United States
Securities and Exchange Commission
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 8)
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 27, 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).
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CUSIP No.: 74037G-10-6 THE COMMERCE GROUP, INC.
SCHEDULE 13D
AMENDMENT No. 8
JULY 11, 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 2,121,100
SHARED VOTING POWER 0
SOLE DISPOSITIVE POWER 2,121,100
SHARED DISPOSITIVE POWER 0
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,121,100
12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.0%
14. TYPE OF REPORTING PERSON
[HC]
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CUSIP No.: 74037G-10-6 THE COMMERCE GROUP, INC.
SCHEDULE 13D
AMENDMENT No. 8
JULY 11, 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 21.0% of the Fund's outstanding Shares.
(b) The Reporting Person is the beneficial owner (through its insurance
subsidiaries as listed below) of 2,121,100 Shares, over which it has sole
power of disposition and voting. Such number of Shares represents
approximately 21.0% of the outstanding Shares.
Shares Cost
The Commerce Insurance Company 2,121,100 $31,541,948
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CUSIP No.: 74037G-10-6 THE COMMERCE GROUP, INC.
SCHEDULE 13D
AMENDMENT No. 8
JULY 11, 2003
(c) During the period from June 17, 2003 through June 27, 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 June 17, 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. 8
JULY 11, 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.
July 11, 2003 THE COMMERCE GROUP INC.
___________________________
Gerald Fels
Executive Vice President &
Chief Financial Officer
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ANNEX A
Item 5 (c) - Information
From 06/17/03 - 06/27/03
PFD 74037G-10-6 PREFERRED INCOME FUND
COMMERCE INSURANCE COMPANY
SALES
TRADE SETTLEMENT SHARES SALE PRICE
DATE DATE SOLD PER SHARE CONSIDERATION
06/17/03 06/20/03 28,800 16.2700 $ 467,402.07
06/18/03 06/23/03 4,200 16.4200 68,794.87
06/23/03 06/26/03 10,700 16.6649 177,878.08
06/24/03 06/27/03 37,700 16.3985 616,686.52
06/25/03 06/30/03 6,000 16.5520 99,067.35
06/26/03 07/01/03 1,500 16.5133 24,708.79
06/27/03 07/02/03 3,900 16.5218 64,276.00
COMMERCE SALE TOTALS 92,800 $1,518,813.68
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