-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RXECHpMmV/oJJZPX8SJPXhLdAzEZrfvrXEmZp9cKKrAA2cCCOGhVQoNCndLLDlq6 WaPxRy0iej81vOZ0ad3Jdg== 0000811612-03-000010.txt : 20030508 0000811612-03-000010.hdr.sgml : 20030508 20030508141558 ACCESSION NUMBER: 0000811612-03-000010 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20030508 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: COMMERCE GROUP INC /MA CENTRAL INDEX KEY: 0000811612 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 042599931 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 211 MAIN ST CITY: WEBSTER STATE: MA ZIP: 01570 BUSINESS PHONE: 5089439000 MAIL ADDRESS: STREET 1: 211 MAIN STREET STREET 2: 211 MAIN STREET CITY: WEBSTER STATE: MA ZIP: 01570 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PREFERRED INCOME FUND INC CENTRAL INDEX KEY: 0000868578 IRS NUMBER: 954305694 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-55183 FILM NUMBER: 03687817 BUSINESS ADDRESS: STREET 1: 301 E COLORADO BLVD STE 720 STREET 2: C/O FLAHERTY & CRUMRINE INC CITY: PASADENA STATE: CA ZIP: 91101 BUSINESS PHONE: 8187957300 MAIL ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NH ZIP: 08536 SC 13D 1 pif-pfd13d3tag.txt PREFERRED INCOME FUND, INC. (5/5/2003) United States Securities and Exchange Commission Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 3) 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) May 5, 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. 3 May 8, 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 2,644,000 SHARED VOTING POWER 0 SOLE DISPOSITIVE POWER 2,644,000 SHARED DISPOSITIVE POWER 0 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,644,000 12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 26.2% 14. TYPE OF REPORTING PERSON [HC] Page 2 of 6 CUSIP No.: 74037G-10-6 THE COMMERCE GROUP, INC. SCHEDULE 13D AMENDMENT No. 3 MAY 8, 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 26.2% of the Fund's outstanding Shares. (b) The Reporting Person is the beneficial owner (through its insurance subsidiaries as listed below) of 2,644,000 Shares, over which it has sole power of disposition and voting. Such number of Shares represents approximately 26.2% of the outstanding Shares. Shares Cost The Commerce Insurance Company 2,468,000 $37,109,693 American Commerce Insurance Company 156,000 2,145,828 Commerce West Insurance Company 20,000 279,231 Totals 2,644,000 $39,534,752 Page 3 of 6 CUSIP No.: 74037G-10-6 THE COMMERCE GROUP, INC. SCHEDULE 13D AMENDMENT No. 3 May 8, 2003 (c) During the period from February 14, 2003 through May 5, 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 B). All transactions prior to February 14, 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 Page 4 of 6 CUSIP No.: 74037G-10-6 THE COMMERCE GROUP, INC. SCHEDULE 13D AMENDMENT No. 3 MAY 8, 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. May 8, 2003 THE COMMERCE GROUP INC. /s/ Gerald Fels Gerald Fels Executive Vice President & Chief Financial Officer Page 5 of 6 ANNEX A Item 5 (c) - Information SALES from 02/14/03 - 05/05/03 PFD 74037G-10-6 PREFERRED INCOME FUND
COMMERCE INSURANCE COMPANY TRADE SETTLEMENT SHARES SALE PRICE DATE DATE SOLD PER SHARE CONSIDERATION 04/17/03 04/23/03 7,100 $16.5496 $ 117,212.66 04/17/03 04/23/03 1,500 16.6500 24,913.83 04/21/03 04/24/03 2,500 16.4700 41,073.07 04/28/03 05/01/03 11,600 16.4079 189,858.73 04/30/03 05/05/03 3,900 16.2615 63,260.88 05/01/03 05/06/03 40,500 15.9179 643,024.78 05/05/03 05/08/03 23,700 16.0103 378,478.35 COMMERCE INSURANCE TOTALS: 90,800 $1,457,822.30 AMERICAN COMMERCE INSURANCE CO 02/14/03 02/20/03 900 16.7000 $ 14,993.54 02/18/03 02/21/03 5,900 16.7000 98,291.03 04/22/03 04/25/03 5,100 16.4806 83,843.12 04/29/03 05/02/03 100 16.5500 $ 1,650.93 AMERICAN COMMERCE TOTALS: 12,000 $ 198,779.62 TOTAL SALES: 102,800 $1,656,600.92
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