CFP - Cornerstone Progressive Return Fund (AMEX Stock) 17% Yield

[Foxtrot]

I just bought into CFP. @$7 it pays a monthly div of .103

CFP: Summary for Cornerstone Progressive Return - Yahoo! Finance (http://finance.yahoo.com/q?s=cfp)

[Foxtrot]

NEW YORK -- (Business Wire)

Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the “Fund”), a closed-end management investment company, today announced that in keeping with its previously adopted monthly distribution policy, the Fund is declaring the following distributions:

Record Date Payable Date Per Share
CFP October 15, 2010 October 29, 2010 $0.103
CFP November 15, 2010 November 30, 2010 $0.103
CFP December 15, 2010 December 31, 2010 $0.103



Stockwatch (http://www.stockwatch.com/News/Item.aspx?bid=U-b005908-U:CFP-20100813&symbol=CFP&news_region=U)

[BadThad]

Nice! I might jump on this one. At the current valuation it's paying 17.56%! It's a nice diversified fund too:

Cornerstone Progressive Return Fund (the Fund) is a closed-end, diversified investment company. The Fund's investment objective is to provide long-term total return. The Fund's portfolio includes equity securities and short-term investments. The Fund invests in sectors, such as closed-end funds, information technology, financials, healthcare, consumer staples, energy, industrials, consumer discretionary, telecommunication services and materials. The Fund is managed by Cornerstone Advisors, Inc. The Fund's administrator is Ultimus Fund Solutions, LLC.


It's also trading near lower end/middle of it's 52wk range $5.71 - 9.53. For folks that don't know what a closed-end fund is:

http://en.wikipedia.org/wiki/Closed-end_fund

Current stock price: $7.04

http://www.google.com/finance?q=cfp

[BadThad]

I'll be joining you Fox, I have buy orders in this morning. Thanks for bringing this one up, I needed another high divy payer.

[Foxtrot]

And there is no change in sight :biggrin:

Cornerstone Progressive Return Fund Announces Continuing Monthly Distributions
9:13a ET November 5, 2010 (Market Wire)
Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the "Fund"), a closed-end management investment company, today announced that in keeping with its previously adopted monthly distribution policy, the Fund is declaring the following distributions:

Record Date Payable Date Per Share

CFP January 14, 2011 January 31, 2011 $0.1030
CFP February 15, 2011 February 28, 2011 $0.1030
CFP March 15, 2011 March 31, 2011 $0.1030

[Foxtrot]

Nov
10 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : November 30, 2010, Record Date : November 15, 2010
Oct
13 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : October 29, 2010, Record Date : October 15, 2010
Sep
13 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : September 30, 2010, Record Date : September 15, 2010
Aug
11 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : August 31, 2010, Record Date : August 13, 2010
Jul
13 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : July 30, 2010, Record Date : July 15, 2010
Jun
11 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : June 30, 2010, Record Date : June 15, 2010
May
12 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : May 28, 2010, Record Date : May 14, 2010
Apr
13 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : April 30, 2010, Record Date : April 15, 2010
Mar
11 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.205 Pay Date : March 31, 2010, Record Date : March 15, 2010
Feb
10 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.205 Pay Date : February 26, 2010, Record Date : February 12, 2010
Jan
13 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.205 Pay Date : January 29, 2010, Record Date : January 15, 2010
Dec
11 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.205 Pay Date : December 31, 2009, Record Date : December 15, 2009
Nov
10 Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.205 Pay Date : November 30, 2009, Record Date : November 13, 2009

[BadThad]

Yea, it looks good. Found this in my TDA news today, a recap of what you posted plus more information:

Cornerstone Progressive Return Fund Announces Continuing Monthly Distributions
9:13a ET November 5, 2010 (Market Wire)
Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the "Fund"), a closed-end management investment company, today announced that in keeping with its previously adopted monthly distribution policy, the Fund is declaring the following distributions:

Record Date Payable Date Per Share

CFP January 14, 2011 January 31, 2011 $0.1030
CFP February 15, 2011 February 28, 2011 $0.1030
CFP March 15, 2011 March 31, 2011 $0.1030




The Board of Trustees (the "Board") believes that the Fund's shareholders are well served by regular distributions which increase liquidity and provide flexibility to individual shareholders in managing their investment. Accordingly, it is the intention of the Board that the Fund will make continuous monthly distributions. The monthly distributions will be reviewed by the Board and declared periodically throughout the year. From time to time, the Board may consider resetting the distribution amount.

It should be noted that the distributions made pursuant to this policy are not tied to the Fund's investment income or capital gains and do not represent yield or investment return on the Fund's portfolio. The distribution policy will be reviewed and approved at least annually by the Board and can be modified at their discretion for the benefit of the Fund and its shareholders. The Board remains convinced that a managed distribution policy of this kind enhances flexibility for shareholders in managing their investment in the Fund. Shareholders have the option of reinvesting all or a portion of these distributions in additional shares of the Fund through the Fund's reinvestment plan or receiving them in cash. Shareholders should carefully read the description of the reinvestment plan contained in the Fund's report to shareholders.

Under the distribution policy, the Fund's distributions will consist either of (1) earnings, (2) capital gains, or (3) return-of-capital, also known as paid-in-capital, or some combination of one or more of the above. A return-of-capital is the return of a portion of the investor's original investment. Given the current economic environment and the composition of the Fund's portfolio, a substantial portion of the Fund's distributions made during the current calendar year is expected to consist principally of a return of the investor's capital. Accordingly, these distributions should not be confused with yield or investment return on the Fund's portfolio. The final composition of the distributions for 2010 cannot be determined until after the end of the year and is subject to change depending on market conditions during the year and the magnitude of income and realized gains for the year.

In any given year, there can be no guarantee that the Fund's investment returns will exceed the amount of the net 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 returns exceed the amount of cash distributions, the assets of the Fund will increase. Distributions designated as return-of-capital are not taxed as ordinary income dividends and are sometimes referred to as tax-free dividends or nontaxable distributions. A return-of-capital distribution reduces the cost basis of an investor's shares in the Fund. Shareholders can expect to receive tax-reporting information for 2010 distributions by the middle of February 2011 indicating the exact composition per share of the dividends and distributions received during the calendar year. Shareholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

The Fund makes monthly distributions to shareholders at a rate that may include periodic distributions of its net income and net capital gains, ("Net Earnings"), or from return-of-capital. If, 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 Fund shareholders. 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.

Cornerstone Advisors, Inc. (the "Advisor") believes that there are significant opportunities available through investment in closed-end funds. In addition to holding closed-end funds that invest substantially all of their assets in equity securities, the Advisor may also choose to take advantage of situations in funds that invest in fixed income or other investment categories. Closed-end funds, with their broadly diversified holdings, enhance diversification within the Fund's portfolio.

Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level is reduced by the operating expenses and fees of such other investment companies, including advisory fees. To the extent the Fund invests its assets in investment company securities, those assets will be subject to the risks of the purchased investment company's portfolio securities, and a shareholder 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 in which the Fund invests will be achieved.

[Foxtrot]

looks like everyone qualified for the dividend and are now selling

[BadThad]

looks like everyone qualified for the dividend and are now selling

It's only 10 cents/share. Most of the record date dumpers go for bigger fish. I think it's just the market. Pretty much everything took a hit today. It didn't drop that much.

....speaking of which....I'm in the mood for a $1.50/share dividend. I haven't seen anyone post one in a long time. :~/

[Foxtrot]

Well today is pay day, first divi from this one. Im looking hard at CIM now.

[BadThad]

Yep....got my deposit today! YAY! Let the money flow in now!

[BadThad]

Looks like buying demand is there, stock closed at $7.25! I'm up nicely in the green AND reaping dividends! YAY!

[BadThad]

Price remains solid on a poor market day.

Current stock price: $7.27

[BadThad]

Getting tempted to take profit, I'm up $0.26/share today....hummmmm..

Thanks for this one foxtrot, it's turned out to be winner!

[BadThad]

Divy EX-DATE 13DEC2010

Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : December 31, 2010, Record Date : December 15, 2010

[BadThad]

Smoking today....$7.47

Folks trying to beat the EX date 13DEC2010

I might take profit on the run-up.....sooooooo tempting.

[Foxtrot]

Smoking today....$7.47

Folks trying to beat the EX date 13DEC2010

I might take profit on the run-up.....sooooooo tempting.

I was just coming here tp post. This has been on a steady climb.

[BadThad]

Today is EX day for the $0.10 monthly dividend.

[BadThad]

Looks like some profit taking today on the EX date run-up. Stock is down about 1%. Lots of folks like me must have been thinking about taking profit too. LOL

Current stock price: $7.30

[BadThad]

Still pulling back this morning, nice entry point now IMO.

Current stock price: $7.22

[BadThad]

$7.02 close

Note to self....take profit on the next divy run up and then rebuy.

[BadThad]

Coming back today, current stock price: $7.20

[BadThad]

Next divy annouced:

Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : January 31, 2011, Record Date : January 14, 2011

[BadThad]

CHING $$$$.....payday from CFP today! :dance:

Current stock price: $7.48 (yield at 16.48% still)

[BadThad]

Another move today, stock closed at $7.59.....tempting me to take profit....must resist! LOL At my current price my yield is well over 17% and I like the monthly dividend. I think I'll reinvest in CFP after I get the next round. Compounding divy = good

[BadThad]

This stock just keeps creeping up!

