-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hj6FARPYMd3OvtHUm12fbkgqYFGUKa/0bZSG5tm7E1+obQucVDcFLlyKEmyUvYaZ mIDc2qE7+om6Bs3rkuHj9Q== 0001109742-04-000008.txt : 20040109 0001109742-04-000008.hdr.sgml : 20040109 20040108185342 ACCESSION NUMBER: 0001109742-04-000008 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20040109 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: OLIN RONALD G CENTRAL INDEX KEY: 0001109742 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: ONE WEST PACK SQ STREET 2: STE 777 CITY: ASHEVILLE STATE: NC ZIP: 28801 MAIL ADDRESS: STREET 1: ONE WEST PACK SQ STREET 2: STE 777 CITY: ASHEVILLE STATE: NC ZIP: 28801 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PROGRESSIVE RETURN FUND INC CENTRAL INDEX KEY: 0000854580 IRS NUMBER: 510323965 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-40528 FILM NUMBER: 04516401 BUSINESS ADDRESS: STREET 1: C/O BEAR STEARNS FUNDS MANAGEMENT INC STREET 2: 383 MADISON AVENUE - 23RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10179 BUSINESS PHONE: 2122722093 MAIL ADDRESS: STREET 1: C/O BEAR STEARNS FUNDS MANAGEMENT INC STREET 2: 383 MADISON AVENUE - 23RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10179 FORMER COMPANY: FORMER CONFORMED NAME: PORTUGAL FUND INC DATE OF NAME CHANGE: 19920703 SC 13D/A 1 pgf3da8r.txt Securities and Exchange Commission Washington, D.C. 20549 ------------------------------- SCHEDULE 13D/A Amendment No. 8 Under the Securities Exchange Act of 1934 Progressive Return Fund, Inc. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 743376105 - -------------------------------------------------------------------------------- (CUSIP Number) Ronald G. Olin One West Pack Square, Suite 777 Asheville, NC 28801 (828) 255-4832 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) January 6, 2004 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box. [ ] CUSIP No.: 743376105 13D Page 2 - ----------------------- --------- ========================================================================== 1 NAME OF REPORTING PERSON S.S. OR I.R.S. ID NO. OF ABOVE PERSON Ronald G. Olin =========================================================================== 2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ ] OF A GROUP (b) [ ] =========================================================================== 3 SEC USE ONLY =========================================================================== 4 SOURCE OF FUNDS OO =========================================================================== 5 CHECK BOX IF DISCLOSURE OF LEGAL [ ] PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) =========================================================================== 6 CITIZENSHIP OR PLACE OF ORGANIZATION One West Pack Square, Suite 777, Asheville, NC 28801 =========================================================================== NUMBER OF | | SOLE VOTING POWER SHARES | 7 | 445,316.9654 ============================================================================ BENEFICIALLY | | SHARED VOTING POWER 0 OWNED | 8 | ============================================================================ BY EACH | | SOLE DISPOSITIVE POWER 0 REPORTING | 9 | ============================================================================ PERSON | | SHARED DISPOSITIVE POWER 445,316.9654 WITH | 10 | ============================================================================ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 445,316.9654 ============================================================================ 12 CHECK IF THE AGGREGATE AMOUNT IN ROW [ ] (11) EXCLUDES CERTAIN SHARES ============================================================================ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 38.4% ============================================================================ 14 TYPE OF REPORTING PERSON IN ============================================================================ CUSIP No.: 743376105 13D Page 3 - ----------------------- -------------- ITEM 1. SECURITY AND ISSUER This Schedule 13D relates to the shares of Common Stock of Progressive Return Fund, Inc. (the "Issuer"). The principal executive offices of the Fund are located at 383 Madison Avenue, New York, NY 10179. Ralph W. Bradshaw, Chairman and President Gary A. Bentz, Vice-President and Treasurer Thomas R. Westle, Secretary ITEM 2. IDENTITY AND BACKGROUND (a) - (c) This Schedule 13D is being filed by Ronald G. Olin, an individual investor, who is an employee and principal owner of Deep Discount Advisors, Inc., and a general partner of Ron Olin Investment Management Co., One West Pack Square, Suite 777, Asheville, NC 28801. (d) None (e) None (f) USA ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION Investment Funds ITEM 4. PURPOSE OF TRANSACTION The reporting person sold 16,700 shares of the issuer between January 2, 2004 and January 6, 2004 in order to raise cash for personal reasons. No additional sales are contemplated for at least three months or longer. The reporting person intends to remain a passive holder of the securities of the issuer. As such, the securities of the issuer acquired and held by the reporting person were purchased for investment purposes and not for the purpose of changing or influencing the control of the issuer of such securities. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER (a) The Fund's Semi-Annual Report states that, as of the close of business on June 30, 2003, there were 1,159,507 shares of Common Stock outstanding. The percentage set forth in this Item 5(a) was derived using such number. The Reporting Person is the beneficial owner of 445,316.9654 shares of Common Stock, which constitute approximately 38.4% of the outstanding shares of Common Stock. (b) Power to vote and to dispose of the securities resides with Ronald G. Olin. c) Since the date of the last filing, the following shares of Common Stock were disposed of through open market sales: Date Number of Shares Price Per Share - ---------- ------------------- ----------------- 01/02/2004 600 Sold 29.22 01/05/2004 9100 Sold 29.1448 01/06/2004 7000 Sold 29.098 ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER None ITEM 7. MATERIAL TO BE FILED AS EXHIBITS None SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: January 8, 2004 By: /s/ Ronald G. Olin ---------------------------- Name: Ronald G. Olin -----END PRIVACY-ENHANCED MESSAGE-----