SC 13D/A 1 pgf3da1r.txt Securities and Exchange Commission Washington, D.C. 20549 ------------------------------- SCHEDULE 13D/A 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) November 23, 2001 -------------------------------------------------------------------------------- (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 | 0 ============================================================================ BENEFICIALLY | | SHARED VOTING POWER 1,219,600 OWNED | 8 | ============================================================================ BY EACH | | SOLE DISPOSITIVE POWER 0 REPORTING | 9 | ============================================================================ PERSON | | SHARED DISPOSITIVE POWER 1,219,600 WITH | 10 | ============================================================================ 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,219,600 ============================================================================ 12 CHECK IF THE AGGREGATE AMOUNT IN ROW [ ] (11) EXCLUDES CERTAIN SHARES ============================================================================ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 28.4% ============================================================================ 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 575 Lexington Avenue, New York, NY 10022. 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 intends to be 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, 2001, there were 4,292,316 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 1,219,600 shares of Common Stock, which constitute approximately 28.4% of the outstanding shares of Common Stock. (b) Power to vote and to dispose of the securities resides with Ronald G. Olin. c) During the last 30 days, the following shares of Common Stock were traded in the open market: Date Number of Shares Price Per Share ---------- ------------------- ----------------- 10/26/2001 800 Bought 8.51 10/30/2001 100 Bought 8.26 11/01/2001 600 Bought 8.45 11/07/2001 1900 Bought 8.62 11/08/2001 3100 Bought 8.73 11/13/2001 500 Bought 8.84 11/19/2001 1200 Bought 8.86 11/20/2001 2200 Bought 8.88 11/21/2001 900 Bought 8.89 11/23/2001 105800 Bought 8.81 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: November 23, 2001 By: /s/ Ronald G. Olin ---------------------------- Name: Ronald G. Olin