John Hancock
Preferred Income Fund
Quarterly portfolio holdings 10/31/2024
| Fund’s investments |
As of 10-31-24 (unaudited)
| Shares | Value | ||||
| Preferred securities (A) 81.0% (51.9% of Total investments) | $362,445,923 | ||||
| (Cost $375,949,752) | |||||
| Communication services 5.5% | 24,779,561 | ||||
| Wireless telecommunication services 5.5% | |||||
| Telephone & Data Systems, Inc., 6.000% (B) | 385,925 | 7,232,235 | |||
| Telephone & Data Systems, Inc., 6.625% | 259,750 | 5,345,655 | |||
| U.S. Cellular Corp., 5.500% | 115,000 | 2,589,800 | |||
| U.S. Cellular Corp., 5.500% (B) | 120,650 | 2,714,625 | |||
| U.S. Cellular Corp., 6.250% | 293,875 | 6,897,246 | |||
| Consumer discretionary 1.0% | 4,557,324 | ||||
| Broadline retail 1.0% | |||||
| Qurate Retail, Inc., 8.000% | 92,200 | 3,496,224 | |||
| QVC, Inc., 6.250% | 81,000 | 1,061,100 | |||
| Financials 53.6% | 239,855,889 | ||||
| Banks 20.9% | |||||
| Bank of America Corp., 6.450% (B) | 118,075 | 3,110,096 | |||
| Bank of America Corp., 7.250% (B)(C) | 8,500 | 10,497,500 | |||
| Bank of Hawaii Corp., 8.000% | 116,850 | 3,126,906 | |||
| Citigroup Capital XIII, 11.221% (3 month CME Term SOFR + 6.632%) (B)(D) | 384,725 | 11,653,320 | |||
| Citizens Financial Group, Inc., 7.375% | 245,875 | 6,663,213 | |||
| Fifth Third Bancorp, 6.000% (B) | 223,693 | 5,518,506 | |||
| First Citizens BancShares, Inc., 5.375% (B) | 109,646 | 2,562,427 | |||
| Fulton Financial Corp., 5.125% (B) | 140,075 | 2,823,912 | |||
| Huntington Bancshares, Inc., 6.875% (6.875% to 4-15-28, then 5 Year CMT + 2.704%) (B) | 180,875 | 4,699,133 | |||
| KeyCorp, 5.650% | 194,650 | 4,535,345 | |||
| KeyCorp, 6.125% (6.125% to 12-15-26, then 3 month CME Term SOFR + 4.154%) | 32,500 | 827,125 | |||
| KeyCorp, 6.200% (6.200% to 12-15-27, then 5 Year CMT + 3.132%) | 70,550 | 1,760,223 | |||
| M&T Bank Corp., 7.500% | 200,000 | 5,464,000 | |||
| Pinnacle Financial Partners, Inc., 6.750% | 105,600 | 2,629,440 | |||
| Regions Financial Corp., 4.450% | 172,900 | 3,317,951 | |||
| Regions Financial Corp., 6.950% (6.950% to 9-15-29, then 5 Year CMT + 2.771%) | 169,325 | 4,375,358 | |||
| Synovus Financial Corp., 8.185% (3 month CME Term SOFR + 3.614%) (D) | 34,275 | 864,416 | |||
| Synovus Financial Corp., 8.397% (5 Year CMT + 4.127%) (D) | 168,850 | 4,466,083 | |||
| Wells Fargo & Company, 7.500% (B) | 9,500 | 11,731,360 | |||
| WesBanco, Inc., 6.750% (6.750% to 11-15-25, then 5 Year CMT + 6.557%) | 114,000 | 2,904,720 | |||
| Capital markets 8.8% | |||||
| Affiliated Managers Group, Inc., 6.750% (B) | 261,450 | 6,716,651 | |||
| Brookfield Finance, Inc., 4.625% (B) | 197,675 | 3,651,057 | |||
| Carlyle Finance LLC, 4.625% (B) | 37,226 | 727,396 | |||
| Morgan Stanley, 6.375% (B) | 165,000 | 4,192,650 | |||
| Morgan Stanley, 6.500% (B) | 186,200 | 4,859,820 | |||
| Morgan Stanley, 6.625% (B) | 100,525 | 2,653,860 | |||
