OMB
APPROVAL
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OMB
Number: 3235-0578
Expires:
April 30, 2010
Estimated
average burden hours per response:
10.5
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260 Madison Avenue, 8th
Floor New York, New York
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10016
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(Address
of principal executive offices)
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(Zip
code)
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CORNERSTONE
PROGRESSIVE RETURN FUND
|
||||||||
SCHEDULE
OF INVESTMENTS - SEPTEMBER 30, 2009 (UNAUDITED)
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||||||||
Description
|
No.
of Shares
|
Value
|
||||||
EQUITY
SECURITIES - 99.22%
|
||||||||
CLOSED-END
FUNDS - 81.60%
|
||||||||
Adams
Express Company (The) (a)
|
130,206 | $ | 1,272,113 | |||||
Advent
Claymore Convertible Securities and Income Fund ^
|
87,900 | 1,294,767 | ||||||
BlackRock
Defined Opportunity Credit Trust ^
|
33,100 | 387,270 | ||||||
BlackRock
High Yield Trust ^
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2,500 | 15,200 | ||||||
BlackRock
Income Trust, Inc. ^
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91,674 | 607,799 | ||||||
BlackRock
Preferred Opportunity Trust ^
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4,100 | 41,861 | ||||||
BlackRock
Strategic Dividend Achievers Trust ^
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19,406 | 170,385 | ||||||
BlockRock
Health Sciences Trust ^
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1,700 | 39,780 | ||||||
Blue
Chip Value Fund
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242,850 | 743,121 | ||||||
Clough
Global Allocation Fund
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51,578 | 756,133 | ||||||
Clough
Global Equity Fund
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73,175 | 1,014,205 | ||||||
Clough
Global Opportunities Fund
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85,510 | 1,084,267 | ||||||
Cohen
& Steers Dividend Majors Fund, Inc.
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2,700 | 26,352 | ||||||
DCW
Total Return Fund
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30,652 | 126,899 | ||||||
DWS
RREEF World Real Estate & Tactical Strategies Fund,
Inc.
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3,950 | 59,487 | ||||||
Eaton
Vance Floating-Rate Income Trust ^
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22,000 | 280,500 | ||||||
Eaton
Vance Senior Income Trust ^
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100,800 | 560,448 | ||||||
European
Equity Fund (The)
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6,900 | 47,886 | ||||||
Evergreen
International Balanced Income Fund ^
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6,330 | 89,000 | ||||||
First
Trust/FIDAC Mortgage Income Fund
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20,731 | 369,012 | ||||||
First
Trust/Four Corners Senior Floating Rate Income Fund II ^
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34,717 | 384,664 | ||||||
First
Trust Strategic High Income Fund ^
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71,316 | 193,979 | ||||||
Franklin
Universal Trust
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82,600 | 451,822 | ||||||
Gabelli
Convertible & Income Securities Fund
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13,900 | 79,091 | ||||||
Gabelli
Dividend & Income Trust ^
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194,050 | 2,404,279 | ||||||
Gabelli
Global Gold Natural Resources & Income Trust ^
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102,000 | 1,578,960 | ||||||
Gabelli
Healthcare & Wellness Rx Trust (The)
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25,900 | 153,587 | ||||||
General
American Investors Company, Inc.
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41,485 | 987,343 | ||||||
Global
Income & Currency Fund, Inc. ^
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24,757 | 349,569 | ||||||
Greater
China Fund, Inc.
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17,200 | 210,872 | ||||||
H&Q
Healthcare Investors
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157,489 | 1,781,201 | ||||||
H&Q
Life Sciences Investors
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112,590 | 1,039,206 | ||||||
John
Hancock Bank and Thrift Opportunity Fund ^
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95,120 | 1,344,046 | ||||||
John
Hancock Income Securities Trust
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8,000 | 104,000 | ||||||
Latin
America Equity Fund, Inc.
