Hancock Adds Closed-End Preferred Stock Fund

NU Online News Service, Dec. 2, 1:42 p.m. – John Hancock Funds, a unit of John Hancock Financial Services Inc., Boston, is starting the John Hancock Preferred Income Fund II, a closed-end fund that trades on the New York Stock Exchange and invests in preferred securities.

Managers will try to maximize current income by investing up to 20% of the assets in low-rated, high-yield securities, and they have noted that they can invest more than 25% of the assets in utility company securities.