SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

OLIN RONALD G

(Last)

(First)

(Middle)

24 BROWNTOWN ROAD

(Street)

ASHEVILLE

28803

(City)

(State)

(Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2007

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

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares of Beneficial Interest	09/12/2007		S		2,900	D	$16.3264	6,905,900	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	09/13/2007		S		4,000	D	$16.447	6,901,900	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	09/14/2007		S		2,900	D	$16.5722	6,899,000	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	09/18/2007		S		2,200	D	$16.6804	6,896,800	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	09/19/2007		S		2,900	D	$16.7764	6,893,900	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	09/20/2007		S		1,600	D	$16.85	6,892,300	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	09/21/2007		S		2,200	D	$16.9285	6,890,100	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	09/24/2007		S		900	D	$17.02	6,889,200	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	09/25/2007		S		900	D	$17.07	6,888,300	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	09/27/2007		S		3,500	D	$17.1984	6,884,800	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	09/28/2007		S		5,300	D	$17.4903	6,879,500	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	10/01/2007		S		2,500	D	$17.7281	6,877,000	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	10/03/2007		S		2,400	D	$17.8813	6,874,600	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	10/04/2007		S		1,700	D	$18.071	6,872,900	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	10/05/2007		S		4,700	D	$18.2242	6,868,200	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	10/08/2007		S		6,800	D	$18.7869	6,861,400	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	10/09/2007		S		900	D	$19.23	6,860,500	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	10/12/2007		S		400	D	$19.29	6,860,100	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	10/15/2007		S		5,700	D	$19.4017	6,854,400	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest	10/16/2007		S		3,600	D	$19.5413	6,850,800	I	See Footnote⁽¹⁾
Common Shares of Beneficial Interest								146,800	D
Common Shares of Beneficial Interest								4,100	I	By 401(k) Plan
Common Shares of Beneficial Interest								300	I	By wife
Common Shares of Beneficial Interest								770,800	I	See Footnote⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. 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 4 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.

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.

Remarks:

On October 22, 2007, the Issuer issued additional shares upon the exercise of the underwriter's option to purchase additional shares in the Issuer's initial public offering. The Reporting Person did not purchase any of such shares. As a result of such transaction, the Issuer's total outstanding shares increased thereby causing the Reporting Person's beneficial ownership of shares to fall below 10%. Accordingly, the Reporting Person has not been a 10% owner since October 22, 2007, and has not been subject to Section 16 since that date.

	/s/ Ronald G. Olin	12/11/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.