UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

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MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22066

 

Cornerstone Progressive Return Fund

(Exact name of registrant as specified in charter)

Frank J. Maresca

 

AST Fund Solutions, LLC           48 Wall Street          New York, NY 10005

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Registrant's telephone number, including area code: (866) 668-6558
Date of fiscal year end: December 31
Date of reporting period: March 31, 2015

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Item 1. Schedule of Investments.

Description		No. of Shares				Value
EQUITY SECURITIES - 98.60%
CLOSED-END FUNDS - 67.92%
CONVERTIBLE SECURITIES - 0.21%
AllianzGI Equity & Convertible Income Fund			27,012			$	535,108
CORE - 6.52%
Adams Express Company (The)			294,662				4,113,481
Advent/Claymore Enhanced Growth & Income Fund			90,025				848,035
Gabelli Equity Trust Inc. (The)			209,893				1,364,305
General American Investors Company, Inc.			82,321				2,879,589
Guggenheim Enhanced Equity Strategy Fund			15,550				273,525
Guggenheim Equal Weight Enhanced Equity Income Fund			15,746				307,047
Liberty All-Star Equity Fund			532,326				3,108,784
Royce Micro-Cap Trust, Inc.			21,606				211,307
Source Capital, Inc.			16,000				1,172,800
Sprott Focus Trust, Inc.			25,305				183,714
Tri-Continental Corporation			89,526				1,941,819
							16,404,406
CORPORATE DEBT INVESTMENT GRADE-RATED - 0.00%
Cutwater Select Income Fund			1				27
DEVELOPED MARKET - 1.08%
Aberdeen Australia Equity Fund, Inc.			103,933				743,121
Aberdeen Japan Equity Fund, Inc.			15,200				123,120
Aberdeen Singapore Fund, Inc.			28,592				324,805
New Ireland Fund, Inc. (The)			26,320				343,213
Swiss Helvetia Fund, Inc. (The)			102,021				1,177,322
							2,711,581
EMERGING MARKETS - 6.07%
Aberdeen Chile Fund, Inc.			139,415				1,042,824
First Trust/Aberdeen Emerging Opportunity Fund			9,546				155,409
JPMorgan China Region Fund, Inc.			10,209				183,558
Mexico Fund, Inc. (The)			3,700				79,439
Morgan Stanley China A Share Fund, Inc.			261,400				8,605,288
Morgan Stanley India Investment Fund, Inc. *			62,208				1,733,737
Templeton Dragon Fund, Inc.			25,700				638,388
Templeton Emerging Markets Fund			26,187				399,614
Turkish Investment Fund, Inc. (The)			54,987				527,875
Voya Emerging Markets High Dividend Equity Fund			188,122				1,901,913
							15,268,045
EMERGING MARKETS DEBT - 0.23%
Global High Income Fund Inc.			65,943				577,001
ENERGY MLP - 6.15%
ClearBridge Energy MLP Fund Inc.			220,574				5,505,527
ClearBridge Energy MLP Opportunity Fund Inc.			165,726				3,473,617
ClearBridge Energy MLP Total Return Fund Inc.			264,706				5,259,708
Nuveen Energy MLP Total Return Fund			67,025				1,227,898
							15,466,750

 

See accompanying notes to schedule of investments.

