Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
OLIN RONALD G
   2. Issuer Name and Ticker or Trading Symbol
CORNERSTONE PROGRESSIVE RETURN FUND [CFP] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
24 BROWNTOWN ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
09/12/2007
(Street)

ASHEVILLE, NC 28803		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares of Beneficial Interest 09/12/2007   S   2,900 D $ 16.3264 6,905,900 I See Footnote (1)
Common Shares of Beneficial Interest 09/13/2007   S   4,000 D $ 16.447 6,901,900 I See Footnote (1)
Common Shares of Beneficial Interest 09/14/2007   S   2,900 D $ 16.5722 6,899,000 I See Footnote (1)
Common Shares of Beneficial Interest 09/18/2007   S   2,200 D $ 16.6804 6,896,800 I See Footnote (1)
Common Shares of Beneficial Interest 09/19/2007   S   2,900 D $ 16.7764 6,893,900 I See Footnote (1)
Common Shares of Beneficial Interest 09/20/2007   S   1,600 D $ 16.85 6,892,300 I See Footnote (1)
Common Shares of Beneficial Interest 09/21/2007   S   2,200 D $ 16.9285 6,890,100 I See Footnote (1)
Common Shares of Beneficial Interest 09/24/2007   S   900 D $ 17.02 6,889,200 I See Footnote (1)
Common Shares of Beneficial Interest 09/25/2007   S   900 D $ 17.07 6,888,300 I See Footnote (1)
Common Shares of Beneficial Interest 09/27/2007   S   3,500 D $ 17.1984 6,884,800 I See Footnote (1)
Common Shares of Beneficial Interest 09/28/2007   S   5,300 D $ 17.4903 6,879,500 I See Footnote (1)
Common Shares of Beneficial Interest 10/01/2007   S   2,500 D $ 17.7281 6,877,000 I See Footnote (1)
Common Shares of Beneficial Interest 10/03/2007   S   2,400 D $ 17.8813 6,874,600 I See Footnote (1)
Common Shares of Beneficial Interest 10/04/2007   S   1,700 D $ 18.071 6,872,900 I See Footnote (1)
Common Shares of Beneficial Interest 10/05/2007   S   4,700 D $ 18.2242 6,868,200 I See Footnote (1)
Common Shares of Beneficial Interest 10/08/2007   S   6,800 D $ 18.7869 6,861,400 I See Footnote (1)
Common Shares of Beneficial Interest 10/09/2007   S   900 D $ 19.23 6,860,500 I See Footnote (1)
Common Shares of Beneficial Interest 10/12/2007   S   400 D $ 19.29 6,860,100 I See Footnote (1)
Common Shares of Beneficial Interest 10/15/2007   S   5,700 D $ 19.4017 6,854,400 I See Footnote (1)
Common Shares of Beneficial Interest 10/16/2007   S   3,600 D $ 19.5413 6,850,800 I See Footnote (1)
Common Shares of Beneficial Interest               146,800 D  
Common Shares of Beneficial Interest               4,100 I By 401(k) Plan
Common Shares of Beneficial Interest               300 I By wife
Common Shares of Beneficial Interest               770,800 I See Footnote (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
OLIN RONALD G
24 BROWNTOWN ROAD
ASHEVILLE, NC 28803		     X    

Signatures

 /s/ Ronald G. Olin   12/11/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Represents shares (the "Client Shares") held in brokerage accounts of, and owned by, clients of Doliver Capital Advisors, LP, a registered investment adviser ("Doliver"), as to which Doliver provides investment advisory services pursuant to a performance-related fee arrangement. The Reporting Person is a portfolio manager of Doliver. As such, the Reporting Person may be deemed to have an indirect pecuniary interest in the Client Shares as a result of a performance-related fee arrangement between Doliver and its clients. The filing of this Form 4 is not, and shall not be construed as, an admission that the Reporting Person has an indirect pecuniary interest in the Client Shares. The Reporting Person disclaims beneficial ownership in the Client Shares except to the extent of his actual indirect pecuniary interest therein, if any.
(2) Represents shares owned by Olin Family Limited Partnership. The Reporting Person disclaims beneficial ownership in the shares owned by Olin Family Limited Partnership except to the extent of his pecuniary interest in the partnership.
 
Remarks:
On October 22, 2007, the Issuer issued additional shares upon the exercise of the underwriter's option to purchase additional shares
in the Issuer's initial public offering.  The Reporting Person did not purchase any of such shares.  As a result of such transaction,
the Issuer's total outstanding shares increased thereby causing the Reporting Person's beneficial ownership of shares to fall below
10%.  Accordingly, the Reporting Person has not been a 10% owner since October 22, 2007, and has not been subject to Section 16 since
that date.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.