John Hancock

Preferred Income Fund II

Quarterly portfolio holdings 10/31/14

	As of 10-31-14 (unaudited)
																			Shares						Value
	Preferred securities (a) 144.7% (94.3% of Total investments)																								$666,327,359
	(Cost $643,461,870)
	Consumer staples 3.2%																								14,565,007
	Food and staples retailing 3.2%
	Ocean Spray Cranberries, Inc., Series A, 6.250% (S)																		160,000						14,565,007
	Financials 87.0%																								400,789,128
	Banks 28.3%
	Barclays Bank PLC, Series 3, 7.100%																		360,000						9,208,800
	Barclays Bank PLC, Series 5, 8.125% (Z)																		340,000						8,775,400
	BB&T Corp., 5.200% (Z)																		320,000						7,280,000
	BB&T Corp., 5.625% (Z)																		440,000						10,709,600
	HSBC Finance Corp., Depositary Shares, Series B, 6.360% (Z)																		725,000						18,378,750
	HSBC USA, Inc., 6.500% (Z)																		50,000						1,273,500
	RBS Capital Funding Trust V, 5.900%																		398,000						9,512,200
	RBS Capital Funding Trust VII, 6.080%																		145,000						3,507,550
	Royal Bank of Scotland Group PLC, Series L, 5.750%																		480,000						11,265,600
	The PNC Financial Services Group, Inc., 5.375%																		70,000						1,671,600
	The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%)																		145,000						3,949,800
	U.S. Bancorp (6.000% to 4-15-17, then 3 month LIBOR + 4.861%) (Z)																		200,000						5,412,000
	U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%) (Z)																		570,000						16,706,700
	Wells Fargo & Company, 6.000%																		250,000						6,245,000
	Wells Fargo & Company, 8.000% (Z)																		565,000						16,594,050
	Capital markets 8.6%
	Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%)																		70,000						1,764,700
	Morgan Stanley Capital Trust III, 6.250% (Z)																		272,000						6,952,320
	Morgan Stanley Capital Trust IV, 6.250% (Z)																		155,000						3,952,500
	Morgan Stanley Capital Trust V, 5.750% (Z)																		290,000						7,331,200
	Morgan Stanley Capital Trust VII, 6.600%																		52,400						1,334,628
	State Street Corp., 5.250%																		60,000						1,464,600
	The Goldman Sachs Group, Inc., 6.125% (Z)																		660,000						17,067,600
	Consumer finance 1.5%
	Navient Corp., 6.000% (Z)																		177,500						3,821,575
	SLM Corp., Series A, 6.970%																		64,000						3,146,240
	Diversified financial services 18.2%
	Deutsche Bank Contingent Capital Trust II, 6.550%																		173,000						4,482,430
	Deutsche Bank Contingent Capital Trust III, 7.600% (Z)																		420,000						11,512,200
	General Electric Capital Corp., 4.700% (Z)																		348,000						8,320,680
	ING Groep NV, 7.050% (Z)																		770,000						19,611,900
	JPMorgan Chase Capital XXIX, 6.700% (Z)																		795,000						20,447,400
	Merrill Lynch Preferred Capital Trust III, 7.000%																		322,000						8,252,860
	Merrill Lynch Preferred Capital Trust IV, 7.120%																		180,000						4,624,200
	Merrill Lynch Preferred Capital Trust V, 7.280%																		250,000						6,435,000
	Insurance 16.1%
	Aegon NV, 6.375% (Z)																		425,000						10,850,250
	Aegon NV, 6.500%																		220,000						5,605,600
	American Financial Group, Inc., 7.000% (Z)																		284,000						7,443,640
	MetLife, Inc., Series B, 6.500% (Z)																		780,000						20,241,000
	Prudential Financial, Inc., 5.750%																		145,000						3,639,500
	Prudential PLC, 6.500% (Z)																		103,000						2,671,820
	RenaissanceRe Holdings, Ltd., Series C, 6.080%																		15,000						382,350

