BOSTON, Dec. 12 /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 $8,042,674 for the first quarter ended October 31, 2008. For the comparable period in 2007, net investment income was $12,222,953.

As of October 31, 2008, the net asset value per share was $13.34 with total net assets of $418,212,193* and 21,125,906 common shares outstanding. Comparable figures for October 31, 2007 reflect a net asset value per share of $22.68, total net assets of $733,131,047** and 21,125,906 common shares outstanding.

About John Hancock Funds

The Boston-based mutual fund business unit of John Hancock Financial Services, John Hancock Funds manages more than $47.9 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at September 30, 2008. John Hancock Funds are distributed by John Hancock Funds, LLC, member FINRA | SIPC. For more information, please visit http://www.jhfunds.com .

John Hancock Financial Services is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through 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$385 billion (US$364 billion) at September 30, 2008. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial may be found on the Internet at http://www.manulife.com .

* Includes value of bank line of credit

** Includes value of auction preferred shares

SOURCE John Hancock Preferred Income Fund II