John Hancock Preferred Income Fund (the Fund) is a closed-end management investment company. The Fund's primary investment objective is to provide a high level of current income, consistent with preservation of capital. Its secondary investment objective is to provide growth of capital to the extent consistent with its primary investment objective. The Fund invests at least 80% of its assets (net assets plus borrowings for investment purposes) in preferred stocks and other preferred securities, including convertible preferred securities. In addition, the Fund invests 25% or more of its total assets in the industries comprising the utilities sector, and at least 80% of its total assets in preferred securities and other fixed-income securities, that are rated investment grade or higher by Moody's or Standard & Poor's at the time of investment or in unrated securities determined by the Adviser to be of comparable credit quality. John Hancock Advisers, LLC is the Fund's investment adviser.