John Hancock Preferred Income Fund II (HPF) NPORT-P John Hancock Preferred Income Fund II (Apr 2021 report)

John Hancock

Preferred Income Fund II

Quarterly portfolio holdings 4/30/2021

Fund’s investments

As of 4-30-21 (unaudited)

	Shares	Value
Preferred securities (A) 107.8% (73.3% of Total investments)		$464,411,441
(Cost $452,523,037)
Communication services 11.0%		47,238,444
Diversified telecommunication services 2.0%
Qwest Corp., 6.500% (B)	110,790	2,827,361
Qwest Corp., 6.750%	220,000	5,753,000
Wireless telecommunication services 9.0%
Telephone & Data Systems, Inc. (Callable 3-31-26), 6.625%	211,250	5,819,938
Telephone & Data Systems, Inc. (Callable 6-1-21), 6.625% (B)	168,297	4,367,307
U.S. Cellular Corp., 5.500%	105,000	2,685,900
U.S. Cellular Corp., 6.250%	220,000	5,830,000
U.S. Cellular Corp., 6.950% (B)(C)	613,600	15,708,160
U.S. Cellular Corp., 7.250%	165,825	4,246,778
Consumer discretionary 1.5%		6,390,750
Internet and direct marketing retail 1.5%
Qurate Retail, Inc., 8.000%	55,000	5,753,000
QVC, Inc., 6.250% (B)	25,000	637,750
Consumer staples 3.5%		14,880,000
Food products 3.5%
Ocean Spray Cranberries, Inc., 6.250% (B)(D)	160,000	14,880,000
Energy 2.1%		9,192,000
Oil, gas and consumable fuels 2.1%
Enbridge, Inc. (6.375% to 4-15-23, then 3 month LIBOR + 3.593%) (B)	210,000	5,565,000
NuStar Logistics LP (3 month LIBOR + 6.734%), 6.918% (B)(E)	150,000	3,627,000
Financials 35.9%		154,796,808
Banks 19.6%
Bank of America Corp., 6.000% (B)	108,575	2,989,070
Bank of America Corp. (6.450% to 12-15-66, then 3 month LIBOR + 1.327%) (B)(C)	110,000	3,028,300
Bank of America Corp., 7.250% (B)(C)	7,000	9,911,860
Citigroup Capital XIII (3 month LIBOR + 6.370%), 6.546% (E)	265,000	7,192,100
Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%) (B)(C)	300,564	8,475,905
Fifth Third Bancorp, 6.000% (B)	150,000	3,990,000
First Republic Bank, 4.700% (B)	128,875	3,337,863
Fulton Financial Corp., 5.125% (B)	113,025	2,920,566
GMAC Capital Trust I (3 month LIBOR + 5.785%), 5.983% (E)	361,904	9,279,219
Pinnacle Financial Partners, Inc., 6.750%	140,000	3,879,400
Synovus Financial Corp. (6.300% to 6-21-23, then 3 month LIBOR + 3.352%) (B)(C)	164,500	4,339,510
The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) (B)	135,000	3,539,700
Wells Fargo & Company (6.625% to 3-15-24, then 3 month LIBOR + 3.690%) (B)	269,225	7,804,833
Wells Fargo & Company, 7.500% (B)(C)	7,500	10,753,650
WesBanco, Inc. (6.750% to 11-15-25, then 5 Year CMT + 6.557%)	93,000	2,670,030
Western Alliance Bancorp, 6.250% (B)	20,000	512,800
Capital markets 4.6%
Brookfield Finance, Inc., 4.625% (B)	95,000	2,356,000
Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%) (B)	125,000	3,543,750
Morgan Stanley (6.875% to 1-15-24, then 3 month LIBOR + 3.940%) (B)	86,000	2,402,840
Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%)	405,472	11,673,539