Current stock price: $7.79

[Foxtrot]

This stock just keeps creeping up!

Current stock price: $7.79

I read that investors are looking for high dividends this year, this sems to be showing the same.

[BadThad]

I read that investors are looking for high dividends this year, this sems to be showing the same.

Yea, seems to be the theme of 2011. I'm planning on raking them in and perhaps playing the run-up on some stocks then selling on EX. A lot of times there's more money to be on the run-up than on the divy. :)

[Foxtrot]

Yea, seems to be the theme of 2011. I'm planning on raking them in and perhaps playing the run-up on some stocks then selling on EX. A lot of times there's more money to be on the run-up than on the divy. :)

Looking at the chart seems to back what you say.
CFP - SharpCharts Workbench - StockCharts.com (http://stockcharts.com/h-sc/ui?s=cfp)
the next record date is the 14th, in order to get the divi I have to hold until the AM of the 15th, is this correct ???

[BadThad]

Looking at the chart seems to back what you say.
CFP - SharpCharts Workbench - StockCharts.com (http://stockcharts.com/h-sc/ui?s=cfp)
the next record date is the 14th, in order to get the divi I have to hold until the AM of the 15th, is this correct ???

Record date is Jan 14th so if you own the stock that day you will get the divy. However, I've been burned before so I don't always trust trying to time my sale. Either play the run up or just hold to be safe.

Another thing you risk is that if you want to get back in, you might have to pay more which reduces your yield.

[BadThad]

Current stock price: $7.83 (15.81% yield)

[BadThad]

Pulling back a bit on EX day, some are taking their chances that they will get the divy still or just taking profit....more likely the latter.

If you've been watching, keep a close eye out for a drop after the record day. That could be a good chance to get in.

Current stock price: $7.67

[BadThad]

YAY! CFP payday! $$$$

[Foxtrot]

YAY! CFP payday! $$$$

Ya this one is going to fatten up my schedual B next year

[BadThad]

Whoa....this stock is pushing into the $8 territory now! :) That's a nice bonus along with the divy!

Current stock price: $7.97

[jamesbond2509]

Is there a website which shows the Brochure for this stock?

Thanks

[BadThad]

Is there a website which shows the Brochure for this stock?

Thanks

Welcome to SMC! :biggrin:

Kinda mean...but....LOL :biggrin:

Let me google that for you (http://lmgtfy.com/?q=Cornerstone+Progressive+Return+Fund)

[jamesbond2509]

Thanks,

Even my broker could not find any info on this one! :~/

[Foxtrot]

Let me google that for you (http://lmgtfy.com/?q=Cornerstone+Progressive+Return+Fund)

LOL That was cool !! I like that :biggrin:

BTW $8 This is getting better all the time.

[BadThad]

Yep, this has been such a solid stock to own. No drama with huge up and down swings and a hellish dividend. I have recommended this, CIM and AGNC to many people. So far, these all have been the best buy-n-hold ever!

[BadThad]

Thanks,

Even my broker could not find any info on this one! :~/

LOL

I think this is actually what you're after:

Let me google that for you (http://lmgtfy.com/?q=cornerstone+progressive+return+fund+prospectus)

[jamesbond2509]

LOL

I think this is actually what you're after:

Let me google that for you (http://lmgtfy.com/?q=cornerstone+progressive+return+fund+prospectus)

Im actually looking for the website of the people who manage this fund - everything on google is 3rd party information!

[jamesbond2509]

LOL

I think this is actually what you're after:

Let me google that for you (http://lmgtfy.com/?q=cornerstone+progressive+return+fund+prospectus)

Im actually looking for the company that is managing and selling this fund - every website on google is third party! Any such luck?

Thanks

[BadThad]

Bank and Credit Union Advisors, Best Practices and Strategy | Cornerstone Advisors (http://www.crnrstone.com/)

Fund Administrator is:

http://www.ultimusfundsolutions.com/

CFP at $8.03 now! :)

[BadThad]

Nice start this morning...$8.10. Here we go, tempting me to take profits....I'm torn!!!

[Foxtrot]

$8.16

[BadThad]

Love this stock! I'm glad I added recently. So far these high divy payers are just raking in the $$$ to me. They have been solid and nothing can touch them as far as returns. :)

[BadThad]

One thing to remember with this stock, there's only 9.4 million outstanding shares....it's a VERY low floater. It doesn't take much volume to move it. For example, it's up again today on 13k in volume!

Current stock price: $8.20 (up +0.5%)

[BadThad]

52-wk high set today $8.25! :)

[b_radlewis]

Love this stock! I'm glad I added recently. So far these high divy payers are just raking in the $$$ to me. They have been solid and nothing can touch them as far as returns. :)

If I'm correct tomorrow is the ex date. If there is a big enough dip there I will pick up some shares.

[BadThad]

Yep, today is EX day. Started the morning down a bit, current stock price: $8.15

[b_radlewis]

Yep, today is EX day. Started the morning down a bit, current stock price: $8.15

Ugggh. I could have had it at 8. If only I didn't oversleep.

[BadThad]

Ugggh. I could have had it at 8. If only I didn't oversleep.

LOL I've done that many days when I'm off. The 9:30 market open is too early for me if I'm at home. :lol:

[b_radlewis]

LOL I've done that many days when I'm off. The 9:30 market open is too early for me if I'm at home. :lol:

LOL, imagine it at 6:30. I got a limit order in for 8.

[BadThad]

LOL, imagine it at 6:30. I got a limit order in for 8.

DOH...that's right...you're on the left coast! That's WAY to early for me....try moving east. LOL :lol:

[b_radlewis]

DOH...that's right...you're on the left coast! That's WAY to early for me....try moving east. LOL :lol:

I'm honestly considering it.

[BadThad]

Feb EX date is past, next divy:

Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : March 31, 2011, Record Date : March 15, 2011

EX should be MARCH 10th for the next payout.

[b_radlewis]

Feb EX date is past, next divy:

Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : March 31, 2011, Record Date : March 15, 2011

EX should be MARCH 10th for the next payout.

My limit orders never get filled here. I'm thinking I should move them up. Seems like the stock is sound and on its way up from the bottom with a very nice dividend on the way. Seems like I can't go wrong.

[BadThad]

Just use a market order. I've had to do that when I want more shares. They have always been bought at reasonable numbers at or below ask. Remember, this is an extremely low floater with only 9.3 mil shares outstanding. Shares are tighter than your high school girlfriend! :p

[b_radlewis]

Feb EX date is past, next divy:

Cornerstone Progressive Return Fund Ex-Dividend for CFP - 0.103 Pay Date : March 31, 2011, Record Date : March 15, 2011

EX should be MARCH 10th for the next payout.

Is this one of the dividend payers that goes every month or so. I like the idea of that because it keeps people from swinging in and out each for each div.

[BadThad]

Is this one of the dividend payers that goes every month or so. I like the idea of that because it keeps people from swinging in and out each for each div.

Indeed, it does wonders for smoothing out the PPS. I recommended this stock to my brother in Dec and he (knows zip about stocks) was refusing as a buy-n-hold. His quote "it hasn't done $hit". I told him to trust me and buy so he did finally. Last week I was talking to him and he said "dam, you were right". LOLOLOL :lol:

[b_radlewis]

Just use a market order. I've had to do that when I want more shares. They have always been bought at reasonable numbers at or below ask. Remember, this is an extremely low floater with only 9.3 mil shares outstanding. Shares are tighter than your high school girlfriend! :p

I have noticed the extreme direction change this stock gets on a dialy basis that look like they are from a single trade. BTW love the joke.

[BadThad]

Ever look at the chart since the IPO in 9-10-07? This stock started at $15.25 went to the $19 range briefly.

[b_radlewis]

Ever look at the chart since the IPO in 9-10-07? This stock started at $15.25 went to the $19 range briefly.

Sure have. I like the look of the chart because the room stuff has to run. Big resistance at ~10 and ~15. Lots of room around there but I do not necessarily think it will get to the 15 but you never no. I think 10 is attainable at a conservative pace of 6 months.

[BadThad]

Holding it's own in a bear market today, up 0.5% again, $8.19.

[BadThad]

Keeps chugging along, 52-wk high today $8.25! :)

[b_radlewis]

Holding it's own in a bear market today, up 0.5% again, $8.19.

Got to be that awesome yield holding it up.

[BadThad]

Moving up again today after the slaughter yesterday in the market.

Current stock price: $8.23

[BadThad]

Got to be that awesome yield holding it up.

One of the reasons I really like these high yield stocks. There just isn't much downside risk. :biggrin:

[Foxtrot]

One of the reasons I really like these high yield stocks. There just isn't much downside risk. :biggrin:

Its building a nice cushion (iM UP ABOUT A BUCK) to get out when it starts to slide when intrest rates eventually go up. Unlike CIM.

[BadThad]

Nudged up again today....in a red market.

Closing stock price: $8.28

[BadThad]

Its building a nice cushion (iM UP ABOUT A BUCK) to get out when it starts to slide when intrest rates eventually go up. Unlike CIM.

