This article is being written to introduce 5 companies with 8 non-cumulative preferred stocks that are currently among the highest yields in this class of preferred stocks. It is my experience that most analysts recommend against investing in non-cumulative issues. After all, if you have a choice between a cumulative and non-cumulative issues with the same or similar characteristics of price, safety, and ability to pay the dividend, why take the extra risk with the non-cumulative preferred? Before I try to answer that question, here is how I define what a non-cumulative preferred stock is.