.

The following is a summary of the Fund's investments and the inputs used as of December 31, 2025, in valuing the investments carried at value:

---

| | | |
|:---|:---|:---|
| **Valuation Inputs** | **Investments<br> in Securities** | **Other <br> Financial <br> Instruments\*** |
| Level 1 – Quoted Prices |  |  |
| &nbsp;&nbsp;Equity Securities | $1967113901 | $— |
| &nbsp;&nbsp;Short-Term Investment | 25350307 |  |
| Level 2 – Other Significant Observable Inputs |  |  |
| Level 3 – Significant Unobservable Inputs |  |  |
| Total | $1992464208 | $— |

---

\* Other financial instruments include futures, forwards and swap contracts, if any.

The breakdown of the Fund's investments into major categories is disclosed in its Schedule of Investments.

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 December 31, 2025.

**NOTE D. AGREEMENTS WITH AFFILIATES** 

At December 31, 2025, certain officers of the Fund are also officers of Cornerstone or Ultimus Fund Solutions, LLC ("Ultimus"). Such officers are paid no fees by the Fund for serving as officers of the Fund.

*Investment Management Agreement* 

Cornerstone serves as the Fund'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's average weekly net assets. For the year ended December 31, 2025, Cornerstone earned $18,360,112 for investment management services.

**17**<br>

**Cornerstone Strategic Investment Fund, Inc.<br> Notes to Financial Statements** **(concluded)**<br>

*Fund Accounting and Administration Agreement* 

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 Securities and Exchange Commission ("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 year ended December 31, 2025, Ultimus earned $741,053 as fund accounting agent and administrator.

**NOTE E. INVESTMENT IN SECURITIES** 

For the year ended December 31, 2025, purchases and sales of securities, other than short-term investments, were $828,788,125 and $898,235,828, respectively.

**NOTE F. SHARES OF COMMON STOCK** 

The Fund has 800,000,000 shares of common stock authorized and 295,765,569 shares issued and outstanding at December 31, 2025. Transactions in common stock for the year ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
| Shares at beginning of year | 248400965 |
| Shares newly issued from rights offering | 26164941 |
| Shares issued in reinvestment of dividends and distributions | 21,199,663 |
| Shares at end of year | 295,765,569 |

---

**NOTE G. FEDERAL INCOME TAXES** 

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.

The tax character of dividends and distributions paid to stockholders during the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br> 2025** | **December 31, <br> 2024** |
| Ordinary Income | $26031484 | $34177537 |
| Long-Term Capital Gains | 151579022 | 86648388 |
| Return-of-Capital | 222736046 | 192374807 |
| Total Distributions | $400346552 | $313200732 |

---

At December 31, 2025, the components of accumulated earnings on a tax basis for the Fund were as follows:

---

| | |
|:---|:---|
| Net unrealized appreciation | $657880250 |
| Total accumulated earnings | $657800250 |

---

The following information is computed on a tax basis for each item as of December 31, 2025:

---

| | |
|:---|:---|
| Cost of portfolio investments | $1334583958 |
| Gross unrealized appreciation | $683045664 |
| Gross unrealized depreciation | (25165414) |
| Net unrealized appreciation | $657880250 |

---

**18**<br>

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of

Cornerstone Strategic Investment Fund, Inc.

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Cornerstone Strategic Investment Fund, Inc. (the "Fund") as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for four years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the year ended December 31, 2021, were audited by other auditors whose report dated February 23, 2022, expressed an unqualified opinion on those financial highlights.

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2022.

![](fp0097106-1_19.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 13, 2026

**19**<br>

**2025 Tax Information** **(unaudited)**

This notification along with Form 1099-DIV reflects the amount to be used by calendar year taxpayers on their U.S. federal income tax returns. As indicated in this notice, a portion of the Fund's distributions for 2025 were comprised of a return-of-capital; accordingly, these distributions do <u>**not**</u> represent yield or investment return on the Fund's portfolio.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SOURCES OF DIVIDENDS AND DISTRIBUTIONS<br> (Per Share Amounts)** | **SOURCES OF DIVIDENDS AND DISTRIBUTIONS<br> (Per Share Amounts)** | **SOURCES OF DIVIDENDS AND DISTRIBUTIONS<br> (Per Share Amounts)** | **SOURCES OF DIVIDENDS AND DISTRIBUTIONS<br> (Per Share Amounts)** | **SOURCES OF DIVIDENDS AND DISTRIBUTIONS<br> (Per Share Amounts)** | **SOURCES OF DIVIDENDS AND DISTRIBUTIONS<br> (Per Share Amounts)** | **SOURCES OF DIVIDENDS AND DISTRIBUTIONS<br> (Per Share Amounts)** |
| **Payment Dates:** | **1/31/2025** | **2/28/2025** | **3/31/2025** | **4/30/2025** | **5/30/2025** | **6/30/2025** |
| Ordinary Income <sup>(1)</sup> | $0.0080 | $0.0080 | $0.0080 | $0.0080 | $0.0080 | $0.0080 |
| Return-of-Capital <sup>(2)</sup> | 0.0681 | 0.0681 | 0.0681 | 0.0681 | 0.0681 | 0.0681 |
| Capital Gain <sup>(3)</sup> | 0.0463 | 0.0463 | 0.0463 | 0.0463 | 0.0463 | 0.0463 |
| Total | $0.1224 | $0.1224 | $0.1224 | $0.1224 | $0.1224 | $0.1224 |
| **Payment Dates:** | **7/31/2025** | **8/29/2025** | **9/30/2025** | **10/31/2025** | **11/28/2025** | **12/31/2025** |
| Ordinary Income <sup>(1)</sup> | $0.0080 | $0.0080 | $0.0080 | $0.0080 | $0.0080 | $0.0080 |
| Return-of-Capital <sup>(2)</sup> | 0.0681 | 0.0681 | 0.0681 | 0.0681 | 0.0681 | 0.0681 |
| Capital Gain <sup>(3)</sup> | 0.0463 | 0.0463 | 0.0463 | 0.0463 | 0.0463 | 0.0463 |
| Total | $0.1224 | $0.1224 | $0.1224 | $0.1224 | $0.1224 | $0.1224 |

---

**Notes:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Ordinary Income Dividends** – This is the total per share amount of ordinary income dividends and short-term capital gain distributions (if applicable) included in the amount reported in Box 1a on Form 1099-DIV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Return-of-Capital** – This is the per share amount of return-of-capital, or sometimes called nontaxable, distributions reported in Box 3 – under the title "Nondividend distributions" – on Form 1099-DIV. This amount should not be reported as taxable income on your current return. Rather, it should be treated as a reduction in the original cost basis of your investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Capital Gains Distributions** – This is the total per share amount of capital gain distribution included in the amount reported in Box 2a on Form 1099-DIV.

