Answer:
Preferred Shareholders
Explanation:
The reason is that the preferred shareholders are paid before the ordinary shareholders. This is the reason why the risk associated with the preferred shareholders is lower than the risk associated with the ordinary shareholders who are paid at the end out of the profits if their are any profits left. The lenders are paid first, if there is any profit paid then a percentage of profit are paid as taxes, if still there are profits left then the preferred shareholders are paid and if still now there are profits left then the ordinary shareholders are paid. So this means that the preferred shareholders are paid before ordinary shareholders (That's the reason why the return on preferred shares are lower than the ordinary share because they are less risky).
