John Hancock

Preferred Income Fund

Quarterly portfolio holdings 4/30/16

	As of 4-30-16 (unaudited)
													Shares						Value
	Preferred securities 144.1% (95.8% of Total investments)																		$829,454,525
	(Cost $781,346,521)
	Consumer staples 2.1%																		12,382,913
	Food and staples retailing 2.1%
	Ocean Spray Cranberries, Inc., Series A, 6.250% (S)												143,000						12,382,913
	Energy 4.7%																		27,290,880
	Oil, gas and consumable fuels 4.7%
	Kinder Morgan, Inc., 9.750%												618,000						27,290,880
	Financials 83.6%																		481,195,974
	Banks 41.9%
	Bank of America Corp., 6.500%												115,000						3,036,000
	Bank of America Corp., Depositary Shares, Series D, 6.204%												145,000						3,732,300
	Barclays Bank PLC, Series 3, 7.100%												205,000						5,313,600
	Barclays Bank PLC, Series 5, 8.125% (Z)												740,000						19,521,200
	BB&T Corp., 5.200% (Z)												420,000						10,605,000
	BB&T Corp., 5.625% (Z)												450,000						11,574,000
	Citigroup Capital XIII, 7.008% (P)												15,000						392,250
	Citigroup, Inc., 5.800%												65,000						1,688,700
	Citigroup, Inc., 6.875%												60,000						1,615,200
	Citigroup, Inc. (6.875% to 11-15-23, then 3 month LIBOR + 4.130%)												410,175						11,316,728
	Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%)												162,773						4,551,133
	First Republic Bank, 7.000%												95,000						2,620,100
	HSBC USA, Inc., 6.500%												140,234						3,650,291
	ING Groep NV, 6.125% (Z)												61,500						1,575,015
	ING Groep NV, 7.050% (Z)												750,000						19,740,000
	ING Groep NV, 7.200% (Z)												100,000						2,622,000
	JPMorgan Chase & Co., 5.450% (Z)												400,000						10,192,000
	JPMorgan Chase & Co., 5.500%												61,961						1,566,994
	JPMorgan Chase & Co., 6.100%												122,000						3,187,860
	JPMorgan Chase & Co., 6.125%												670,000						17,493,700
	JPMorgan Chase & Co., 6.300% (Z)												25,000						658,750
	RBS Capital Funding Trust V, 5.900%												620,000						15,128,000
	RBS Capital Funding Trust VII, 6.080%												220,000						5,401,000
	Regions Financial Corp., 6.375%												126,074						3,303,139
	Royal Bank of Scotland Group PLC, Series L, 5.750%												560,000						13,552,000
	Santander Holdings USA, Inc., Series C, 7.300%												365,000						9,398,750
	The PNC Financial Services Group, Inc., 5.375%												30,000						773,700
	The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) (Z)												187,000						5,406,170
	U.S. Bancorp (6.000% to 4-15-17, then 3 month LIBOR + 4.861%) (Z)												240,000						6,338,400
	U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%) (Z)												705,000						20,839,800
	Wells Fargo & Company, 6.000%												127,000						3,382,010
	Wells Fargo & Company, 8.000% (Z)												756,000						21,296,520
	Capital markets 13.5%
	Deutsche Bank Contingent Capital Trust II, 6.550% (Z)												252,500						6,287,250
	Deutsche Bank Contingent Capital Trust III, 7.600%												510,000						13,219,200
	Morgan Stanley, 6.625%												80,000						2,163,200
	Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%)												85,000						2,254,200
	Morgan Stanley Capital Trust III, 6.250% (Z)												291,000						7,493,250
	Morgan Stanley Capital Trust IV, 6.250% (Z)												323,000						8,297,870

