Cornerstone Progressive Return Fund (the Fund) is a closed-end, diversified management 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. It invests in sectors, such as closed-end funds, information technology, healthcare, consumer staples, energy, financials, industrials, consumer discretionary and utilities. The Fund’s investment manager is Cornerstone Advisors, Inc.