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300 | 10,542 |
CORNERSTONE
PROGRESSIVE RETURN FUND
|
||||||||
SCHEDULE
OF INVESTMENTS - SEPTEMBER 30, 2009 (UNAUDITED)
(Continued)
|
||||||||
CLOSED-END
FUNDS (Continued)
|
||||||||
Lazard
Global Total Return & Income Fund, Inc. ^
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4,000 | $ | 56,680 | |||||
Lazard
World Dividend & Income Fund, Inc. ^
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28,049 | 295,636 | ||||||
Liberty
All-Star Equity Fund
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673,799 | 2,850,170 | ||||||
Liberty
All-Star Growth Fund
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237,600 | 750,816 | ||||||
LMP
Capital & Income Fund, Inc.
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186,762 | 1,792,915 | ||||||
LMP
Corporate Loan Fund, Inc. ^
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13,105 | 127,381 | ||||||
Macquarie/First
Trust Global Infrastructure/Utilities Dividend & Income
Fund
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11,463 | 134,576 | ||||||
Macquarie
Global Infrastructure Total Return Fund, Inc. ^
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18,634 | 280,069 | ||||||
Madison/Claymore
Covered Call & Equity Strategy Fund ^
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80,761 | 671,124 | ||||||
Madison
Strategic Sector Premium Fund ^
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17,843 | 212,688 | ||||||
Malaysia
Fund, Inc.
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27,400 | 198,376 | ||||||
Montgomery
Street Income Securities, Inc.
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4,600 | 69,046 | ||||||
Morgan
Stanley China A Share Fund, Inc. ^
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11,500 | 370,185 | ||||||
NFJ
Dividend, Interest & Premium Strategy Fund
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650,900 | 8,722,060 | ||||||
Nuveen
Core Equity Alpha Fund
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39,747 | 439,602 | ||||||
Nuveen
Floating Rate Income Fund ^
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37,238 | 352,271 | ||||||
Nuveen
Floating Rate Income Opportunity Fund
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15,400 | 146,300 | ||||||
Preferred
Income Strategies Fund
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75,541 | 680,624 | ||||||
RMR
Asia Pacific Real Estate Fund
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17,953 | 310,406 | ||||||
Royce
Focus Trust, Inc. ^
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53,014 | 314,903 | ||||||
Royce
Micro-Cap Trust, Inc. ^
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146,356 | 1,068,399 | ||||||
Royce
Value Trust, Inc.
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351,402 | 3,626,469 | ||||||
Source
Capital, Inc.
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19,100 | 792,841 | ||||||
Spain
Fund, Inc. (The)
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6,660 | 47,619 | ||||||
SunAmerica
Focused Alpha Growth Fund, Inc.
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111,635 | 1,347,434 | ||||||
SunAmerica
Focused Alpha Large-Cap Fund, Inc.
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49,400 | 599,716 | ||||||
Thai
Fund, Inc. (The) ^
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61,120 | 557,414 | ||||||
Tri-Continental
Corporation
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138,534 | 1,526,645 | ||||||
TS&W/Claymore
Tax-Advantaged Balanced Fund ^
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14,573 | 141,650 | ||||||
Zweig
Fund, Inc. (The)
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291,682 | 936,299 | ||||||
49,479,960 | ||||||||
CONSUMER
DISCRETIONARY - 1.53%
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||||||||
Amazon.com,
Inc. ^ *
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1,000 | 93,360 | ||||||
Best
Buy Company, Inc.
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2,000 | 75,040 | ||||||
Comcast
Corporation - Class A
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3,358 | 56,717 | ||||||
Ford
Motor Company *
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8,000 | 57,680 | ||||||
GameStop
Corporation - Class A ^ *
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2,500 | 66,175 |
CORNERSTONE
PROGRESSIVE RETURN FUND
|
||||||||
SCHEDULE
OF INVESTMENTS - SEPTEMBER 30, 2009 (UNAUDITED)
(Continued)
|
||||||||
CONSUMER
DISCRETIONARY (Continued)
|
||||||||
Home
Depot, Inc. (The) ^
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2,000 | $ | 53,280 | |||||
McDonald's
Corporation ^
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4,000 | 228,280 | ||||||
NIKE,
Inc. - Class B
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2,000 | 129,400 | ||||||
Time
Warner, Inc.
