John Hancock Preferred Income Fund (the Fund) is a diversified closed-end management investment company. The Fund seeks to provide a high level of current income by investing in a diversified portfolio of securities that may be undervalued relative to similar securities in the marketplace. The Fund invests at least 80% of its assets in preferred stocks and other preferred securities, including convertible preferred securities; 25% of its total assets in the industries comprising the utilities sector, and 65% of its total assets in preferred securities or other fixed-income securities, which are rated investment grade or higher by Moody's Investors Service or Standard & Poor's at the time of investment. It invests in various sectors, such as industries, materials, health care, information technology, financials, utilities, consumer discretionary, energy, telecommunication services and consumer staples. The Fund's investment adviser is John Hancock Advisers, LLC.