UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Amendment No. 5
Under the Securities Exchange Act of 1934
Progressive Return Fund, Inc.
------------------------
(Name of Issuer)
Common Stock
----------------
(Title of Class of Securities)
743376105
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(CUSIP Number)
Date of Event Requiring Filing: December 31, 2002
Check the following box if a fee is being paid with this statement / /. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SEC 1745 (10-88)
Page 1 of 6
Page 2 of 6
SCHEDULE 13G
CUSIP NO. 743376105
---------
- ----------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Deep Discount Advisors, Inc.
- --------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /.
(b) / /.
- --------------------------------------------------------------------
3. SEC USE ONLY
- --------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- -----------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF 136,449
-------- --------------------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
-------- --------------------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 136,449
-------- --------------------------------------
WITH 8. SHARED DISPOSITIVE POWER
0
- -------------------------------- -------- ---------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
136,449
- ---------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/ /.
- --------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.9%
- -------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IA
- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 3 of 6
SCHEDULE 13G
CUSIP NO. 743376105
---------
- ------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ron Olin Investment Management Company
- -------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /.
(b) / /.
- ------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- ------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF 69,491
-------- -------------------------
SHARES 6. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 480,017
-------- -------------------------
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
PERSON 69,491
-------- ----------------------------
WITH 8. SHARED DISPOSITIVE POWER
480,017
- -------------------------------- -------- --------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
549,508
- ---------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/ /.
- ----------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
47.9%
- --------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
IA
- --------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 4 of 6
STATEMENT ON SCHEDULE 13G
Item 1(a). Name of Issuer:
Progressive Return Fund, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
575 Lexington Avenue
New York, NY 10022
Item 2(a). Names of Person Filing:
Deep Discount Advisors, Inc.
Item 2(b). Address of Principal Business Office or, if none,
Residence:
One West Pack Square, Suite 777
Asheville, NC 28801
Item 2(c). Citizenship:
USA
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
743376105
Item 3. If this statement is filed pursuant to Rules
13d-1(b), or 13d-2(b), check whether the person
filing is a:
(a) / / Broker or Dealer registered under Section
15 of the Act
(b) / / Bank as defined in section 3(a)(6) of the
Act
(c) / / Insurance Company as defined in section
3(a)(19) of the Act
(d) / / Investment Company registered under section
8 of the Investment Company Act
(e) /x/ Investment Advisor registered under
section 203 of the Investment Advisers Act
Page 5 of 6
(f) / / Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee
Retirement Income Security Act of 1974 or
Endowment Fund; see (240.13d-1(b)(ii)(F) (Note:
See Item 7)
(g) / / Parent Holding Company, in accordance with
(240.13d-1(b)(ii)(G). (Note: See Item 7)
(h) / / Group, in accordance with Sec.
240.13d-1(b)(ii)(H).
Item 4. Ownership:
(a) Amount Beneficially Owned: 685,957
(b) Percent of Class: 59.8%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 205,940
(ii) shared power to vote or to direct the vote: 480,017
(iii)sole power to dispose or to direct the disposition of:
205,940
(iv) shared power to dispose or to direct the disposition of:
480,017
Item 5. Ownership of Five Percent or Less of a Class:
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company:
Not Applicable
Item 8. Identification and Classification of Members of the Group:
Not Applicable
Item 9. Notice of Dissolution of Group:
Not Applicable
Page 6 of 6
Item 10. Certification:
By signing below, I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired
and are held in the ordinary course of business and were not
acquired and are not held for the purpose of and do not
have the effect of changing or influencing the control
of the issuer of such securities and were not acquired and
are not held in connection with or as a participant in
any transaction having such purposes or effect.
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.
Dated: February 6, 2003
/s/ Ronald G. Olin
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Name: Ronald G. Olin