John Hancock Preferred Income Fund, John Hancock Preferred Income Fund II, John Hancock Preferred Income Fund III, Provide Update on Certain Tax Information

Dec 10, 2010, 16:08 ET from John Hancock Funds

BOSTON, Dec. 10, 2010 /PRNewswire/ -- John Hancock Funds announced today that the unaudited tax information presented in the annual reports for the John Hancock Preferred Income Fund (NYSE: HPI), John Hancock Preferred Income Fund II (NYSE: HPF), and John Hancock Preferred Income Fund III (NYSE: HPS) for the fiscal year ended July 31, 2010 overstated the percentage of the ordinary dividends that qualify for the corporate dividends-received deduction ("DRD") as certain securities held by the Funds that were treated as DRD eligible do not qualify for the DRD.  Corrected information has been posted on the Funds' website at in the "Tax Center" under the "Education & Guidance" tab.

In addition, the Funds' distributions eligible for treatment as qualified dividend income ("QDI") and the DRD for the 2010 calendar year are expected to be substantially lower than the amounts reported by the Funds for the 2009 calendar year given that certain securities held by the Funds that were previously treated as QDI and DRD eligible do not qualify for the QDI or the DRD.

Details on the Funds' 2010 distributions for federal income tax purposes will be provided to the Funds' shareholders after the end of the 2010 calendar year.

About John Hancock Funds

The Boston-based mutual fund business unit of John Hancock Financial, John Hancock Funds, manages more than $60.8 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at September 30, 2010.

About John Hancock Financial and Manulife Financial Corporation

John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, Manulife Financial Corporation 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$474 billion (US$460 billion) at September 30, 2010.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at

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

SOURCE John Hancock Funds