The Fund has met the requirements to pass through 100% of its ordinary income dividends as qualified dividends, which are subject to a maximum federal tax rate of 23.8% (20% qualified dividends maximum long-term capital gain rate plus 3.8% Medicare tax). This is reported in Box 1b on Form 1099-DIV. Ordinary income dividends should be reported as dividend income on Form 1040. Please note that to utilize the lower tax rate for qualifying dividend income, stockholders generally must have held their shares in the Fund for at least 61 days during the 121 day period beginning 60 days before the ex-dividend date.

Long-term capital gain distributions arise from gains on securities held by the Fund for more than one year. They are subject to a maximum federal rate of 20% (23.8%, reflecting 3.8% Medicare tax on income exceeding certain threshold amounts).

Foreign stockholders will generally be subject to U.S. withholding tax on the amount of the actual ordinary income dividend paid by the Fund.

In general, distributions received by tax-exempt recipients (e.g., IRA's and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Stockholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

**20**<br>

**Additional Information Regarding the Fund's Directors** **and Corporate Officers** **(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Name and <br> Address<sup>(1)</sup>** **<br> (Birth Date)** | **Position(s) <br> Held with Fund** | **Principal Occupation <br> over Last 5 Years** | **Position <br> with Fund <br> Since** |
| Ralph W. Bradshaw<sup>(2)</sup><br> (Dec. 1950) | Chairman of the Board of Directors and Vice President (since Nov. 2025) | President of Cornerstone Advisors, LLC; Financial Consultant; Director and Vice President (since Nov. 2025) of Cornerstone Total Return Fund, Inc. | 1998 |
| Daniel W. Bradshaw<sup>(2)(3)</sup> <br>(May 1990)  | Director; Assistant <br>Secretary  | Chief Investment Officer of Cornerstone Advisors, LLC (since May 2023); Vice President of Cornerstone Advisors, LLC (June 2019 - Apr. 2023); Director and Assistant Secretary of Cornerstone Total Return Fund, Inc. | 2022 |
| Joshua G. Bradshaw<sup>(2)</sup> <br>(June 1988) | Director; President (since Nov. 2025); Vice Chairman (since May 2025) | Chief Executive Officer of Cornerstone Advisors, LLC (since Jan. 2025); Chief Operating Officer of Cornerstone Advisors, LLC (May 2023 - Dec. 2024); Vice President of Cornerstone Advisors, LLC (June 2019 - Apr. 2023); Director, President (since Nov. 2025) and Vice Chairman of the Board of Directors (since May 2025) of Cornerstone Total Return Fund, Inc. | 2021 |
| Robert E. Dean<sup>(3)</sup><br> (Apr. 1951) | Director; Audit, Nominating and Corporate Governance Committee Member | Director, National Bank Holdings Corp.; Director of Cornerstone Total Return Fund, Inc. | 2014 |
| Peter K. Greer <br>(Mar. 1975) | Director; Audit, Nominating and Corporate Governance Committee Member | President and CEO of Hope International; Cofounder and Executive Director of Hope Global Investments (since 2021); Director of Cornerstone Total Return Fund, Inc. | 2025 |
| Marcia E. Malzahn <br>(Apr. 1966)  | Director; Audit, Nominating and Corporate Governance Committee Member | President and Founder of Malzahn Companies, LLC (2014 to present); President and CEO of Malzahn Strategic, LLC (since Jan. 2024); Director of Cornerstone Total Return Fund, Inc. | 2019 |
| Frank J. Maresca <br>(Oct. 1958) | Director; Chairman of Audit Committee; Nominating and Corporate Governance Committee Member | Self-employed (since July 2025); Senior Advisor and Consultant of Broadridge Financial Solutions, Inc. (May 2022 - June 2025); Vice President of Mutual Funds of Broadridge Financial Solutions, Inc. (Feb. 2018 - Apr. 2022); Director of Cornerstone Total Return Fund, Inc. | 2020 |

---

**21**<br>

**Additional Information Regarding the Fund's Directors** **and Corporate Officers** **(unaudited) (concluded)**

---

| | | | |
|:---|:---|:---|:---|
| **Name and <br> Address<sup>(1)</sup>** **<br> (Birth Date)** | **Position(s) <br> Held with Fund** | **Principal Occupation <br> over Last 5 Years** | **Position <br> with Fund <br> Since** |
| Matthew W. Morris <br>(May 1971) | Director; Audit, Nominating and Corporate Governance Committee Member | Founder and CEO, Lutroco LLC (Jan. 2020 – Present); President and CEO, Stewart Information Services Corporation (Nov. 2011 – Jan. 2020); Director of Cornerstone Total Return Fund, Inc. | 2017 |
| Scott B. Rogers <br> (July 1955) | Director; Audit, Nominating and Corporate Governance Committee Member | Chief Executive Office, Asheville Buncombe Community Christian Ministry ("ABCCM"); President, ABCCM Doctor's Medical Clinic; Member of North Carolina's Council on Homelessness; Director of Cornerstone Total Return Fund, Inc. | 2001 |
| Andrew A. Strauss <br> (Nov. 1953) | Director; Chairman of Nominating and Corporate Governance Committee and Audit Committee Member | Attorney and senior member of Strauss Attorneys PLLC; Director of Deerfield Charitable Foundation; Director of Cornerstone Total Return Fund, Inc. | 2001 |
| Benjamin V. Mollozzi <br> (Oct. 1984) | Chief Compliance Officer | General Counsel of Cornerstone Advisors, LLC (since Jun. 2025); Counsel of Cornerstone Advisors, LLC (Mar. 2024 - Jun. 2025); Chief Compliance Officer of Cornerstone Advisors, LLC (since Mar. 2024); Counsel of Western & Southern Financial Group (Jan. 2022 - Feb. 2024); Attorney of U.S. Bank, N.A. (May 2021 - Jan. 2022); Attorney of Ultimus Fund Solutions, LLC (Aug. 2015 - May 2021); Chief Compliance Officer of Cornerstone Total Return Fund, Inc. (since May 2024) | 2024 |
| Hoyt M. Peters <br> (Sep. 1963) | Secretary and Assistant Treasurer | Vice President of Cornerstone Advisors, LLC; Secretary and Assistant Treasurer of Cornerstone Total Return Fund, Inc. | 2019, 2013 |
| Brian J. Lutes<br> (June 1975) | Treasurer | Senior Vice President, Relationship Management of Ultimus Fund Solutions, LLC (since Jan. 2024); Senior Vice President, Fund Accounting of Ultimus Fund Solutions, LLC; Treasurer (effective Mar. 2, 2022) of Cornerstone Total Return, Inc. | 2022 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The mailing address of each Director and/or Officer with respect to the Fund's operation is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Designates a director who is an "interested person" of the Fund as defined by the Investment Company Act of 1940, as amended. Messrs. Bradshaw are interested persons of the Fund by virtue of their current position with the Investment Adviser of the Fund.

