Cornerstone Progressive Return Fund (the “Fund”) (NYSE Alternext: CFP), a closed-end, diversified management investment company that seeks long-term total return by investing primarily all of its assets in equity securities of U.S. issuers, non-U.S. issuers whose securities trade on a U.S. securities exchange or over the counter or as American Depositary Receipts or other forms of depositary receipts, such as International Depositary Receipts, which trade in the United States, closed-end investment companies and exchange-traded funds, today announced unaudited results for the quarter and six months ended June 30, 2009.

At June 30, 2009, total net assets of the Fund were $57,265,096 and the net asset value (“NAV”) per share was $6.13 based on 9,339,119 shares outstanding. The Fund’s common stock value on the NYSE Alternext US LLC (“NYSE Alternext”) on June 30, 2009 was $9.98 per share. On Friday, August 7, 2009, the Fund’s NAV per share was $6.56 with the common stock closing on the NYSE Alternext at $10.21 per share.

For the quarter ended June 30, 2009, the Fund’s net investment income was $521,242, equal to $0.06 per average share outstanding, compared to net investment income of $324,673, equal to $0.03 per average share outstanding for the quarter ended June 30, 2008. For the quarter ended June 30, 2009, net realized and unrealized gains were $8,158,504, equal to $0.87 per average share outstanding, compared to net realized and unrealized losses of $3,026,673, equal to $0.32 per average share outstanding for the quarter ended June 30, 2008.

For the six months ended June 30, 2009, the Fund’s net investment income was $1,045,881, equal to $0.11 per average share outstanding, compared to net investment income of $659,697, equal to $0.07 per average share outstanding for the six months ended June 30, 2008. For the six months ended June 30, 2009, net realized and unrealized gains were $873,128, equal to $0.09 per average share outstanding, compared to net realized and unrealized losses of $16,285,014, equal to $1.74 per average share outstanding for the six months ended June 30, 2008.

At June 30, 2009, investments in U.S. equity securities totaled $56,656,442 (98.93% of the Fund’s net assets), and cash equivalents totaled $608,654 (1.07% of the Fund’s net assets). The Fund’s ten largest holdings excluding short-term investments at June 30, 2009, representing 43.4% of the Fund’s net assets, were:

For the quarter ended June 30, 2009, the Fund paid distributions of $0.615 per share, compared to $0.615 per share for the quarter ended June 30, 2008. For the six months ended June 30, 2009, the Fund paid distributions of $1.230 per share, compared to $1.230 per share for the six months ended June 30, 2008. A substantial portion of the shareholder distributions made during this calendar year may represent return-of-capital. To the extent such distributions are designated as return-of-capital distributions, they 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 shares in the Fund. Accordingly, these distributions should not be confused with yield or investment return on the Fund’s portfolio. The final allocation of distributions among net investment income, capital gains and return-of-capital are determined at the end of the calendar year. Fund shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

Cornerstone Progressive Return Fund is traded on the NYSE Alternext under the trading symbol “CFP”. The Fund’s investment manager is Cornerstone Advisors, Inc.