# John Hancock Preferred Income Fund II (HPF): Closed-End Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/hpf for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: John Hancock · Asset class: Bond - Strategy: Actively Managed · Inception: 2002-11-26 Operating as a closed-end mutual fund focused on fixed-income assets, the John Hancock Preferred Income Fund II is overseen by John Hancock Investment Management LLC, with additional stewardship provided by John Hancock Asset Management. Its investment strategy is exclusively concentrated on U.S. fixed-income markets. The fund aims to allocate capital across a diverse array of companies spanning various industries. Its primary holdings include preferred value equities and convertible preferred instruments. Furthermore, it targets debt securities that carry an investment-grade rating or high... ## Key Facts | Metric | Value | |---|---| | Price | $12.81 | | Expense Ratio | 4.51% | | Market Value | $277.3M | | NAV | Not on file (no daily NAV for closed-end funds) | | Holdings Count | — | | Distribution Yield (TTM) | 11.57% | | Annual Distribution (TTM) | $1.48 /share | | Distribution Frequency | Monthly | | 52-Week Range | $12.67 – $16.84 | | Beta | 0.66 | ## Latest Distribution - Amount: $0.1235 /share - Ex-date: 2026-10-13 - Pay date: 2026-10-30 ## Frequently Asked Questions ### What does HPF invest in? Operating as a closed-end mutual fund focused on fixed-income assets, the John Hancock Preferred Income Fund II is overseen by John Hancock Investment Management LLC, with additional stewardship provided by John Hancock Asset Management. Its investment strategy is exclusively concentrated on U.S. fixed-income markets. The fund aims to allocate capital across a diverse array of companies spanning various industries. Its primary holdings include preferred value equities and convertible preferred instruments. Furthermore, it targets debt securities that carry an investment-grade rating or higher from either Moody's or Standard & Poor's. Performance is evaluated against two key benchmarks: the Bank of America Merrill Lynch Hybrid Preferred Securities Index and the Barclays U.S. Aggregate Bond Index. The fund commenced operations on November 29, 2002, and is legally based in the United States. ### What is the expense ratio of HPF? John Hancock Preferred Income Fund II (HPF) charges an expense ratio of 4.51%. This is the annual fee deducted from fund assets to cover management and operations. ### What is HPF's dividend yield? HPF's trailing-twelve-month yield is 11.57%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of HPF? Effective duration measures HPF's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. HPF's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of HPF? HPF's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of HPF? Yield to maturity (YTM) is the total return you'd earn from HPF if every bond in the portfolio is held to maturity at the current price. HPF's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does HPF pay a dividend? Yes, John Hancock Preferred Income Fund II (HPF) distributes dividends to shareholders. The trailing-twelve-month yield is 11.57%. Full dividend history is on this page. ### How often does HPF pay dividends? John Hancock Preferred Income Fund II pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is HPF's next ex-dividend date? The most recently announced ex-dividend date for HPF was 2026-10-13. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will HPF's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 4.51% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does HPF charge its expense ratio? The expense ratio is deducted in tiny daily slices from HPF's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does HPF cost more than a fund like VOO? HPF is actively managed (current expense ratio 4.51%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether HPF's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to HPF? The Lower-Fee Alternatives card above lists closed-end funds following the same investment strategy as HPF (4.51%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/hpf - Distribution history: https://www.dividenddata.com/funds/hpf/dividend - Holdings & diversification: https://www.dividenddata.com/funds/hpf/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/hpf/expenses - Peer comparison: https://www.dividenddata.com/funds/hpf/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.