Premium Income Corporation operates as Mulvihill Premium Canadian Bank Fund (the Fund). The Fund's investment objectives are to provide preferred shareholders with cumulative preferential quarterly cash dividends of $0.22 per quarter, to provide Class A shareholders with all excess realized income of the Fund at each fiscal year end, and to return, at a minimum, the original issue price to holders of both preferred shares and class A shares upon windup on November 1, 2010. The Fund achieves its investment objectives by investing its net assets in a portfolio consisting of short-term investments and common shares issued by Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada, The Bank of Nova Scotia and The Toronto-Dominion Bank.