| Morgan Stanley, 6.875% (B) | 117,225 | 2,965,793 | |||
| Morgan Stanley, 7.125% (B) | 281,274 | 7,121,858 | |||
| TPG Operating Group II LP, 6.950% (B) | 251,725 | 6,522,195 | |||
| Consumer finance 2.4% | |||||
| Navient Corp., 6.000% | 239,227 | 4,784,540 | |||
| Synchrony Financial, 8.250% (8.250% to 5-15-29, then 5 Year CMT + 4.044%) | 228,225 | 5,924,721 | |||
| 2 | JOHN HANCOCK PREFERRED INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
| Shares | Value | ||||
| Financials (continued) | |||||
| Financial services 3.9% | |||||
| Apollo Global Management, Inc., 7.625% (7.625% to 12-15-28, then 5 Year CMT + 3.226%) (B)(C) | 307,650 | $8,306,550 | |||
| Federal National Mortgage Association, Series S, 8.250% (E) | 80,000 | 412,000 | |||
| Jackson Financial, Inc., 8.000% (8.000% to 3-30-28, then 5 Year CMT + 3.728%) | 45,000 | 1,219,500 | |||
| KKR Group Finance Company IX LLC, 4.625% (B) | 312,800 | 6,130,880 | |||
| National Rural Utilities Cooperative Finance Corp., 5.500% (B) | 47,350 | 1,174,754 | |||
| Insurance 17.6% | |||||
| AEGON Funding Company LLC, 5.100% (B) | 324,625 | 7,054,101 | |||
| American Financial Group, Inc., 5.125% (B) | 153,425 | 3,448,994 | |||
| American National Group, Inc., 5.950% (5.950% to 12-1-24, then 5 Year CMT + 4.322%) | 35,060 | 880,707 | |||
| American National Group, Inc., 6.625% (6.625% to 9-1-25, then 5 Year CMT + 6.297%) (B) | 185,375 | 4,706,671 | |||
| Athene Holding, Ltd., 6.350% (6.350% to 6-30-29, then 3 month LIBOR + 4.253%) (B) | 330,000 | 8,273,100 | |||
| Athene Holding, Ltd., 7.750% (7.750% to 12-30-27, then 5 Year CMT + 3.962%) (B)(C) | 365,400 | 9,789,066 | |||
| Brighthouse Financial, Inc., 6.600% (B)(C) | 328,590 | 8,149,032 | |||
| Enstar Group, Ltd., 7.000% (7.000% to 9-1-28, then 3 month LIBOR + 4.015%) (B) | 138,975 | 2,972,675 | |||
| F&G Annuities & Life, Inc., 7.950% (B) | 208,725 | 5,668,971 | |||
| Lincoln National Corp., 9.000% (B)(C) | 274,075 | 7,764,545 | |||
| Reinsurance Group of America, Inc., 7.125% (7.125% to 10-15-27, then 5 Year CMT + 3.456%) (B) | 350,150 | 9,327,996 | |||
| RenaissanceRe Holdings, Ltd., 4.200% (B) | 210,000 | 3,857,700 | |||
| The Allstate Corp., 7.375% (B) | 111,575 | 3,037,072 | |||
| Unum Group, 6.250% (B) | 162,500 | 4,030,000 | |||
| Industrials 1.5% | 6,475,411 | ||||
| Aerospace and defense 0.3% | |||||
| The Boeing Company, 6.000% | 26,500 | 1,423,845 | |||
| Trading companies and distributors 1.2% | |||||
| WESCO International, Inc., 10.625% (10.625% to 6-22-25, then 5 Year CMT + 10.325%) | 194,291 | 5,051,566 | |||
| Information technology 0.7% | 2,927,210 | ||||
| Technology hardware, storage and peripherals 0.7% | |||||
| Hewlett Packard Enterprise Company, 7.625% | 50,600 | 2,927,210 | |||
| Real estate 2.1% | 9,590,524 | ||||
| Hotel and resort REITs 1.0% | |||||
| Pebblebrook Hotel Trust, 6.375% | 199,050 | 4,536,350 | |||
| Office REITs 0.6% | |||||
