PAGE  1
000 A000000 04/30/2005
000 C000000 0001215664
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 PREFERRED INCOME STRATEGIES FUND, INC.
001 B000000 811-21286
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 FUND ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-12485
008 D010001 PLAINSBORO
008 D020001 NJ
008 D030001 08536
011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
011 B000001 8-7221
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
011 C040001 1201
012 A000001 EQUISERVE (COMMON)
012 B000001 85-11340
012 C010001 PROVIDENCE
012 C020001 RI
012 C030001 02940
012 C040001 3010
      PAGE  2
012 A000002 THE BANK OF NEW YORK (PREFERRED)
012 B000002 85-05006
012 C010002 NEW YORK
012 C020002 NY
012 C030002 10286
013 A000001 ERNST & YOUNG LLP
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
013 B040001 7096
014 A000001 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
014 B000001 8-7221
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
015 E010001 X
015 A000002 THE BANK OF NEW YORK
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10286
015 E010002 X
015 A000003 BANKERS TRUST COMPANY
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10006
015 E010003 X
015 A000004 J.P. MORGAN CHASE BANK
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10017
015 E010004 X
015 A000005 CUSTODIAL TRUST CO.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10167
015 E010005 X
015 A000006 MORGAN GUARANTY TRUST CO. OF NEW YORK
015 B000006 S
015 C010006 NEW YORK
015 C020006 NY
015 C030006 10260
015 E010006 X
018  000000 Y
019 A000000 Y
019 B000000  161
      PAGE  3
019 C000000 MERRILLLYN
020 A000001 LEHMAN BROTHERS INC.
020 B000001 13-2518466
020 C000001    132
020 A000002 RBS GREENWICH CAPITAL
020 C000002      3
020 A000003 BROWN BROTHERS HARRIMAN & CO.
020 B000003 13-4973745
020 C000003      2
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000      137
022 A000001 LEHMAN BROTHERS INC.
022 B000001 13-2518466
022 C000001    317413
022 D000001    177054
022 A000002 ML LIQUIDITY SERIES, LLC CASH SWEEP SERIES I
022 B000002 02-0651665
022 C000002    112418
022 D000002    112418
022 A000003 BARCLAY INVESTMENTS, INC.
022 B000003 05-0346412
022 C000003      5899
022 D000003     97782
022 A000004 HSBC SECURITIES (USA) INC.
022 B000004 13-2650272
022 C000004     51651
022 D000004      8404
022 A000005 FIRST TENNESSEE BANK
022 C000005     48538
022 D000005      3780
022 A000006 ABN AMRO INCORPORATED
022 B000006 13-3227945
022 C000006     28851
022 D000006     19294
022 A000007 WACHOVIA SECURITIES, LLC
022 B000007 54-0796506
022 C000007         0
022 D000007     28482
022 A000008 MORGAN STANLEY
022 B000008 13-2655998
022 C000008      1600
022 D000008     10028
022 A000009 CITIGROUP GLOBAL MARKETS INC.
022 B000009 11-2418191
022 C000009      6390
      PAGE  4
022 D000009         0
022 A000010 KEEFE, BRUYETTE & WOODS, INC.
022 C000010      5120
022 D000010         0
023 C000000     582491
023 D000000     461581
024  000000 Y
025 A000001 LEHMAN BROTHERS HOLDINGS, INC.
025 C000001 E
025 D000001   21125
025 A000002 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST III
025 C000002 E
025 D000002     871
025 D000003       0
025 D000004       0
025 D000005       0
025 D000006       0
025 D000007       0
025 D000008       0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 N
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.600
048 A010000        0
048 A020000 0.000
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
      PAGE  5
048 J010000        0
048 J020000 0.000
048 K010000        0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 Y
055 B000000 N
056  000000 Y
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000        0
062 A000000 N
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
066 A000000 Y
      PAGE  6
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 Y
066 G000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 Y
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000    203921
071 B000000    195923
071 C000000   1503899
071 D000000   13
072 A000000  6
      PAGE  7
072 B000000    30296
072 C000000    16795
072 D000000        0
072 E000000        2
072 F000000     4528
072 G000000      213
072 H000000        0
072 I000000       83
072 J000000       33
072 K000000        0
072 L000000       42
072 M000000       48
072 N000000        0
072 O000000        0
072 P000000        0
072 Q000000        0
072 R000000       23
072 S000000       20
072 T000000        0
072 U000000        0
072 V000000        0
072 W000000      761
072 X000000     5751
072 Y000000        0
072 Z000000    41342
072AA000000    22080
072BB000000    24698
072CC010000      503
072CC020000        0
072DD010000    40593
072DD020000        0
072EE000000        0
073 A010000   1.0000
073 A020000   0.0000
073 B000000   0.0000
073 C000000   0.0000
074 A000000        0
074 B000000        0
074 C000000    16092
074 D000000   245592
074 E000000  1252803
074 F000000        0
074 G000000        0
074 H000000       12
074 I000000     4400
074 J000000     3959
074 K000000       40
074 L000000    18875
074 M000000       79
074 N000000  1541852
074 O000000     3529
      PAGE  8
074 P000000      705
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000    42852
074 S000000   550084
074 T000000   944682
074 U010000    40593
074 U020000        0
074 V010000    23.27
074 V020000     0.00
074 W000000   0.0000
074 X000000    33865
074 Y000000  1133826
075 A000000        0
075 B000000  1513465
076  000000    21.15
077 A000000 Y
077 O000000 Y
078  000000 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 COMMON STOCK
087 A020000 74038E100
087 A030000 PSY
087 B010000 PREFERRED STOCK
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE   DONALD C. BURKE                              
TITLE       TREASURER