Yea, 6 more cents and I'll be up a buck too. Starts tempting me to take profit though. LOL

[Foxtrot]

Yea, 6 more cents and I'll be up a buck too. Starts tempting me to take profit though. LOL

NO ! No profit taking until they start to cut the dividend back. :)

[BadThad]

NO ! No profit taking until they start to cut the dividend back. :)

Indeed....I keep telling myself that. LOL

[BadThad]

I think some investors are fleeing for safety. CFP is up again today on above avg volume. I'm still amazed there's only 9.4M shares outstanding....that's NOTHING for a big board stock!

Current stock price: $8.37 (up +1.09%)

[Foxtrot]

:dance: Loving this one :dance:

CFP - SharpCharts Workbench - StockCharts.com (http://stockcharts.com/h-sc/ui?s=cfp)

steady march up hill

[BadThad]

Indeed....thanks for posting it. $8.46 now, up over 2%! :dance:

[BadThad]

Killer stock, 52-wk high of $8.55 set today, closed at $8.52.

[Foxtrot]

Killer stock, 52-wk high of $8.55 set today, closed at $8.52.

WOW What a day !!!:biggrin:

[b_radlewis]

WOW What a day !!!:biggrin:

Ill say. I'm glad I picked this thing up. I was shocked when I saw this in my portfolio. I kept thinking it was my JPM position because the gain is so much for a high yield.

[BadThad]

Nice negative article on CFP from last year.

Is Cornerstone Progressive Return Fund an Investment Ruse? - Seeking Alpha (http://seekingalpha.com/article/191764-is-cornerstone-progressive-return-fund-an-investment-ruse)

[Foxtrot]

Nice negative article on CFP from last year.

Is Cornerstone Progressive Return Fund an Investment Ruse? - Seeking Alpha (http://seekingalpha.com/article/191764-is-cornerstone-progressive-return-fund-an-investment-ruse)

Dont know what to think of that, Ive seen a number of articles bashing these high yeild funds. I feel safe here for now. But been thinking about seting a stop loss at some point. I have never used one before so Im not sure how or where to set it, I wouldnt want to get bumped of the train based on one bad day.

[BadThad]

I just put in a stop @ $7.90....jez...the fund is EXPLODING! I'm SOOOOOOO tempted to take profits on the stock.

Current stock price: $8.76 :O

[BadThad]

Dont know what to think of that, Ive seen a number of articles bashing these high yeild funds. I feel safe here for now. But been thinking about seting a stop loss at some point. I have never used one before so Im not sure how or where to set it, I wouldnt want to get bumped of the train based on one bad day.

We have to notice that the bashing is OLD and the calculations are OLD. The fund has survived and the fund has raked in the cash during a strong bull market. In fact, I'm half-way anticipating they raise the dividend to $0.209 like it used to be.

[Foxtrot]

I just put in a stop @ $7.90....jez...the fund is EXPLODING! I'm SOOOOOOO tempted to take profits on the stock.

Current stock price: $8.76 :O

WTF IS GOING ON HERE ????:biggrin::biggrin::biggrin:

[BadThad]

LOL...I dunno but somebody took profit cause it's down to 8.65 now. I can't blame them, I had my finger on the button.

[BadThad]

WOW! $8.80 HOD so far! :O

[BadThad]

$8.81 on a bad market day. It sure looks like this will make it over $9.

At the current price the yield is 14.0%.

[b_radlewis]

$8.81 on a bad market day. It sure looks like this will make it over $9.

At the current price the yield is 14.0%.

YUP Yup. I'm guessing this run is from uncertainty in the markets. Unless someone knows something we don't. lol

[Foxtrot]

I missed this one, We are good for another 3 paydays...
Cornerstone Progressive Return Fund Announces Continuing Monthly Distributions (http://www.pr-inside.com/cornerstone-progressive-return-fund-announces-r2410901.htm)

JERICHO, NY -- (Marketwire) -- 02/11/11 -- Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the "Fund"), a closed-end management investment company, today announced that in keeping with its previously adopted monthly distribution policy, the Fund is declaring the following distributions:




Record Date Payable Date Per Share

CFP April 15, 2011 April 29, 2011 $0.1030
CFP May 13, 2011 May 31, 2011 $0.1030
CFP June 15, 2011 June 30, 2011 $0.1030




The Board of Trustees (the "Board") believes that the Fund's shareholders are well served by regular distributions which increase liquidity and provide flexibility to individual shareholders in managing their investment. Accordingly, it is the intention of the Board that the Fund will make continuous monthly distributions. The monthly distributions will be reviewed by the Board and declared periodically throughout the year. From time to time, the Board may consider resetting the distribution amount.



It should be noted that the distributions made pursuant to this policy are not tied to the Fund's investment income or capital gains and do not represent yield or investment return on the Fund's portfolio. The distribution policy will be reviewed and approved at least annually by the Board and can be modified at their discretion for the benefit of the Fund and its shareholders. The Board remains convinced that a managed distribution policy of this kind enhances flexibility for shareholders in managing their investment in the Fund. Shareholders have the option of reinvesting all or a portion of these distributions in additional shares of the Fund through the Fund's reinvestment plan or receiving them in cash. Shareholders should carefully read the description of the reinvestment plan contained in the Fund's report to shareholders.

[BadThad]

YUP Yup. I'm guessing this run is from uncertainty in the markets. Unless someone knows something we don't. lol

Pretty much a flight to safety IMO. The stock just creeps up day after day and it's paying a very nice monthly dividend. It's just been an awesome place to park cash the past few months. :biggrin: Regardless of the bashing from last year, I'm finding this to be one prime stock to hold!!!

[BadThad]

WOW! $8.99 :dance:

[Foxtrot]

We should close over $9 tomorrow.

[Foxtrot]

We should close over $9 tomorrow.

$ 9.11 @ 9:40 am :dance::biggrin::dance:

I notice this makes all its moves in the first hour or so of trading.

[BadThad]

Yep....no end in sight....I guess until the shares run out. There's not many to go around! :biggrin:

:dance:

[BadThad]

Just calculated....this takes the yield down to 11.25% for folks buying at $9.11.

My yield: 17.4% :biggrin: :dance:

[BadThad]

$9.18! :dance:

I'm up over $2/share now....must resist taking profit!!!

[BadThad]

$9.15 close....I'll take it on a down market day!

Loving my current long holdings, the DOW closed down -88 but I finished in the green today!

[Foxtrot]

$9.15 close....I'll take it on a down market day!

Loving my current long holdings, the DOW closed down -88 but I finished in the green today!

This afternoon wasnt looking to good, I guess we got lucky at the last minute. :biggrin:

[BadThad]

Pulled back a hair, $9.11.....good chance to buy if you've been watching.

[BadThad]

HUGE drop....hit my stop loss! ARRRGGGGGG...actually....more like "lock in profits" LOL. Going to have to buy back now.

[BadThad]

Somebody unloaded a ton of shares! Didn't see the L2, but it was probably around 500,000 shares based on the volume.

Current stock price: $8.28


Back in at $8.25!

[BadThad]

The positive thing....I just skimmed off a hellish profit and I got back in at a lower price than I sold for. :biggrin: :dance:

[BadThad]

SMOKING HOT BUY NOW PEOPLE!!!!! We're good for 3 more months of dividends and the next EX is 15MAR2011.

[BadThad]

Crazy! About 10% of the OS has traded already this morning!

Scary for awhile there, it was dropping below $8 for a bit.

[BadThad]

HAHAHAHAHA....just resold at $8.42 for another profit. I'm out for now until this calms down a bit. Today was crazy....yet profitable. :) Time to take my $$$ and run.

[BadThad]

Looks to be calming down finally, PPS and volume stabilizing back to normal. That was one helluv a sell off....finally some excitement. LOL

[Foxtrot]

OUCH:Embarrassment:

[Foxtrot]

Volume was crazy high today, I had to work so I missed the earthquake, Im still up 1.50 bring on the divi

[BadThad]

I loved it today! It's too bad you mised the excitement. The buyers rushed in all day long once the blue light came on. I was kind of upset I didn't put more out there on the dip, especially on the dip below $8. At that point I was watching and trying to be sure I wasn't missing some really bad news...once I checked all the news sources I could find it had moved to $8.25 so I took a half position....which only lasted minutes before I rang at $8.42.

I could have really raked in the $$$ if I would have had more balls today!!!! This is the type of play I make the most from and I would have NEVER in a million years imagined this stock doing that kind of a move. Today I learned a lesson, YOU MUST BEWARE THESE LOW O/S STOCKS no matter how stable you think it is. All it takes is one big investor to dump 500,000k shares make a dramatic change. Always lock in profit with limit order based on LAST. As this stock went higher, I raised my sell limit to lock in more guaranteed profit.

Volume
1,344,032 (Heavy)

Avg Vol (10-day)139.6K

8-|8-|8-|

Closing Stock Price: $8.73

[Foxtrot]

Be watching today to see how it acts. Was yesterday a fluke or will it drop more. I feel fairly good because of the way it came back up all day.

[BadThad]

Still behaving badly today...lots of price fluxing, $8.30-8.70 is a WIDE range for this stock.

[BadThad]

$8.30 close, will be watching, wish I would have caught that little dip to $8.

