John Hancock

Preferred Income Fund II

Quarterly portfolio holdings 4/30/15

	As of 4-30-15 (unaudited)
																			Shares						Value
	Preferred securities (a) 145.0% (96.2% of Total investments)																								$674,250,342
	(Cost $643,862,567)
	Consumer staples 3.2%																								14,980,000
	Food and staples retailing 3.2%
	Ocean Spray Cranberries, Inc., Series A, 6.250% (S)																		160,000						14,980,000
	Financials 90.4%																								420,339,105
	Banks 37.8%
	Bank of America Corp., 6.500%																		120,000						3,096,000
	Bank of America Corp., 6.625%																		20,000						519,600
	Barclays Bank PLC, Series 3, 7.100%																		365,000						9,446,200
	Barclays Bank PLC, Series 5, 8.125% (Z)																		340,000						8,887,600
	BB&T Corp., 5.200% (Z)																		330,000						7,999,200
	BB&T Corp., 5.625% (Z)																		450,000						11,119,500
	Citigroup Capital XIII (7.875% to 10-30-15, then 3 month LIBOR + 6.370%)																		55,000						1,423,950
	Citigroup, Inc., 6.875%																		60,000						1,600,200
	HSBC Finance Corp., Depositary Shares, Series B, 6.360% (Z)																		725,000						18,357,000
	HSBC USA, Inc., 6.500% (Z)																		50,000						1,274,000
	ING Groep NV, 7.050% (Z)																		770,000						19,704,300
	JPMorgan Chase & Co., 5.450%																		60,000						1,467,000
	JPMorgan Chase & Co., 5.500%																		77,661						1,910,460
	JPMorgan Chase & Co., 6.125%																		480,000						12,110,400
	JPMorgan Chase & Co., 6.300%																		30,000						774,600
	RBS Capital Funding Trust V, 5.900%																		398,000						9,802,740
	RBS Capital Funding Trust VII, 6.080%																		145,000						3,609,050
	Royal Bank of Scotland Group PLC, Series L, 5.750%																		480,000						11,740,800
	The PNC Financial Services Group, Inc., 5.375%																		70,000						1,739,500
	The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%)																		145,000						4,068,700
	U.S. Bancorp (6.000% to 4-15-17, then 3 month LIBOR + 4.861%) (Z)																		200,000						5,400,000
	U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%) (Z)																		570,000						16,974,600
	Wells Fargo & Company, 6.000% (Z)																		250,000						6,392,500
	Wells Fargo & Company, 8.000% (Z)																		565,000						16,368,050
	Capital markets 20.0%
	Deutsche Bank Contingent Capital Trust II, 6.550%																		173,000						4,638,130
	Deutsche Bank Contingent Capital Trust III, 7.600% (Z)																		460,000						12,926,000
	Merrill Lynch Preferred Capital Trust III, 7.000%																		322,000						8,297,940
	Merrill Lynch Preferred Capital Trust IV, 7.120%																		180,000						4,654,800
	Merrill Lynch Preferred Capital Trust V, 7.280%																		250,000						6,472,500
	Morgan Stanley, 6.625%																		170,000						4,437,000
	Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%)																		70,000						1,827,000
	Morgan Stanley Capital Trust III, 6.250% (Z)																		272,000						6,952,320
	Morgan Stanley Capital Trust IV, 6.250% (Z)																		155,000						3,947,850
	Morgan Stanley Capital Trust V, 5.750% (Z)																		290,000						7,337,000
	Morgan Stanley Capital Trust VII, 6.600%																		52,400						1,315,764
	State Street Corp., 5.250%																		60,000						1,485,600
	State Street Corp., 6.000% (Z)																		428,000						10,914,000
	The Goldman Sachs Group, Inc., 5.950%																		35,000						883,050
	The Goldman Sachs Group, Inc., 6.125% (Z)																		660,000						16,843,200
	Consumer finance 1.5%
	Navient Corp., 6.000% (Z)																		177,500						4,007,950
	SLM Corp., Series A, 6.970%																		64,000						3,155,200

