Securities and Exchange Commission
Washington, D.C. 20549
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SCHEDULE 13D/A
Amendment No. 7
Under the Securities Exchange Act of 1934
Progressive Return Fund, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
743376105
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(CUSIP Number)
Ronald G. Olin
One West Pack Square, Suite 777
Asheville, NC 28801
(828) 255-4832
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 31, 2003
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(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
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
Ronald G. Olin
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2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ ]
OF A GROUP (b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
One West Pack Square, Suite 777, Asheville, NC 28801
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NUMBER OF | | SOLE VOTING POWER
SHARES | 7 | 462,016.9654
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BENEFICIALLY | | SHARED VOTING POWER 0
OWNED | 8 |
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BY EACH | | SOLE DISPOSITIVE POWER 0
REPORTING | 9 |
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PERSON | | SHARED DISPOSITIVE POWER 462,016.9654
WITH | 10 |
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 462,016.9654
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
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13 PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 39.8%
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14 TYPE OF REPORTING PERSON IN
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CUSIP No.: 743376105 13D Page 3
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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 18,000 shares between December 23, 2003 and
December 31, 2003 in order to raise cash for personal reasons. 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 462,016.9654 shares of
Common Stock, which constitute approximately 39.8% 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
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12/23/2003 4400 Sold 28.90
12/24/2003 1300 Sold 28.89
12/26/2003 1300 Sold 28.87
12/26/2003 1400 Sold 28.85
12/29/2003 600 Sold 28.94
12/30/2003 8000 Sold 29.126
12/31/2003 1000 Sold 29.26
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 7, 2004
By: /s/ Ronald G. Olin
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Name: Ronald G. Olin