| Vornado Realty Trust, 5.400% | 148,600 | 2,784,764 | |||
| Specialized REITs 0.5% | |||||
| Public Storage, 4.625% (B)(C) | 105,800 | 2,269,410 | |||
| Utilities 16.6% | 74,260,004 | ||||
| Electric utilities 6.8% | |||||
| Duke Energy Corp., 5.750% (B) | 283,350 | 7,129,086 | |||
| NextEra Energy, Inc., 6.926% (B) | 72,521 | 3,245,315 | |||
| NSTAR Electric Company, 4.780% | 15,143 | 1,264,441 | |||
| SCE Trust III, 7.823% (3 month CME Term SOFR + 3.252%) (D) | 91,125 | 2,308,196 | |||
| SCE Trust VI, 5.000% | 271,625 | 5,598,191 | |||
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK PREFERRED INCOME FUND | 3 |
| Shares | Value | ||||
| Utilities (continued) | |||||
| Electric utilities (continued) | |||||
| SCE Trust VII, 7.500% | 239,125 | $6,382,246 | |||
| SCE Trust VIII, 6.950% | 151,250 | 4,008,125 | |||
| The Southern Company, 4.950% | 15,000 | 334,650 | |||
| Gas utilities 1.2% | |||||
| South Jersey Industries, Inc., 5.625% (B) | 239,275 | 4,546,225 | |||
| Spire, Inc., 5.900% | 35,000 | 870,800 | |||
| Multi-utilities 8.6% | |||||
| Algonquin Power & Utilities Corp., 8.864% (3 month CME Term SOFR + 4.272% to 7-1-29, then 3 month CME Term SOFR + 4.522% to 7-1-49, then 3 month CME Term SOFR + 5.272%) (B)(D) | 294,605 | 7,568,402 | |||
| CMS Energy Corp., 5.625% (B) | 225,000 | 5,528,250 | |||
| CMS Energy Corp., 5.875% (B) | 129,425 | 3,177,384 | |||
| CMS Energy Corp., 5.875% (B) | 335,050 | 8,262,333 | |||
| DTE Energy Company, Series E, 5.250% (B) | 240,000 | 5,647,200 | |||
| Sempra, 5.750% (B) | 338,000 | 8,389,160 | |||
| Common stocks 1.0% (0.6% of Total investments) | $4,428,068 | ||||
| (Cost $5,239,230) | |||||
| Utilities 1.0% | 4,428,068 | ||||
| Multi-utilities 1.0% | |||||
| Algonquin Power & Utilities Corp. (B) | 914,891 | 4,428,068 | |||
| Rate (%) | Maturity date | Par value^ | Value | ||
| Corporate bonds 69.9% (44.8% of Total investments) | $312,627,319 | ||||
| (Cost $306,636,766) | |||||
| Communication services 0.8% | 3,625,463 | ||||
| Media 0.8% | |||||
| Paramount Global (6.375% to 3-30-27, then 5 Year CMT + 3.999% to 3-30-32, then 5 Year CMT + 4.249% to 3-30-47, then 5 Year CMT + 4.999%) | 6.375 | 03-30-62 | 3,916,000 | 3,625,463 | |
| Consumer discretionary 2.6% | 11,585,961 | ||||
| Automobiles 2.2% | |||||
| General Motors Financial Company, Inc. (5.700% to 9-30-30, then 5 Year CMT + 4.997%) (B)(C)(F) | 5.700 | 09-30-30 | 2,000,000 | 1,930,196 | |
| General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (B)(F) | 6.500 | 09-30-28 | 7,922,000 | 7,851,265 | |
| Broadline retail 0.4% | |||||
| Rakuten Group, Inc. (6.250% to 4-22-31, then 5 Year CMT + 4.956% to 4-22-51, then 5 Year CMT + 5.706%) (B)(C)(F)(G) | 6.250 | 04-22-31 | 2,005,000 | 1,804,500 | |
| Consumer staples 0.2% | 774,463 | ||||
| Food products 0.2% | |||||
| Land O’ Lakes, Inc. (F)(G) | 8.000 | 07-16-25 | 835,000 | 774,463 | |