<sup>(3)</sup> <sup></sup>Messrs. Robert E. Dean, a current non-interested director, and Daniel W. Bradshaw, a current interested director, will step down from the Board of Directors as of the Annual Meeting date and are not standing for re-election.

**22**<br>

**Fund Investment Objectives, Policies and Risks** **(unaudited)**

**Investment Objective** 

The investment objective of Cornerstone Strategic Investment Fund, Inc. (formerly Cornerstone Strategic Value Fund, Inc.) (the "Fund") is to seek long-term capital appreciation through investment primarily in equity securities of U.S. and non-U.S. companies which Fund management believes have demonstrated fundamental investment value and favorable growth prospects, as determined by Cornerstone Advisors, LLC (the "Investment Manager"). The Fund's investment objective and some of its investment policies are considered fundamental policies and may not be changed without stockholder approval.

**Investment Strategies** 

The Fund's portfolio, under normal market conditions, will consist principally of the equity securities of U.S. and non-U.S. companies. Currently, the Fund primarily invests in companies with large capitalizations, however, the Fund may invest in companies of all capitalization ranges. The Fund invests in common stocks and may also invest in preferred stocks, rights, warrants and securities convertible into common stocks that are listed on stock exchanges or traded over the counter. The Fund may, without limitation, hold cash or invest in assets in money market instruments, including U.S. and non-U.S. government securities, high grade commercial paper and certificates of deposit and bankers' acceptances issued by U.S. and non-U.S. banks having deposits of at least $500 million. In addition, the Fund may engage in hedging transactions to reduce its company market and currency exchange exposure.

In determining which securities to buy for the Fund's portfolio, the Investment Manager uses a balanced approach, including "value" and "growth" investing by seeking out companies at reasonable prices, without regard to sector or industry, which demonstrate favorable long-term growth characteristics. Valuation and growth characteristics may be considered for purposes of selecting potential investment securities. In general, valuation analysis is used to determine the inherent value of the company by analyzing financial information such as a company's price to book, price to sales, return on equity, and return on assets ratios; and growth analysis is used to determine a company's potential for long-term dividends and earnings growth due to market-oriented factors such as growing market share, the launch of new products or services, the strength of its management and market demand. Fluctuations in these characteristics may trigger trading decisions to be made by the Investment Manager.

Although the Fund has the ability to invest a significant portion of its assets in non-U.S. companies, the Fund has consistently maintained the investment of at least 95% of its assets in U.S. listed companies since June 30, 2001.

The Fund may invest without limitation in other closed-end investment companies and Exchange-Traded Funds ("ETFs"), provided that the Fund limits its investment in securities issued by other investment companies so that not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund. As a stockholder in any investment company, the Fund will bear its ratable share of the investment company's expenses and would remain subject to payment of the Fund's advisory and administrative fees with respect to the assets so invested.

To comply with provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), on any matter upon which the Fund is solicited to vote as a stockholder in an investment company in which it invests, the Investment Manager votes such shares in the same general proportion as shares held by other stockholders of that investment company. The Fund does not and will not invest in any other closed-end funds managed by the Investment Manager.

**23**<br>

**Fund Investment Objectives, Policies and Risks** **(unaudited) (continued)**

The Fund may invest up to 15% of its assets in illiquid U.S. and non-U.S. securities. The Fund will invest only in such illiquid securities that, in the opinion of the Investment Manager, present opportunities for substantial growth over a period of two to five years.

The Fund's investment policies emphasize long-term investment in securities. Therefore, the Fund's annual portfolio turnover rate is expected to continue to be relatively low, normally ranging between 10% and 90%. Higher portfolio turnover rates resulting from more actively traded portfolio securities generally result in higher transaction costs, including brokerage commissions and related capital gains or losses.

The Fund's foregoing investment policies may be changed by the Fund's Board of Directors without stockholder vote.

Although the Fund does not anticipate having any securities lending income during the current calendar year, the Fund may lend the securities that it owns to others, which would allow the Fund the opportunity to earn additional income. Although the Fund will require the borrower of the securities to post collateral for the loan in accordance with market practice and the terms of the loan will require that the Fund be able to reacquire the loaned securities if certain events occur, the Fund is still subject to the risk that the borrower of the securities may default, which could result in the Fund losing money, which would result in a decline in the Fund's net asset value.

The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in attempting to respond to adverse market, economic, political or other conditions. During such times, the Fund may temporarily invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities. In these and in other cases, the Fund may not achieve its investment objective.

The Investment Manager may invest the Fund's cash balances in any investments it deems appropriate. Such investments may include, without limitation and as permitted under the 1940 Act, money market funds, U.S. Treasury and U.S. agency securities, municipal bonds, repurchase agreements and bank accounts. Many of the considerations entering into the Investment Manager's recommendations and the portfolio manager's decisions are subjective.

The Fund has no current intent to use leverage; however, the Fund reserves the right to utilize limited leverage through issuing preferred shares. The Fund also may borrow money in amounts not exceeding 10% of its total assets (including the amount borrowed) for temporary or emergency purposes, including the payment of dividends and the settlement of securities transactions, which otherwise might require untimely dispositions of Fund securities. In addition, the Fund may incur leverage through the use of investment management techniques (e.g., "uncovered" sales of put and call options, futures contracts and options on futures contracts). In order to hedge against adverse market shifts and for non-hedging, speculative purposes, the Fund may utilize up to 5% of its net assets to purchase put and call options on securities or stock indices.