																			Shares						Value
	Financials  (continued)
	Insurance  (continued)
	The Phoenix Companies, Inc., 7.450%																		216,500						$5,341,055
	W.R. Berkley Corp., 5.625%																		740,000						17,841,400
	Real estate investment trusts 14.2%
	Duke Realty Corp., Depositary Shares, Series K, 6.500% (Z)																		110,000						2,791,800
	Duke Realty Corp., Depositary Shares, Series L, 6.600% (Z)																		109,840						2,780,050
	Kimco Realty Corp., 6.000% (Z)																		720,000						18,338,400
	Public Storage, 5.200%																		255,000						5,859,900
	Public Storage, 5.750% (Z)																		335,000						8,358,250
	Public Storage, 6.350% (Z)																		175,000						4,536,000
	Public Storage, Depositary Shares, Series Q, 6.500%																		122,000						3,202,500
	Public Storage, Series P, 6.500%																		56,000						1,460,480
	Senior Housing Properties Trust, 5.625% (Z)																		550,000						12,941,500
	Ventas Realty LP, 5.450%																		210,000						5,172,300
	Thrifts and mortgage finance 0.1%
	Federal National Mortgage Association, Series S, 8.250% (I)																		75,000						318,750
	Industrials 1.8%																								8,212,750
	Machinery 1.8%
	Stanley Black & Decker, Inc., 5.750% (Z)																		325,000						8,212,750
	Telecommunication services 13.3%																								61,373,556
	Diversified telecommunication services 6.1%
	Qwest Corp., 6.125%																		30,000						706,200
	Qwest Corp., 6.875%																		62,500						1,598,125
	Qwest Corp., 7.000%																		60,000						1,539,000
	Qwest Corp., 7.375% (Z)																		567,500						14,970,650
	Qwest Corp., 7.500%																		172,500						4,605,750
	Verizon Communications, Inc., 5.900% (Z)																		185,000						4,791,500
	Wireless telecommunication services 7.2%
	Telephone & Data Systems, Inc., 6.625% (Z)																		161,300						4,051,856
	Telephone & Data Systems, Inc., 6.875%																		85,000						2,141,150
	Telephone & Data Systems, Inc., 7.000%																		283,000						7,216,500
	United States Cellular Corp., 6.950% (Z)																		772,500						19,752,825
	Utilities 39.4%																								181,386,918
	Electric utilities 27.2%
	Duke Energy Corp., 5.125%																		720,000						17,474,400
	Duquesne Light Company, 6.500%																		98,450						5,107,586
	Entergy Arkansas, Inc., 5.750% (Z)																		66,400						1,689,216
	Entergy Arkansas, Inc., 6.450%																		100,000						2,512,500
	Entergy Louisiana LLC, 5.250%																		220,000						5,500,000
	Entergy Louisiana LLC, 5.875% (Z)																		186,750						4,778,933
	Entergy Louisiana LLC, 6.000% (Z)																		186,438						4,737,390
	Entergy Mississippi, Inc., 6.000%																		186,500						4,774,400
	Entergy Mississippi, Inc., 6.200%																		103,294						2,633,997
	FPL Group Capital Trust I, 5.875% (Z)																		255,000						6,617,250
	Gulf Power Company, 5.750% (Z)																		146,000						3,762,420
	HECO Capital Trust III, 6.500% (Z)																		187,750						4,890,888
	Interstate Power & Light Company, 5.100%																		50,000						1,255,000
	NextEra Energy Capital Holdings, Inc., 5.125%																		73,000						1,654,910
	NextEra Energy Capital Holdings, Inc., 5.700% (Z)																		665,000						16,751,350
	NSTAR Electric Company, 4.780%																		15,143						1,450,699

