-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 SutzBRrqXWlKvCTE9UKbQQ==

<SEC-DOCUMENT>0001252917-04-000003.txt : 20041228
<SEC-HEADER>0001252917-04-000003.hdr.sgml : 20041228
<ACCEPTANCE-DATETIME>20041228175647
ACCESSION NUMBER:		0001252917-04-000003
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041227
FILED AS OF DATE:		20041228
DATE AS OF CHANGE:		20041228

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BRODY MARTIN
		CENTRAL INDEX KEY:			0001252917

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06179
		FILM NUMBER:		041229239

	MAIL ADDRESS:	
		STREET 1:		C/O HMK ASSOCIATES
		STREET 2:		30 COLUMBIA TURNPIKE
		CITY:			FLORHAM PARK
		STATE:			NJ
		ZIP:			07932

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PREFERRED INCOME FUND INC
		CENTRAL INDEX KEY:			0000868578
		IRS NUMBER:				954305694
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-27</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000868578</issuerCik>
        <issuerName>PREFERRED INCOME FUND INC</issuerName>
        <issuerTradingSymbol>PFD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001252917</rptOwnerCik>
            <rptOwnerName>BRODY MARTIN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HMK ASSOCIATES</rptOwnerStreet1>
            <rptOwnerStreet2>30 COLUMBIA TURNPIKE</rptOwnerStreet2>
            <rptOwnerCity>FLORHAM PARK</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07932</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-12-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>2152</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>18.16</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>Donald F. Crumrine</signatureName>
        <signatureDate>2004-12-27</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>brody.txt
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>


POWER OF ATTORNEY


	KNOW ALL MEN BY THESE PRESENTS, that the
person whose name appears below nominates, constitutes and
appoints Donald F. Crumrine, Robert M. Ettinger and Peter C.
Stimes (with full power to act alone) his true and lawful attorney-
in-fact and agent, for him and on his behalf and in his place and
stead in any and all capacities, to execute any and all filings on
Form 4 (Statement of Changes of Beneficial Ownership of
Securities) pursuant to Section 16(a) of the Securities Exchange
Act of 1934 and Section 30(h) of the Investment Company Act
of 1940, as amended ("Form 4 Filings") with respect to changes
of beneficial ownership of securities of FLAHERTY &
CRUMRINE PREFERRED INCOME FUND INCORPORATED
(the "Fund"), and to file with the Securities and Exchange
Commission, The New York Stock Exchange and the Fund such
Form 4 Filings, granting unto said attorney, full power and
authority to do and perform certain acts and things requisite and
necessary to be done in and about the premises as fully to all
intents and purposes as the undersigned himself might or could do.

	IN WITNESS WHEREOF, the undersigned has hereunto
set his hand this 18th day of February, 2004.



/s/ Martin Brody
Name: Martin Brody
Title:   Director, Flaherty & Crumrine Preferred Income Fund
Incorporated


EXPIRES:  February 28, 2005


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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