fp0008556_nq.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-22066       
 
Cornerstone Progressive Return Fund
(Exact name of registrant as specified in charter)
 
200A Executive Drive         Edgewood, New York
11717
(Address of principal executive offices)
(Zip code)
 
Frank J. Maresca
 
 AST Fund Solutions, LLC     200A Executive Drive   Edgewood, NY 11717
(Name and address of agent for service)
                                                                                                 
Registrant's telephone number, including area code:  (866) 668-6558         
 
Date of fiscal year end:      December 31                
 
Date of reporting period:    September 30, 2013        
 
 
 
 
 
Item 1.  Schedule of Investments.
     
CORNERSTONE PROGRESSIVE RETURN FUND
    
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2013 (Unaudited)
    
 
Description
  
No. of
Shares
    
Value
  
EQUITY SECURITIES - 97.14%
            
CLOSED-END FUNDS - 71.54%
  
CONVERTIBLE SECURITIES - 0.93%
  
AllianzGI Equity & Convertible Income Fund
     54,135     $ 1,005,287  
Putnam High Income Securities Fund
     70,826       557,401  
              1,562,688  
CORE - 3.93%
  
Adams Express Company (The)
     131,007       1,623,177  
Advent/Claymore Enhanced Growth & Income Fund
     51,337       502,076  
Cohen & Steers Dividend Majors Fund, Inc.
     59,354       810,776  
First Trust Active Dividend Income Fund
     4,800       40,128  
General American Investors Company, Inc.
     47,342       1,616,256  
Guggenheim Equal Weight Enhanced Equity Income Fund
     50,286       874,474  
Tri-Continental Corporation
     44,367       812,803  
Zweig Fund, Inc. (The)
     25,294       341,469  
              6,621,159  
                 
CORPORATE DEBT INVESTMENT GRADE-RATED (LEVERAGED) - 0.11%
  
John Hancock Income Securities Trust 
     775       10,943  
Western Asset Premier Bond Fund
     12,000       169,800  
              180,743  
                 
CORPORATE DEBT INVESTMENT GRADE-RATED - 1.82%
  
BlackRock Credit Allocation Income Trust
     12,613       164,474  
Cutwater Select Income Fund
     16,222       288,596  
Federated Enhanced Treasury Income Fund
     30,093       386,996  
Invesco Van Kampen Bond Fund
     22,554       395,597  
MFS Intermediate Income Trust
     111,252       590,748  
Morgan Stanley Income Securities Inc.
     28,546       474,720  
Transamerica Income Shares, Inc.
     24,279       495,534  
Western Asset Income Fund
     21,355       271,422  
              3,068,087  
DEVELOPED MARKET - 1.48%
  
Aberdeen Israel Fund, Inc.
     8,293       127,546  
Morgan Stanley Asia-Pacific Fund, Inc.
     8,253       138,155  
New Germany Fund, Inc. (The)
     15,600       321,204  
New Ireland Fund, Inc. (The) *
     30,513       359,443  
Singapore Fund, Inc. (The)
     31,596       411,696  
Swiss Helvetia Fund, Inc. (The)
     79,663       1,132,808  
              2,490,852  
EMERGING MARKETS - 5.35%
  
Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc.
     3,062       59,587  
Central Europe and Russia Fund, Inc. (The)
     7,030       227,913  
First Trust/Aberdeen Emerging Opportunity Fund
     7,200       137,304  
India Fund, Inc. (The)
     223,827       4,286,287  
Latin American Discovery Fund, Inc. (The)
     4,192       58,143  
Morgan Stanley Eastern Europe Fund, Inc.
     4,900       91,238  
Morgan Stanley India Investment Fund, Inc. *
     153,157       2,308,076  
Templeton Dragon Fund, Inc.
     24,184       629,510  
Templeton Russia and East European Fund, Inc.
     34,665       508,189  
Turkish Investment Fund, Inc. (The)
     46,309       696,487  
              9,002,734  
 
See accompanying notes to schedule of investments.
 
