Preferreds rhymes with:
acids, antacids, arachnids, ballads, bicuspids, coloreds, desmids, fluids, gorrids, harrod's, harrods, hatreds, hundreds, hybrids, invalids, likud's, limited's, liquids, methods, miracid's, muhammad's, orchids, period's, periods, pleiads, rapids, salads, solids, synod's, united's
Preferreds sounds like:
perforates, perverts, porphyritic, properties, properties', property's, purebreds, purports