**Risk Factors** 

*An investment in the Fund's shares is subject to risks. The value of the Fund's investments will increase or decrease based on changes in the prices of the investments it holds. You could lose money by investing in the Fund. By itself, the Fund does not constitute a balanced investment program. You should consider carefully the following principal risks before investing in the Fund. There may be additional risks that the Fund does not currently foresee or consider material. You may wish to consult with your legal or tax advisors, before deciding whether to invest in the Fund. This section describes the principal risk factors associated with investment in* 

**24**<br>

**Fund Investment Objectives, Policies and Risks** **(unaudited) (continued)**

*the Fund specifically, as well as those factors generally associated with investment in an investment company with investment objectives, investment policies, capital structure or trading markets similar to the Fund's. Each risk summarized below is a risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other factors. The Fund bears these risks directly and indirectly through its investments in other investment companies.* 

**Principal Risks** 

***Stock Market Volatility.*** Stock markets can be volatile. In other words, the prices of stocks can rise or fall rapidly in response to developments affecting a specific company or industry, changing economic, political or market conditions, inflation, changes in interest rate levels, lack of liquidity in the markets, volatility in the equities or other securities markets, adverse investor sentiment or political events. The Fund is subject to the general risk that the value of its investments may decline if the stock markets perform poorly. There is also a risk that the Fund's investments will underperform either the securities markets generally or particular segments of the securities markets.

***Market Disruption and Geopolitical Risk.*** The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Governments may respond aggressively to such events, including by closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, which could have negative impacts, and in many cases severe negative impacts, on markets worldwide. War, terrorism, and related geopolitical events (and their aftermath) have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters, such as, for example, earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, as well as the spread of infectious illness or other public health issues, including widespread epidemics or pandemics such as the COVID-19 outbreak in 2020, and systemic market dislocations can be highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of Fund investments.

***Issuer Specific Changes.*** Changes in the financial condition of an issuer, changes in the specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect the credit quality or value of an issuer's securities. Lower-quality debt securities tend to be more sensitive to these changes than higher-quality debt securities.

***Closed-End Fund Risk.*** 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's expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund's own operations.

***Common Stock Risk.*** The Fund will invest a significant portion of its net assets in common stocks. Common stocks represent an ownership interest in a company. The Fund may also invest in securities that can be exercised for or converted into common stocks (such as convertible preferred stock). Common stocks and similar equity securities are more volatile and more risky than some other forms of investment. Therefore, the value of your investment in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate for many reasons, including changes in investors' perceptions of the financial condition of an issuer, the general condition of the relevant stock market or when political or economic events affecting the issuers

**25**<br>

**Fund Investment Objectives, Policies and Risks** **(unaudited) (continued)**

occur. In addition, common stock prices may be sensitive to rising interest rates, as the costs of capital rise for issuers. Because convertible securities can be converted into equity securities, their values will normally increase or decrease as the values of the underlying equity securities increase or decrease. The common stocks in which the Fund will invest are structurally subordinated to preferred securities, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and assets and, therefore, will be subject to greater risk than the preferred securities or debt instruments of such issuers.

***Defensive Positions.*** During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its net assets in cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances and could miss favorable market developments.

***Foreign Securities Risk.*** Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities of U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure or accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible seizure, expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and changes in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant amount of its investments in companies located in one region. These risks may be greater in emerging markets and in less developed countries. For example, prior governmental approval for foreign investments may be required in some emerging market countries, and the extent of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated with changes in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions.

***Global Market Risk.*** An investment in Fund shares is subject to investment risk, including the possible loss of the entire principal amount invested. The Fund is subject to the risk that geopolitical and other similar events will disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters can all negatively impact the securities markets.

***Managed Distribution Policy Risk.*** Under the Fund's managed distribution policy (the "Distribution Policy"), the Fund makes monthly distributions to stockholders at a rate that may include periodic distributions of its net income and net capital gains ("Net Earnings"), or from return-of-capital. For any fiscal year where total cash distributions exceeded Net Earnings (the "Excess"), the Excess would decrease the Fund's total assets and, as a result, would have the likely effect of increasing the Fund's expense ratio. There is a risk that the total Net Earnings from the Fund's portfolio would not be great enough to offset the amount of cash distributions paid to stockholders. If this were to be the case, the Fund'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's investment objective. Distributions may constitute a return of capital to stockholders and lower the tax basis in their shares which, for the taxable stockholders, will defer any potential gains until the shares are sold. For the taxable stockholders, the portion of distribution that constitutes ordinary income and/or capital gains is taxable to such stockholders in the year the distribution is declared. A return of capital is non-taxable to the extent of the stockholder's basis in the shares. The stockholders would reduce their basis (but not below zero) in the shares by the amount of the distribution and therefore may result in an increase in the amount of any taxable gain on a subsequent disposition of such shares, even if such shares are sold at a loss to the stockholder's original investment amount. Any return of capital will be separately identified when

**26**<br>

**Fund Investment Objectives, Policies and Risks** **(unaudited) (continued)**

stockholders receive their tax statements. Any return of capital that exceeds cost basis may be treated as capital gain. Stockholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund. The Fund may need to raise additional capital in order to maintain the Distribution Policy.

***Management Risk.*** The Fund is subject to management risk because it is an actively managed portfolio. The Fund's successful pursuit of its investment objective depends upon the Investment Manager's ability to find and exploit market inefficiencies with respect to undervalued securities. Such situations occur infrequently and sporadically and may be difficult to predict and may not result in a favorable pricing opportunity that allows the Investment Manager to fulfill the Fund's investment objective. The Investment Manager's security selections and other investment decisions might produce losses or cause the Fund to underperform when compared to other funds with similar investment goals. If one or more key individuals leave the employ of the Investment Manager, the Investment Manager may not be able to hire qualified replacements or may require an extended time to do so. This could prevent the Fund from achieving its investment objective.

***Other Investment Company Securities Risk.*** The Fund may invest in the securities of other closed-end investment companies and in ETFs. Investing in other investment companies and ETFs involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level may be reduced by the operating expenses and fees of such other investment companies, including advisory fees. To the extent the Fund invests a portion of its assets in investment company securities, those assets will be subject to the risks of the purchased investment company's portfolio securities, and a stockholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly the expenses of the purchased investment company. There can be no assurance that the investment objective of any investment company or ETF in which the Fund invests will be achieved.

Although the Fund currently does not intend to use financial leverage, the securities of other investment companies in which the Fund invests may be leveraged, which will subject the Fund to the risks associated with the use of leverage. Such risks include, among other things, the likelihood of greater volatility of the net asset value and market price of such shares; the risk that fluctuations in interest rates on the borrowings of such investment companies, or in the dividend rates on preferred shares that they must pay, will cause the yield on the shares of such companies to fluctuate more than the yield generated by unleveraged shares; and the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of such shares than if such companies did not use leverage, which may result in a greater decline in the market price of such shares.

<u><u>**Non-Principal Risks**</u></u>

In addition to the principal risks set forth above, the following additional risks may apply to an investment in the Fund.

