-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KTjLJxiJmeH6zt0B52awaa0CU2erCgmPYsKtIpqjbzHA2QYET48duNjMKQyTpsHE L+9JYHY1vsYE6nJ9+K9uhQ== 0000862599-04-000005.txt : 20041215 0000862599-04-000005.hdr.sgml : 20041215 20041215110428 ACCESSION NUMBER: 0000862599-04-000005 CONFORMED SUBMISSION TYPE: NSAR-A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20041020 FILED AS OF DATE: 20041215 DATE AS OF CHANGE: 20041215 EFFECTIVENESS DATE: 20041215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROGRESSIVE RETURN FUND INC CENTRAL INDEX KEY: 0000854580 IRS NUMBER: 510323965 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NSAR-A SEC ACT: 1940 Act SEC FILE NUMBER: 811-05891 FILM NUMBER: 041203592 BUSINESS ADDRESS: STREET 1: C/O BEAR STEARNS 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WESTLE TITLE SECRETARY EX-99.77M MERGERS 2 merger77m.txt SUB-ITEM 77M: Effective June, 25, 2004 the Progressive Return Fund, Inc. (the "Fund" or "PGF") merged with and into the Cornerstone Strategic Value Fund, Inc.("CLM"), which was a tax-free merger. Subsequently to the Board of Directors approving the merger, the shareholders of the Fund approved it on June 25, 2004. The terms of the merger were as follows, (i)CLM was the surviving corporation (ii)each share of common stock of the Fund converted into an equivalent dollar amount of full and fractional shares of common stock of CLM based on the relative net asset value per share of the Fund and CLM on the business day preceding the day on which the Fund was consummated, (iii)each Fund stockholder participating in the Fund's dividend reinvestment plan received fractional shares of CLM based on the relative net asset value per share of the Fund and CLM on the business day preceding the day on which the Fund merger was consummated, (iv) the Fund's stockholders that did not participate in the Fund's dividend reinvestment plan did not receive fractional shares, rather CLM's transfer agent aggregated all fractional shares, selling the resulting full shares on the American Stock Exchange, LLC at the then current price and remitted the proceeds to PGF stockholders in proportion to their fractional shares. In connection with the merger, CLM issued that number of shares that have an aggregate net asset value equal to the aggregate net asset value of the outstanding shares of PGF. Each PGF stockholder received shares of CLM having an aggregate net asset value equal to the aggregate net asset value of the stockholder's PGF shares at the close of business on the day before the effective date of the merger. EX-99.77P EXMPT INFO 3 exempt77p.txt SUB-ITEM 77P: Progressive Return Fund, Inc. ("PGF") filed a request for an exemptive order with the Securities and Exchange Commission under Section 19b. As of June 25, 2004 the PGF merged with and into Cornerstone Strategic Value Fund, Inc. ("CLM"). On August 11, 2004 CLM received the order under Section 19b pursuant to its request for exemptive relief. -----END PRIVACY-ENHANCED MESSAGE-----