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Description		No. of Shares				Value
GENERAL & INSURED LEVERAGED - 0.78%
Invesco Value Municipal Income Trust			0			$	7
Managed Duration Investment Grade Municipal Fund			1,582				21,484
MFS Investment Grade Municipal Trust			26,806				253,049
Nuveen Dividend Advantage Municipal Fund 3			83,092				1,179,075
Nuveen Dividend Advantage Municipal Income Fund			11,119				161,337
Nuveen Quality Municipal Fund, Inc.			5,671				75,935
Nuveen Select Quality Municipal Fund, Inc.			19,397				273,304
							1,964,191
GENERAL BOND - 0.08%
Deutsche Multi-Market Income Trust			23,093				195,367
GLOBAL - 6.83%
Alpine Global Dynamic Dividend Fund			200,705				2,069,269
Alpine Global Total Dynamic Dividend Fund			945,029				8,420,208
Calamos Global Total Return Fund			3,700				49,987
Clough Global Allocation Fund			30,039				453,589
Clough Global Opportunities Fund			39,600				493,416
Delaware Enhanced Global Dividend and Income Fund			172,572				1,979,401
Eaton Vance Tax-Advantaged Global Dividend Income Fund			9,200				156,032
GDL Fund (The)			111,433				1,152,217
Lazard World Dividend & Income Fund, Inc.			11,400				144,096
Nuveen Global Value Opportunities Fund			86,046				1,109,133
Virtus Total Return Fund			38,454				174,197
Voya Infrastructure, Industrials and Materials Fund			3,100				47,864
Wells Fargo Advantage Global Dividend Opportunity Fund			124,520				937,636
							17,187,045
GROWTH FUNDS - 0.37%
Liberty All-Star Growth Fund, Inc.			176,883				919,792
HIGH CURRENT YIELD (LEVERAGED) - 2.49%
AllianceBernstein Global High Income Fund, Inc.			112,427				1,413,207
BlackRock Corporate High Yield Fund VI, Inc.			246,309				2,748,808
BlackRock Debt Strategies Fund, Inc.			13,834				51,601
Deutsche High Income Opportunities Fund, Inc.			96,489				1,385,582
Deutsche High Income Trust			16,670				148,030
Franklin Universal Trust			37,015				267,618
Invesco High Income Trust II			10,684				161,542
MFS Intermediate High Income Fund			35,669				98,090
							6,274,478

HIGH YIELD  - 0.31%
Credit Suisse Asset Management Income Fund, Inc.			1,100				3,531
First Trust High Income Long/Short Fund			35,239				577,215
Western Asset Managed High Income Fund Inc.			37,498				193,865
							774,611
HIGH YIELD MUNICIPAL DEBT - 0.11%
MFS High Income Municipal Trust			55,654				270,478
INCOME & PREFERRED STOCK - 0.39%
LMP Capital and Income Fund Inc.			39,674				664,143
Nuveen Quality Preferred Income Fund 3			35,765				309,725
							973,868

 

See accompanying notes to schedule of investments.

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CORNERSTONE PROGRESSIVE RETURN FUND SCHEDULE OF INVESTMENTS - March 31, 2015 (Unaudited)

Description			No. of Shares				Value
LOAN PARTICIPATION - 2.80%
Eaton Vance Floating-Rate Income Trust			1,698			$	24,774
Eaton Vance Senior Income Trust			3,773				24,562
Invesco Senior Income Trust			241,758				1,145,933
Nuveen Credit Strategies Income Fund			497,652				4,503,751
Nuveen Senior Income Fund			77,117				513,599
Voya Prime Rate Trust			150,898				835,975
							7,048,594
NATURAL RESOURCES - 4.75%
BlackRock Resources & Commodities Strategy Trust			1,064,110				10,172,892
First Trust Energy Infrastructure Fund			77,559				1,766,794
							11,939,686
OPTION ARBITRAGE/OPTIONS STRATEGIES - 8.01%
AllianzGI NFJ Dividend, Interest & Premium Strategy Fund			435,371				7,105,255
BlackRock Global Opportunities Equity Trust			378,868				5,258,688
BlackRock International Growth and Income Trust			204,156				1,447,466
Eaton Vance Risk-Managed Diversified Equity Income Fund			185,528				2,007,413
Madison Covered Call & Equity Strategy Fund			7,800				64,038
Madison Strategic Sector Premium Fund			23,861				287,286
Nuveen Nasdaq 100 Dynamic Overwrite Fund			93,565				1,754,344
Voya Asia Pacific High Dividend Equity Income Fund			16,008				185,373
Voya Global Equity Dividend and Premium Opportunity Fund			193,723				1,611,775
Voya International High Dividend Equity Income Fund			53,952				433,774
							20,155,412

