CRF - Cornerstone Total Return Fund

What this means for you

Sit Investment owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Aug 14, 2026

   The fund offered holders the right to buy more shares.

   Original document →

2. April 6, 2026

   Sit Investment sold down below 5% and stopped reporting.

   Original document →

3. July 7, 2025

   Sit Investment now owns 7.2%, as a passive investor.

   Original document →

4. April 21, 2025

   The fund offered holders the right to buy more shares, until May 16, 2025.

   Original document →

5. April 8, 2025

   The fund offered holders the right to buy more shares, until May 16, 2025.

   Original document →

About this fund

• Run by Cornerstone Advisors, LLC. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $1.06 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 1.1% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 53 funds we follow that invest in shares, 22 charge a lower management fee and 19 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.40 a share. $0.02 of that was income; $0.59 came from gains; $0.79 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $6.52. The shares traded at $8.01, about 22.9% above that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 14.8% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1997.

How this has changed

• Payouts per share: $1.40 in the fiscal year ended Dec 31, 2025; $1.25 in the year ended Dec 31, 2024; $1.42 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.79 in the year ended Dec 31, 2025; $0.71 in the year ended Dec 31, 2024; $0.88 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.13% a year in the fiscal year ended Dec 31, 2025; 1.14% a year in the year ended Dec 31, 2024; 1.15% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $1.05 billion at Dec 31, 2025; $779 million at Dec 31, 2024; $713 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: none at Dec 31, 2025; none at Dec 31, 2024; none at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 161 million shares at Dec 31, 2025, up 46.6% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
  In between, the fund offered holders the chance to buy more shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +14.3%, counting payouts. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +47.9%, counting payouts. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +23.6%, counting payouts. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -32.1%, counting payouts. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +45.5%, counting payouts. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +106.4%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $20,600 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +19%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in shares with a fiscal year ending within six months of this one, 32 reported a higher share return for that year and 13 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Almost all shares (99%). About 95% issued in the U.S.

1. NVIDIA Corporation - 7.8%
2. Apple, Inc. - 6.9%
3. Alphabet, Inc. class C shares - 6.3%
4. Select Sector SPDR Trust - 5.2%
5. Microsoft Corporation - 4.3%
6. Amazon.com, Inc. - 4%
7. Broadcom, Inc. - 3%
8. Micron Technology, Inc. - 2.3%
9. Eli Lilly & Company - 2.1%
10. Meta Platforms, Inc. class A shares - 2.1%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →