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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FsVaTxNXNSwsJMKL58SdgAEiyzMhwwi0XGVb1M2a/HVJvbEravWyTcPFHtzF8d8m
 5dHkEOCak5WVj/FMZWJYQQ==

<SEC-DOCUMENT>9999999997-03-025666.txt : 20030617
<SEC-HEADER>9999999997-03-025666.hdr.sgml : 20030617
<ACCEPTANCE-DATETIME>20030617091244
<PAPER>
ACCESSION NUMBER:		9999999997-03-025666
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20030609
EFFECTIVENESS DATE:		20030609

FILER:

	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:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05891
		FILM NUMBER:		03023070

	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
</SEC-HEADER>
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<TYPE>40-17G
<SEQUENCE>1
<FILENAME>9999999997-03-025666.paper
<DESCRIPTION>AUTO-GENERATED PAPER DOCUMENT
<TEXT>
This document was generated as part of a paper submission.
Please reference the Document Control Number 03023070 for access to the original document.
</TEXT>
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