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2,000 | 57,560 | ||||||
Walt
Disney Company (The) ^
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4,000 | 109,840 | ||||||
927,332 | ||||||||
CONSUMER
STAPLES - 1.67%
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||||||||
Coca-Cola
Company (The)
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3,000 | 161,100 | ||||||
CVS
Caremark Corporation ^
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2,746 | 98,142 | ||||||
H.J.
Heinz Company
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2,000 | 79,500 | ||||||
Kraft
Foods, Inc. - Class A
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5,000 | 131,350 | ||||||
Kroger
Company (The) ^
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3,000 | 61,920 | ||||||
PepsiCo,
Inc.
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3,000 | 175,980 | ||||||
Procter
& Gamble Company (The)
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5,233 | 303,095 | ||||||
1,011,087 | ||||||||
ENERGY
- 2.29%
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||||||||
Devon
Energy Corporation ^
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2,000 | 134,660 | ||||||
Exxon
Mobil Corporation
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13,475 | 924,520 | ||||||
Schlumberger
Ltd.
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4,598 | 274,041 | ||||||
Williams
Companies, Inc.
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3,000 | 53,610 | ||||||
1,386,831 | ||||||||
FINANCIALS
- 2.80%
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||||||||
American
Express Company
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3,252 | 110,243 | ||||||
Aon
Corporation ^
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3,000 | 122,070 | ||||||
BB&T
Corporation
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6,000 | 163,440 | ||||||
Charles
Schwab Corporation (The) ^
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2,000 | 38,300 | ||||||
Chubb
Corporation (The)
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1,000 | 50,410 | ||||||
Goldman
Sachs Group, Inc. (The)
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1,000 | 184,350 | ||||||
Hudson
City Bancorp, Inc.
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5,000 | 65,750 | ||||||
JPMorgan
Chase & Company
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3,998 | 175,192 | ||||||
Loews
Corporation ^
|
2,000 | 68,500 | ||||||
Public
Storage ^
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2,500 | 188,100 | ||||||
T.
Rowe Price Group, Inc. ^
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2,000 | 91,400 | ||||||
Travelers
Companies, Inc. (The)
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2,000 | 98,460 | ||||||
Wells
Fargo & Company
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12,206 | 343,965 | ||||||
1,700,180 | ||||||||
HEALTH
CARE - 2.44%
|
||||||||
Abbott
Laboratories
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3,229 | 159,739 | ||||||
Amgen,
Inc. *
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3,119 | 187,858 | ||||||
Becton,
Dickinson and Company
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3,000 | 209,250 | ||||||
Bristol-Myers
Squibb Company
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4,418 | 99,493 |
CORNERSTONE
PROGRESSIVE RETURN FUND
|
||||||||
SCHEDULE
OF INVESTMENTS - SEPTEMBER 30, 2009 (UNAUDITED)
(Continued)
|
||||||||
HEALTH
CARE (Continued)
|
||||||||
Eli
Lilly & Company ^
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3,000 | $ | 99,090 | |||||
Johnson
& Johnson
|
8,000 | 487,120 | ||||||
Medtronic,
Inc.
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3,000 | 110,400 | ||||||
UnitedHealth
Group, Inc. ^
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5,179 | 129,682 | ||||||
1,482,632 | ||||||||
INDUSTRIALS
- 2.02%
|
||||||||
3M
Company
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1,567 | 115,645 | ||||||
Danaher
Corporation ^
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2,000 | 134,640 | ||||||
Emerson
Electric Company
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2,000 | 80,160 | ||||||
General
Electric Company
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16,918 | 277,793 | ||||||
Lockheed
Martin Corporation
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3,000 | 234,240 | ||||||
United
Parcel Service, Inc. - Class B
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3,191 | 180,196 | ||||||
United
Technologies Corporation
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2,108 | 128,440 | ||||||
Waste
Management, Inc.
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2,500 | 74,550 | ||||||
1,225,664 | ||||||||
INFORMATION
TECHNOLOGY - 2.80%
|
||||||||
Apple,
Inc. *
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1,068 | 197,975 | ||||||
Automatic
Data Processing, Inc.
