Flaherty & Crumrine Preferred Income Fund Incorporated operates as a diversified, closed-end management investment company. The fund primarily invests in traditional DRD-eligible preferred securities, common stocks, and debt securities. The company also invests in utilities, banks, insurance, financial, services, oil and gas, REIT, and other industrial sectors. Flaherty & Crumrine Incorporated serves as the Fund's investment advisor. Flaherty & Crumrine Preferred Income Fund was incorporated in 1990 and is based in Pasadena, California.