John Hancock

Preferred Income Fund II

Quarterly portfolio holdings 4/30/16

	As of 4-30-16 (unaudited)
																Shares			Value
	Preferred securities (a) 142.4% (94.5% of Total investments)																		$662,363,953
	(Cost $626,995,953)
	Consumer staples 3.0%																		13,855,008
	Food and staples retailing 3.0%
	Ocean Spray Cranberries, Inc., Series A, 6.250% (S)															160,000			13,855,008
	Energy 4.8%																		22,124,160
	Oil, gas and consumable fuels 4.8%
	Kinder Morgan, Inc., 9.750%															501,000			22,124,160
	Financials 80.8%																		376,101,125
	Banks 38.5%
	Bank of America Corp., 6.500%															180,000			4,752,000
	Bank of America Corp., 6.625%															20,000			534,400
	Barclays Bank PLC, Series 3, 7.100%															365,000			9,460,800
	Barclays Bank PLC, Series 5, 8.125%															340,000			8,969,200
	BB&T Corp., 5.200% (Z)															330,000			8,332,500
	BB&T Corp., 5.625% (Z)															450,000			11,574,000
	Citigroup Capital XIII, 7.008% (P) (Z)															55,000			1,438,250
	Citigroup, Inc., 5.800%															10,000			259,800
	Citigroup, Inc., 6.875% (Z)															60,000			1,615,200
	Citigroup, Inc. (6.875% to 11-15-23, then 3 month LIBOR + 4.130%)															242,253			6,683,760
	Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%)															155,000			4,333,800
	HSBC USA, Inc., 6.500% (Z)															50,000			1,301,500
	ING Groep NV, 7.050%															770,000			20,266,400
	JPMorgan Chase & Co., 5.450% (Z)															60,000			1,528,800
	JPMorgan Chase & Co., 5.500%															77,661			1,964,047
	JPMorgan Chase & Co., 6.100%															276,500			7,224,945
	JPMorgan Chase & Co., 6.125% (Z)															501,419			13,092,050
	JPMorgan Chase & Co., 6.300%															30,000			790,500
	RBS Capital Funding Trust V, 5.900% (Z)															398,000			9,711,200
	RBS Capital Funding Trust VII, 6.080%															145,000			3,559,750
	Royal Bank of Scotland Group PLC, Series L, 5.750%															465,000			11,253,000
	The PNC Financial Services Group, Inc., 5.375%															70,000			1,805,300
	The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%)															145,000			4,191,950
	U.S. Bancorp (6.000% to 4-15-17, then 3 month LIBOR + 4.861%) (Z)															200,000			5,282,000
	U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%) (Z)															570,000			16,849,200
	Wells Fargo & Company, 6.000% (Z)															250,000			6,657,500
	Wells Fargo & Company, 8.000% (Z)															565,000			15,916,050
	Capital markets 11.9%
	Deutsche Bank Contingent Capital Trust II, 6.550%															173,000			4,307,700
	Deutsche Bank Contingent Capital Trust III, 7.600% (Z)															460,000			11,923,200
	Morgan Stanley, 6.625% (Z)															175,000			4,732,000
	Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%)															70,000			1,856,400
	Morgan Stanley Capital Trust III, 6.250% (Z)															272,000			7,004,000
	Morgan Stanley Capital Trust IV, 6.250% (Z)															155,000			3,981,950
	Morgan Stanley Capital Trust V, 5.750% (Z)															285,000			7,284,600
	State Street Corp., 5.250% (Z)															45,000			1,179,900
	State Street Corp., 6.000% (Z)															445,000			12,023,900
	The Goldman Sachs Group, Inc., 5.950%															40,000			1,026,400