***Anti-Takeover Provisions.*** The Fund's Charter and Bylaws include provisions that could limit the ability of other persons or entities to acquire control of the Fund or to cause it to engage in certain transactions or to modify its structure.

***Convertible Securities Risk.*** The value of a convertible security, including, for example, a warrant, is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest

**27**<br>

**Fund Investment Objectives, Policies and Risks** **(unaudited) (continued)**

rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security's investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed income security.

A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objective.

***Credit Risk.*** Fixed income securities rated B or below by S&P Global Ratings ("S&P") or Moody's Investors Service, Inc. ("Moody's") may be purchased by the Fund. These securities have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of those issuers to make principal or interest payments, as compared to issuers of more highly rated securities.

***Cybersecurity Risk.*** The use of technologies by the Fund's service providers to conduct Fund related business makes the Fund susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Investment Manager or the Fund's administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund's ability to calculate its net asset value, interfere with Fund stockholders' ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

***Debt Security Risk.*** In addition to interest rate risk, call risk and extension risk, debt securities are also subject to the risk that they may also lose value if the issuer fails to make principal or interest payments when due, or the credit quality of the issuer falls.

***Extension Risk.*** The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by that Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e., interest rate sensitivity) and potentially reduce the value of these securities.

***Foreign Currency Risk.*** Although the Fund will report its net asset value and pay expenses and distributions in U.S. dollars, the Fund may invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes in foreign currency exchange rates will affect the U.S. dollar value of the Fund's investment securities and net asset value. For example, even if the securities prices are unchanged on their primary foreign stock exchange, the Fund's net asset value may change because of a change in the rate of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. Certain currencies are more volatile than those of other countries and Fund investments related to those countries may be more affected. Generally, if a foreign currency depreciates against the dollar (i.e., if the dollar

**28**<br>

**Fund Investment Objectives, Policies and Risks** **(unaudited) (continued)**

strengthens), the value of the existing investment in the securities denominated in that currency will decline. When a given currency appreciates against the dollar (i.e., if the dollar weakens), the value of the existing investment in the securities denominated in that currency will rise. Certain foreign countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors located outside of the country, due to a blockage of foreign currency exchanges or otherwise.

***Illiquid Securities.*** The Fund may invest up to 15% of its respective net assets in illiquid securities. Illiquid securities may offer a higher yield than securities which are more readily marketable, but they may not always be marketable on advantageous terms. The sale of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. A security traded in the U.S. that is not registered under the Securities Act will not be considered illiquid if Fund management determines that an adequate investment trading market exists for that security. However, there can be no assurance that a liquid market will exist for any security at a particular time.

***Interest Rate Risk.*** Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security's price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.

***Investment in Small and Mid-Capitalization Companies.*** The Fund may invest in companies with mid or small sized capital structures (generally a market capitalization of $5 billion or less). Accordingly, the Fund may be subject to the additional risks associated with investment in these companies. The market prices of the securities of such companies tend to be more volatile than those of larger companies. Further, these securities tend to trade at a lower volume than those of larger more established companies. If the Fund is heavily invested in these securities and the value of these securities suddenly declines, that Fund will be susceptible to significant losses.

***Leverage Risk.*** Utilization of leverage is a speculative investment technique and involves certain risks to the holders of common stock. These include the possibility of higher volatility of the net asset value of the common stock and potentially more volatility in the market value of the common stock. So long as the Fund is able to realize a higher net return on its investment portfolio than the then current cost of any leverage together with other related expenses, the effect of the leverage will be to cause holders of common stock to realize higher current net investment income than if the Fund were not so leveraged. On the other hand, to the extent that the then current cost of any leverage, together with other related expenses, approaches the net return on the Fund's investment portfolio, the benefit of leverage to holders of common stock will be reduced, and if the then current cost of any leverage were to exceed the net return on the Fund's portfolio, the Fund's leveraged capital structure would result in a lower rate of return to stockholders than if the Fund were not so leveraged. There can be no assurance that the Fund's leverage strategy will be successful.

***Market Discount from Net Asset Value.*** Shares of closed-end investment companies frequently trade at a discount from their net asset value. This characteristic is a risk separate and distinct from the risk that the Fund's net asset value could decrease as a result of its investment activities. Whether investors will realize gains or losses upon the sale of the shares will depend not upon the Fund's net asset value but entirely upon whether the market price of the shares at the time of sale is above or below the investor's purchase price for

**29**<br>

**Fund Investment Objectives, Policies and Risks** **(unaudited) (continued)**

the shares. Because the market price of the shares will be determined by factors such as relative supply of and demand for the shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the Fund cannot predict whether the shares will trade at, below or above net asset value.

***Portfolio Turnover Risk.*** The Investment Manager cannot predict the Fund's securities portfolio turnover rate with certain accuracy, but anticipates that its annual portfolio turnover rate will normally range between 10% and 90% under normal market conditions. However, it could be materially higher under certain conditions. Higher portfolio turnover rates could result in corresponding increases in brokerage commissions and may generate short-term capital gains taxable as ordinary income.

***Preferred Securities Risk.*** Investment in preferred securities carries risks including credit risk, deferral risk, redemption risk, limited voting rights, risk of subordination and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions that allow an issuer, at its discretion, to defer distributions for up to 20 consecutive quarters. Traditional preferreds also contain provisions that allow an issuer, under certain conditions to skip (in the case of "noncumulative preferreds") or defer (in the case of "cumulative preferreds"), dividend payments. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes while it is not receiving any distributions. Preferred securities typically contain provisions that allow for redemption in the event of tax or security law changes in addition to call features at the option of the issuer. In the event of a redemption, the Fund may not be able to reinvest the proceeds at comparable rates of return. Preferred securities typically do not provide any voting rights, except in cases when dividends are in arrears beyond a certain time period, which varies by issue. Preferred securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt instruments. Preferred securities may be substantially less liquid than many other securities, such as U.S. government securities, corporate debt or common stocks. Dividends paid on preferred securities will generally not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code.

***Real Estate Investment Trust ("REIT") Risk.*** Investments in REITs will subject the Fund to various risks. The first, real estate industry risk, is the risk that REIT share prices will decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. REITs often invest in highly leveraged properties. The second risk is the risk that returns from REITs, which typically are small or medium capitalization stocks, will trail returns from the overall stock market. The third, interest rate risk, is the risk that changes in interest rates may hurt real estate values or make REIT shares less attractive than other income producing investments. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

Qualification as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its stockholders and would not pass through to its stockholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could drastically reduce the Fund's yield on that investment.

REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be affected by conditions in the real estate rental market

**30**<br>

**Fund Investment Objectives, Policies and Risks** **(unaudited) (concluded)**

and by changes in the value of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged properties. They are paid interest by the owners of the financed properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent upon management skills, may not be diversified and are subject to the risks of financing projects.

Dividends paid by REITs will not generally qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code, provided, however, the Fund may designate certain dividends from a REIT as "Section 199A dividends," which may be taxed to individual stockholders and other non-corporate stockholders at a reduced effective U.S. federal income tax rate depending on whether certain requirements are satisfied.

The Fund's investment in REITs may include an additional risk to stockholders. Some or all of a REIT's annual distributions to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce the Fund's basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund's basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a nontaxable return of capital, Fund distributions to stockholders may also include a nontaxable return of capital. Stockholders that receive such a distribution will also reduce their tax basis in their shares of the Fund, but not below zero. To the extent the distribution exceeds a stockholder's basis in the Fund shares, such stockholder will generally recognize capital gain.

***Repurchase Agreement Risk.*** The Fund does not enter into nor does it currently intend to enter into repurchase agreements, however, if the Fund were to enter into repurchase agreements, the Fund could suffer a loss if the proceeds from a sale of the securities underlying a repurchase agreement to which it is a party turns out to be less than the repurchase price stated in the agreement. In addition, repurchase agreements may involve risks in the event of default or insolvency of the seller, including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities.

***Securities Lending Risk.*** Securities lending is subject to the risk that loaned securities may not be available to the Fund on a timely basis and the Fund may, therefore, lose the opportunity to sell the securities at a desirable price. Any loss in the market price of securities loaned by the Fund that occurs during the term of the loan would be borne by the Fund and would adversely affect the Fund's performance. Also, there may be delays in recovery, or no recovery, of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while the loan is outstanding. The Fund retains the right to recall securities that it lends to enable it to vote such securities if it determines such vote to be material. Despite its right to recall securities lent, there can be no guarantee that recalled securities will be received timely to enable the Fund to vote those securities. The Fund does not anticipate having any securities lending income during the current calendar year.

**31**<br>

**Description of Dividend Reinvestment Plan** **(unaudited)**

Cornerstone Strategic Investment Fund, Inc. (formerly Cornerstone Strategic Value Fund, Inc.) (the "Fund") operates a Dividend Reinvestment Plan (the "Plan"), administered by Equiniti Trust Company, LLC (the "Agent"), pursuant to which the Fund's income dividends or capital gains or other distributions (each, a "Distribution" and collectively, "Distributions"), net of any applicable U.S. withholding tax, are reinvested in shares of the Fund.

Stockholders automatically participate in the Fund'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 28 Liberty Street, 53rd Floor, New York, NY 10005. Under the Plan, the Fund's Distributions to stockholders are reinvested in full and fractional shares as described below.

When the Fund declares a Distribution the Agent, on the stockholder'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 ("Newly Issued Shares") or (ii) purchase outstanding shares on the open market, on the NYSE American or elsewhere, with cash allocated to it by the Fund ("Open Market Purchases").

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'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'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' 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.

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.

Whenever the Fund declares a Distribution and the last reported net asset value of the Fund'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'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'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

**32**<br>

**Description of Dividend Reinvestment Plan** **(unaudited) (concluded)**

temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. The Agent may aggregate a Plan participant'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.

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.

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's proxy will include those shares purchased pursuant to the Plan. The Agent will distribute all proxy solicitation materials to participating stockholders.

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's name and held for the account of beneficial owners participating in the Plan.

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.

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.

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.equiniti.com</u> or through the Agent's toll-free number, (866) 668-6558. Participants can also use the tear off portion attached to the bottom of their statement and mail the request to Equiniti Trust Company, LLC, 28 Liberty Street, 53rd Floor, New York, NY 10005. There is a commission of $0.05 per share.

All correspondence concerning the Plan should be directed to Equiniti Trust Company, LLC, 28 Liberty Street, 53rd Floor, New York, NY 10005. Certain transactions can be performed online at <u>www.equiniti.com</u> or by calling the toll-free number (866) 668-6558.

**33**<br>

**Proxy Voting and Portfolio Holdings Information** **(unaudited)**

The policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available:

● without charge, upon request, by calling toll-free (866) 668-6558; and

● on the website of the SEC, <u>www.sec.gov</u>.

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's website at <u>www.sec.gov</u> or on the Fund's website at <u>www.cornerstonestrategicinvestmentfund.com</u> (See Form N-PX).

The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at <u>www.sec.gov</u>.

**Summary of General Information** **(unaudited)**

Cornerstone Strategic Investment Fund, Inc. (formerly Cornerstone Strategic Value 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.

**Indemnification** **(unaudited)**

The Fund indemnifies the Fund's Officers and Directors for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**Stockholder Information** **(unaudited)**

The Fund is listed on the NYSE American (symbol "CLM"). The previous week's net asset value per share, market price, and related premium or discount are available on the Fund's website at <u>www.cornerstonestrategicinvestmentfund.com</u>.

*Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that Cornerstone Strategic Investment Fund, Inc. may from time to time purchase shares of its common stock in the open market.*<br>

**34**<br>

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**C** **ornerstone** **S** **trategic** **I** **nvestment** **F** **und, Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Included with (a)

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

(c) During the period covered by the report, with respect to the registrant's code of ethics that applies to its Principal Executive Officer and Principal Financial Officer: there have been no amendments to a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

(d) During the period covered by the report, with respect to the registrant's code of ethics that applies to its Principal Executive Officer and Principal Financial Officer: there have been no waivers granted from a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

(e) Not applicable.

**Item 3. Audit Committee Financial Expert.**

The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Frank J. Maresca. Mr. Maresca is "independent" for purposes of this Item.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for professional
services rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that
are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $27,300 and $26,000 with
respect to the registrant's fiscal years ended December 31, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. No fees were billed in either of the last two fiscal years for assurance and
related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial
statements and are not reported under paragraph (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed for professional services rendered by the principal accountant
for tax compliance, tax advice, and tax planning were $6,000 and $6,000 with respect to the registrant's fiscal years ended December
31, 2025 and December 31, 2024, respectively. The services comprising these fees are the preparation of the registrant's federal
income and excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. Other fees billed were $3,500 and $0 with respect to the registrant's fiscal
years ended December 31, 2025 and December 31, 2024, respectively.

