The John Hancock Preferred Income Fund II (HPF) is a mutual fund that primarily invests in preferred stocks, which are a type of hybrid security that combines features of both stocks and bonds. These preferred stocks typically offer a fixed dividend payment and have a higher priority for receiving dividends compared to common stocks. The fund aims to provide investors with a steady stream of income through its investments in preferred stocks issued by a variety of companies. It may also invest in other income-producing securities such as corporate bonds and convertible securities. The fund is managed by John Hancock Investment Management and is suitable for investors seeking a balance of income and potential for capital appreciation.