[b_radlewis]

Seems to be misbehaving. Really not to surprised though seeming as it went up so far so fast. I'm still holding on for the divy.

[BadThad]

Still moving around, low of $8.07 this morning....good buy there!

Current stock price: $8.21

[Foxtrot]

Trying to remember I bought for the div not the pps.:Embarrassment:

[BadThad]

Don't worry, it will settle down, just some skittishness around now. Look at this stocks past...it's been a bumpy ride and a lot of people got burned. I think it's settled in to a nice range now.

[Foxtrot]

Don't worry, it will settle down, just some skittishness around now. Look at this stocks past...it's been a bumpy ride and a lot of people got burned. I think it's settled in to a nice range now.

I almost hit the button this AM. It may be to soon to say but maybe 7.85 was bottom. PPS is currently green by a penny, first time since the fall.:)

[BadThad]

There's always AGNC, it's been going up and the divy EX is 21MAR2011 for $1.40.

[Foxtrot]

There's always AGNC, it's been going up and the divy EX is 21MAR2011 for $1.40.

That fish is too big for my tackle box. :Embarrassment:

[BadThad]

Well, keep taking in the dividends and you'll get there bro! :)

You can't be too concerned with these fluxes, you're in for the long haul and I think you'll be fine for that as long as they pay dividends. That's how I am with PG, I've always held PG no matter what, though the bad and the good, I keep my shares and collecting my steady dividend return. I've raked in a ton of cash from PG over the years and I'm far better off than letting my money rot in a CD or other investment.

[Foxtrot]

Headed up. .12 so far today.

[Foxtrot]

JERICHO, NY -- (Marketwire) -- 03/21/11 -- Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the "Fund") announced today that it has fixed the close of business on April 1, 2011 as the record date for determination of shareholders entitled to participate in the Fund's 1-for-3 rights offering. Each shareholder will receive one non-transferable right for each share held as of the record date. For every three rights a common shareholder receives, they will be entitled (but not required) to purchase one new share of the Fund at a subscription price equal to the greater of (i) 102% of net asset value per share as calculated at the close of trading on the expiration date of the offering or (ii) 90% of the market price per share at such time. Fractional shares will not be issued. In addition to the shares offered in the primary subscription, the Fund will offer a 100% over-allotment to oversubscribing shareholders. Shareholders who fully subscribe in the primary offering will have the option to oversubscribe for additional shares which may be available.





The offering is subject to the filing of an amended registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals. Any rights offering conducted by the Fund will be made only by means of a prospectus.



Cornerstone Progressive Return Fund is a diversified, closed-end management company organized as a Delaware statutory trust and is registered with the SEC under the Investment Company Act of 1940, as amended.



Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price that is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund's investment objective, risks, charges and expenses. Please read the Fund's disclosure documents before investing.



In addition to historical information, this release contains forward-looking statements, which may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation and their potential impact on the Fund's investment portfolio. These statements are subject to risks and uncertainties, including the factors set forth in the Fund's disclosure documents, filed with the SEC, and actual trends, developments and regulations, in the future and their impact on the Fund could be materially different from those projected, anticipated or implied. The Fund has no obligation to update or revise forward-looking statements.




Contact:
Cornerstone Progressive Return Fund
(513) 326-3597

[BadThad]

Interesting....I need to some DD.

[Foxtrot]

Conclusion: Cornerstone Progressive Return Fund's (CFP) current share price ($9.10) has been vastly inflated by rookie investors chasing an ephemeral yield composed almost entirely of return-of-capital. It is estimated the correct price for the shares to be around $5.75. This would represent an 8.4% discount from its current NAV and a 37% decline from its current price.

Difference between a Ponzi scheme and Certain Closed-End Funds:

A Ponzi scheme is a fraudulent investment operation(s) that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned.[1]

A managed distribution policy is a distribution policy approved by the SEC whereby a closed-end fund (CEF) can effectively make systematic distributions of a return-of-capital to its shareholders.[2]

It’s all about Disclosure: The key difference between Madoff’s Ponzi scheme and Cornerstone Progressive Return Fund is one of disclosure. CFP, by disclosing it is paying its shareholders back its own money through the establishment of a managed distribution program (Rule 19a-1), is essentially separating itself from the criminal aspect of a Ponzi scheme, i.e., fraud. CFP is telling its shareholders with the blessing of the SEC that “this is your capital and you’re getting it back in the form of a distribution”. Madoff’s crime was essentially one of non-disclosure.

The Value of Good Advice: If Madoff was properly advised, he could have—early in the process of the Ponzi scheme, “rolled up” his accounts into a closed-end fund, Madoff Progressive Return Fund (MAD), received approval by the SEC to institute a managed distribution program, and continue to distribute back to the shareholders’ their own money with impunity.

Instead of languishing in prison for the rest of his life, Madoff could have instead continued his lavish life-style and possibly enjoy a 45% premium (the same as CFP) on MAD stock relative to its NAV. Moreover, he could have sold his stock holdings in MAD at premium—all nice and legal. He could have been even richer.

(Click for an excellent article by George Spritzer entitled, “Cornerstone Progressive Return Fund: Clever IPO Distribution Strategy” for additional insight on CFP.)

Faux Pearls: The reason people buy “faux pearls” advertised on late-night TV is that they don’t know “faux” is an old French word (“fals”) meaning false. If such merchandise had been advertised as “fake pearls” instead, I wonder if sales would have been negatively impacted?

Faux Dividends: The reason investors are chasing CFP’s perceived high nominal distribution is that they are unaware that the distribution is essentially a return-of-capital. The net impact of chasing non return-on-investment distributions yields is to artificially inflate the stock price relative to its NAV with the potential of creating a stock price bubble.

Nothing for Nothing: A return-of-capital distribution should have zero investment value. Investors should pay nothing for it as essentially they’re getting their own money back. In this case, NAV would be a good metric for valuation.

However, since CFP is trading at a 45% premium of NAV, new investors are essentially paying $1.45 for $1.00 worth of future periodic distributions. If an investor really understood the concept, they wouldn’t hand over $1.45 for a dollar.

So, one must conclude that investors are either not well-informed regarding the composition of the distributions (see chart below) or that they have unrealistic expectations regarding the future performance of CFP’s management (see “3” below).

Let’s Do the Numbers: CFP has continuously paid a monthly distribution of $.2050 per share since its inception in 2007. When annualized ($2.46), the distribution generates an incredible nominal distribution yield of 27% on a stock price of $9.10. An impressive yield. But here’s the fine print: approximately 93.5% of these distributions are in the form of a return-of-capital distribution. This means that your true distributed return-on-net investment income is a paltry 1.75%.

To add insult to injury:

1. CFP stock is trading at 45% premium to its NAV;

2. two-thirds of CFP’s portfolio is other CEFs—which you could buy at a discount and not have to pay a premium owning them through CFP;

3. CFP has generated a cumulative net unrealized loss in managing the portfolio, i.e., they haven’t made any money;

4. You’re paying an investment management fee of 1.23% for this privilege.

Valuation Models: CFP’s NAV is currently $6.28 per share. This is currently what the stock is worth if it were to be liquidated today without any transaction costs. You should not pay any more than this.

However, since an investor would be receiving their return-of-capital distribution on a monthly basis, the time value of the cash flow, at a 5% imputed discount rate, would be approximately $5.77 per share.

The CEF stock price valuation method which I prefer the most is a multiple of net investment income. This method produces the least desirable valuation for CFP. Based upon an annualized net investment income of $.16 per share and a market multiple of 17 times, the valuation would be $2.72 per share.

The stock should currently be selling at a discount to its current NAV. If I had to pick a point, I’d guesstimate $5.75 per share, an 8.4% discount.

Caveats: What CFP is doing is not illegal. At the very worst CFP is manipulating the share price by arbitraging the distribution information gap. Given that investors lack this knowledge, they are unwittingly cannibalizing their investment.

While there is no law against investors committing financial suicide with investments of this nature, it is still not a pretty sight.

[Foxtrot]

On fundamentals alone, Cornerstone Progressive Return (CFP) appears vastly overvalued. In the face of this fundamental overvaluation, its major shareholder has been liquidating approximately half its position and has another 5 million shares of CFP to be sold or transferred for its holdings to be completely liquidated—if that is its intent. (See graph below.)

Potential Embedded Losses
Based on a reasonable set of assumptions—but not perfect information—it appears that the net cost basis per share of its major shareholder and its clients is $9.47 per share (see assumptions below).

Since June of this year, the major shareholder and its clients have liquidated or transferred 4.3 million shares at a slight profit of $617,000 based on a share price that is 50% greater than its NAV. Had the shares been sold at a price closer to its NAV, the holdings would have been sold at a loss of $13 million.

Therefore, assuming a correct estimate of net cost basis of approximately $9.47 per share, there is a $15 million embedded potential loss in the remaining holdings if the stock were to be sold at its NAV as opposed to its current 50% premium.

Consequently, maintaining the current share price near or above $9.50 per share is an important factor in realizing profitability on such holdings.