 
 
 
     
CORNERSTONE PROGRESSIVE RETURN FUND
    
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2013 (Unaudited) (Continued)
    
 
Description    
No. of
Shares
      
Value
  
EMERGING MARKETS DEBT - 0.50%
                
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
     54,806     $ 772,765  
Western Asset Emerging Markets Income Fund Inc.
     5,400       67,716  
              840,481  
FLEXIBLE INCOME - 0.35%
  
MFS Charter Income Trust
     40,028       358,251  
Putnam Premier Income Trust
     43,279       227,648  
              585,899  
GENERAL & INSURED LEVERAGED - 5.94%
  
Eaton Vance Municipal Bond Fund II
     4,729       52,965  
Eaton Vance National Municipal Opportunities Trust
     20,775       390,362  
Invesco Advantage Municipal Income Trust II
     10,400       111,384  
Invesco Municipal Opportunity Trust
     103,200       1,215,696  
Invesco Quality Municipal Income Trust
     32,594       376,787  
Invesco Value Municipal Income Trust
     0       6  
MFS Investment Grade Municipal Trust
     34,606       301,072  
Nuveen Dividend Advantage Municipal Fund 2
     98,151       1,273,018  
Nuveen Dividend Advantage Municipal Fund 3
     150,153       1,906,943  
Nuveen Dividend Advantage Municipal Income Fund
     44,915       569,971  
Nuveen Municipal Advantage Fund, Inc.
     47,415       593,162  
Nuveen Municipal Market Opportunity Fund, Inc.
     24,518       300,591  
Nuveen Quality Income Municipal Fund, Inc.
     103,428       1,304,227  
Nuveen Select Quality Municipal Fund, Inc.
     101,050       1,283,335  
Putnam Municipal Opportunities Trust
     7,793       85,177  
Invesco Municipal Trust
     16,200       189,540  
Western Asset Municipal Partners Fund Inc.
     2,414       33,386  
              9,987,622  
GENERAL BOND - 0.13%
  
Nuveen Build America Bond Opportunity Fund
     11,936       221,293  
                 
GLOBAL - 10.13%
  
Alpine Global Dynamic Dividend Fund
     427,311       2,034,000  
Alpine Total Dynamic Dividend Fund
     1,954,895       7,858,678  
BlackRock S&P Quality Rankings Global Equity Managed Trust
     2,409       30,040  
Calamos Global Dynamic Income Fund
     147,826       1,257,999  
Clough Global Allocation Fund
     36,100       549,442  
Delaware Enhanced Global Dividend and Income Fund
     170,697       2,031,294  
Gabelli Global Utility & Income Trust (The)
     14,050       275,942  
GDL Fund (The)
     10,268       115,823  
John Hancock Tax-Advantaged Dividend Income Fund
     4,350       50,112  
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund
     5,600       87,360  
Nuveen Global Value Opportunities Fund
     67,127       871,980  
Virtus Total Return Fund
     137,739       541,314  
Wells Fargo Advantage Global Dividend Opportunity Fund
     185,994       1,344,737  
              17,048,721  
GLOBAL INCOME - 0.94%
  
Aberdeen Global Income Fund, Inc.
     18,161       196,684  
Nuveen Multi-Currency Short-Term Government Income Fund
     132,055       1,383,936  
              1,580,620  
 
See accompanying notes to schedule of investments.
 
 
 
 
     
CORNERSTONE PROGRESSIVE RETURN FUND
    
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2013 (Unaudited) (Continued)
    
 
 
Description
    
No. of
Shares
      
Value
  
HIGH CURRENT YIELD (LEVERAGED) - 2.42%
  
BlackRock Corporate High Yield Fund, Inc.
     1,700     $ 12,223  
BlackRock Corporate High Yield Fund V, Inc.
     122,161       1,480,591  
BlackRock High Income Shares
     9,944       20,684  
BlackRock High Yield Trust
     8,644       59,644  
BlackRock Strategic Bond Trust
     3,500       45,325  
DWS High Income Opportunities Fund, Inc.
     69,416       982,236  
DWS High Income Trust
     10,464       94,699  
First Trust Strategic High Income Fund II
     18,632       296,435  
Franklin Universal Trust
     1,970       13,495  
Helios Advantage Income Fund, Inc.
     900       7,686  
Helios Multi-Sector High Income Fund, Inc.
     3,000       17,430  
Invesco High Income Trust II
     645       10,268  
MFS Intermediate High Income Fund
     34,619       95,895  
Neuberger Berman High Yield Strategies Fund Inc.
     71,040       927,782  
              4,064,393  
HIGH YIELD - 0.57%
  
First Trust High Income Long/Short Fund
     29,748       521,780  
Western Asset High Income Opportunity Fund Inc.
     40,489       241,719  
Western Asset Managed High Income Fund Inc.
     35,964       204,635  
              968,134  
HIGH YIELD MUNICIPAL DEBT - 0.40%
  
MFS High Income Municipal Trust
     90,705       420,871  
MFS High Yield Municipal Trust
     38,927       161,158  
Western Asset Municipal High Income Fund Inc.
     12,822       87,190  
              669,219  
INCOME & PREFERRED STOCK - 4.10%
  