2 JOHN HANCOCK PREFERRED INCOME FUND II | QUARTERLY REPORT SEE NOTES TO FUND'S INVESTMENTS

	Shares	Value
Financials (continued)
Consumer finance 1.4%
Navient Corp., 6.000% (B)(C)	244,271	$5,894,259
Insurance 10.2%
AEGON Funding Company LLC, 5.100% (B)	267,925	7,022,314
American Equity Investment Life Holding Company (6.625% to 9-1-25, then 5 Year CMT + 6.297%)	131,750	3,696,905
American Financial Group, Inc., 5.125% (B)	123,850	3,330,327
American International Group, Inc., 5.850% (B)	200,000	5,546,000
Athene Holding, Ltd., Series A (6.350% to 6-30-29, then 3 month LIBOR + 4.253%) (B)	250,000	7,132,500
Brighthouse Financial, Inc., 6.600%	222,187	5,985,718
Prudential PLC, 6.500% (B)	103,000	2,832,500
The Hartford Financial Services Group, Inc. (7.875% to 4-15-22, then 3 month LIBOR + 5.596%) (B)(C)	46,750	1,243,550
The Phoenix Companies, Inc., 7.450% (B)	216,500	3,648,025
Unum Group, 6.250% (B)	127,500	3,392,775
Thrifts and mortgage finance 0.1%
Federal National Mortgage Association, Series S, 8.250% (F)	75,000	471,000
Health care 0.7%		3,037,650
Health care equipment and supplies 0.7%
Becton, Dickinson and Company, 6.000%	55,000	3,037,650
Industrials 1.0%		4,365,044
Trading companies and distributors 1.0%
WESCO International, Inc. (10.625% to 6-22-25, then 5 Year CMT + 10.325%)	137,525	4,365,044
Information technology 0.7%		2,898,900
Semiconductors and semiconductor equipment 0.7%
Broadcom, Inc., 8.000% (B)	2,000	2,898,900
Real estate 5.2%		22,516,629
Equity real estate investment trusts 5.2%
American Homes 4 Rent, Series E, 6.350% (B)	79,996	2,030,298
American Homes 4 Rent, Series F, 5.875% (B)	146,511	3,866,425
Diversified Healthcare Trust, 5.625% (B)	665,020	15,162,456
Vornado Realty Trust, 5.400%	56,600	1,457,450
Utilities 46.2%		199,095,216
Electric utilities 17.0%
American Electric Power Company, Inc., 6.125%	60,000	3,011,400
American Electric Power Company, Inc., 6.125% (B)(C)	115,000	5,885,700
Duke Energy Corp., 5.125% (B)(C)	386,624	10,048,358
Duke Energy Corp., 5.750% (B)	160,000	4,478,400
Interstate Power & Light Company, 5.100% (B)	108,837	2,851,529
NextEra Energy, Inc., 5.279% (B)	55,000	2,770,350
NextEra Energy, Inc., 6.219% (B)(C)	198,000	9,993,060
NSTAR Electric Company, 4.780% (B)	15,143	1,560,486
PG&E Corp., 5.500%	35,000	3,863,650
PPL Capital Funding, Inc., 5.900% (B)	608,575	15,518,663
SCE Trust III (5.750% to 3-15-24, then 3 month LIBOR + 2.990%) (B)(C)	20,000	508,000
The Southern Company, 6.750% (B)	245,000	12,838,000
Gas utilities 3.3%
South Jersey Industries, Inc., 5.625% (B)	188,875	4,935,304
South Jersey Industries, Inc., 8.750%	130,000	6,888,700

