# John Hancock Preferred Income Fund (HPI): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/hpi for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: John Hancock · Asset class: Bond - Strategy: Passive Index · Inception: 2003-07-15 The John Hancock Preferred Income Fund operates as a closed-end, balanced mutual fund, managed by John Hancock Investment Management LLC, with additional oversight from John Hancock Asset Management. This U.S.-domiciled fund primarily invests in the public equity and fixed-income markets within the United States, seeking opportunities across a diverse range of corporate sectors. Its portfolio predominantly comprises preferred value stocks, convertible preferred securities, and investment-grade fixed-income instruments, which must hold an investment-grade rating or higher from Moody's or Sta... ## Key Facts | Metric | Value | |---|---| | Price | $13.29 | | Expense Ratio | 4.48% | | Assets Under Management | $356.1M | | NAV | — | | Holdings Count | — | | Distribution Yield (TTM) | 11.15% | | Annual Distribution (TTM) | $1.48 /share | | Distribution Frequency | Monthly | | 52-Week Range | $13.12 – $17.42 | | Beta | 0.79 | ## Latest Distribution - Amount: $0.1235 /share - Ex-date: 2026-10-13 - Pay date: 2026-10-30 ## Frequently Asked Questions ### What does HPI invest in? The John Hancock Preferred Income Fund operates as a closed-end, balanced mutual fund, managed by John Hancock Investment Management LLC, with additional oversight from John Hancock Asset Management. This U.S.-domiciled fund primarily invests in the public equity and fixed-income markets within the United States, seeking opportunities across a diverse range of corporate sectors. Its portfolio predominantly comprises preferred value stocks, convertible preferred securities, and investment-grade fixed-income instruments, which must hold an investment-grade rating or higher from Moody's or Standard & Poor's. The fund measures its performance against two industry benchmarks: the Bank of America Merrill Lynch Hybrid Preferred Securities Index and the Barclays U.S. Aggregate Bond Index. It was established on August 27, 2002. ### What is the expense ratio of HPI? John Hancock Preferred Income Fund (HPI) charges an expense ratio of 4.48%. This is the annual fee deducted from fund assets to cover management and operations. ### What is HPI's dividend yield? HPI's trailing-twelve-month yield is 11.15%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of HPI? Effective duration measures HPI's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. HPI's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of HPI? HPI's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of HPI? Yield to maturity (YTM) is the total return you'd earn from HPI if every bond in the portfolio is held to maturity at the current price. HPI's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does HPI pay a dividend? Yes, John Hancock Preferred Income Fund (HPI) distributes dividends to shareholders. The trailing-twelve-month yield is 11.15%. Full dividend history is on this page. ### How often does HPI pay dividends? John Hancock Preferred Income Fund pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is HPI's next ex-dividend date? The most recently announced ex-dividend date for HPI was 2026-10-13. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will HPI's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 4.48% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does HPI charge its expense ratio? The expense ratio is deducted in tiny daily slices from HPI's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does HPI cost more than a fund like VOO? HPI is a passive index fund (current expense ratio 4.48%). Differences from broad-market ETFs like VOO usually come from index licensing fees, asset class (bond funds typically run cheaper than equity), or fund scale (smaller funds spread fixed operating costs across less AUM). ### Are there cheaper alternatives to HPI? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as HPI (4.48%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/hpi - Distribution history: https://www.dividenddata.com/funds/hpi/dividend - Holdings & diversification: https://www.dividenddata.com/funds/hpi/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/hpi/expenses - Peer comparison: https://www.dividenddata.com/funds/hpi/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.