Edgar Filing: CORNERSTONE PROGRESSIVE RETURN FUND

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â OLIN RONALD G

2. Date of Event Requiring Statement (Month/Day/Year)
09/10/2007

3. Issuer Name and Ticker or Trading Symbol
CORNERSTONE PROGRESSIVE RETURN FUND [CFP]

(Last)

(First)

(Middle)

24 BROWNTOWN ROAD

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

ASHEVILLE,Â NCÂ 28803

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares of Beneficial Interest	146,800 ⁽¹⁾	D	Â
Common Shares of Beneficial Interest	4,100 ⁽¹⁾	I	By 401(k) Plan
Common Shares of Beneficial Interest	300 ⁽¹⁾	I	By wife
Common Shares of Beneficial Interest	770,800 ⁽¹⁾	I	Through Olin Family Limited Partnership ⁽²⁾
Common Shares of Beneficial Interest	6,908,800 ⁽¹⁾	I	Through clients of Doliver Capital Advisors, LP ⁽³⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
OLIN RONALD G 24 BROWNTOWN ROAD ASHEVILLE,Â NCÂ 28803	Â	Â X	Â	Â

Signatures

/s/ Ronald G. Olin		12/11/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	All shares were acquired in the Issuer's initial public offering. That transaction is not subject to Section 16 (see Rule 16a-2(c)).
(2)	Represents shares owned by Olin Family Limited Partnership. The Reporting Person disclaims beneficial ownership in the shares owned by Olin Family Limited Partnership except to the extent of his pecuniary interest in the partnership.
(3)	Represents shares (the "Client Shares") held in brokerage accounts of, and owned by, clients of Doliver Capital Advisors, LP, a registered investment adviser ("Doliver"), as to which Doliver provides investment advisory services pursuant to a performance-related fee arrangement. The Reporting Person is a portfolio manager of Doliver. As such, the Reporting Person may be deemed to have an indirect pecuniary interest in the Client Shares as a result of a performance-related fee arrangement between Doliver and its clients. The filing of this Form 3 is not, and shall not be construed as, an admission that the Reporting Person has an indirect pecuniary interest in the Client Shares. The Reporting Person disclaims beneficial ownership in the Client Shares except to the extent of his actual indirect pecuniary interest therein, if any.
Â Remarks: OnÂ OctoberÂ 22,Â 2007,Â theÂ IssuerÂ issuedÂ additionalÂ sharesÂ uponÂ theÂ exerciseÂ ofÂ theÂ underwriter'sÂ optionÂ toÂ purchaseÂ additionalÂ shares inÂ theÂ Issuer'sÂ initialÂ publicÂ offering.Â Â TheÂ ReportingÂ PersonÂ didÂ notÂ purchaseÂ anyÂ ofÂ suchÂ shares.Â Â AsÂ aÂ resultÂ ofÂ suchÂ transaction, theÂ Issuer'sÂ totalÂ outstandingÂ sharesÂ increasedÂ therebyÂ causingÂ theÂ ReportingÂ Person'sÂ beneficialÂ ownershipÂ ofÂ sharesÂ toÂ fallÂ below 10%.Â Â Accordingly,Â theÂ ReportingÂ PersonÂ hasÂ notÂ beenÂ aÂ 10%Â ownerÂ sinceÂ OctoberÂ 22,Â 2007,Â andÂ hasÂ notÂ beenÂ subjectÂ toÂ SectionÂ 16Â since thatÂ date.

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