Cornerstone Funds Monthly Distribution for May.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 10, 2004

The Record Date for the regular monthly distribution of each of Cornerstone Strategic Value Fund, Inc. (AMEX:CLM), Cornerstone Total Return Fund, Inc. (AMEX:CRF), and Progressive Return Fund, Inc. (AMEX:PGF), (the "Cornerstone Funds") is May 14, 2004 with a payment date of May 21, 2004. Owners of record on that date will be entitled to receive their distribution in cash or additional shares. Shareholders of Cornerstone Strategic Value Fund, Inc. will receive $0.087 per share (equivalent to $1.044 per year), shareholders of Cornerstone Total Return Fund, Inc. will receive $0.176 (equivalent to $2.112 per year), and shareholders of Progressive Return Fund, Inc. will receive $0.282 (equivalent to $3.384 per year). Distributions consist of income, capital gains, and return of capital.

These monthly distributions are in accordance with each Board of Director's previously announced intention to maintain the total annual amount of distributions at or above this level, regardless of market conditions. Each Fund's Board remains convinced that its shareholders are well served by a fixed-payout policy that provides regular distributions, whether markets are up or down, increases liquidity, and gives flexibility to individual shareholders in managing their investment.

We are pleased to note that the total investment returns in 2003 for each Fund exceeded their respective distributions, which resulted in higher Net Asset Value for shareholders. While each Fund seeks to have its long-term investment returns exceed the level of its distributions, there can be no guarantee that this goal will be met.

Cornerstone Strategic Value Fund, Inc. (CLM), Cornerstone Total Return Fund, Inc. (CRF), and Progressive Return Fund, Inc. (PGF) are all traded on the American Stock Exchange, LLC. The Fund's investment manager is Cornerstone Advisors, Inc.