| Energy 7.9% | 35,393,285 | ||||
| Oil, gas and consumable fuels 7.9% | |||||
| Enbridge, Inc. (7.200% to 6-27-34, then 5 Year CMT + 2.970%) (B)(C) | 7.200 | 06-27-54 | 2,500,000 | 2,582,315 | |
| Enbridge, Inc. (7.375% to 1-15-28, then 5 Year CMT + 3.708% to 1-15-33, then 5 Year CMT + 3.958% to 1-15-48, then 5 Year CMT + 4.708%) (B)(C) | 7.375 | 01-15-83 | 2,163,000 | 2,205,395 | |
| Enbridge, Inc. (8.500% to 1-15-34, then 5 Year CMT + 4.431% to 1-15-54, then 5 Year CMT + 5.181%) (B)(C) | 8.500 | 01-15-84 | 5,849,000 | 6,498,479 | |
| Energy Transfer LP (6.625% to 2-15-28, then 3 month CME Term SOFR + 4.417%) (B)(C)(F) | 6.625 | 02-15-28 | 6,601,000 | 6,461,578 | |
| Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (B)(C)(F) | 7.125 | 05-15-30 | 9,149,000 | 9,300,050 | |
| 4 | JOHN HANCOCK PREFERRED INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Energy (continued) | |||||
| Oil, gas and consumable fuels (continued) | |||||
| South Bow Canadian Infrastructure Holdings, Ltd. (7.500% to 3-1-35, then 5 Year CMT + 3.667%) (G) | 7.500 | 03-01-55 | 2,100,000 | $2,180,930 | |
| Venture Global LNG, Inc. (9.000% to 9-30-29, then 5 Year CMT + 5.440%) (F)(G) | 9.000 | 09-30-29 | 6,165,000 | 6,164,538 | |
| Financials 40.3% | 180,284,412 | ||||
| Banks 27.0% | |||||
| Banco Santander SA (9.625% to 11-21-33, then 5 Year CMT + 5.298%) (F) | 9.625 | 05-21-33 | 4,000,000 | 4,606,632 | |
| Bank of America Corp. (5.875% to 3-15-28, then 3 month CME Term SOFR + 3.193%) (B)(C)(F) | 5.875 | 03-15-28 | 8,510,000 | 8,588,607 | |
| Bank of America Corp. (6.125% to 4-27-27, then 5 Year CMT + 3.231%) (B)(C)(F) | 6.125 | 04-27-27 | 4,500,000 | 4,570,938 | |
| Barclays PLC (9.625% to 6-15-30, then 5 Year SOFR ICE Swap Rate + 5.775%) (F) | 9.625 | 12-15-29 | 4,000,000 | 4,401,516 | |
| Citigroup, Inc. (7.375% to 5-15-28, then 5 Year CMT + 3.209%) (F) | 7.375 | 05-15-28 | 5,750,000 | 6,012,413 | |
| Citigroup, Inc. (7.625% to 11-15-28, then 5 Year CMT + 3.211%) (F) | 7.625 | 11-15-28 | 6,570,000 | 6,990,589 | |
| Citizens Financial Group, Inc. (3 month CME Term SOFR + 3.419%) (D)(F) | 8.008 | 01-06-25 | 7,500,000 | 7,454,092 | |
| CoBank ACB (4.250% to 1-1-27, then 5 Year CMT + 3.049%) (B)(C)(F) | 4.250 | 01-01-27 | 6,000,000 | 5,668,051 | |
| CoBank ACB (6.450% to 10-1-27, then 5 Year CMT + 3.487%) (B)(C)(F) | 6.450 | 10-01-27 | 5,250,000 | 5,273,189 | |
| CoBank ACB (7.250% to 7-1-29, then 5 Year CMT + 2.880%) (F) | 7.250 | 07-01-29 | 3,000,000 | 3,117,669 | |
| Comerica, Inc. (5.625% to 10-1-25, then 5 Year CMT + 5.291%) (F) | 5.625 | 07-01-25 | 5,875,000 | 5,803,337 | |
| Huntington Bancshares, Inc. (5.625% to 7-15-30, then 10 Year CMT + 4.945%) (F) | 5.625 | 07-15-30 | 2,090,000 | 2,081,445 | |
| JPMorgan Chase & Co. (6.875% to 6-1-29, then 5 Year CMT + 2.737%) (B)(C)(F) | 6.875 | 06-01-29 | 4,575,000 | 4,834,316 | |
| KeyCorp (5.000% to 9-15-26, then 3 month CME Term SOFR + 3.868%) (F) | 5.000 | 09-15-26 | 3,795,000 | 3,647,874 | |
| M&T Bank Corp. (3.500% to 9-1-26, then 5 Year CMT + 2.679%) (F) | 3.500 | 09-01-26 | 8,750,000 | 7,960,828 | |
| Societe Generale SA (10.000% to 5-14-29, then 5 Year CMT + 5.448%) (F)(G) | 10.000 | 11-14-28 | 3,400,000 | 3,622,816 | |
| The Bank of Nova Scotia (8.625% to 10-27-27, then 5 Year CMT + 4.389%) (B)(C) | 8.625 | 10-27-82 | 6,345,000 | 6,796,923 | |
| The PNC Financial Services Group, Inc. (6.000% to 5-15-27, then 5 Year CMT + 3.000%) (B)(C)(F) | 6.000 | 05-15-27 | 7,415,000 | 7,423,105 | |
| The PNC Financial Services Group, Inc. (6.200% to 9-15-27, then 5 Year CMT + 3.238%) (B)(C)(F) | 6.200 | 09-15-27 | 8,706,000 | 8,778,756 | |
| The Toronto-Dominion Bank (8.125% to 10-31-27, then 5 Year CMT + 4.075%) (B)(C) | 8.125 | 10-31-82 | 2,600,000 | 2,739,503 | |
| Wells Fargo & Company (6.850% to 9-15-29, then 5 Year CMT + 2.767%) (F) | 6.850 | 09-15-29 | 3,750,000 | 3,866,299 | |
| Wells Fargo & Company (7.625% to 9-15-28, then 5 Year CMT + 3.606%) (F) | 7.625 | 09-15-28 | 6,174,000 | 6,635,778 | |
| Capital markets 5.9% | |||||
| State Street Corp. (6.700% to 3-15-29, then 5 Year CMT + 2.613%) (B)(C)(F) | 6.700 | 03-15-29 | 4,445,000 | 4,576,190 | |
| The Charles Schwab Corp. (4.000% to 12-1-30, then 10 Year CMT + 3.079%) (B)(C)(F) | 4.000 | 12-01-30 | 3,500,000 | 3,049,264 | |
| The Charles Schwab Corp. (5.000% to 6-1-27, then 5 Year CMT + 3.256%) (B)(C)(F) | 5.000 | 06-01-27 | 1,582,000 | 1,541,171 | |
| The Goldman Sachs Group, Inc. (6.125% to 11-10-34, then 10 Year CMT + 2.400%) (F) | 6.125 | 11-10-34 | 4,020,000 | 3,987,260 | |
| The Goldman Sachs Group, Inc. (7.500% to 2-10-29, then 5 Year CMT + 3.156%) (B)(C)(F) | 7.500 | 02-10-29 | 7,495,000 | 8,013,167 | |
| The Goldman Sachs Group, Inc. (7.500% to 5-10-29, then 5 Year CMT + 2.809%) (F) | 7.500 | 05-10-29 | 5,169,000 | 5,419,947 | |
| Consumer finance 0.7% | |||||
| Discover Financial Services (6.125% to 9-23-25, then 5 Year CMT + 5.783%) (F) | 6.125 | 06-23-25 | 3,050,000 | 3,041,605 | |
| Financial services 0.7% | |||||
| Voya Financial, Inc. (5 Year CMT + 3.358%) (D)(F) | 7.758 | 09-15-28 | 2,865,000 | 3,022,947 | |
| Insurance 6.0% | |||||
| Global Atlantic Financial Company (7.950% to 10-15-29, then 5 Year CMT + 3.608%) (G) | 7.950 | 10-15-54 | 4,000,000 | 4,150,371 | |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK PREFERRED INCOME FUND | 5 |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Financials (continued) | |||||
| Insurance (continued) | |||||
| Markel Group, Inc. (6.000% to 6-1-25, then 5 Year CMT + 5.662%) (F) | 6.000 | 06-01-25 | 2,750,000 | $2,745,512 | |
| MetLife, Inc. (5.875% to 3-15-28, then 3 month CME Term SOFR + 3.221%) (B)(F) | 5.875 | 03-15-28 | 5,789,000 | 5,822,686 | |
| SBL Holdings, Inc. (6.500% to 11-13-26, then 5 Year CMT + 5.620%) (F)(G) | 6.500 | 11-13-26 | 7,350,000 | 6,317,840 | |