													Shares						Value
	Financials  (continued)
	Capital markets  (continued)
	Morgan Stanley Capital Trust V, 5.750%												365,000						$9,329,400
	State Street Corp., 5.250%												155,000						4,064,100
	State Street Corp., 6.000% (Z)												580,600						15,687,812
	The Goldman Sachs Group, Inc., 5.950%												185,100						4,749,666
	The Goldman Sachs Group, Inc., Series B, 6.200% (Z)												160,000						4,076,800
	Consumer finance 6.5%
	Capital One Financial Corp., 6.200% (I)												274,250						7,242,943
	Capital One Financial Corp., 6.700%												52,929						1,452,372
	HSBC Finance Corp., Depositary Shares, Series B, 6.360% (Z)												702,121						18,213,019
	Navient Corp., 6.000%												173,500						3,341,610
	SLM Corp., Series A, 6.970%												147,391						6,964,225
	Insurance 9.1%
	Aegon NV, 6.375% (Z)												520,000						13,374,400
	Aegon NV, 6.500% (Z)												260,000						6,799,000
	Prudential Financial, Inc., 5.750%												140,000						3,694,600
	Prudential PLC, 6.500% (Z)												154,500						4,043,265
	Prudential PLC, 6.750%												51,000						1,346,400
	RenaissanceRe Holdings Ltd., Series C, 6.080%												25,000						639,499
	W.R. Berkley Corp., 5.625% (Z)												885,000						22,514,400
	Real estate investment trusts 12.5%
	Digital Realty Trust, Inc., 7.375%												27,460						763,388
	Kimco Realty Corp., 6.000% (Z)												895,000						23,377,400
	Public Storage, 5.200%												125,000						3,250,000
	Public Storage, 5.750% (Z)												449,500						11,826,345
	Public Storage, 6.350%												225,000						5,773,500
	Senior Housing Properties Trust, 5.625% (Z)												827,000						20,881,750
	Ventas Realty LP, 5.450% (Z)												245,000						6,291,600
	Thrifts and mortgage finance 0.1%
	Federal National Mortgage Association, Series S, 8.250% (I)												80,000						311,200
	Industrials 2.3%																		13,023,450
	Machinery 2.3%
	Stanley Black & Decker, Inc., 5.750%												495,000						13,023,450
	Telecommunication services 11.9%																		68,511,255
	Diversified telecommunication services 5.4%
	Qwest Corp., 6.125% (Z)												30,000						734,700
	Qwest Corp., 7.000% (Z)												20,000						510,000
	Qwest Corp., 7.375% (Z)												750,000						19,170,000
	Qwest Corp., 7.500% (Z)												232,500						5,977,575
	Verizon Communications, Inc., 5.900%												168,000						4,609,500
	Wireless telecommunication services 6.5%
	Telephone & Data Systems, Inc., 6.625% (Z)												233,000						5,997,420
	Telephone & Data Systems, Inc., 6.875%												103,000						2,628,560
	Telephone & Data Systems, Inc., 7.000% (Z)												340,000						8,642,800
	United States Cellular Corp., 6.950% (Z)												795,000						20,240,700

													Shares						Value
	Utilities 39.5%																		$227,050,053
	Electric utilities 30.2%
	Duke Energy Corp., 5.125% (Z)												920,000						24,196,000
	Entergy Arkansas, Inc., 5.750%												47,500						1,201,275
	Entergy Louisiana LLC, 5.250% (Z)												240,000						6,067,200
	Entergy Louisiana LLC, 5.875%												252,625						6,404,044
	Entergy Louisiana LLC, 6.000%												158,464						4,045,586
	Entergy Mississippi, Inc., 6.000% (Z)												371,000						9,445,660
	Entergy Mississippi, Inc., 6.200%												89,294						2,315,393
	FPL Group Capital Trust I, 5.875% (Z)												345,000						9,004,500
	Gulf Power Company, 5.750%												145,000						3,665,600
	HECO Capital Trust III, 6.500%												379,850						10,047,033
	Interstate Power & Light Company, 5.100% (Z)												270,000						7,311,600
	NextEra Energy Capital Holdings, Inc., 5.700% (Z)												905,000						23,448,550
	NSTAR Electric Company, 4.780% (Z)												15,143						1,510,514
	PPL Capital Funding, Inc., 5.900% (Z)												1,312,439						35,002,748
	SCE Trust I, 5.625%												240,000						6,141,600
	SCE Trust II, 5.100% (Z)												549,000						13,862,250
	SCE Trust III (5.750% to 3-15-24, then 3 month LIBOR + 2.990%) (Z)												20,000						544,000
	The Southern Company, 6.250% (Z)												350,000						9,474,500
	Multi-utilities 9.3%
	Baltimore Gas & Electric Company, Series 1995, 6.990%												40,000						4,124,800
	BGE Capital Trust II, 6.200% (Z)												710,000						18,460,000
	DTE Energy Company, 5.250%												520,000						13,473,200
	DTE Energy Company, 6.500% (Z)												400,000						10,440,000
	Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%) (Z)												260,000						6,864,000
	Common stocks 3.7% (2.4% of Total investments)																		$21,055,390
	(Cost $19,293,640)
	Energy 3.2%																		18,266,890
	Oil, gas and consumable fuels 3.2%
	Royal Dutch Shell PLC, ADR, Class A												155,000						8,197,950
	Spectra Energy Corp. (Z)												322,000						10,068,940
	Utilities 0.5%																		2,788,500
	Multi-utilities 0.5%
	CenterPoint Energy, Inc. (Z)												130,000						2,788,500
							Rate (%	)		Maturity date			Par value^						Value
	Corporate bonds 1.7% (1.2% of Total investments)																		$10,004,500
	(Cost $12,936,023)
	Energy 0.9%																		5,192,000
	Oil, gas and consumable fuels 0.9%
	Energy Transfer Partners LP (P)(Z)						3.633			11-01-66						8,800,000			5,192,000
	Utilities 0.8%																		4,812,500
	Multi-utilities 0.8%
	Dominion Resources, Inc. (5.750% to 10-1-24, then 3 month LIBOR + 3.057%)						5.750			10-01-54						5,000,000			4,812,500

							Yield	* (%)		Maturity date			Par value^						Value
	Short-term investments 0.9% (0.6% of Total investments)																		$4,841,974
	(Cost $4,841,974)
	U.S. Government Agency 0.8%																		4,716,974
	Federal Home Loan Bank Discount Note						0.200			05-02-16			4,717,000						4,716,974
	Repurchase agreement 0.1%																		125,000
	Repurchase Agreement with State Street Corp. dated 4-29-16 at 0.030% to be repurchased at $125,000 on 5-2-16, collateralized by $130,000 U.S. Treasury Notes, 1.125% due 2-28-21 (valued at $128,863, including interest)												125,000						125,000
	Total investments (Cost $818,418,158)† 150.4%																		$865,356,389
	Other assets and liabilities, net (50.4%)																		($289,902,970	)
	Total net assets 100.0%																		$575,453,419

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.

