JERICHO, NY--(Marketwire - May 9, 2011) - Cornerstone Progressive Return Fund (the "Fund") (
Based on preliminary results provided by the Fund's subscription agent, the Fund received requests for approximately $56.6 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 $6.62. Under the prospectus, any excess payment is to be applied to the purchase of unsubscribed shares. Shares will not be issued until after expiration of the notice of guaranteed delivery. It is anticipated that shares will be issued on or shortly after Monday, May 16, 2011. Shareholders are encouraged to contact their broker regarding the specifics of their account. Newly issued shares will not be entitled to the May distribution.
Cornerstone Progressive Return Fund is a diversified, closed-end management company and is an unincorporated statutory trust established under the laws of the State of Delaware. The Fund is registered with the SEC under the Investment Company Act of 1940, as amended, and is listed on the NYSE Amex under the ticker symbol "CFP."
Contact Information:
Contact:
Cornerstone Progressive Return Fund
(513) 326-3597