John Hancock Preferred Income Fund II (the Fund) is a closed-end management investment company. The Fund�s primary objective is to provide a high level of current income consistent with preservation of capital. The Fund�s secondary objective is to provide growth of capital to the extent consistent with its primary objective. The Fund will invest at least 80% of its assets in preferred stocks and other preferred securities, including convertible preferred securities. The Fund normally will invest at least 25% of its total assets in the industries comprising the utilities sector, which includes telecommunications companies, measured at the time of purchase. It will invest at least 65% of its total assets in preferred securities or other fixed-income securities rated investment grade or higher by Moody�s or Standard & Poor�s at the time of investment. John Hancock Advisers, LLC serves as investment adviser for the Fund.