																			Shares						Value
	Financials  (continued)
	Diversified financial services 1.4%
	General Electric Capital Corp., 4.700% (Z)																		260,000						$6,674,200
	Insurance 16.1%
	Aegon NV, 6.375% (Z)																		430,000						10,939,200
	Aegon NV, 6.500%																		220,000						5,671,600
	American Financial Group, Inc., 7.000% (Z)																		284,000						7,315,840
	MetLife, Inc., Series B, 6.500% (Z)																		780,000						20,030,400
	Prudential Financial, Inc., 5.750%																		160,000						4,086,400
	Prudential PLC, 6.500% (Z)																		103,000						2,663,580
	RenaissanceRe Holdings, Ltd., Series C, 6.080%																		15,000						381,900
	The Phoenix Companies, Inc., 7.450%																		216,500						5,115,895
	W.R. Berkley Corp., 5.625%																		740,000						18,426,000
	Real estate investment trusts 13.5%
	Kimco Realty Corp., 6.000% (Z)																		720,000						18,252,000
	Public Storage, 5.200% (Z)																		255,000						6,145,500
	Public Storage, 5.750% (Z)																		340,000						8,551,000
	Public Storage, 6.350% (Z)																		175,000						4,481,750
	Public Storage, Depositary Shares, Series Q, 6.500%																		122,000						3,161,020
	Public Storage, Series P, 6.500%																		56,000						1,431,416
	Senior Housing Properties Trust, 5.625% (Z)																		634,000						15,628,100
	Ventas Realty LP, 5.450%																		205,000						5,127,050
	Thrifts and mortgage finance 0.1%
	Federal National Mortgage Association, Series S, 8.250% (I)																		75,000						375,000
	Industrials 1.8%																								8,225,750
	Machinery 1.8%
	Stanley Black & Decker, Inc., 5.750% (Z)																		325,000						8,225,750
	Telecommunication services 13.3%																								61,877,751
	Diversified telecommunication services 6.1%
	Qwest Corp., 6.125%																		30,000						758,100
	Qwest Corp., 6.875%																		65,000						1,731,600
	Qwest Corp., 7.000%																		60,000						1,574,400
	Qwest Corp., 7.375% (Z)																		567,500						14,879,850
	Qwest Corp., 7.500%																		172,500						4,588,500
	Verizon Communications, Inc., 5.900% (Z)																		185,000						4,959,850
	Wireless telecommunication services 7.2%
	Telephone & Data Systems, Inc., 6.625% (Z)																		161,300						4,076,051
	Telephone & Data Systems, Inc., 6.875%																		85,000						2,154,750
	Telephone & Data Systems, Inc., 7.000%																		283,000						7,301,400
	United States Cellular Corp., 6.950% (Z)																		772,500						19,853,250
	Utilities 36.3%																								168,827,736
	Electric utilities 26.9%
	Duke Energy Corp., 5.125%																		720,000						18,072,000
	Entergy Arkansas, Inc., 5.750% (Z)																		66,400						1,674,608
	Entergy Arkansas, Inc., 6.450%																		100,000						2,525,000
	Entergy Louisiana LLC, 5.250%																		220,000						5,535,200
	Entergy Louisiana LLC, 5.875% (Z)																		186,750						4,784,535
	Entergy Louisiana LLC, 6.000% (Z)																		186,438						4,729,932
	Entergy Mississippi, Inc., 6.000%																		186,500						4,863,920
	Entergy Mississippi, Inc., 6.200%																		103,294						2,663,952

																			Shares						Value
	Utilities  (continued)
	Electric utilities  (continued)
	FPL Group Capital Trust I, 5.875% (Z)																		255,000						$6,456,600
	Gulf Power Company, 5.750% (Z)																		146,000						3,779,940
	HECO Capital Trust III, 6.500% (Z)																		187,750						4,817,665
	Interstate Power & Light Company, 5.100%																		113,500						2,868,145
	NextEra Energy Capital Holdings, Inc., 5.125%																		80,000						1,962,400
	NextEra Energy Capital Holdings, Inc., 5.700% (Z)																		665,000						16,851,100
	NSTAR Electric Company, 4.780%																		15,143						1,510,514
	PPL Capital Funding, Inc., 5.900% (Z)																		1,130,000						28,396,900
	SCE Trust I, 5.625%																		105,000						2,650,200
	SCE Trust II, 5.100% (Z)																		426,000						10,356,060
	SCE Trust III (5.750% to 3-15-24, then 3 month LIBOR + 2.990%)																		20,000						543,000
	Multi-utilities 9.4%
	Baltimore Gas & Electric Company, Series 1995, 6.990% (Z)																		39,870						4,031,854
	BGE Capital Trust II, 6.200% (Z)																		539,000						13,717,550
	DTE Energy Company, 5.250%																		415,420						10,414,579
	DTE Energy Company, 6.500%																		355,000						9,453,650
	Integrys Energy Group, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%) (Z)																		225,372						6,168,432
	Common stocks 1.0% (0.6% of Total investments)																								$4,332,700
	(Cost $4,510,926)
	Energy 0.6%																								2,537,200
	Oil, gas and consumable fuels 0.6%
	Royal Dutch Shell PLC, ADR, Class A																		40,000						2,537,200
	Utilities 0.4%																								1,795,500
	Electric utilities 0.4%
	FirstEnergy Corp.																		50,000						1,795,500
							Rate (%				)		Maturity date			Par value^									Value
	Capital preferred securities (b) 1.4% (0.9% of Total investments)																								$6,568,680
	(Cost $5,574,000)
	Utilities 1.4%																								6,568,680
	Multi-utilities 1.4%
	Dominion Resources Capital Trust III (Z)						8.400						01-15-31			5,000,000									6,568,680
	Corporate bonds 2.9% (2.0% of Total investments)																								$13,616,843
	(Cost $13,383,034)
	Energy 1.9%																								9,112,563
	Oil, gas and consumable fuels 1.9%
	Energy Transfer Partners LP (P)						3.272						11-01-66									10,550,000			9,112,563
	Utilities 1.0%																								4,504,280
	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			4,504,280
																			Par value						Value
	Short-term investments 0.4% (0.3% of Total investments)																								$2,007,000
	(Cost $2,007,000)
	Repurchase agreement 0.4%																								2,007,000
	Repurchase Agreement with State Street Corp. dated 4-30-15 at 0.000% to be repurchased at $2,007,000 on 5-1-15, collateralized by $1,735,000 U.S. Treasury Bonds, 3.625% due 8-15-43 (valued at $2,049,469, including interest)																		2,007,000						2,007,000

