SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities and Exchange Act of 1934
(Amendment No. 43)
Cornerstone Strategic Value Fund
(CLM)
Common Stock
(Title of Class of Securities)
21924B104
(CUSIP Number)
George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
183 Sullys Trail
Pittsford, New York 14534
(585) 586-4680
(Name, Address, and Telephone Number of Person Authorized to Receive
Notices and Communications)
April 9, 2003
(Date of Event which Requires Filing of this Statement)
If the person has previously filed a statement on Schedule 13G to
report the Acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check
the following box. [ ]
(Page 1 of 5 pages)
There are no exhibits.
ITEM 1 Security and Issuer
Common Stock
Cornerstone Strategic Value Fund
Cornerstone Advisors, Inc.
383 Madison Ave.
New York, NY 10179
ITEM 2 Identity and Background
a) Karpus Management, Inc. d/b/a Karpus Investment
Management (?KIM?)
George W. Karpus, President, Director and Controlling
Stockholder
JoAnn VanDegriff, Vice President and Director
Sophie Karpus, Director
b) 183 Sullys Trail
Pittsford, New York 14534
c) Principal business and occupation - Investment Management
for individuals, pension and profit sharing plans, corporations,
endowments, trust and others, specializing in conservative asset
management (i.e. fixed income investments).
d) None of George W. Karpus, JoAnn VanDegriff, or Sophie
Karpus (?the Principals?) or KIM has been convicted in the past
five years of any criminal proceeding (excluding traffic
violations).
e) During the last five years none of the principals or KIM has
been a party to a civil proceeding as a result of which any of them
is subject to a judgment, decree or final order enjoining future
violations of or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with
respect to such laws.
f) Each of the Principals is a United States citizen.
KIM is a New York corporation.
ITEM 3 Source and Amount of Funds or Other Considerations
KIM, an independent investment advisor, has accumulated shares
of CLM on behalf of accounts that are managed by KIM (?the
Accounts?) under limited powers of attorney. All funds that
have been utilized in making such purchases are from such
Accounts.
ITEM 4 Purpose of Transaction
a) KIM has purchased Shares for investment purposes. Being
a Closed-End Fund Specialist the profile of CLM fit the
investment guidelines for various Accounts. Shares have been
acquired since October 23, 1989.
b) Although originally purchased for investment purposes only, due
to the Fund?s poor performance and the wide discount to net asset
value, we intend to influence management with the intent of narrowing
or eliminating the discount to net asset value.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this report KIM owns 390,530 shares, which
represents 10.26% of the outstanding Shares. Karpus Investment
Management Profit Sharing Plan owns 3,300 shares. 200 purchased
on June 24, 1993 at $9.125, 400 purchased on August 26, 1993 at
$9.875, 300 purchased on January 29, 1998 at $10.25, 500 purchased
on April 29, 1999 at $13.125, December 11, 2000 at $10.65 per share
(1000 shares), December 20 at $10.75 per share (500 shares), and
September 28, 2001 at $6.40 per share (1500 shares). On March 27,
2000 150 shares were sold at $14.20 per share, February 3, 2003 50
shares at $5.83, February 5 50 shares were sold at $5.71, February 10
and 14 100 shares were sold at $5.70, February 19 and 24 100 shares
were sold at $5.75, February 20 100 shares were sold at $5.95, February
28, 50 shares were sold at $5.72, March 6 at $5.63 (50 shares), March 18
at $5.59 (150 shares), March 19 at $5.58 (100 shares), March 20 at 5.55
(50 shares), March 21 and 27 at $5.63 (100 shares), and March 25 at $5.62
(50 shares). Dana R. Consler currently owns 800 shares purchased on
May 7, 2001 at $8.18 per share. None of the other principals of KIM
currently owns any shares.
b) KIM has the sole power to dispose of and to vote all of such
Shares under limited powers of attorney.
c) The first open market purchase occurred on October 23, 1989
Open market purchases for the last 60 days for the Accounts.
There have been no dispositions and no acquisitions, other than by
such open market purchases.
DATE
SHARES
PRICE PER
DATE
SHARES
PRICE PER
SHARE
SHARE
2/3/2003
-800
5.83
3/3/2003
-200
5.71
2/5/2003
-2000
5.71
3/4/2003
-900
5.69
2/10/2003
-1000
5.7
3/6/2003
-1400
5.65
2/13/2003
-200
5.46
3/7/2003
-700
5.64
2/14/2003
-2700
5.7
3/14/2003
-175
5.6
2/18/2003
-950
5.65
3/18/2003
-11600
5.59
2/19/2003
-4625
5.75
3/19/2003
-6400
5.58
2/20/2003
-7900
5.95
3/20/2003
-4900
5.56
2/21/2003
-1000
5.75
3/21/2003
-5000
5.63
2/24/2003
-2800
5.74
3/24/2003
-4400
5.6
2/28/2003
-2700
5.72
3/25/2003
-4050
5.62
3/26/2003
-700
5.6
3/27/2003
-2800
5.63
3/28/2003
-2150
5.6
3/31/2003
-100
5.58
The Accounts have the right to receive all dividends from, any
proceeds from the sale of the Shares. KIM reserves the right to
further accumulate or sell shares. None of the Accounts has an
interest in shares constituting more than 5% of the Shares
outstanding.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships
with Respect to Securities of the Issuer.
Except as described above, there are no contracts,
arrangements, understandings or relationships of any kind
among the Principals and KIM and between any of them and any
other person with respect to any of CLM Securities.
ITEM 7 Materials to be Filed as Exhibits
Not applicable.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete,
and correct.
Karpus Management, Inc.
April 9, 2003 By:________________________
Date Signature
George W. Karpus, President
Name/Title