| Cornerstone Progressive Return Fund (the Fund) is a closed-end, diversified management investment company. Its investment objective is to provide long-term total return. Cornerstone Advisors, Inc. is the investment adviser of the Fund. As of December 31, 2007, the Fund top 10 holdings include Exxon Mobil Corporation, General Electric Company, Microsoft Corporation, Google Inc., AT&T Inc., Procter & Gamble Company, Apple Computer, Inc., Wal-Mart Stores, Inc., Chevron Corporation and Merck & Co. Inc. |