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Welcome to The Flaherty & Crumrine
Preferred Income Fund...

The Flaherty & Crumrine Preferred Income Fund ("PFD") is a closed-end, diversified investment company which invests primarily in preferred stocks. It commenced investment operations in January, 1991 through an initial public offering of common stock. The Fund also uses financial leverage as a strategy to achive its investment objective. At April 3, 2017 there were 11,138,587 common shares outstanding.

The Preferred Income Fund concentrates its investments in the financials sector, which for this purpose is comprised of the bank, thrifts & mortgage finance, diversified financial services, finance, consumer finance, capital markets, asset management & custody, investment banking & brokerage, insurance, insurance brokers and real estate investment trust (REIT) industries. From time to time, the Fund may have 25% or more of its total assets invested in any one of these industries. Naturally, the Fund will be significantly impacted by developments affecting these industries.

The investment objective of the Fund is high current income for holders of its common stock consistent with preservation of capital. What makes the Fund unusual, however, is the use of strategies which are expected to result in the Fund's income increasing as long-term interest rates rise significantly, while being relatively resistant to declines in long-term interest rates.

To learn more about the Fund, click the appropriate buttons above to see performance results, past and current income, and the portfolio overview. Also, a detailed description is available for both the Preferred Income Fund and the Preferred Income Opportunity Fund on "The Basics" page.


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