Fundamental Reasons Why CFP Seems Overvalued
Before turning to an analysis of the major shareholdings, let me list those fundamental reasons why the CFP seems overvalued:

It is trading 50% above its intrinsic value as determined by NAV when the industry is trading at a 5.7% discount;
It is in an active process of liquidation by distributing its capital to shareholders in the form of return-of-capital distributions (27% of share price) and in 2.5 years may be fully liquidated;
Since its inception in 2007 its has lost 60% of its intrinsic (NAV)—twice as much as the CEF market segment;
Two-thirds of its portfolio holdings are other CEFs that investors could buy at a discount as opposed to owning them at a premium through stock ownership of CFP.
Its two sister companies, also selling at wide premiums, recently cut their monthly return of capital distribution rates approximately 20%; CFP didn’t; is this an omen?
Is the Major Shareholder(s) Bailing Out?
CFP’s major shareholder is Doliver Capital Partners, LLC (Doliver). Doliver had originally owned/controlled 98.8% of the 9.3 million shares outstanding based on its November 10, 2007 13-G filing for October 31, 2007.

Since June of this year, Doliver has reduced its 9.2 million share control through the liquidation or distribution of 4.3 million shares and continues to hold an additional 5 million shares. The graph below illustrates Doliver’s 13-G holdings and its cumulative liquidation against the backdrop of total shares outstanding.



Just Fallen Off the Turnip Truck
It has been suggested elsewhere that the reduction in Doliver’s 13-G holdings is a function of clients leaving and not by sales initiated by Doliver.

Whether Doliver is initiating the sales or such sales are being accomplished in other accounts to which the stock is being dispersed, there appears to be a fundamental distribution strategy with a systematic liquidation of the position.

Consistent Selling of Shares
Since the initiation of the “liquidation” process in June ‘09, CFP’s total monthly share volume has gone from 485,900 shares in May of ’09 to over 2.0 million shares traded in the month of November. The average “liquidation” of Doliver’s holdings has consistently averaged around 700,000 shares. This has translated into approximately 37% of the average trading volume of CFP per period. These “transferred” shares have somehow found their way into the market as executed sell orders.

Estimated Embedded Losses
The major assumption in this analysis of potential embedded losses for Doliver and its clients is that shares were acquired at the IPO price of $15.00 per share.


Why this is a reasonable assumption? Because CFP’s inception date was 9/10/07 and the first 13-G filed by Doliver, or its predecessors is on 10/10/07 showing it owned 8 million shares. The balance of the 9.3 million shares appeared to be acquired the following month.

Let’s Do the Numbers
If Doliver purchased the shares at $15.00 it would have received over its holding period 27 return-of-capital monthly distributions of approximately $.2050 per share amounting to $5.53 per share. This would have lowered its current cost basis to around $9.47 per share.

Why Maintaining the Premium Is Important
In the table above are two liquidation scenarios. The first is Doliver’s actual sale of CFP shares based on an average stock price and the implied cost basis of $9.47 per share. The average gain was $.14 per share. As a result, total estimated gain on liquidation is $617,415.

The second scenario is the sales of Doliver shares if the sales price was at NAV. In the second scenario the average loss would have been $3.18 per share with an estimated loss of approximately $13 million versus a profit of 617,415 in scenario 1.

If the stock price is unable to trade at its current price of around $9.50 per share, 50% premium to NAV, and trades closer to its NAV, then Doliver has the potential of sustaining a maximum loss of $15 million based on its current holdings of approximately 5 million shares times the $3.00 per share difference between its current price and NAV.

Conclusion
The maintenance of the current share price at a 50% premium is critical for the remaining holdings of Doliver. If Doliver can’t sell its position, without any additional earnings or asset appreciation, in 2.5 years it will have received the balance of the $6.00 NAV as a return-of-capital distribution against a $9.47 current cost basis per share. Time is not on their side.

If the shares that are being transferred to its clients have disparate interests other than Doliver’s, a slide in the stock can trigger a “run on the bank”.

Concern
My concern continues to be the unwitting transfer of wealth from uninformed, retail investors who may think they’re getting a 27% yield on investment when all they’re getting is a portion of their money back. We all have retired uncles and aunts who live on social security and investment income. It is on their behalf we need to “stress test” situations such as CFP to protect their investment capital from evaporating.

Caveat and Disclaimers: The case presented here is academic. It is not to imply, suggest or to be interpreted that inappropriate activities have been or are currently being conducted on the part of CFP, Doliver, its clients, or its brokers. This exercise is just a marshalling of facts and assumptions that under closer scrutiny or new information could be deemed incorrect or misleading. Any additional information or clarification would be greatly appreciated.


Disclosure: Author holds a small short position in CFP

[BadThad]

Pretty sure I already read those old blogs. Those aren't recents posts you found, right?

[Foxtrot]

Pretty sure I already read those old blogs. Those aren't recents posts you found, right?

No there are at least a few months old. I wont be putting any new money in this one though. Stickin with CIM, I feel safer over there.

found this elswhere...
-------------------------------------------
that is correct, there is an impending rights offering. See what happened to the other cornerstone funds, CLM and CRF, on 10/26/10 when their rights offering was announced, to 12/10/10, when the rights offering was completed.

Ouch! That is what is currently happening to CFP. The basic point is that insiders who do NOT want to buy any further shares at a premium to NAV are basically forced to leave the building, and people who are aware of the ridiculous overvaluation are running for the exits (or actively shorting the stock.)

If you look at the volume of yesterday's big move, and compare that to the size of Doliver's holdings as of last report, you'll realize that the only reasonable explanation is that Doliver has finally exited its position (selling off the 5% stake it held).
-------------------------------------
It seems the big drop last week was due to one of the major holders getting out.

[Foxtrot]

Im out ! Got my eye on a new one.

[BadThad]

All those guys don't scare me, I'm still holding some shares in my second account. The bottomline, over-valued or not, is they continue to pay the monthly dividend and I continue to collect it. LOL

I'm up over $1 per share with a limit sell just above my buy price so I simply cannot lose no matter what happens. I basically view this as one helluv a high interest savings account. :)

Current stock price: $8.37

[BadThad]

Big drop, it hit my limit order today so I'm out automatically....I did make a small profit + the dividends, no complaints.....thanks for the play brother, it worked out very well for me.

Current stock price: $7.51

[Foxtrot]

Ya this one is getting a little wild lately. Glad you got out safe.

[BadThad]

Whoa....$7.34 (-3.17%) right now. Much lower and I'm getting back in. Strong support at $7.03, I'm watching closely.

[BadThad]

Up over 2% today, $7.54.

[Foxtrot]

was a big day today

[GVInvestments]

I'm looking at CFP prospectus and I seem to look at investments in good companies and also in good closed end funds. Is there something that I'm missing? This seems like a good Closed End fund and I do like the fact that this funds investments are in other closed end funds. Its sort of like a mutual fund of closed end funds.

CFP has invested in the following funds which I think are sound good investments.

1. Eaton Vance
2. Templeton
3. Van Kampen
4. Black Rock
5. Claymore
6. Alpine
7. Procter & Gamble
8. Johnson & Johnson
9. Cisco
10. Google

I do have a few hundred shares and plan on holding for there good dividend.

[BadThad]

Welcome to SMC! :)

Take some time and read this whole thread through. I currently have rights to buy 426 shares from the offering but I haven't had time to digest the prospectus.....I might get back in.

[GVInvestments]

Thad did you your rights? and if so for how much?

[Johnclave]

I think in CFP’s case where the reasons you have long cited keep institutions away from the long side, I perceive public misuse to be an extensive danger. I personally do not choose to conduct the “distribution trade” in CFP or any others. But I did want to fully understand it.

[BadThad]

Thad did you your rights? and if so for how much?

I totally goofed and missed it. I called my broker last week to get the shares and they told me the offer had expired. DOH! I'm so pissed!!! It was EASY money, I could have bought and sold in the same day for a profit. :-||

[BadThad]

Cornerstone Progressive Return Fund Announces Continuing Monthly Distributions
4:33p ET May 13, 2011 (Market Wire) Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the "Fund"), a closed-end management investment company, today announced that in keeping with its previously adopted monthly distribution policy, the Fund is declaring the following distributions:

Record Date Payable Date Per Share
CFP July 15, 2011 July 29, 2011 $0.103
CFP August 15, 2011 August 31, 2011 $0.103
CFP September 15, 2011 September 30, 2011 $0.103




The Board of Trustees (the "Board") believes that the Fund's shareholders are well served by regular distributions which increase liquidity and provide flexibility to individual shareholders in managing their investment. Accordingly, it is the intention of the Board that the Fund will make continuous monthly distributions. The monthly distributions will be reviewed by the Board and declared periodically throughout the year. From time to time, the Board may consider resetting the distribution amount.

It should be noted that the distributions made pursuant to this policy are not tied to the Fund's investment income or capital gains and do not represent yield or investment return on the Fund's portfolio. The distribution policy will be reviewed and approved at least annually by the Board and can be modified at their discretion for the benefit of the Fund and its shareholders. The Board remains convinced that a managed distribution policy of this kind enhances flexibility for shareholders in managing their investment in the Fund. Shareholders have the option of reinvesting all or a portion of these distributions in additional shares of the Fund through the Fund's reinvestment plan or receiving them in cash. Shareholders should carefully read the description of the reinvestment plan contained in the Fund's report to shareholders.

