Profile: Cornerstone Progressive Return Fund (CFP)
7 Mar 2014
Cornerstone Progressive Return Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide long-term total return. The Fund will pursue its investment objective by investing primarily all of its assets in equity securities of United States issuers, non-United States issuers whose securities trade on a United States securities exchange or over the counter or as American depositary receipts (ADRs) or other forms of depositary receipts, such as international depositary receipts (IDRs) that trade in the United States, closed-end investment companies and exchange-traded funds (ETFs). The Fund will pursue current income, as a component of total return, by investing in dividend-paying equity securities and United States dollar-denominated debt securities. The Fund’s investment advisor is Cornerstone Advisors, Inc. Bear Stearns Funds Management Inc. serves as the Fund’s administrator.
The Fund's investment portfolio will consist principally of the equity securities of large, mid and small-capitalization companies. Equity securities in which the Fund may invest include common and preferred stocks, convertible securities, warrants and other securities having the characteristics of common stocks, such as ADRs and IDRs, closed-end investment companies and ETFs. Debt securities in which the Fund may invest include United States dollar-denominated bank, corporate or government bonds, notes, and debentures of any maturity and duration. The Fund may invest in the securities of issuers that it determines to be suitable for investment regardless of their rating, provided, however, that the Fund may not invest in debt securities that are rated below BBB by Standard & Poor's Rating Services (S&P) or Baa by Moody's Investors Service, Inc. (Moody's) at the time the investment is made. The Fund may invest up to 20% of its net assets in securities of issuers located in emerging markets through its investments in ETFs, other investment companies and depository receipts, and may invest up to 5% of its net assets directly in emerging market securities.
The Fund may invest up to 10% of its net assets in illiquid securities. The Fund may invest up to 5% of its net assets in options and futures contracts for hedging, or non-hedging, speculative purposes. It may also invest in restricted securities. It may invest in equity and index warrants of domestic and international issuers.
Cornerstone Progressive Return Fund
C/O AST FUND SOLUTIONS
200A EXECUTIVE DRIVE
HUNTINGTON STATION NY 11746