| SBL Holdings, Inc. (7.000% to 5-13-25, then 5 Year CMT + 5.580%) (B)(F)(G) | 7.000 | 05-13-25 | 8,536,000 | 7,721,776 | |
| Industrials 0.8% | 3,447,362 | ||||
| Trading companies and distributors 0.8% | |||||
| Air Lease Corp. (6.000% to 12-15-29, then 5 Year CMT + 2.560%) (F) | 6.000 | 09-24-29 | 3,500,000 | 3,447,362 | |
| Utilities 17.3% | 77,516,373 | ||||
| Electric utilities 7.4% | |||||
| Edison International (5.000% to 3-15-27, then 5 Year CMT + 3.901% to 3-15-32, then 5 Year CMT + 4.151% to 3-15-47, then 5 Year CMT + 4.901%) (F) | 5.000 | 12-15-26 | 4,022,000 | 3,914,583 | |
| Edison International (5.375% to 3-15-26, then 5 Year CMT + 4.698%) (B)(C)(F) | 5.375 | 03-15-26 | 10,500,000 | 10,395,453 | |
| Entergy Corp. (7.125% to 12-1-29, then 5 Year CMT + 2.670%) (B)(C) | 7.125 | 12-01-54 | 3,750,000 | 3,833,921 | |
| EUSHI Finance, Inc. (7.625% to 12-15-29, then 5 Year CMT + 3.136%) (G) | 7.625 | 12-15-54 | 3,000,000 | 3,106,341 | |
| NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (F)(G) | 10.250 | 03-15-28 | 6,760,000 | 7,460,322 | |
| PG&E Corp. (7.375% to 3-15-30, then 5 Year CMT + 3.883%) | 7.375 | 03-15-55 | 4,197,000 | 4,335,157 | |
| Gas utilities 1.0% | |||||
| AltaGas, Ltd. (7.200% to 10-15-34, then 5 Year CMT + 3.573%) (G) | 7.200 | 10-15-54 | 4,670,000 | 4,681,619 | |
| Independent power and renewable electricity producers 5.5% | |||||
| The AES Corp. (7.600% to 1-15-30, then 5 Year CMT + 3.201%) | 7.600 | 01-15-55 | 6,864,000 | 7,113,583 | |
| Vistra Corp. (8.000% to 10-15-26, then 5 Year CMT + 6.930%) (B)(C)(F)(G) | 8.000 | 10-15-26 | 8,750,000 | 8,987,641 | |
| Vistra Corp. (8.875% to 1-15-29, then 5 Year CMT + 5.045%) (B)(C)(F)(G) | 8.875 | 01-15-29 | 7,833,000 | 8,360,788 | |
| Multi-utilities 3.4% | |||||
| CenterPoint Energy, Inc. (6.850% to 2-15-35, then 5 Year CMT + 2.946%) (B)(C) | 6.850 | 02-15-55 | 4,025,000 | 4,125,830 | |
| Dominion Energy, Inc. (4.350% to 4-15-27, then 5 Year CMT + 3.195%) (F) | 4.350 | 01-15-27 | 1,533,000 | 1,488,395 | |
| NiSource, Inc. (6.375% to 3-31-25, then 5 Year CMT + 2.527%) (B)(C) | 6.375 | 03-31-55 | 1,500,000 | 1,497,187 | |
| NiSource, Inc. (6.950% to 11-30-29, then 5 Year CMT + 2.451%) (B)(C) | 6.950 | 11-30-54 | 3,600,000 | 3,688,992 | |
| Sempra (6.400% to 10-1-34, then 5 Year CMT + 2.632%) (B)(C) | 6.400 | 10-01-54 | 2,500,000 | 2,491,199 | |
| Sempra (6.875% to 10-1-29, then 5 Year CMT + 2.789%) (B)(C) | 6.875 | 10-01-54 | 2,000,000 | 2,035,362 | |
| Convertible bonds 1.6% (1.0% of Total investments) | $7,290,008 | ||||
| (Cost $6,750,000) | |||||
| Utilities 1.6% | 7,290,008 | ||||
| Electric utilities 1.6% | |||||
| TXNM Energy, Inc. (G) | 5.750 | 06-01-54 | 6,750,000 | 7,290,008 | |
| Capital preferred securities (H) 1.2% (0.8% of Total investments) | $5,427,010 | ||||
| (Cost $6,457,350) | |||||
| Financials 1.2% | 5,427,010 | ||||