^All par values are denominated in U.S. dollars unless otherwise indicated.

Key to Security Abbreviations and Legend

ADR

American Depositary Receipts

LIBOR

London Interbank Offered Rate

(I)

Non-income producing security.

(P)

Variable rate obligation. The coupon rate shown represents the rate at period end.

(S)

These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.

(Z)

A portion of this security is segregated as collateral pursuant to the Credit Facility Agreement. Total collateral value at 4-30-16 was $474,083,855.

*

Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

†

At 4-30-16, the aggregate cost of investment securities for federal income tax purposes was $818,418,762. Net unrealized appreciation aggregated to $46,937,627, of which $54,301,843 related to appreciated investment securities and $7,364,216 related to depreciated investment securities.

The fund had the following country composition as a percentage of net assets on 4-30-16:

	United States			88.8%
	Netherlands			6.0%
	United Kingdom			5.1%
	Other countries			0.1%
	TOTAL			100.0%

Notes to Fund's investments (unaudited)

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Swaps are valued using evaluated prices obtained from an independent pricing vendor. Futures contracts are valued at settlement prices, which are the official closing prices published by the exchange on which they trade.

In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund's own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund's investments as of April 30, 2016 by major security category or type:

							Total value at 4-30-16			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Preferred securities
				Consumer staples			$12,382,913			—			$12,382,913			—
				Energy			27,290,880			$27,290,880			—			—
				Financials			481,195,974			481,195,974			—			—
				Industrials			13,023,450			13,023,450			—			—
				Telecommunication services			68,511,255			63,901,755			4,609,500			—
				Utilities			227,050,053			216,061,253			10,988,800			—
	Common stocks						21,055,390			21,055,390			—			—
	Corporate bonds						10,004,500			—			10,004,500			—
	Short-term investments						4,841,974			—			4,841,974			—
	Total investments in securities						$865,356,389			$822,528,702			$42,827,687			—
	Other financial instruments:
	Futures						$438,353			$438,353			—			—
	Interest rate swaps						(495,597	)		—			($495,597	)		—

Securities with a market value of approximately $7,183,800 at the beginning of the year were transferred from Level 1 to Level 2 during the period since quoted prices in active markets for identical securities were no longer available and securities were valued using other significant inputs.

Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund's custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of

       6

default, assets and liabilities resulting from repurchase agreements are not offset. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions.

Derivative instruments. The fund may invest in derivatives in order to meet its investment objectives. Derivatives include a variety of different instruments that may be traded in the over-the-counter OTC market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

Futures. A futures contract is a contractual agreement to buy or sell a particular currency or financial instrument at a pre-determined price in the future. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to movements in the underlying financial instrument. Use of long futures contracts subjects the funds to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the funds to unlimited risk of loss.

During the period ended April 30, 2016, the fund used futures contracts to manage against anticipated interest rate changes. The following table summarizes the contracts held at April 30, 2016.

	Open Contracts			Number of contracts			Position			Expiration date			Notional basis			Notional value			Unrealized appreciation (depreciation)
	10-Year U.S. Treasury Note Futures			640			Short			Jun 2016			($83,678,353	)		($83,240,000	)		$438,353
																			$438,353

Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

Interest rate swaps. Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals.

During the period ended April 30, 2016, the fund used interest rate swaps to manage against anticipated interest rate changes. The following table summarizes the interest rate swap contracts held as of April 30, 2016.

Counterparty

Notional amount

Payments made by fund

Payments received by fund

Termination date

Market value

Morgan Stanley Capital Services

$68,000,000

Fixed 1.4625%

3 Month LIBOR (a)

Aug 2016

($283,649

)

Morgan Stanley Capital Services

68,000,000

Fixed 0.8750%

3 Month LIBOR (a)

Jul 2017

(211,948

)

$136,000,000

($495,597

)

^(a) At 4-30-16, the 3-month LIBOR rate was 0.63660%

For additional information on the fund's significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

       7

More information

How to contact us
Internet	www.jhinvestments.com
Mail	Computershare P.O. Box 30170 College Station, TX 77842-3170
Phone	Customer service representatives Portfolio commentary 24-hour automated information TDD line	800-852-0218 800-344-7054 800-843-0090 800-231-5469

	P8Q3	04/16
This report is for the information of the shareholders of John Hancock Preferred Income Fund.		6/16