---

| | |
|:---|:---|
| (e)(1) | Before the principal accountant is engaged by the registrant to render (i) audit, audit-related or permissible non-audit services to the registrant or (ii) non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, either (a) the audit committee shall pre-approve such engagement; or (b) such engagement shall be entered into pursuant to pre-approval policies and procedures established by the audit committee. Any such policies and procedures must be detailed as to the particular service and not involve any delegation of the audit committee's responsibilities to the registrant's investment adviser. The audit committee may delegate to one or more of its members the authority to grant pre-approvals. The pre-approval policies and procedures shall include the requirement that the decisions of any member to whom authority is delegated under this provision shall be presented to the full audit committee at its next scheduled meeting. Under certain limited circumstances, pre-approvals are not required if certain de minimus thresholds are not exceeded, as such thresholds are determined by the audit committee in accordance with applicable Commission regulations. |

---

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Less than 50% of hours expended on the principal accountant's engagement to audit the registrant's
financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to the fiscal years ended December 31, 2025 and December 31, 2024, aggregate non-audit fees
of $9,500 and $6,000, respectively, were billed by the registrant's principal accountant for services rendered to the registrant.
No non-audit fees were billed in either of the last two fiscal years by the registrant's principal accountant for services rendered to
the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with
or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides
ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The principal accountant has not provided any non-audit services to the registrant's investment
adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services
to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant has a separately-designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934. Frank J. Maresca (Chairman), Robert E.
Dean, Peter K. Greer, Marcia E. Malzahn, Matthew W. Morris, Scott B. Rogers and Andrew A. Strauss are the members of the registrant's
audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant(s) schedule(s) of investments is included in the
Financial Statements under Item 1 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

 **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) Not applicable

 **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

 **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable

 **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable

 **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

The registrant and Cornerstone Advisors, LLC, the registrant's investment adviser, share the same proxy voting policies and procedures. The proxy voting policies and procedures of the registrant and Cornerstone Advisors, LLC are attached as [Exhibit 99.VOTEREG](fp0097106-3_ex99votereg.htm).

 **Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a)(1) All information included in this Item is as of the date of the filing of this Form N-CSR, unless otherwise noted.

**Nicholas R. Birk** is a portfolio manager of the registrant. Mr. Nicholas R. Birk has acted as portfolio manager since October 2025. Mr. Nicholas R. Birk is Chief Investment Officer of Cornerstone Advisors, LLC (since October 2025). Mr. Birk served as a portfolio manager at Allspring Global Investments (November 2021 – September 2025) and as a senior research analyst at Wells Fargo Asset Management (May 2013 – October 2021). Mr. Birk serves as a portfolio manager (since October 2025) of Cornerstone Total Return Fund, Inc.

**Ralph W. Bradshaw** is a portfolio manager of the registrant. Mr. Ralph W. Bradshaw has acted as portfolio manager since 2002. Mr. Ralph W. Bradshaw is President and was Chief Executive Officer (May 2019 - December 2024) of Cornerstone Advisors, LLC and serves as Chairman of the Board and Vice President (since November 2025) of the registrant and Cornerstone Total Return Fund, Inc.

**Joshua G. Bradshaw** is a portfolio manager of the registrant. Mr. Joshua G. Bradshaw has acted as portfolio manager since 2018. Mr. Joshua G. Bradshaw is the Chief Executive Officer (since January 2025), was the Chief Operating Officer (May 2023 – December 2024) and was a Vice President (June 2019 – April 2023) of Cornerstone Advisors, LLC and serves as a Vice Chairman (since May 2025) and President (since November 2025) of the registrant and Cornerstone Total Return Fund, Inc.

**Daniel W. Bradshaw** is a portfolio manager of the registrant. Mr. Daniel W. Bradshaw has acted as portfolio manager since 2018. Mr. Daniel W. Bradshaw was the Chief Investment Officer (May 2023 – September 2025) and was a Vice President (June 2019 – April 2023) of Cornerstone Advisors, LLC and serves as a Director and Assistant Secretary of the registrant and Cornerstone Total Return Fund, Inc.

---

| | |
|:---|:---|
| (a)(2) | Messrs. Bradshaw and Birk manage one other closed-end registered investment company: Cornerstone Total Return Fund, Inc. As of December 31, 2025, net assets of Cornerstone Total Return Fund, Inc. were $1,049,406,033. Messrs. Bradshaw and Birk manage no accounts except for the registrant and Cornerstone Total Return Fund, Inc. Messrs. Bradshaw and Birk manage no accounts where the advisory fee is based on the performance of the account. No material conflicts of interest exist in connection with the portfolio managers' management of the registrant's investments, on the one hand, and the investment of the other accounts included in response to this Item, on the other. |

---

---

| | |
|:---|:---|
| (a)(3) | Compensation for each of Ralph W. Bradshaw, Joshua G. Bradshaw, and Daniel W. Bradshaw includes a fixed salary paid by Cornerstone Advisors, LLC plus a share of the profits of Cornerstone Advisors, LLC. The profitability of Cornerstone Advisors, LLC is primarily dependent upon the value of the assets of the registrant and other managed accounts. However, compensation is not directly based upon the registrant's performance or on the value of the registrant's assets. |

---

---

| | |
|:---|:---|
| (a)(4) | The dollar range of equity securities in the registrant beneficially owned by each portfolio manager as of December 31, 2025 is as follows: |

---

Nicholas R. Birk: None

Ralph W. Bradshaw: over $1,000,000

Joshua G. Bradshaw: $10,001-$50,000

Daniel W. Bradshaw: $100,001-$500,000

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors 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.

**Item 16. Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

The Registrant does not engage in securities lending activities.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

[(a)(1) Code of Ethics is filed herewith](fp0097106-3_ex99code.htm)

(a)(2) Not applicable

[(a)(3) 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](fp0097106-3_ex99cert.htm)

(a)(4) Not applicable

[(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](fp0097106-3_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) | Cornerstone Strategic Investment Fund, Inc. |  |
| By (Signature and Title)\* |  | /s/ Joshua G. Bradshaw |
|  |  | Joshua G. Bradshaw, Vice Chairman and President <br> (Principal Executive Officer) |
| Date | March 4, 2026 |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Joshua G. Bradshaw |
|  |  | Joshua G. Bradshaw, Vice Chairman and President <br> (Principal Executive Officer) |
| Date | March 4, 2026 |  |
| By (Signature and Title)\* |  | /s/ Brian J. Lutes |
|  |  | Brian J. Lutes, Treasurer and Principal Financial Officer |
| Date | March 4, 2026 |  |

---

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**CORNERSTONE STRATEGIC INVESTMENT FUND, INC.<br> CORNERSTONE TOTAL RETURN FUND, INC.**

**CODE OF ETHICS FOR SENIOR OFFICERS**

PREAMBLE

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Cornerstone Strategic Investment Fund, Inc. and Cornerstone Total Return Fund, Inc. (the "Funds") have each adopted this Code of Ethics.