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5,000 | 196,500 | ||||||
Cisco
Systems, Inc. *
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18,470 | 434,784 | ||||||
Google,
Inc. - Class A *
|
532 | 263,792 | ||||||
Intel
Corporation
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16,599 | 324,842 | ||||||
Microsoft
Corporation
|
10,913 | 282,538 | ||||||
1,700,431 | ||||||||
MATERIALS
- 0.65%
|
||||||||
Freeport-McMoRan
Copper & Gold, Inc. ^*
|
1,119 | 76,775 | ||||||
Monsanto
Company
|
2,500 | 193,500 | ||||||
Praxair,
Inc. ^
|
1,500 | 122,535 | ||||||
392,810 | ||||||||
TELECOMMUNICATION
SERVICES - 0.61%
|
||||||||
AT&T,
Inc.
|
8,636 | 233,258 | ||||||
Verizon
Communications, Inc.
|
4,500 | 136,215 | ||||||
369,473 | ||||||||
UTILITIES
- 0.81%
|
||||||||
Dominion
Resources, Inc. ^
|
3,000 | 103,500 | ||||||
FPL
Group, Inc. ^
|
7,000 | 386,610 | ||||||
490,110 | ||||||||
TOTAL
EQUITY SECURITIES (cost
- $57,147,504)
|
$ | 60,166,510 |
CORNERSTONE
PROGRESSIVE RETURN FUND
|
||||||||
SCHEDULE
OF INVESTMENTS - SEPTEMBER 30, 2009 (UNAUDITED)
(Continued)
|
||||||||
SHORT-TERM
INVESTMENTS - 3.30%
|
||||||||
MONEY
MARKET SECURITY - 0.95%
|
||||||||
JPMorgan
U.S. Government Money Market Fund
|
575,617 | $ | 575,617 | |||||
Principal
Amount
(000's)
|
||||||||
REPURCHASE
AGREEMENTS - 2.35%
|
||||||||
J.P.
Morgan Securities, Inc.†‡
|
||||||||
(Agreement
dated 9/30/2009 to be repurchased at $397,851, 0.05%, 10/1/2009,
collateralized by $413,190 in United States Treasury
Bonds)
|
$ | 398 | 397,851 | |||||
J.P.
Morgan Securities, Inc.†‡
|
||||||||
(Agreement
dated 9/30/2009 to be repurchased at $1,028,000, .01%, 10/1/2009,
collateralized by $1,060,157 in United States Treasury
Bonds)
|
1,028 | 1,028,000 | ||||||
1,425,851 | ||||||||
TOTAL
SHORT-TERM INVESTMENTS (cost - $2,001,468)
|
2,001,468 | |||||||
TOTAL
INVESTMENTS - 102.52% (cost - $59,148,972)
|
62,167,978 | |||||||
LIABILITIES
IN EXCESS OF OTHER ASSETS - (2.52)%
|
(1,530,749 | ) | ||||||
NET
ASSETS - 100.00%
|
$ | 60,637,229 | ||||||
·
|
Level
1 – quoted prices in active markets for identical
investments
|
·
|
Level
2 – other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risks,
etc.)
|
·
|
Level
3 – significant unobservable inputs (including the Fund’s own assumptions
in determining the fair value of
investments)
|
Valuation
Inputs
|
INVESTMENTS
IN SECURITIES
|
OTHER
FINANCIAL INSTRUMENTS*
|
||||||
Level
1 – Quoted Prices
|
$ | 62,167,978 | $ | - | ||||
Level
2 – Other Significant Observable Inputs
|
- | - | ||||||
Level
3 – Significant Unobservable Inputs
|
- | - | ||||||
Total
|
$ | 62,167,978 | $ | - |
By
(Signature and Title)*
|
/s/ Ralph W.
Bradshaw
|
Ralph
W. Bradshaw, President and Chairman
|
|
(Principal
Executive Officer)
|
By
(Signature and Title)*
|
/s/ Ralph W.
Bradshaw
|
Ralph
W. Bradshaw, President and Chairman
|
|
(Principal
Executive Officer)
|
By
(Signature and Title)*
|
/s/ Frank J.
Maresca
|
Frank
J. Maresca, Treasurer
(Principal
Financial Officer)
|