PFD

Flaherty & Crumrine Preferred and Income Fund Inc. (PFD) is a diversified, closed-end management investment company that invests primarily in preferred securities and other income-producing securities. The fund is managed by Flaherty & Crumrine Incorporated, a Pasadena, California-based investment advisor founded in 1983 that specializes in preferred and investment-grade debt securities. PFD seeks to provide high current income for its shareholders, with capital appreciation as a secondary objective. The fund's portfolio consists predominantly of preferred stocks, including traditional fixed-rate and floating-rate preferred securities issued by banks, utilities, insurance companies, and other financial institutions. PFD employs leverage to enhance returns, utilizing borrowings and preferred stock issuance to increase its investment portfolio relative to its common stock equity base. The fund trades on the New York Stock Exchange and typically maintains a portfolio of 150 to 200 holdings to achieve diversification across issuers and sectors. As a closed-end fund, PFD has a fixed number of shares outstanding and may trade at a premium or discount to its net asset value. The fund regularly distributes monthly dividends to common shareholders, making it attractive to income-focused investors seeking exposure to the preferred securities market with professional management and built-in diversification.