John Hancock Preferred Income Fund (HPI)

John Hancock Preferred Income Fund is a closed-end management investment company whose shares trade on the New York Stock Exchange under the ticker HPI. Its main goal is a high level of current income, with capital growth as a secondary aim. Unlike an open-end mutual fund, it has a fixed number of shares, so its market price can trade above or below the value of its underlying assets.

The fund invests mostly in preferred stocks and other income securities, including convertible preferreds, hybrid securities and investment-grade bonds. Many of its holdings are issued by banks, insurers and utilities. Like many closed-end income funds, it uses borrowing to add leverage, which can raise income but also makes its share price more sensitive to interest rates and credit spreads.

The fund was launched in 2002 and is advised by John Hancock Investment Management, part of the Manulife group, with day-to-day portfolio management by John Hancock Asset Management. It is one of several related preferred and income funds in the John Hancock closed-end lineup. Its sister funds include John Hancock Preferred Income Fund II and III, which follow similar strategies.

HPI pays distributions to shareholders every month under a managed distribution approach. As of October 2026 the fund was still actively traded on the NYSE. The managed distribution plan sets a regular payout that may include income, capital gains or a return of capital. Shareholders can reinvest distributions through a dividend reinvestment plan. Because the fund is closed-end, its shares are bought and sold on the exchange rather than redeemed with the fund, and the market price can move away from net asset value.