Calamos Strategic Total Return Fund
     214,057       2,140,570  
Dividend & Income Fund
     7,200       103,392  
John Hancock Premium Dividend Fund
     98,487       1,178,889  
LMP Capital and Income Fund Inc.
     20,000       297,400  
Nuveen Quality Preferred Income Fund 2
     11,700       88,452  
Nuveen Quality Preferred Income Fund 3
     75,646       596,847  
Zweig Total Return Fund, Inc. (The)
     190,238       2,492,118  
              6,897,668  
OPTION ARBITRAGE/OPTIONS STRATEGIES - 8.45%
  
AllianzGI International & Premium Strategy Fund
     92,945       981,499  
BlackRock Enhanced Capital & Income Fund, Inc.
     62,875       813,602  
BlackRock Enhanced Equity Dividend Trust
     53,016       398,680  
BlackRock Global Opportunities Equity Trust
     445,571       6,233,538  
BlackRock International Growth and Income Trust
     663,007       5,105,154  
Columbia Seligman Premium Technology Growth Fund, Inc.
     3,100       44,051  
ING Asia Pacific High Dividend Equity Income Fund
     47,600       638,316  
              14,214,840  
PACIFIC EX JAPAN - 4.45%
  
Aberdeen Indonesia Fund, Inc.
     9,236       91,344  
Asia Pacific Fund, Inc. (The) *
     20,280       205,234  
Asia Tigers Fund, Inc. (The)
     1,000       11,600  
China Fund, Inc. (The)
     188,427       4,090,750  
Greater China Fund, Inc. (The)
     99,449       1,132,724  
JF China Region Fund, Inc.
     400       5,856  
Morgan Stanley China A Share Fund, Inc.
     16,800       371,280  
Taiwan Fund, Inc. *
     29,850       534,614  
Thai Fund, Inc. (The)
     52,183       1,036,876  
              7,480,278  
REAL ESTATE - 6.38%
  
Cohen & Steers Preferred Securities and Income Fund, Inc.
     269,566       4,180,969  
Cohen & Steers Quality Income Realty Fund, Inc.
     169,143       1,652,527  
Cohen & Steers Total Return Realty Fund, Inc.
     10,600       131,440  
CBRE Clarion Global Real Estate Income Fund
     275,577       2,229,418  
LMP Real Estate Income Fund Inc.
     40,212       423,432  
Neuberger Berman Real Estate Securities Income Fund Inc.
     337,843       1,523,672  
Nuveen Diversified Dividend and Income Fund
     10,368       115,914  
RMR Asia Pacific Real Estate Fund
     27,205       472,822  
              10,730,194  
 
See accompanying notes to schedule of investments.
 
 
 
 
     
CORNERSTONE PROGRESSIVE RETURN FUND
    
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2013 (Unaudited) (Continued)
    
 
Description    
No. of
Shares
      
Value
  
SECTOR EQUITY - 12.34%
                
BlackRock EcoSolutions Investment Trust
     66,828     $ 521,258  
BlackRock Energy and Resources Trust
     175,880       4,539,463  
BlackRock Real Asset Equity Trust
     294,815       2,647,439  
BlackRock Resources & Commodities Strategy Trust
     77,278       894,879  
BlackRock Utility and Infrastructure Trust
     60,927       1,063,176  
Cohen & Steers Infrastructure Fund, Inc.
     24,085       475,438  
Duff & Phelps Global Utility Income Fund Inc.
     105,420       1,972,408  
Gabelli Healthcare & WellnessRx Trust (The)
     8,888       88,524  
ING Risk Managed Natural Resources Fund
     13,005       130,310  
Nuveen Energy MLP Total Return Fund
     31,500       589,365  
Petroleum & Resources Corporation
     73,839       1,998,083  
Reaves Utility Income Fund
     232,512       5,829,076  
              20,749,419  
U.S. MORTGAGE - 0.41%
  
First Trust Mortgage Income Fund
     44,401       683,331  
Nuveen Mortgage Opportunity Term Fund 2
     176       4,226  
              687,557  
UTILITY - 0.06%
  
