John Hancock Preferred Income Fund is a closed-end, diversified management investment company. The Fund's investment objective is to provide a high level of income consistent with preservation of capital, and to provide growth of capital. Normally, 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. Its portfolio composition includes the United States preferred securities, foreign preferred securities, common stocks, corporate bonds and short term investments. The Company's sector composition includes financials, utilities, energy, telecommunication services, healthcare, industrials, consumer staples and short term investments. The Company's investment advisor is John Hancock Advisers, LLC.