United States
Securities and Exchange Commission
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 6)
Preferred Income Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
74037G-10-6
(CUSIP Number)
The Commerce Group, Inc.
211 Main Street
Webster, MA 01570
(508) 943-9000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 4, 2003
(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(e), 13d-1(f)
or 13d-1(g), check the following box:
[X]
The information required on 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).
Page 1 of 6
CUSIP No.: 74037G-10-6 THE COMMERCE GROUP, INC.
SCHEDULE 13D
AMENDMENT No. 6
JUNE 18, 2003
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
The Commerce Group Inc.
ID# 04-2599931
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS [WC]
5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH
SOLE VOTING POWER 2,314,200
SHARED VOTING POWER 0
SOLE DISPOSITIVE POWER 2,314,200
SHARED DISPOSITIVE POWER 0
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,314,200
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.0%
14. TYPE OF REPORTING PERSON
[HC]
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CUSIP No.: 74037G-10-6 THE COMMERCE GROUP, INC.
SCHEDULE 13D
AMENDMENT No. 6
JUNE 18, 2003
ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of beneficial interest
(the "Shares"), of Preferred Income Fund, Inc. (the "Fund"), a
Maryland business trust registered as an investment company under
the Investment Company Act of 1940, as amended (the "Investment
Company Act"). The principal executive offices of the Fund are
located at c/o Flaherty & Crumrine, Inc. 301 E. Colorado Blvd., Ste
720, Pasadena, California, 91101.
ITEM 2. IDENTITY AND BACKGROUND
(a) - (f) This Schedule 13D is being filed by The Commerce Group
Inc. (the "Reporting Person"), a corporation formed under the laws
of Massachusetts. The Reporting Person is a corporation whose
principal offices are located at 211 Main Street Webster, MA 01570.
No material changes have taken place with respect to director or
officer information of the reporting person.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
This item is not applicable. This Schedule 13D reports sales
of shares rather than purchases.
ITEM 4. PURPOSE OF TRANSACTION
No material change has taken place since the previous filing.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Fund's reports with the Securities and Exchange
Commission report that 10,081,681 Shares are outstanding. Based
upon such number, the Reporting Person beneficially owns 23.0% of
the Fund's outstanding Shares.
(b) The Reporting Person is the beneficial owner (through its
insurance subsidiaries as listed below) of 2,314,200 Shares, over
which it has sole power of disposition and voting. Such number of
Shares represents approximately 23.0% of the outstanding Shares.
Shares Cost
The Commerce Insurance Company 2,294,200
$34,320,203
Commerce West Insurance Company 20,000
279,231
Totals 2,314,200
$34,599,434
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CUSIP No.: 74037G-10-6 THE COMMERCE GROUP, INC.
SCHEDULE 13D
AMENDMENT No. 6
JUNE 18, 2003
(c) During the period from May 28, 2003 through June 4, 2003
the Reporting Person has effected the following sales in the shares
of Common Stock, all of which were made on the New York Stock
Exchange (see attached Annex A). All transactions prior to May 28,
2003 were reported on previous Schedule 13D filings.
(d) No person other than the Reporting Person has the right to
receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the shares of Common Stock owned by the
Reporting Person.
(e) It is inapplicable to state the date on which the Reporting
Person ceased to be the beneficial owner of more than five percent
of the Common Stock.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
The Reporting Person does not have any contract, arrangement,
understanding or relationship (legal or otherwise) with any person
with respect to any securities of the Fund, including, but not
limited to, the transfer or voting of any such securities, finders'
fees, joint ventures, loan or option arrangements, puts or calls,
guarantees of profits, division of profits or loss, or the giving or
withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Annex A Item 5(c) Information
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CUSIP No.: 74037G-10-6 THE COMMERCE GROUP, INC.
SCHEDULE 13D
AMENDMENT No. 6
JUNE 18, 2003
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.
June 18, 2003 THE COMMERCE GROUP INC.
___________________________
Gerald Fels
Executive Vice President &
Chief Financial Officer
Page 5 of 6
ANNEX A
Item 5 (c) - Information
From 05/28/03 - 06/04/03
PFD 74037G-10-6 PREFERRED INCOME FUND
COMMERCE INSURANCE COMPANY
SALES
TRADE SETTLEMENT SHARES SALE PRICE
DATE DATE SOLD PER SHARE CONSIDERATION
05/28/03 06/02/03 24,800 16.7300 $413,887.62
05/29/03 06/03/03 10,600 16.7200 $176,750.95
05/30/03 06/04/03 25,000 16.6000 $413,980.58
06/02/03 06/05/03 7,700 16.6012 $127,515.26
06/03/03 06/06/03 18,100 16.5229 $298,326.49
06/04/03 06/09/03 7,600 16.5916 $125,786.26
COMMERCE SALE TOTALS: 93,800 $1,556,247.16
NET COMMERCE SALE TOTAL: 93,800 $1,556,247.16
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