| Insurance 1.2% | |||||
| MetLife Capital Trust IV (7.875% to 12-15-37, then 3 month CME Term SOFR + 4.222%) (B)(C)(G) | 7.875 | 12-15-67 | 4,940,000 | 5,427,010 | |
| Yield (%) | Shares | Value | |||
| Short-term investments 1.4% (0.9% of Total investments) | $6,260,604 | ||||
| (Cost $6,260,190) | |||||
| Short-term funds 1.4% | 6,260,604 | ||||
| John Hancock Collateral Trust (I) | 4.6622(J) | 625,866 | 6,260,604 | ||
| 6 | JOHN HANCOCK PREFERRED INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
| Total investments (Cost $707,293,288) 156.1% | $698,478,932 | ||||
| Other assets and liabilities, net (56.1%) | (250,914,606) | ||||
| Total net assets 100.0% | $447,564,326 | ||||
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. | |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | |
| Security Abbreviations and Legend | |
| CME | CME Group Published Rates |
| CMT | Constant Maturity Treasury |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| (A) | Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis. |
| (B) | All or a portion of this security is pledged as collateral pursuant to the Credit Facility Agreement. Total collateral value at 10-31-24 was $414,968,897. |
| (C) | All or a portion of this security is on loan as of 10-31-24, and is a component of the fund’s leverage under the Credit Facility Agreement. The value of securities on loan amounted to $196,936,408. |
| (D) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
| (E) | Non-income producing security. |
| (F) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date. |
| (G) | This security is 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. Rule 144A securities amounted to $78,050,963 or 17.4% of the fund’s net assets as of 10-31-24. |
| (H) | Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income. |
| (I) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
| (J) | The rate shown is the annualized seven-day yield as of 10-31-24. |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK PREFERRED INCOME FUND | 7 |
DERIVATIVES
SWAPS
| Interest rate swaps | ||||||||||
| Counterparty (OTC)/ Centrally cleared | Notional amount | Currency | Payments made | Payments received | Fixed payment frequency | Floating payment frequency | Maturity date | Unamortized upfront payment paid (received) | Unrealized appreciation (depreciation) | Value |
| Centrally cleared | 129,000,000 | USD | Fixed 3.662% | USD SOFR Compounded OIS(a) | Semi-Annual | Quarterly | May 2026 | — | $(100,599) | $(100,599) |
| Centrally cleared | 64,000,000 | USD | Fixed 3.473% | USD SOFR Compounded OIS(a) | Semi-Annual | Quarterly | May 2026 | — | 189,952 | 189,952 |
| Centrally cleared | 32,000,000 | USD | Fixed 3.817% | USD SOFR Compounded OIS(a) | Semi-Annual | Quarterly | Dec 2026 | — | (215,729) | (215,729) |
| — | $(126,376) | $(126,376) | ||||||||
| (a) | At 10-31-24, the overnight SOFR was 4.900%. |