SEE NOTES TO FUND'S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK PREFERRED INCOME FUND II 3

	Shares	Value
Utilities (continued)
Gas utilities (continued)
Spire, Inc., 7.500%	46,000	$2,449,500
Multi-utilities 25.9%
Algonquin Power & Utilities Corp. (6.200% to 7-1-24, then 3 month LIBOR + 4.010%)	290,000	8,038,800
Algonquin Power & Utilities Corp. (6.875% to 10-17-23, then 3 month LIBOR + 3.677%)	420,050	11,593,380
CenterPoint Energy, Inc., 7.000% (B)	615,000	27,373,650
CMS Energy Corp., 5.625% (B)(C)	187,515	5,006,651
DTE Energy Company, 5.250% (B)	160,000	4,184,000
DTE Energy Company, 6.000% (B)(C)	69,950	1,831,291
DTE Energy Company, 6.250% (B)	424,300	21,528,982
Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%) (B)(C)	237,872	6,172,778
NiSource, Inc. (6.500% to 3-15-24, then 5 Year CMT + 3.632%) (B)(C)	288,000	7,920,000
NiSource, Inc., 7.750%	97,600	10,451,984
Sempra Energy, 5.750% (B)(C)	270,000	7,392,600
Common stocks 6.8% (4.6% of Total investments)		$29,169,441
(Cost $35,647,673)
Communication services 0.5%		1,924,500
Diversified telecommunication services 0.5%
Lumen Technologies, Inc. (B)	150,000	1,924,500
Energy 3.1%		13,268,119
Oil, gas and consumable fuels 3.1%
BP PLC, ADR (B)	140,000	3,522,400
Equitrans Midstream Corp. (B)	358,446	2,924,919
The Williams Companies, Inc. (B)(C)	280,000	6,820,800
Utilities 3.2%		13,976,822
Multi-utilities 3.2%
Dominion Energy, Inc. (B)(C)	135,500	13,976,822

	Rate (%)	Maturity date	Par value^	Value
Corporate bonds 29.5% (20.0% of Total investments)				$126,867,405
(Cost $121,631,033)
Communication services 1.5%				6,234,274
Wireless telecommunication services 1.5%
SoftBank Group Corp. (6.875% to 7-19-27, then 5 Year ICE Swap Rate + 4.854%) (B)(G)	6.875	07-19-27	5,988,000	6,234,274
Consumer discretionary 2.5%				10,838,089
Automobiles 2.5%
General Motors Financial Company, Inc. (5.700% to 9-30-30, then 5 Year CMT + 4.997%) (G)	5.700	09-30-30	2,500,000	2,793,750
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (G)	6.500	09-30-28	7,239,000	8,044,339
Consumer staples 0.2%				710,200
Food products 0.2%
Land O' Lakes, Inc. (B)(D)(G)	8.000	07-16-25	670,000	710,200
Energy 5.5%				23,618,817
Oil, gas and consumable fuels 5.5%
DCP Midstream LP (7.375% to 12-15-22, then 3 month LIBOR + 5.148%) (G)	7.375	12-15-22	9,297,000	8,506,755
Energy Transfer LP (3 month LIBOR + 3.018%) (B)(C)(E)	3.193	11-01-66	8,050,000	5,956,437