STATEMENT OF POLICY

It is the obligation of the senior officers of each Fund to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to the Fund's shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve each Fund in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information each Fund's shareholders have a right to expect.

The purpose of this Code of Ethics (the "Code") is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Funds, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Funds and its adviser have adopted or may adopt in the future with which Fund officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

COVERED PERSONS

This Code applies to those persons appointed by the each Fund's Board of Directors as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.

PROMOTION OF HONEST AND ETHICAL CONDUCT

In serving as an officer of a Fund, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to a Fund, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of a Fund, he has a duty to act in the best interests of the Fund and its shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Fund.

Page 2 of 5

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of a Fund, he should consult with the Fund's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Directors of a Fund or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Fund give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

PROMOTION OF FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Fund shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Fund counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Fund service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Fund reports reveal, rather than conceal, each Fund's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Fund to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders.

Each Covered Person shall inquire of other Fund officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Fund, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

Page 3 of 5

PROMOTION OF COMPLIANCE WITH APPLICABLE GOVERNMENT LAWS, RULES AND REGULATIONS

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to each Fund and their operations and shall act with competence and due care in serving as an officer of a Fund. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Funds.

Each Covered Person shall cooperate with each Fund's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Fund and its operations.

No Covered Person shall knowingly violate any law or regulation relating to a Fund or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving a Fund or its operations.

PROMOTING PROMPT INTERNAL REPORTING OF VIOLATIONS

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Fund's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Fund's Audit Committee. All waivers and amendments shall be disclosed as required by law.

SANCTIONS

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Fund. Sanctions shall be imposed by the Fund's Audit Committee, subject to review by the entire Board of Directors of the Fund.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

NO RIGHTS CREATED

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Fund's senior officers in the conduct of the Fund's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Page 4 of 5

RECORDKEEPING

Each Fund will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (i) that provided the basis for any amendment or waiver to this Code and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

AMENDMENTS

The Directors will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

Page 5 of 5

CODE OF ETHICS FOR SENIOR OFFICERS

I HEREBY CERTIFY THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by Cornerstone Strategic Investment Fund, Inc. and Cornerstone
Total Return Fund, Inc. (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, _______; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements
of the Code during the calendar year ending December 31, _____.

Set forth below exceptions to items (3) and (4), if any:

Name:   <br>Date:

## Ex-99.Votereg

**CORNERSTONE ADVISORS, LLC**

**PROXY VOTING POLICY AND PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Proxy Voting Policies** 

Cornerstone Advisors, LLC ("Cornerstone") believes that the right to vote on issues submitted to stockholder vote, such as election of directors and important matters affecting a company's structure and operations, can impact the value of its investments. Cornerstone generally analyzes the proxy statements of issuers of stock owned by Cornerstone Strategic Investment Fund, Inc. and Cornerstone Total Return Fund, Inc. (each, a "Fund" and, collectively, the "Funds"), as necessary and votes proxies on behalf of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Proxy Voting Procedures** 

In evaluating proxy statements, Cornerstone relies upon its own fundamental research, and information presented by company management and others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Proxy Voting Guidelines** 

With respect to proxies of closed-end investment companies held by a Fund, in order to comply with Section 12(d) of the Investment Company Act of 1940, as amended, Cornerstone will "mirror vote" all such proxies received by such Fund.

Mirror voting is voting shares held in the same proportion as the vote of all other stockholders.

With respect to proxies of all companies other than closed-end investment companies held by a Fund, Cornerstone will generally "mirror vote" all such proxies received by a Fund.

Cornerstone may elect not to "mirror vote" such proxies and instead vote such proxies in its discretion based on its analysis of what is in the best interest of a Fund and its stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Monitoring and Resolving Conflicts of Interest** 

When reviewing proxy statements and related research materials, Cornerstone will consider whether any business or other relationships between a portfolio manager, Cornerstone and a portfolio company could influence a vote on such proxy matter. With respect to personal conflicts of interest, Cornerstone's Code of Ethics requires its covered employees to maintain high standards of honesty and ethical conduct. Portfolio managers with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Proxy Service Firm; Review Responsibilities** 

Cornerstone retains, at its own expense and with the approval of the board of directors of each Fund (each a "Board"), a third-party proxy service provider (a "Proxy Service Firm") to coordinate, collect, and maintain all proxy-related information, and to prepare each Fund's report on Form N-PX for filing with the U.S. Securities and Exchange Commission. Cornerstone will review each Fund's voting records maintained by the Proxy Service Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Recordkeeping** 

Documentation of all votes for the Funds' will be maintained by Cornerstone and/or the Proxy Service Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Fund Review and Authorization** 

Cornerstone recommends that the following steps be taken by the Board at least annually.

● That each Board reviews and authorizes these Policies and Procedures, essentially as presented, as appropriate for determining how proxies for the Fund's portfolio positions should be voted.

● That each Board acknowledge that Cornerstone contracts with an appropriate and satisfactory Proxy Service Firm to vote proxies on behalf of the Funds in accordance with Cornerstone's Proxy Voting Policies and Procedures.

Amended: August 2021

## Ex-99.Cert

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Joshua G. Bradshaw, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Cornerstone Strategic Investment Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant'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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant'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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 4, 2026 | /s/ Joshua G. Bradshaw |
|  | Joshua G. Bradshaw, Vice Chairman and President |
|  | (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Brian J. Lutes, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Cornerstone Strategic Investment Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant'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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant'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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: March 4, 2026 | /s/ Brian J. Lutes |
|  | Brian J. Lutes, Treasurer and Principal Financial Officer |

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## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Joshua G. Bradshaw, Principal Executive Officer, and Brian J. Lutes, Principal Financial Officer, of Cornerstone Strategic Investment Fund, Inc. (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form
N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | |
|:---|:---|
| PRINCIPAL EXECUTIVE OFFICER | PRINCIPAL FINANCIAL OFFICER |
| Cornerstone Strategic Investment Fund, Inc. | Cornerstone Strategic Investment Fund, Inc. |
| /s/ Joshua G. Bradshaw | /s/ Brian J. Lutes |
| Joshua G. Bradshaw, Vice Chairman and President (Principal Executive Officer) | Brian J. Lutes, Treasurer and Principal Financial Officer |
| Date: March 4, 2026 | Date: March 4, 2026 |

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***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 Strategic Investment Fund, Inc. and will be retained by Cornerstone Strategic Investment Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.***

 ****

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.