																Shares			Value
	Financials  (continued)
	Consumer finance 7.1%
	Capital One Financial Corp., 6.200%															234,250			$6,186,543
	Capital One Financial Corp., 6.700%															52,925			1,452,262
	HSBC Finance Corp., Depositary Shares, Series B, 6.360% (Z)															725,000			18,806,500
	Navient Corp., 6.000%															177,500			3,418,650
	SLM Corp., Series A, 6.970%															64,000			3,024,000
	Insurance 10.0%
	Aegon NV, 6.375% (Z)															430,000			11,059,600
	Aegon NV, 6.500%															220,000			5,753,000
	Prudential Financial, Inc., 5.750%															160,000			4,222,400
	Prudential PLC, 6.500% (Z)															103,000			2,695,510
	The Phoenix Companies, Inc., 7.450%															216,500			4,005,250
	W.R. Berkley Corp., 5.625% (Z)															740,000			18,825,600
	Real estate investment trusts 13.2%
	Digital Realty Trust, Inc., 7.375%															25,592			711,458
	Kimco Realty Corp., 6.000% (Z)															725,000			18,937,000
	Public Storage, 5.200% (Z)															255,000			6,630,000
	Public Storage, 5.750% (Z)															340,000			8,945,400
	Public Storage, 6.350% (Z)															175,000			4,490,500
	Senior Housing Properties Trust, 5.625% (Z)															667,000			16,841,750
	Ventas Realty LP, 5.450%															200,000			5,136,000
	Thrifts and mortgage finance 0.1%
	Federal National Mortgage Association, Series S, 8.250% (I)															75,000			291,750
	Industrials 2.1%																		9,734,700
	Machinery 2.1%
	Stanley Black & Decker, Inc., 5.750% (Z)															370,000			9,734,700
	Telecommunication services 13.1%																		61,124,434
	Diversified telecommunication services 6.0%
	Qwest Corp., 6.125%															30,000			734,700
	Qwest Corp., 6.875%															65,000			1,660,750
	Qwest Corp., 7.000%															60,000			1,530,000
	Qwest Corp., 7.375% (Z)															567,500			14,505,300
	Qwest Corp., 7.500%															172,500			4,434,975
	Verizon Communications, Inc., 5.900% (Z)															185,000			5,075,938
	Wireless telecommunication services 7.1%
	Telephone & Data Systems, Inc., 6.625% (Z)															161,300			4,151,862
	Telephone & Data Systems, Inc., 6.875%															85,000			2,169,200
	Telephone & Data Systems, Inc., 7.000%															283,000			7,193,859
	United States Cellular Corp., 6.950% (Z)															772,500			19,667,850
	Utilities 38.6%																		179,424,526
	Electric utilities 30.0%
	Baltimore Gas & Electric Company, Series 1995, 6.990% (Z)															39,870			4,111,394
	Duke Energy Corp., 5.125%															720,000			18,936,000
	Entergy Arkansas, Inc., 5.750% (Z)															66,400			1,679,256
	Entergy Arkansas, Inc., 6.450%															100,000			2,580,000
	Entergy Louisiana LLC, 5.250%															220,000			5,561,600
	Entergy Louisiana LLC, 5.875% (Z)															186,750			4,734,113

																Shares			Value
	Utilities  (continued)
	Electric utilities  (continued)
	Entergy Louisiana LLC, 6.000% (Z)															146,665			$3,744,357
	Entergy Mississippi, Inc., 6.000%															186,500			4,748,290
	Entergy Mississippi, Inc., 6.200%															103,294			2,678,413
	FPL Group Capital Trust I, 5.875% (Z)															255,000			6,655,500
	Gulf Power Company, 5.750%															146,000			3,690,880
	HECO Capital Trust III, 6.500% (Z)															187,750			4,965,988
	Interstate Power & Light Company, 5.100% (Z)															154,600			4,186,568
	NextEra Energy Capital Holdings, Inc., 5.125%															80,000			2,036,000
	NextEra Energy Capital Holdings, Inc., 5.700% (Z)															665,000			17,230,150
	NSTAR Electric Company, 4.780%															15,143			1,510,514
	PPL Capital Funding, Inc., 5.900% (Z)															1,050,000			28,003,500
	SCE Trust I, 5.625%															105,000			2,686,950
	SCE Trust II, 5.100% (Z)															426,000			10,756,500
	SCE Trust III (5.750% to 3-15-24, then 3 month LIBOR + 2.990%)															20,000			544,000
	The Southern Company, 6.250% (Z)															310,000			8,391,700
	Multi-utilities 8.6%
	BGE Capital Trust II, 6.200% (Z)															539,000			14,014,000
	DTE Energy Company, 5.250% (Z)															415,420			10,763,532
	DTE Energy Company, 6.500%															355,000			9,265,500
	Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%) (Z)															225,372			5,949,821
	Common stocks 3.7% (2.5% of Total investments)																		$17,381,035
	(Cost $15,867,909)
	Energy 3.2%																		15,021,535
	Oil, gas and consumable fuels 3.2%
	Royal Dutch Shell PLC, ADR, Class A (Z)															130,000			6,875,700
	Spectra Energy Corp. (Z)															260,500			8,145,835
	Utilities 0.5%																		2,359,500
	Multi-utilities 0.5%
	CenterPoint Energy, Inc. (Z)															110,000			2,359,500
							Rate (%				)		Maturity date			Par value^			Value
	Capital preferred securities (b) 1.3% (0.9% of Total investments)																		$6,248,205
	(Cost $5,574,000)
	Utilities 1.3%																		6,248,205
	Multi-utilities 1.3%
	Dominion Resources Capital Trust III						8.400						01-15-31			5,000,000			6,248,205
	Corporate bonds 2.3% (1.5% of Total investments)																		$10,612,500
	(Cost $13,374,099)
	Energy 1.3%																		6,224,500
	Oil, gas and consumable fuels 1.3%
	Energy Transfer Partners LP (P)						3.633						11-01-66			10,550,000			6,224,500
	Utilities 1.0%																		4,388,000
	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			4,388,000