																			Shares						Value
	Utilities  (continued)
	Electric utilities  (continued)
	PPL Capital Funding, Inc., 5.900% (Z)																		1,125,000						$27,393,750
	SCE Trust I, 5.625%																		105,000						2,568,300
	SCE Trust II, 5.100% (Z)																		420,000						9,353,400
	SCE Trust III (5.750% to 3-15-24, then 3 month LIBOR + 2.990%)																		20,000						540,800
	Multi-utilities 12.2%
	Baltimore Gas & Electric Company, Series 1995, 6.990% (Z)																		39,870						4,020,642
	BGE Capital Trust II, 6.200% (Z)																		535,000						13,669,250
	DTE Energy Company, 5.250%																		384,000						9,384,960
	DTE Energy Company, 6.500%																		346,000						9,290,100
	Integrys Energy Group, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%)																		225,372						5,886,717
	SCANA Corp., 7.700% (Z)																		538,900						13,688,060
	Common stocks 1.0% (0.7% of Total investments)																								$4,779,520
	(Cost $5,474,110)
	Utilities 1.0%																								4,779,520
	Electric utilities 1.0%
	FirstEnergy Corp.																		128,000						4,779,520
							Rate (%)						Maturity date			Par value									Value
	Capital preferred securities (b) 1.4% (0.9% of Total investments)																								$6,408,040
	(Cost $5,574,000)
	Utilities 1.4%																								6,408,040
	Multi-utilities 1.4%
	Dominion Resources Capital Trust III (Z)						8.400						01-15-31			5,000,000									6,408,040
	Corporate bonds 3.1% (2.0% of Total investments)																								$14,228,024
	(Cost $13,387,113)
	Energy 2.1%																								9,824,688
	Oil, gas and consumable fuels 2.1%
	Energy Transfer Partners LP (P)						3.257						11-01-66									10,550,000			9,824,688
	Utilities 1.0%																								4,403,336
	Electric utilities 1.0%
	Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (Q) (Z)						6.250						02-01-22									4,000,000			4,403,336
																			Par value						Value
	Short-term investments 3.2% (2.1% of Total investments)																								$14,748,000
	(Cost $14,748,000)
	Repurchase agreement 3.2%																								14,748,000
	Repurchase Agreement with State Street Corp. dated 10-31-14 at 0.000% to be repurchased at $14,748,000 on 11-3-14, collateralized by $15,335,000 U.S. Treasury Notes, 0.625% due 4-30-18 (valued at $15,048,236, including interest)																		14,748,000						14,748,000
	Total investments (Cost $682,645,093)† 153.4%																								$706,490,943
	Other assets and liabilities, net (53.4%)																								($245,949,125	)
	Total net assets 100.0%																								$460,541,818

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
LIBOR	London Interbank Offered Rate
(a)	Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.
(b)	Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.
(I)	Non-income producing.
(P)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(Q)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(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)	All or a portion of this security is pledged as collateral pursuant to the Credit Facility Agreement. Total collateral value at 10-31-14 was $390,102,208.
†	At 10-31-14, the aggregate cost of investment securities for federal income tax purposes was $682,761,831. Net unrealized appreciation aggregated $23,729,112, of which $30,903,238 related to appreciated investment securities and $7,174,126 related to depreciated investment securities.

Notes to Fund's investments

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are valued at the last sale price or official closing price on the exchange 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. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing vendor. Securities that trade only in the over-the-counter (OTC) market are valued using bid prices. Certain short-term securities with maturities of 60 days or less at the time of purchase are valued at amortized cost. 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 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, 2014, by major security category or type:

							Total market value at 10-31-14			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Preferred securities
				Consumer staples			$14,565,007			—			$14,565,007			—
				Financials			400,789,128			$400,789,128			—			—
				Industrials			8,212,750			8,212,750			—			—
				Telecommunication services			61,373,556			56,582,056			4,791,500			—
				Utilities			181,386,918			174,853,776			6,533,142			—
	Common stocks						4,779,520			4,779,520			—			—
	Capital preferred securities						6,408,040			—			6,408,040			—
	Corporate bonds						14,228,024			—			14,228,024			—
	Short-term investments						14,748,000			—			14,748,000			—
	Total Investments in Securities						$706,490,943			$645,217,230			$61,273,713			—
	Other Financial Instruments:
	Futures						($480,867	)		($480,867	)		—			—
	Interest rate swaps						($950,278	)		—			($950,278	)		—

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. 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 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 October 31, 2014, the fund used futures contracts to manage against anticipated interest rate changes. The following table summarizes the contracts held at October 31, 2014.

	Open contracts			Number of contracts			Position			Expiration date			Notional basis			Notional value			Unrealized appreciation (depreciation)
	10-Year U.S. Treasury Note Futures			520			Short			Dec 2014			($65,226,008)			($65,706,875)			($480,867	)
																			($480,867	)

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. Swap agreements are privately negotiated in the OTC market or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.

During the period ended October 31, 2014, the fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of October 31, 2014.

	Counterparty			Notional amount			Currency			USD notional amount			Payments made by fund			Payments received by fund			Maturity date			Unamortized upfront payment paid (received)			Unrealized appreciation (depreciation)			Market value
	Morgan Stanley Capital Services			56,000,000			USD			56,000,000			Fixed 1.4625%			3 Month LIBOR			Aug 2016			—			($999,468	)		($999,468	)
	Morgan Stanley Capital Services			56,000,000			USD			56,000,000			Fixed 0.875%			3 Month LIBOR			Jul 2017			—			49,190			49,190
										112,000,000												—			($950,278	)		($950,278	)

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

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

	P11Q1	10/14
This report is for the information of the shareholders of John Hancock Preferred Income Fund II.		12/14