Progressive Return Fund Inc.

As of February 20, 2004 Progressive Return Fund Inc. has been acquired by Cornerstone Strategic Value Fund. Progressive Return Fund Inc. is a close ended equity mutual fund launched and managed by Cornerstone Advisors, Inc. The fund invests in the public equity markets across the globe. It invests in stocks of companies operating across diversified sectors. The fund benchmarks the performance of its portfolio against the S&P 500 Index. Progressive Return Fund Inc. was formed on August 11, 1989 and is domiciled in the United States.