Brookfield Global Listed Infrastructure Income Fund Inc.
     4,700       95,504  
                 
VALUE - 0.35%
  
John Hancock Tax-Advantaged Dividend Income Fund
     33,687       586,154  
                 
TOTAL CLOSED-END FUNDS
             120,334,259  
                 
COMMODITY POOL - 0.39%
                
Nuveen Diversified Commodity Fund
     39,470       653,229  
                 
CONSUMER DISCRETIONARY - 2.19%
                
Comcast Corporation - Class A
     24,358       1,099,764  
DIRECTV *
     4,000       239,000  
Ford Motor Company
     25,000       421,750  
Home Depot, Inc. (The)
     9,000       682,650  
Johnson Controls, Inc.
     7,000       290,500  
Macy's, Inc.
     2,000       86,540  
Time Warner Cable Inc.
     2,000       223,200  
Walt Disney Company (The)
     10,000       644,900  
              3,688,304  
CONSUMER STAPLES - 1.64%
                
Archer-Daniels-Midland Company
     4,000       147,360  
Kellogg Company
     2,000       117,460  
Kroger Co. (The)
     4,000       161,360  
Walgreen Co.
     9,000       484,200  
Wal-Mart Stores, Inc.
     25,000       1,849,000  
              2,759,380  
 
See accompanying notes to schedule of investments.
 
 
 
 
     
CORNERSTONE PROGRESSIVE RETURN FUND
    
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2013 (Unaudited) (Continued)
    
 
Description     No. of
Shares
      
Value
  
ENERGY - 1.92%
                
Anadarko Petroleum Corporation
     4,000     $ 371,960  
ConocoPhillips
     8,000       556,080  
Devon Energy Corporation
     3,000       173,280  
EOG Resources, Inc.
     2,000       338,560  
Exxon Mobil Corporation
     10,000       860,400  
Hess Corporation
     2,000       154,680  
Marathon Oil Corporation
     2,000       69,760  
Schlumberger Limited
     8,000       706,880  
              3,231,600  
EXCHANGE-TRADED FUNDS - 8.02%
                
iShares Core S&P 500 ETF
     40,000       6,756,000  
SPDR S&P 500 ETF
     40,000       6,724,000  
              13,480,000  
FINANCIALS - 2.77%
                
Allstate Corporation (The)
     3,000       151,650  
American International Group, Inc.
     8,000       389,040  
Bank of America Corporation
     15,000       207,000  
Bank of New York Mellon Corporation (The)
     6,000       181,140  
BB&T Corporation
     5,000       168,750  
Capital One Financial Corporation
     3,000       206,220  
Citigroup, Inc.
     19,000       921,690  
Goldman Sachs Group, Inc. (The)
     3,000       474,630  
JPMorgan Chase & Co.
     20,000       1,033,800  
Marsh & McLennan Companies, Inc.
     4,000       174,200  
MetLife, Inc.
     9,000       422,550  
Prudential Financial, Inc.
     3,000       233,940  
State Street Corporation
     1,500       98,625  
              4,663,235  
HEALTH CARE - 2.03%
                
Abbott Laboratories
     13,000       431,470  
AbbVie Inc.
     3,000       134,190  
Allergan, Inc.
     2,500       226,125  
Boston Scientific Corporation *
     2,000       23,480  
Cardinal Health, Inc.
     4,000       208,600  
Eli Lilly & Company
     6,000       301,980  
Johnson & Johnson
     16,000       1,387,040  
Medtronic, Inc.
     6,000       319,500  
Wellpoint, Inc.
     4,500       376,245  
              3,408,630  
INDUSTRIALS - 1.81%
                
Deere & Company
     3,000       244,170  
General Dynamics Corporation
     3,000       262,560  
General Electric Company
     90,000       2,150,100  
Lockheed Martin Corporation
     3,000       382,650  
              3,039,480  
 
See accompanying notes to schedule of investments.
 
 
 
 
     
CORNERSTONE PROGRESSIVE RETURN FUND
    
SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 2013 (Unaudited) (Concluded)
    
 
Description    
No. of
Shares
      
Value
  
INFORMATION TECHNOLOGY - 3.38%
                
Cisco Systems, Inc.
     40,000     $ 936,800  
Corning, Inc.
     9,000       131,310  
EMC Corporation
     15,000       383,400  
Hewlett-Packard Company
     12,400       260,152  
Intel Corporation
     20,000       458,400  
International Business Machines Corporation
     8,500       1,574,030  
Microsoft Corporation
     22,000       732,820  
QUALCOMM Incorporated
     14,500       976,720  
Yahoo! Inc. *
     7,000       232,120  
              5,685,752  
MATERIALS - 0.24%
                
Dow Chemical Company (The)
     10,500       403,200  
                 
TELECOMMUNICATION SERVICES - 1.09%
                
AT&T, Inc.
     32,000       1,082,240  
Verizon Communications, Inc.
     16,000       746,560  
              1,828,800  
UTILITIES - 0.12%
                
Exelon Corporation
     7,000       207,480  
                 
TOTAL EQUITY SECURITIES (cost - $165,016,240)
             163,383,349  
                 
SHORT-TERM INVESTMENTS - 5.34%
                
MONEY MARKET FUNDS - 5.34%
                
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01%^ (cost - $8,982,826)
     8,982,826       8,982,826  
                 
TOTAL INVESTMENTS - 102.48% (cost - $173,999,066)
             172,366,175  
                 
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.48)%
             (4,166,330 )
                 
NET ASSETS - 100.00%
           $ 168,199,845  
 
  *
Non-income producing security.
      
