Flaherty & Crumrine Preferred Income Fund Incorporated (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide high current income consistent with the preservation of capital. The Fund invests primarily in a diversified portfolio of preferred securities, which includes traditional preferred stocks eligible for the inter-corporate dividends received deduction (DRD) and fully taxable preferred securities. At least 80% of the value of the Fund's net assets will be invested in preferred securities. The Fund also invests at least 25% of its assets in securities issued by companies in the utility industry and at least 25% of its total assets in securities issued by companies in the banking industry. The Fund’s investment advisor is Flaherty & Crumrine Incorporated. PNC Global Investment Servicing (U.S.) Inc. (PNC), formerly known as PFPC Inc., serves as the Fund's administrator.