																			Par value						Value
	Repurchase agreement  (continued)
	Total investments (Cost $669,337,527)† 150.7%																								$700,775,565
	Other assets and liabilities, net (50.7%)																								($235,736,763	)
	Total net assets 100.0%																								$465,038,802

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
(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 security.
(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 4-30-15 was $382,061,023.
†	At 4-30-15, the aggregate cost of investment securities for federal income tax purposes was $669,461,734. Net unrealized appreciation aggregated $31,313,831, of which $34,576,923 related to appreciated investment securities and $3,263,092 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. Securities that trade only in the over-the-counter (OTC) market are valued using bid prices. Other fund 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, 2015, by major security category or type:

							Total market value at 4-30-15			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Preferred securities
				Consumer staples			$14,980,000			—			$14,980,000			—
				Financials			420,339,105			$420,339,105			—			—
				Industrials			8,225,750			8,225,750			—			—
				Telecommunication services			61,877,751			56,917,901			4,959,850			—
				Utilities			168,827,736			160,760,368			8,067,368			—
	Common stocks						4,332,700			4,332,700			—			—
	Capital preferred securities						6,568,680			—			6,568,680			—
	Corporate bonds						13,616,843			—			13,616,843			—
	Short-term investments						2,007,000			—			2,007,000			—
	Total investments in securities						$700,775,565			$650,575,824			$50,199,741			—
	Other financial instruments:
	Futures						($167,789	)		($167,789	)		—			—
	Interest rate swaps						($922,666	)		—			($922,666	)		—

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.

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 default, the MRA does not result in an offset of the 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. Collateral received by the fund for repurchase agreements is disclosed in the Portfolio of investments as part of the caption related to the repurchase agreement.

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 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, 2015, the fund used futures contracts to manage against anticipated interest rate changes. The following table summarizes the contracts held at April 30, 2015.

	Open contracts			Number of contracts			Position			Expiration date			Notional basis			Notional value			Unrealized appreciation (depreciation)
	10-Year U.S. Treasury Note Futures			520			Short			Jun 2015			($66,587,211	)		($66,755,000	)		($167,789	)

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 April 30, 2015, 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, 2015.

Counterparty

Notional amount

Payments made by fund

Payments received by fund

Termination date

Market value

Morgan Stanley Capital Services

$56,000,000

Fixed 1.4625%

3 Month LIBOR (a)

Aug 2016

($794,440

)

Morgan Stanley Capital Services

56,000,000

Fixed 0.875%

3 Month LIBOR (a)

Jul 2017

(128,226

)

$112,000,000

($922,666

)

(a) At 4-30-15, the 3-month LIBOR rate was 0.27875%

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	Regular mail: John Hancock Signature Services, Inc. P.O. Box 55913 Boston, MA 02205-5913	Express mail: John Hancock Signature Services, Inc. 30 Dan Road Canton, MA 02021
Phone	Customer service representatives EASI-Line TDD line	800-225-5291 800-338-8080 800-231-5469

	P11Q3	04/15
This report is for the information of the shareholders of John Hancock Preferred Income Fund II.		6/15