Under the distribution policy, the Fund's distributions will consist either of (1) earnings, (2) capital gains, or (3) return-of-capital, also known as paid-in-capital, or some combination of one or more of the above. A return-of-capital is the return of a portion of the investor's original investment. Given the current economic environment and the composition of the Fund's portfolio, a substantial portion of the Fund's distributions made during the current calendar year is expected to consist principally of a return of the investor's capital. Accordingly, these distributions should not be confused with yield or investment return on the Fund's portfolio. The final composition of the distributions for 2011 cannot be determined until after the end of the year and is subject to change depending on market conditions during the year and the magnitude of income and realized gains for the year.

In any given year, there can be no guarantee that the Fund's investment returns will exceed the amount of the net 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 returns exceed the amount of cash distributions, the assets of the Fund will increase. Distributions designated as return-of-capital are not taxed as ordinary income dividends and are sometimes referred to as tax-free dividends or nontaxable distributions. A return-of-capital distribution reduces the cost basis of an investor's shares in the Fund. Shareholders can expect to receive tax-reporting information for 2011 distributions by the middle of February 2012 indicating the exact composition per share of the distributions received during the calendar year. Shareholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

Recent turmoil in the world economy has helped to create what Cornerstone Advisors, Inc. (the "Advisor") views as significant opportunities through investments in closed-end funds. In addition to holding closed-end funds that invest substantially all of their assets in equity securities, the Advisor may also choose to take advantage of situations in funds that invest in fixed income or other investment categories. Closed-end funds, with their broadly diversified holdings, enhance diversification within the Fund's portfolio.


I'm going to buy back in, share price is down.

Current stock price: $6.78

[BadThad]

Back in at $6.75....18.3% yield at this price!!! Last I checked NAV was around $5.75 and this is pretty darn close to that.

The technicals are there too, oversold, at support...

http://www.stockconsultant.com/consultnow/basicplus.cgi?symbol=cfp

[BadThad]

Looks like I hit the bottom....YAY!

Current stock price: $7.09

[BadThad]

Sold most today at $7.12, couldn't resist the profit!

[BadThad]

I'm still holding shares from $6.77, put in a stop at $7.00 just in case, but I plan on holding though at least the next 3 guaranteed dividend payouts.

[BadThad]

Added at $7.08 this morning. Adjusted my stop down to $6.80 in case all hell breaks loose.

Current stock price: $7.12

[BadThad]

Trading close to NAV!

$6.64 HOT DEAL 18.1% yield!

[BadThad]

I think NAV is around $6.50 which means this stock is now trading BELOW net asset value!

Current stock price: $5.84 (whopping 20.5% yield) 8-|

[BadThad]

Cornerstone Progressive Return Fund Announces Continuing Monthly Distributions
4:55p ET August 12, 2011 (Market Wire) Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the "Fund"), a closed-end management investment company, today announced that in keeping with its previously adopted monthly distribution policy, the Fund is declaring the following distributions:


Record Date Payable Date Per Share

CFP October 14, 2011 October 31, 2011 $0.1030
CFP November 15, 2011 November 30, 2011 $0.1030
CFP December 15, 2011 December 30, 2011 $0.1030





The Board of Trustees (the "Board") believes that the Fund's shareholders are well served by regular distributions which increase liquidity and provide flexibility to individual shareholders in managing their investment. Accordingly, it is the intention of the Board that the Fund will make continuous monthly distributions. The monthly distributions will be reviewed by the Board and declared periodically throughout the year. From time to time, the Board may consider resetting the distribution amount.

It should be noted that the distributions made pursuant to this policy are not tied to the Fund's investment income or capital gains and do not represent yield or investment return on the Fund's portfolio. The distribution policy will be reviewed and approved at least annually by the Board and can be modified at their discretion for the benefit of the Fund and its shareholders. The Board remains convinced that a managed distribution policy of this kind enhances flexibility for shareholders in managing their investment in the Fund. Shareholders have the option of reinvesting all or a portion of these distributions in additional shares of the Fund through the Fund's reinvestment plan or receiving them in cash. Shareholders should carefully read the description of the reinvestment plan contained in the Fund's report to shareholders, noting the changes described below which are being made to provide additional benefit to shareholders who participate in the plan.

Today the Board of Trustees approved revisions to the Fund's dividend reinvestment plan regarding the method for determining the number of shares issued to plan participants when the Fund's market price is at or above its last reported net asset value. As revised, the plan provides that, effective November 1, 2011, 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.

Under the distribution policy, the Fund's distributions will consist either of (1) earnings, (2) capital gains, or (3) return-of-capital, also known as paid-in-capital, or some combination of one or more of the above. A return-of-capital is the return of a portion of the investor's original investment. Given the current economic environment and the composition of the Fund's portfolio, a substantial portion of the Fund's distributions made during the current calendar year is expected to consist principally of a return of the investor's capital. Accordingly, these distributions should not be confused with yield or investment return on the Fund's portfolio. The final composition of the distributions for 2011 cannot be determined until after the end of the year and is subject to change depending on market conditions during the year and the magnitude of income and realized gains for the year.

In any given year, there can be no guarantee that the Fund's investment returns will exceed the amount of the net 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 returns exceed the amount of cash distributions, the assets of the Fund will increase. Distributions designated as return-of-capital are not taxed as ordinary income dividends and are sometimes referred to as tax-free dividends or nontaxable distributions. A return-of-capital distribution reduces the cost basis of an investor's shares in the Fund. Shareholders can expect to receive tax-reporting information for 2011 distributions by the middle of February 2012 indicating the exact composition per share of the distributions received during the calendar year. Shareholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

Volatility in the world economy helps to create what Cornerstone Advisors, Inc. (the "Advisor") views as significant opportunities through investments in closed-end funds. In addition to holding closed-end funds that invest substantially all of their assets in equity securities, the Advisor may also choose to take advantage of situations in funds that invest in fixed income or other investment categories. Closed-end funds, with their broadly diversified holdings, enhance diversification within the Fund's portfolio.

Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level is reduced by the operating expenses and fees of such other investment companies, including advisory fees. To the extent the Fund invests its assets in investment company securities, those assets will be subject to the risks of the purchased investment company's portfolio securities, and a shareholder 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 in which the Fund invests will be achieved.

The Fund makes monthly distributions to shareholders at a rate that may include periodic distributions of its net income and net capital gains, ("Net Earnings"), or from return-of-capital. If, 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 Fund shareholders. 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.

[BadThad]

Trading close to NAV again.

Current stock price: $6.56

[BadThad]

For all the bashing this stock has taken over it's history, it continues to pay a nice monthly dividend. I'm still holding a small position and collecting a 17% yield.

Current stock price: $6.17

[BadThad]

Cornerstone Progressive Return Fund Announces Continuing Monthly Distributions
4:37p ET February 10, 2012 (Market Wire) Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the "Fund"), a closed-end management investment company, today announced that in keeping with its previously adopted monthly distribution policy, the Fund is declaring the following distributions:

Record Date Payable Date Per Share

CFP April 13, 2012 April 30, 2012 $0.0914
CFP May 15, 2012 May 31, 2012 $0.0914
CFP June 15, 2012 June 29, 2012 $0.0914




The Board of Trustees (the "Board") believes that the Fund's shareholders are well served by regular distributions which increase liquidity and provide flexibility to individual shareholders in managing their investment. Accordingly, it is the intention of the Board that the Fund will make continuous monthly distributions. The monthly distributions will be reviewed by the Board and declared periodically throughout the year. From time to time, the Board may consider resetting the distribution amount.

It should be noted that the distributions made pursuant to this policy are not tied to the Fund's investment income or capital gains and do not represent yield or investment return on the Fund's portfolio. The distribution policy will be reviewed and approved at least annually by the Board and can be modified at their discretion for the benefit of the Fund and its shareholders. The Board remains convinced that a managed distribution policy of this kind enhances flexibility for shareholders in managing their investment in the Fund. Shareholders have the option of reinvesting all or a portion of these distributions in additional shares of the Fund through the Fund's reinvestment plan or receiving them in cash. Shareholders should carefully read the description of the reinvestment plan contained in the Fund's report to shareholders, noting the changes described below which were made to provide additional benefit to shareholders who participate in the plan.

The Board approved revisions to the Fund's dividend reinvestment plan on August 12, 2011, regarding the method for determining the number of shares issued to plan participants when the Fund's market price is at or above its last reported net asset value. As revised, the plan provides that, effective November 1, 2011, 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.

Under the distribution policy, the Fund's distributions will consist either of (1) earnings, (2) capital gains, or (3) return-of-capital, also known as paid-in-capital, or some combination of one or more of the above. A return-of-capital is the return of a portion of the investor's original investment. Given the current economic environment and the composition of the Fund's portfolio, a substantial portion of the Fund's distributions made during the current calendar year may consist of a return of the investor's capital. Accordingly, these distributions should not be confused with yield or investment return on the Fund's portfolio. The final composition of the distributions for 2012 cannot be determined until after the end of the year and is subject to change depending on market conditions during the year and the magnitude of income and realized gains for the year.