PACIFIC EX JAPAN - 1.00%
Aberdeen Greater China Fund, Inc.			53,382				548,233
China Fund, Inc. (The)			67,890				1,313,672
Morgan Stanley Thai Fund, Inc.			57,081				497,746
Taiwan Fund, Inc.			9,220				154,988
							2,514,639
REAL ESTATE - 15.15%
Alpine Global Premier Properties Fund			650,462				4,449,160
CBRE Clarion Global Real Estate Income Fund			667,119				5,970,715
Cohen & Steers Preferred Securities and Income Fund, Inc.			522,978				10,171,922
Cohen & Steers Quality Income Realty Fund, Inc.			565,870				7,028,105
Cohen & Steers Total Return Realty Fund, Inc.			161,184				2,206,609
LMP Real Estate Income Fund Inc.			129,383				1,684,567
Neuberger Berman Real Estate Securities Income Fund Inc.			551,451				2,988,864
Nuveen Diversified Dividend and Income Fund			78,935				963,007
Nuveen Real Estate Income Fund			102,432				1,220,989
RMR Real Estate Income Fund			66,558				1,414,356
							38,098,294
SECTOR EQUITY - 1.92%
Gabelli Healthcare & WellnessRx Trust (The)			36,134				406,869
GAMCO Global Gold, Natural Resources & Income Trust			83,820				582,549
GAMCO Natural Resources, Gold & Income Trust by Gabelli			232,579				1,855,980
John Hancock Financial Opportunities Fund			85,216				1,994,054
							4,839,452
U.S. MORTGAGE - 0.12%
First Trust Mortgage Income Fund			21,079				312,812

Description			No. of Shares				Value
UTILITY - 2.54%
BlackRock Utility and Infrastructure Trust			52,790			$	1,034,684
Cohen & Steers Infrastructure Fund, Inc.			71,764				1,630,478
Duff & Phelps Global Utility Income Fund Inc.			149,307				2,948,813
Gabelli Global Utility & Income Trust (The)			34,971				648,362
Macquarie Global Infrastructure Total Return Fund Inc.			4,700				116,560
							6,378,897
VALUE - 0.00%
First Trust Dividend and Income Fund			1,200				10,620
TOTAL CLOSED-END FUNDS							170,821,154
CONSUMER DISCRETIONARY - 2.76%
Comcast Corporation - Class A			31,358				1,770,786
DIRECTV *			4,000				340,400
Ford Motor Company			30,000				484,200
Johnson Controls, Inc.			7,000				353,080
Macy's, Inc.			4,000				259,640
Time Warner Cable Inc.			2,000				299,760
Time Warner Inc.			12,000				1,013,280
Walt Disney Company (The)			23,000				2,412,470
							6,933,616

CONSUMER STAPLES - 2.14%
Archer-Daniels-Midland Company			8,000				379,200
CVS Caremark Corporation			18,000				1,857,780
Kroger Co. (The)			8,000				613,280
Mondelēz International, Inc. - Class A			12,000				433,080
PepsiCo, Inc.			10,000				956,200
Wal-Mart Stores, Inc.			14,000				1,151,500
							5,391,040
ENERGY - 1.82%
Chevron Corporation			10,000				1,049,800
ConocoPhillips			8,000				498,080
Devon Energy Corporation			3,000				180,930
EOG Resources, Inc.			8,000				733,520
Halliburton Company			8,000				351,040
Kinder Morgan, Inc.			12,000				504,720
Marathon Oil Corporation			2,000				52,220
Phillips 66			7,000				550,200
Schlumberger Limited			8,000				667,520
							4,588,030
EXCHANGE-TRADED FUNDS - 7.08%
iShares Core S&P 500 ETF			43,000				8,936,690
SPDR S&P 500 ETF Trust			43,000				8,876,490
							17,813,180
FINANCIALS - 3.67%
Allstate Corporation (The)			4,000				284,680
American Express Company			8,000				624,960
American International Group, Inc.			8,000				438,320
Aon plc			3,000				288,360
Bank of New York Mellon Corporation (The)			6,000				241,440
BlackRock, Inc. - Class A			2,000				731,680
Discover Financial Services			3,000				169,050
Franklin Resources, Inc.			8,000				410,560
JPMorgan Chase & Co.			20,000				1,211,600
Marsh & McLennan Companies, Inc.			4,000				224,360
MetLife, Inc.			9,000				454,950
Morgan Stanley			16,000				571,040
Prudential Financial, Inc.			4,000				321,240
Wells Fargo & Company			60,000				3,264,000
							9,236,240

VALUATION INPUTS		INVESTMENTS IN SECURITIES				OTHER FINANCIAL INSTRUMENTS*
Level 1 – Quoted Prices
Equity Investments		$	247,998,488			$	-
Short-Term Investments			3,093,330				-
Level 2 – Other Significant Observable Inputs			-				-
Level 3 – Significant Unobservable Inputs			-				-
Total		$	251,091,818			$	-

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that such information is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Cornerstone Progressive Return Fund

* Print the name and title of each signing officer under his or her signature.