BOSTON, March 17 /PRNewswire-FirstCall/ -- John Hancock Preferred Income Fund II (NYSE: HPF), a closed-end fund managed by John Hancock Advisers, LLC, reported today that net investment income was $9,077,396 for the second quarter ended January 31, 2009. For the comparable period in 2008, net investment income was $11,097,042.

As of January 31, 2009, the net asset value per share was $12.83 with total net assets of $424,486,480* and 21,144,058 common shares outstanding. Comparable figures for January 31, 2008 reflect a net asset value per share of $22.12, total net assets of $721,254,968** and 21,125,906 common shares outstanding.

About John Hancock Funds

The Boston-based mutual fund business unit of John Hancock Financial, John Hancock Funds manages more than $38.8 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at December 31, 2008.

About John Hancock Financial and Manulife Financial Corporation

John Hancock Financial is a unit of Manulife Financial Corporation (the Company), a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$405 billion (US$330 billion) at December 31, 2008.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at www.johnhancock.com.

* Includes value of bank line of credit

** Includes value of auction preferred shares

SOURCE John Hancock Advisers, LLC