CORNERSTONE TOTAL RETURN FUND INC

Regulatory Filings • Jun 4, 2009

40-17G 1 cornerstone_4017g.htm cornerstone_4017g.htm Licensed to: FilePoint EDGAR Services. LLC Document Created using EDGARizer 4.0.6.4 Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved

CORNERSTONE TOTAL RETURN FUND, INC.

CORNERSTONE STRATEGIC VALUE FUND, INC.

CORNERSTONE PROGRESSIVE RETURN FUND

305 Madison Avenue, Suite 740

New York, New York 10165

(212) 652-6155

June 4, 2009

Securities and Exchange Commission

450 Fifth Street, N.W.

Judiciary Plaza

Washington, D.C. 20549

Gentlemen:

Pursuant to the requirements of Rule 17g-l(g)(l) of the Investment Company Act of 1940 as amended (the "1940 Act"), I enclose herewith the following:

1. a copy of joint fidelity bond for the following Funds (attached as EX-99.1):

• Cornerstone Total Return Fund, Inc. (File No. 811-02363)

• Cornerstone Strategic Value Fund, Inc. (File No. 811-05150)

• Cornerstone Progressive Return Fund (File No. 811-22066) (hereafter defined as the "Fund" or collectively the "Funds")

1. certified copy of the resolutions of a majority of the Boards of Trustees/Directors who are not "interested persons" of each Fund approving the amount, type, form and coverage of the bond and the premium paid (attached as EX-99.2);

2. a statement showing the amount of the single insured bonds which the Funds would have provided and maintained had they not been named as the insured under a joint insured bond (see EX-99.3);

3. a statement setting forth the period for which the premium has been paid (attached as EX-99.5); and

4. a copy of the agreement between each Fund entered into pursuant to an agreement of the joint insured (attached as EX-99.6).

Very truly yours,

/s/ Frank Maresca

Frank Maresca

Treasurer

Enclosures