							Yield				* (%)		Maturity date			Par value^			Value
	Short-term investments 1.0% (0.6% of Total investments)																		$4,480,976
	(Cost $4,480,976)
	U.S. Government Agency 1.0%																		4,378,976
	Federal Home Loan Bank Discount Note						0.200						05-02-16			4,379,000			4,378,976
	Repurchase agreement 0.0%																		102,000
	Repurchase Agreement with State Street Corp. dated 4-29-16 at 0.030% to be repurchased at $102,000 on 5-2-16, collateralized by $105,000 U.S. Treasury Notes, 1.125% due 2-28-21 (valued at $104,081, including interest)															102,000			102,000
	Total investments (Cost $666,292,937)† 150.7%																		$701,086,669
	Other assets and liabilities, net (50.7%)																		($235,789,473	)
	Total net assets 100.0%																		$465,297,196

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 4-30-16 was $385,426,104.

*

Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

†

At 4-30-16, the aggregate cost of investment securities for federal income tax purposes was $666,433,047. Net unrealized appreciation aggregated to $34,653,622, of which $42,529,912 related to appreciated investment securities and $7,876,290 related to depreciated investment securities.

The fund had the following country composition as a percentage of net assets on 4-30-16:

	United States			83.6%
	Netherlands			9.4%
	United Kingdom			7.0%
	TOTAL			100.0%

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 may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market 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.

In certain instances, the Pricing Committee 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 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 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 April 30, 2016, by major security category or type:

							Total value at 4-30-16			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Preferred securities
				Consumer staples			$13,855,008			—			$13,855,008			—
				Energy			22,124,160			$22,124,160			—			—
				Financials			376,101,125			376,101,125			—			—
				Industrials			9,734,700			9,734,700			—			—
				Telecommunication services			61,124,434			56,048,496			5,075,938			—
				Utilities			179,424,526			169,363,311			10,061,215			—
	Common stocks						17,381,035			17,381,035			—			—
	Capital preferred securities						6,248,205			—			6,248,205			—
	Corporate bonds						10,612,500			—			10,612,500			—
	Short-term investments						4,480,976			—			4,480,976			—
	Total investments in securities						$701,086,669			$650,752,827			$50,333,842			—
	Other financial instruments:
	Futures						$356,162			$356,162			—			—
	Interest rate swaps						(408,139	)		—			($408,139	)		—

Securities with a market value of approximately $6,227,028 at the beginning of the year were transferred from Level 1 to Level 2 during the period since quoted prices in active markets for identical securities were no longer available and securities were valued using other significant observable inputs.

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.

       6

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, assets and liabilities resulting from repurchase agreements are not offset. 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 (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, 2016 the fund used futures contracts to manage against anticipated interest rate changes. The following table summarizes the contracts held at April 30, 2016.

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 2016

($67,988,662

)

($67,632,500

)

$356,162

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.

During the period ended April 30, 2016, 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, 2016.

Counterparty

USD notional amount

Payments made by fund

Payments received by fund

Maturity date

Market value

Morgan Stanley Capital Services

$56,000,000

Fixed 1.4625%

3 Month LIBOR(a)

Aug 2016

($233,593

)

Morgan Stanley Capital Services

56,000,000

Fixed 0.875%

3 Month LIBOR(a)

Jul 2017

(174,545

)

$112,000,000

($408,139

)

^(a) At 4-30-16, the 3-month LIBOR rate was 0.63660%

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

       7

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

	P11Q3	04/16
This report is for the information of the shareholders of John Hancock Preferred Income Fund II.		6/16