4 JOHN HANCOCK PREFERRED INCOME FUND II | QUARTERLY REPORT SEE NOTES TO FUND'S INVESTMENTS

	Rate (%)	Maturity date	Par value^	Value
Energy (continued)
Oil, gas and consumable fuels (continued)
Energy Transfer LP (6.625% to 2-15-28, then 3 month LIBOR + 4.155%) (G)	6.625	02-15-28	6,500,000	$6,118,125
MPLX LP (6.875% to 2-15-23, then 3 month LIBOR + 4.652%) (B)(C)(G)	6.875	02-15-23	3,000,000	3,037,500
Financials 16.0%				68,909,852
Banks 9.5%
Barclays PLC (7.750% to 9-15-23, then 5 Year U.S. Swap Rate + 4.842%) (B)(C)(G)	7.750	09-15-23	1,102,000	1,212,200
Barclays PLC (8.000% to 6-15-24, then 5 Year CMT + 5.672%) (G)	8.000	06-15-24	1,935,000	2,196,225
Citizens Financial Group, Inc. (6.375% to 4-6-24, then 3 month LIBOR + 3.157%) (G)	6.375	04-06-24	6,000,000	6,487,500
Comerica, Inc. (5.625% to 7-1-25, then 5 Year CMT + 5.291%) (G)	5.625	07-01-25	2,750,000	3,055,938
Huntington Bancshares, Inc. (5.625% to 7-15-30, then 10 Year CMT + 4.945%) (G)	5.625	07-15-30	1,500,000	1,746,000
JPMorgan Chase & Co. (3 month LIBOR + 3.320%) (B)(C)(E)(G)	3.522	07-01-21	4,220,000	4,225,275
JPMorgan Chase & Co. (4.600% to 2-1-25, then SOFR + 3.125%) (B)(G)	4.600	02-01-25	5,500,000	5,671,875
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)(G)	6.750	02-01-24	667,000	741,204
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (G)	7.500	06-27-24	6,000,000	6,779,220
Societe Generale SA (5.375% to 11-18-30, then 5 Year CMT + 4.514%) (D)(G)	5.375	11-18-30	4,900,000	5,096,000
SVB Financial Group (4.100% to 2-15-31, then 10 Year CMT + 3.064%) (G)	4.100	02-15-31	1,400,000	1,410,500
Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (B)(C)(G)	5.900	06-15-24	2,000,000	2,170,780
Capital markets 1.8%
The Charles Schwab Corp. (4.000% to 6-1-26, then 5 Year CMT + 3.168%) (B)(G)	4.000	06-01-26	4,000,000	4,110,240
The Charles Schwab Corp. (5.375% to 6-1-25, then 5 Year CMT + 4.971%) (B)(G)	5.375	06-01-25	3,100,000	3,446,890
Consumer finance 0.9%
Discover Financial Services (6.125% to 6-23-25, then 5 Year CMT + 5.783%) (G)	6.125	06-23-25	3,400,000	3,833,500
Diversified financial services 0.7%
Enstar Finance LLC (5.750% to 9-1-25, then 5 Year CMT + 5.468%)	5.750	09-01-40	3,000,000	3,165,000
Insurance 3.1%
Markel Corp. (6.000% to 6-1-25, then 5 Year CMT + 5.662%) (G)	6.000	06-01-25	2,000,000	2,200,080
MetLife, Inc. (5.875% to 3-15-28, then 3 month LIBOR + 2.959%) (B)(G)	5.875	03-15-28	4,000,000	4,592,000
SBL Holdings, Inc. (7.000% to 5-13-25, then 5 Year CMT + 5.580%) (B)(D)(G)	7.000	05-13-25	6,890,000	6,769,425
Utilities 3.8%				16,556,173
Electric utilities 2.9%
Emera, Inc. (6.750% to 6-15-26, then 3 month LIBOR + 5.440% to 6-15-46, then 3 month LIBOR + 6.190%) (B)(C)	6.750	06-15-76	2,490,000	2,882,424
Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (B)(C)(G)	6.250	02-01-22	6,499,999	6,629,999
The Southern Company (4.000% to 10-15-25, then 5 Year CMT + 3.733%) (B)(C)	4.000	01-15-51	3,000,000	3,202,500
Multi-utilities 0.9%
CMS Energy Corp. (4.750% to 3-1-30, then 5 Year CMT + 4.116%) (B)(C)	4.750	06-01-50	3,500,000	3,841,250
Capital preferred securities (H) 1.5% (1.1% of Total investments)				$6,549,268
(Cost $5,574,000)
Utilities 1.5%				6,549,268
Multi-utilities 1.5%
Dominion Resources Capital Trust III (B)(C)	8.400	01-15-31	5,000,000	6,549,268