  ^
The rate shown is the 7-day effective yield as of September 30, 2013.
      
 
See accompanying notes to schedule of investments.
 
 
 
 
 
CORNERSTONE PROGRESSIVE RETURN FUND  
NOTES TO SCHEDULE OF INVESTMENTS  
SEPTEMBER 30, 2013 (UNUAUDITED)
 
Federal Income Tax Cost: The following information is computed on a tax basis for each item as of September 30, 2013:
 
Cost of portfolio investments
   $ 174,082,679  
Gross unrealized appreciation
   $ 4,275,121  
Gross unrealized depreciation
     (5,991,625 )
Net unrealized appreciation
   $ (1,716,504 )
 
The difference between the federal income tax cost of portfolio investments and the Schedule of Investments cost for the Fund is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and generally accepted accounting principles.   These "book/tax" differences are temporary in nature and are due to the tax deferral of losses on wash sales.
 
As required by the Fair Value Measurement and Disclosures Topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification, the Fund has performed an analysis of all assets and liabilities measured at fair value to determine the significance and character of all inputs to their fair value determination.
 
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories.
 
·
Level 1 - quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
 
·
Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.
 
·
Level 3 - model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund's own assumptions that market participants would use to price the asset or liability based on the best available information.
 
The following is a summary of the inputs used as of September 30, 2013 in valuing the Fund's investments carried at value:
 
 
 
VALUATION INPUTS
  
INVESTMENTS
IN
SECURITIES
    
OTHER
FINANCIAL
 INSTRUMENTS*
  
             
Level 1 – Quoted Prices
            
  Equity Investments
   $ 163,383,349     $ -  
  Short-Term Investments
     8,982,826       -  
Level 2 – Other Significant Observable Inputs
     -       -  
Level 3 – Significant Unobservable Inputs
     -       -  
Total
   $ 172,366,175     $ -  

* Other financial instruments include futures, forwards and swap contracts, if any.
 
The breakdown of  the Fund's investments into major categories is disclosed in its Schedule of Investments.
 
As of September 30, 2013, the Fund did not have any transfers in and out of any Level.
 
The Fund did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2013.
 
The disclosures for the Fund's fiscal year beginning January 1, 2013 relate to presenting separately any Level 3 purchases, sales, issuances and settlements on a gross basis instead of one net amount. Management has evaluated the impact of ASU No. 2010-6 for the required disclosures.
 
The Fund is exposed to financial market risks, including the valuations of its investment portfolio. During the nine months ended September 30, 2013, the Fund did not engage in derivative instruments and other hedging activities.
 
The Fund has evaluated the need for additional disclosures and/or adjustments resulting through the date its financial statements were issued.  Based on this evaluation, no additional disclosures or adjustments were required to such Schedule of Investments.
 
Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the Fund's semi-annual report previously filed with the Securities and Exchange Commission on the Form N-CSR on September 6, 2013 with a file number 811-22066.
 
Other information regarding the Fund is available in the Fund’s most recent semi-annual report. This information is also available on the Fund’s website at www.cornerstoneprogressivereturnfund.com; or on the website of the Securities and Exchange Commission at www.sec.gov.
 
 
 
 
 
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
 
 
 
 
 
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         
 
By (Signature and Title)*
/s/ Ralph W. Bradshaw
  
   
Ralph W. Bradshaw, President and Chairman
  
   
(Principal Executive Officer)
  
       
Date
November 25, 2013
    
       
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
       
By (Signature and Title)*
/s/ Ralph W. Bradshaw
  
   
Ralph W. Bradshaw, President and Chairman
  
   
(Principal Executive Officer)
  
       
Date
November 25, 2013
    
       
By (Signature and Title)*
/s/ Frank J. Maresca
  
   
Frank J. Maresca, Treasurer (Principal Financial Officer)
       
Date
November 25, 2013
    
 
* Print the name and title of each signing officer under his or her signature.