In any given year, there can be no guarantee that the Fund's investment returns will exceed the amount of the net 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 returns exceed the amount of cash distributions, the assets of the Fund will increase. Distributions designated as return-of-capital are not taxed as ordinary income dividends and are sometimes referred to as tax-free dividends or nontaxable distributions. A return-of-capital distribution reduces the cost basis of an investor's shares in the Fund. Shareholders can expect to receive tax-reporting information for 2012 distributions by the middle of February 2013 indicating the exact composition per share of the distributions received during the calendar year. Shareholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

Volatility in the world economy helps to create what Cornerstone Advisors, Inc. (the "Advisor") views as significant opportunities through investments in closed-end funds. In addition to holding closed-end funds that invest substantially all of their assets in equity securities, the Advisor may also choose to take advantage of situations in funds that invest in fixed income or other investment categories. Closed-end funds, with their broadly diversified holdings, enhance diversification within the Fund's portfolio.

Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level is reduced by the operating expenses and fees of such other investment companies, including advisory fees. To the extent the Fund invests its assets in investment company securities, those assets will be subject to the risks of the purchased investment company's portfolio securities, and a shareholder 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 in which the Fund invests will be achieved.

The Fund makes monthly distributions to shareholders at a rate that may include periodic distributions of its net income and net capital gains, ("Net Earnings"), or from return-of-capital. If, 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 Fund shareholders. 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.

Current stock price: $6.59 (16.6% yield)

[BadThad]

Cornerstone Progessive Return Ex-Dividend for CFP - 0.0914 Pay Date : May 31, 2012, Record Date : May 15, 2012

Current stock price: $6.73 (16.3% yield)

[BadThad]

3 for 1 rights offering:

NEW YORK, NY--(Marketwire - May 11, 2012) - Cornerstone Progressive Return Fund (NYSE Amex: CFP) (the "Fund") announced today that it has fixed the close of business on May 22, 2012 as the record date for determination of shareholders entitled to participate in the Fund's 1-for-3 rights offering. Each shareholder will receive one non-transferable right for each share held as of the record date. For every three rights a common shareholder receives, they will be entitled (but not required) to purchase one new share of the Fund at a subscription price equal to the greater of (i) 107% of net asset value per share as calculated at the close of trading on the expiration date of the offering or (ii) 90% of the market price per share at such time. Fractional shares will not be issued. In addition to the shares offered in the primary subscription, the Fund will offer a 100% over-allotment to oversubscribing shareholders. Shareholders who fully subscribe in the primary offering will have the option to oversubscribe for additional shares which may be available.

The offering is subject to an effective registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals. Any rights offering conducted by the Fund will be made only by means of a prospectus.

Cornerstone Progressive Return Fund is a closed-end, diversified management investment company and is registered with the Securities & Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended.


Current stock price: $6.06 (18.1% yield)

I just picked up shares at $6.09.

[BadThad]

Cornerstone Progressive Return Fund Announces the Commencement of Its Rights Offering
9:27a ET May 22, 2012 (Market Wire) Cornerstone Progressive Return Fund (the "Fund") (NYSE MKT: CFP) (NYSE Amex: CFP) announced today that the subscription period for its rights offering to holders of the Fund's common shares will commence on Friday, June 1, 2012.

The Fund is issuing to its shareholders non-transferable rights entitling the holders to subscribe for an aggregate of 5,258,703 common shares. Each shareholder is to be issued one right for each whole share owned on the record date, May 22, 2012.

The rights entitle shareholders to acquire one share for each three rights held. The subscription period will commence on Friday, June 1, 2012, and will expire at 5:00 p.m., New York time, on Friday, June 22, 2012, unless extended (the "Expiration Date"). The actual subscription price per share, as determined on the Expiration Date, will be the greater of (i) 107% of the net asset value per share as calculated at the close of trading on the Expiration Date and (ii) 90% of the market price per share at such time.

[BadThad]

Cornerstone Progressive Return Fund Announces Completion of Rights Offering
9:25a ET June 25, 2012 (Market Wire) Cornerstone Progressive Return Fund (the "Fund") (NYSE MKT: CFP) (NYSE Amex: CFP) is pleased to announce the completion of its one-for-three rights offering which expired on Friday, June 22, 2012 (the "Offering"). The Offering was over-subscribed. Under the terms of the Offering, record date shareholders were entitled to purchase one newly issued share of beneficial interest of the Fund for every three rights held. The subscription price for each newly issued share was determined to be $5.08 which, under the terms of the prospectus, was equal to the greater of (i) 107% of net asset value per share as calculated at the close of trading on the date of expiration of the Offering and (ii) 90% of the market price per share at such time.

Based on preliminary results provided by the Fund's subscription agent, the Fund received requests for approximately $48.9 million of its shares. Additional information regarding the method for allocating shares under the over-subscription privilege may be found in the prospectus.

The subscription price is lower than the original estimated subscription price of $6.31. It is anticipated that shares will be issued on or shortly after Wednesday, June 27, 2012. Shareholders are encouraged to contact their broker regarding the specifics of their account. Newly issued shares will not be entitled to the June distribution.

Oh yea, I raked in some cheap shares!

Current stock price: $5.23

[BadThad]

Confirmed today, got the shares at $5.08.

Current stock price: $5.22 (21.0% yield)

[BadThad]

Pull back today on EX date, could be a nice chance to get in if you're looking for yield.

Current stock price: $5.43

[BadThad]

Pull back on record day today....as expected, down a couple percent. With the EX and record date drops, this could be a nice entry point.

Current stock price: $5.23 (21.0% yield!)

[BadThad]

Added shares at $5.20 today....the yield is just too good!

[BadThad]

Oh yea, looks like I caught the bottom today!

Current stock price: $5.31 :)

[BadThad]

CFP REALLY attractive today, $5.13 (21.1% yield)

[BadThad]

Cornerstone Progressive Return Fund Announces Continuing Monthly Distributions
4:05p ET August 3, 2012 (Market Wire) Cornerstone Progressive Return Fund (NYSE MKT: CFP) (the "Fund"), a closed-end management investment company, today announced that in keeping with its previously adopted monthly distribution policy, the Fund is declaring the following distributions:

Record Date Payable Date Per Share

CFP October 15, 2012 October 31, 2012 $0.0914
CFP November 15, 2012 November 30, 2012 $0.0914
CFP December 14, 2012 December 31, 2012 $0.0914




The Board of Trustees (the "Board") believes that the Fund's shareholders are well served by regular distributions which increase liquidity and provide flexibility to individual shareholders in managing their investment. Accordingly, it is the intention of the Board that the Fund will make continuous monthly distributions. The monthly distributions will be reviewed by the Board and declared periodically throughout the year. From time to time, the Board may consider resetting the distribution amount.

It should be noted that the distributions made pursuant to this policy are not tied to the Fund's investment income or capital gains and do not represent yield or investment return on the Fund's portfolio. The distribution policy will be reviewed and approved at least annually by the Board and can be modified at their discretion for the benefit of the Fund and its shareholders. The Board remains convinced that a managed distribution policy of this kind enhances flexibility for shareholders in managing their investment in the Fund. Shareholders have the option of reinvesting all or a portion of these distributions in additional shares of the Fund through the Fund's reinvestment plan or receiving them in cash. Shareholders should carefully read the description of the reinvestment plan contained in the Fund's report to shareholders, noting the changes described below which were made to provide additional benefit to shareholders who participate in the plan.

The Board approved revisions to the Fund's dividend reinvestment plan on August 12, 2011, regarding the method for determining the number of shares issued to plan participants when the Fund's market price is at or above its last reported net asset value. As revised, the plan provides that, effective November 1, 2011, 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.

Under the distribution policy, the Fund's distributions will consist either of (1) earnings, (2) capital gains, or (3) return-of-capital, also known as paid-in-capital, or some combination of one or more of the above. A return-of-capital is the return of a portion of the investor's original investment. Given the current economic environment and the composition of the Fund's portfolio, a substantial portion of the Fund's distributions made during the current calendar year is expected to consist principally of a return of the investor's capital. Accordingly, these distributions should not be confused with yield or investment return on the Fund's portfolio. The final composition of the distributions for 2012 cannot be determined until after the end of the year and is subject to change depending on market conditions during the year and the magnitude of income and realized gains for the year.

In any given year, there can be no guarantee that the Fund's investment returns will exceed the amount of the net 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 returns exceed the amount of cash distributions, the assets of the Fund will increase. Distributions designated as return-of-capital are not taxed as ordinary income dividends and are sometimes referred to as tax-free dividends or nontaxable distributions. A return-of-capital distribution reduces the cost basis of an investor's shares in the Fund. Shareholders can expect to receive tax-reporting information for 2012 distributions by the middle of February 2013 indicating the exact composition per share of the distributions received during the calendar year. Shareholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

Volatility in the world economy helps to create what Cornerstone Advisors, Inc. (the "Advisor") views as significant opportunities through investments in closed-end funds. In addition to holding closed-end funds that invest substantially all of their assets in equity securities, the Advisor may also choose to take advantage of situations in funds that invest in fixed income or other investment categories. Closed-end funds, with their broadly diversified holdings, enhance diversification within the Fund's portfolio.

Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level is reduced by the operating expenses and fees of such other investment companies, including advisory fees. To the extent the Fund invests its assets in investment company securities, those assets will be subject to the risks of the purchased investment company's portfolio securities, and a shareholder 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 in which the Fund invests will be achieved.