SEE NOTES TO FUND'S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK PREFERRED INCOME FUND II 5

	Par value^	Value
Short-term investments 1.5% (1.0% of Total investments)		$6,643,000
(Cost $6,643,000)
Repurchase agreement 1.5%		6,643,000
Repurchase Agreement with State Street Corp. dated 4-30-21 at 0.000% to be repurchased at $6,643,000 on 5-3-21, collateralized by $6,781,700 U.S. Treasury Notes, 0.125% due 4-30-23 (valued at $6,775,875)	6,643,000	6,643,000
Total investments (Cost $622,018,743) 147.1%		$633,640,555
Other assets and liabilities, net (47.1%)		(203,031,931)
Total net assets 100.0%		$430,608,624

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
ADR	American Depositary Receipt
CMT	Constant Maturity Treasury
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
(A)	Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.
(B)	All of a portion of this security is pledged as collateral pursuant to the Credit Facility Agreement. Total collateral value at 4-30-21 was $398,688,671. A portion of the securities pledged as collateral were loaned pursuant to the Credit Facility Agreement. The value of securities on loan amounted to $171,228,378.
(C)	All or a portion of this security is on loan as of 4-30-21, and is a component of the fund's leverage under the Credit Facility Agreement.
(D)	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.
(E)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(F)	Non-income producing security.
(G)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(H)	Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.

The fund had the following country composition as a percentage of total investments on 4-30-21:

United States	89.6%
Canada	4.9%
United Kingdom	2.6%
Bermuda	1.1%
Japan	1.0%
Other countries	0.8%
TOTAL	100.0%

6 JOHN HANCOCK PREFERRED INCOME FUND II | QUARTERLY REPORT SEE NOTES TO FUND'S INVESTMENTS

DERIVATIVES

FUTURES

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 2021	$(69,800,942)	$(68,656,250)	$1,144,692
						$1,144,692

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

SWAPS

Interest rate swaps
Counterparty (OTC)/ Centrally cleared	Notional amount	Currency	Payments made	Payments received	Fixed payment frequency	Floating payment frequency	Maturity date	Unamortized upfront payment paid (received)	Unrealized appreciation (depreciation)	Value
Centrally cleared	60,000,000	USD	Fixed 2.136%	USD 3 month LIBOR BBA(a)	Semi-Annual	Quarterly	Oct 2022	—	$(2,324,039)	$(2,324,039)
								—	$(2,324,039)	$(2,324,039)

^(a) At 4-30-21, the 3 month LIBOR was 0.176%.

Derivatives Currency Abbreviations
USD	U.S. Dollar

Derivatives Abbreviations
BBA	The British Banker's Association
LIBOR	London Interbank Offered Rate
OTC	Over-the-counter

SEE NOTES TO FUND'S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK PREFERRED INCOME FUND II 7

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 (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures.

In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. 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 typically valued based on evaluated prices provided by an independent pricing vendor. 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. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor.

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, including registered investment companies. 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, 2021, by major security category or type:

	Total value at 4-30-21	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
Preferred securities
Communication services	$47,238,444	$47,238,444	—	—
Consumer discretionary	6,390,750	6,390,750	—	—
Consumer staples	14,880,000	—	$14,880,000	—
Energy	9,192,000	9,192,000	—	—
Financials	154,796,808	151,148,783	3,648,025	—
Health care	3,037,650	3,037,650	—	—
Industrials	4,365,044	4,365,044	—	—
Information technology	2,898,900	2,898,900	—	—
Real estate	22,516,629	22,516,629	—	—
Utilities	199,095,216	192,922,438	6,172,778	—
Common stocks	29,169,441	29,169,441	—	—
Corporate bonds	126,867,405	—	126,867,405	—
Capital preferred securities	6,549,268	—	6,549,268	—
Short-term investments	6,643,000	—	6,643,000	—
Total investments in securities	$633,640,555	$468,880,079	$164,760,476	—
Derivatives:
Assets
Futures	$1,144,692	$1,144,692	—	—
Liabilities
Swap contracts	(2,324,039)	—	$(2,324,039)	—

8  | 

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

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