| Derivatives Currency Abbreviations | |
| USD | U.S. Dollar |
| Derivatives Abbreviations | |
| OIS | Overnight Index Swap |
| OTC | Over-the-counter |
| SOFR | Secured Overnight Financing Rate |
| 8 | JOHN HANCOCK PREFERRED INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
| 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 (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. 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. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. 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 generally valued using evaluated prices obtained from an independent pricing vendor.
In certain instances, the Pricing Committee of the Advisor 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 Pricing Committee following procedures established by the Advisor and adopted 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, including registered investment companies. 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 Advisor’s 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 October 31, 2024, by major security category or type:
| Total value at 10-31-24 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
| Investments in securities: | ||||
| Assets | ||||
| Preferred securities | ||||
| Communication services | $24,779,561 | $24,779,561 | — | — |
| Consumer discretionary | 4,557,324 | 4,557,324 | — | — |
| Financials | 239,855,889 | 239,855,889 | — | — |
| Industrials | 6,475,411 | 6,475,411 | — | — |
| Information technology | 2,927,210 | 2,927,210 | — | — |
| Real estate | 9,590,524 | 9,590,524 | — | — |
| Utilities | 74,260,004 | 68,449,338 | $5,810,666 | — |
| Common stocks | 4,428,068 | 4,428,068 | — | — |
| Corporate bonds | 312,627,319 | — | 312,627,319 | — |
| Convertible bonds | 7,290,008 | — | 7,290,008 | — |
| Capital preferred securities | 5,427,010 | — | 5,427,010 | — |
| Short-term investments | 6,260,604 | 6,260,604 | — | — |
| Total investments in securities | $698,478,932 | $367,323,929 | $331,155,003 | — |
| Derivatives: | ||||
| Assets | ||||
| Swap contracts | $189,952 | — | $189,952 | — |
| Liabilities | ||||
| Swap contracts | (316,328) | — | (316,328) | — |
| | | 9 |
Investment in affiliated underlying funds. The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:
| Dividends and distributions | |||||||||
| Affiliate | Ending share amount | Beginning value | Cost of purchases | Proceeds from shares sold | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Income distributions received | Capital gain distributions received | Ending value |
| John Hancock Collateral Trust | 625,866 | $2,633,922 | $46,926,229 | $(43,303,663) | $3,590 | $526 | $87,120 | — | $6,260,604 |
For additional information on the fund’s significant accounting policies and risks, please refer to the fund’s most recent semiannual or annual shareholder report and prospectus.
| 10 | | |