The Fund makes monthly distributions to shareholders at a rate that may include periodic distributions of its net income and net capital gains, ("Net Earnings"), or from return-of-capital. If, 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 Fund shareholders. 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.

Cornerstone Progressive Return Fund is traded on the NYSE MKT under the trading symbol "CFP". The Fund's Advisor serves as investment adviser to two other closed-end funds, Cornerstone Strategic Value Fund, Inc. (NYSE MKT: CLM) and Cornerstone Total Return Fund, Inc. (NYSE MKT: CRF).

[BadThad]

12SEP2012 Cornerstone Progessive Return Ex-Dividend for CFP - 0.0914 Pay Date : September 28, 2012, Record Date : September 14, 2012

Current stock price: $5.61 (19.6% yield)

[BadThad]

Current stock price: $5.53 (19.8% yield)

[Chris4x4gill2]

Can you guys explain what is attractive (other than 20% Div) about this stock?

I am still trying to learn DD and what keys help show a strong stable buy.

As I look at this one, I see a good record of steady dividends, and it is trading close to the 52wk low and from reading up on the fund itself, it seems to be diversified well. All great things.

But I also see a negative EPS wich makes me hesitant from a buy/hold perspective. Also, when I look at the net assets / # shares I get a NAV of 4.93. Why is this fund trading greater than the NAV with negative EPS and still able to pay a steady dividend?

What are the keys to reading this info to try to make an informed decision? Or what info am I missing, not paying attention to that i should be?

[BadThad]

Can you guys explain what is attractive (other than 20% Div) about this stock?

I am still trying to learn DD and what keys help show a strong stable buy.

As I look at this one, I see a good record of steady dividends, and it is trading close to the 52wk low and from reading up on the fund itself, it seems to be diversified well. All great things.

But I also see a negative EPS wich makes me hesitant from a buy/hold perspective. Also, when I look at the net assets / # shares I get a NAV of 4.93. Why is this fund trading greater than the NAV with negative EPS and still able to pay a steady dividend?

What are the keys to reading this info to try to make an informed decision? Or what info am I missing, not paying attention to that i should be?

Nothing glamorous about this stock, the dividend is all it's worth. You've done a good job with your DD, it is what it is. If you look back, you'll see it has it's bashers who said tons and tons of negative stuff about it over the years.....nonetheless, it's still around and paying dividends. :biggrin:

Over the time I've held this, it's paid and paid and paid. That's the bottomline for me. Kind of like ARR, lots of bashers but you know what? They keep paying a huge divdend and I keep raking in the cash. :)

[Chris4x4gill2]

So basically your looking at the Div history and decided that strong payout history overrides the "negatives"

[BadThad]

Well, I've been holding it for long time and collecting $$$, so yea. LOL

[BadThad]

Cornerstone Progressive Return Fund Announces Continuing Monthly Distributions
4:33p ET November 9, 2012 (Market Wire) Cornerstone Progressive Return Fund (NYSE MKT: CFP) (the "Fund"), a closed-end management investment company, today announced that in keeping with its previously adopted monthly distribution policy, the Fund is declaring the following distributions:

Record Date Payable Date Per Share

CFP January 15, 2013 January 31, 2013 $0.0854
CFP February 15, 2013 February 28, 2013 $0.0854
CFP March 15, 2013 March 28, 2013 $0.0854




The Board of Trustees (the "Board") believes that the Fund's shareholders are well served by regular distributions which increase liquidity and provide flexibility to individual shareholders in managing their investment. Accordingly, it is the intention of the Board that the Fund will make continuous monthly distributions. The monthly distributions will be reviewed by the Board and declared periodically throughout the year. From time to time, the Board may consider resetting the distribution amount.

It should be noted that the distributions made pursuant to this policy are not tied to the Fund's investment income or capital gains and do not represent yield or investment return on the Fund's portfolio. The distribution policy will be reviewed and approved at least annually by the Board and can be modified at their discretion for the benefit of the Fund and its shareholders. The Board remains convinced that a managed distribution policy of this kind enhances flexibility for shareholders in managing their investment in the Fund. Shareholders have the option of reinvesting all or a portion of these distributions in additional shares of the Fund through the Fund's reinvestment plan or receiving them in cash. Shareholders should carefully read the description of the reinvestment plan contained in the Fund's report to shareholders, which may provide additional benefit to shareholders who participate in the plan.

Under the distribution policy, the Fund's distributions will consist either of (1) earnings, (2) capital gains, or (3) return-of-capital, also known as paid-in-capital, or some combination of one or more of the above. A return-of-capital is the return of a portion of the investor's original investment. Given the current economic environment and the composition of the Fund's portfolio, a substantial portion of the Fund's distributions made during the current calendar year is expected to consist principally of a return of the investor's capital. Accordingly, these distributions should not be confused with yield or investment return on the Fund's portfolio. The final composition of the distributions for 2012 cannot be determined until after the end of the year and is subject to change depending on market conditions during the year and the magnitude of income and realized gains for the year.

In any given year, there can be no guarantee that the Fund's investment returns will exceed the amount of the net 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 returns exceed the amount of cash distributions, the assets of the Fund will increase. Distributions designated as return-of-capital are not taxed as ordinary income dividends and are sometimes referred to as tax-free dividends or nontaxable distributions. A return-of-capital distribution reduces the cost basis of an investor's shares in the Fund. Shareholders can expect to receive tax-reporting information for 2012 distributions by the middle of February 2013 indicating the exact composition per share of the distributions received during the calendar year. Shareholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

Volatility in the world economy helps to create what Cornerstone Advisors, Inc. (the "Advisor") views as significant opportunities through investments in closed-end funds. In addition to holding closed-end funds that invest substantially all of their assets in equity securities, the Advisor may also choose to take advantage of situations in funds that invest in fixed income or other investment categories. Closed-end funds, with their broadly diversified holdings, enhance diversification within the Fund's portfolio.

Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level is reduced by the operating expenses and fees of such other investment companies, including advisory fees. To the extent the Fund invests its assets in investment company securities, those assets will be subject to the risks of the purchased investment company's portfolio securities, and a shareholder 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 in which the Fund invests will be achieved.

The Fund makes monthly distributions to shareholders at a rate that may include periodic distributions of its net income and net capital gains, ("Net Earnings"), or from return-of-capital. If, 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 Fund shareholders. 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.

[BadThad]

CFP fighting it's way back after the record date sell off.

Current stock price: $5.09 (up +5%) 22.8% YIELD!

[Chris4x4gill2]

I have been watching this one waiting to get in near a bottom. This triggered a Buy I had setup and its back up to above that level now. Not sure if I made the record date or not, but if I didnt there is always next month....and the next...and the next..... :)

[BadThad]

Stock has been running up a bit lately.

Current stock price: $5.44 (19% yield)

[BadThad]

Last day for March divy:

Cornerstone Progressive Return Ex-Dividend for CFP - 0.0854 Pay Date : March 28, 2013, Record Date : March 15, 2013

Current stock price: $5.79 (17% yield)

[BadThad]

CFP has been dropping a lot lately, no idea why, but it has pushed the yield to over 18%.

[BadThad]

Cornerstone Progressive Return Fund Announces Continuing Monthly Distributions
4:39p ET May 17, 2013 (Market Wire) Cornerstone Progressive Return Fund (NYSE MKT: CFP) (the "Fund"), a closed-end management investment company, today announced that in keeping with its previously adopted monthly distribution policy, the Fund is declaring the following distributions:



Record Date Payable Date Per Share
July 15, 2013 July 31, 2013 $0.0854
August 15, 2013 August 30, 2013 $0.0854
September 16, 2013 September 30, 2013 $0.0854

[Chris4x4gill2]

Div holding steady from last quarter. Price is up nicely (~20%) from when I bought in so thats nice as well.

[BadThad]

Cornerstone Progressive Return Fund Announces the Commencement of Its Rights Offering
8:41a ET May 23, 2013 (Market Wire) Cornerstone Progressive Return Fund (the "Fund") (NYSE MKT: CFP) announced today that the subscription period for its rights offering to holders of the Fund's common shares will commence on Monday, June 3, 2013.

The Fund is issuing to its shareholders non-transferable rights entitling the holders to subscribe for an aggregate of 8,392,975 common shares. Each shareholder is to be issued one right for each whole share owned on the record date, May 28, 2013.

The rights entitle shareholders to acquire one share for each three rights held. The subscription period will commence on Monday, June 3, 2013, and will expire at 5:00 p.m., New York time, on Friday, June 21, 2013, unless extended (the "Expiration Date"). The actual subscription price per share, as determined on the Expiration Date, will be the greater of (i) 107% of the net asset value per share as calculated at the close of trading on the Expiration Date and (ii) 90% of the market price per share at such time.

Cornerstone Progressive Return Fund is a diversified, closed-end management company organized as an unincorporated Delaware statutory trust and is registered with the Securities & Exchange Commission under the Investment Company Act of 1940, as amended. The Fund is listed on the NYSE MKT under the ticker symbol "CFP".

For further information regarding the Fund's rights offering, or to obtain a Prospectus, please contact AST Fund Solutions, LLC, the Fund's Information Agent, toll-free at (800) 581-4001. For more information regarding the Fund, please visit www.cornerstoneprogressivereturnfund.com