0001145549-23-078755.txt : 20231228 0001145549-23-078755.hdr.sgml : 20231228 20231228100202 ACCESSION NUMBER: 0001145549-23-078755 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20231031 FILED AS OF DATE: 20231228 DATE AS OF CHANGE: 20231228 PERIOD START: 20240731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JOHN HANCOCK PREFERRED INCOME FUND III CENTRAL INDEX KEY: 0001215913 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21287 FILM NUMBER: 231520110 BUSINESS ADDRESS: STREET 1: C/O JOHN HANCOCK FUNDS STREET 2: 200 BERKELEY STREET CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 617-663-3000 MAIL ADDRESS: STREET 1: C/O JOHN HANCOCK FUNDS STREET 2: 200 BERKELEY STREET CITY: BOSTON STATE: MA ZIP: 02116 NPORT-P 1 primary_doc.xml NPORT-P false 0001215913 XXXXXXXX John Hancock Preferred Income Fund III 811-21287 0001215913 549300SKQ7P13U1YJN71 200 Berkeley Street Boston 02116 617-543-9634 John Hancock Preferred Income Fund III 549300SKQ7P13U1YJN71 2024-07-31 2023-10-31 N 672352298.900000000000 279555032.110000000000 392797266.790000000000 0.000000000000 0.000000000000 274300000.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 USD N Fund's Designated Reference Portfolio is the Fund's Securities Portfolio N/A The AES Corporation 2NUNNB7D43COUIRE5295 AES CORP/THE PREFERRED STOCK 02/24 6.875 00130H204 121800 NS USD 7342104 1.8691840857 Long EP CORP US N 1 N N N AEGON Funding Company LLC KEIOKM01PSK5VZ5CCI74 AEGON FUNDING CO LLC PREFERRED STOCK 12/49 5.1 00775V104 347450 NS USD 6472993.5 1.6479222355 Long EP CORP US N 1 N N N Algonquin Power and Utilities Corp. 549300K5VIUTJXQL7X75 ALGONQUIN POWER + UTILITIES CO COMMON STOCK UNIT 015857873 346150 NS USD 6469543.5 1.6470439198 Long EC CORP CA N 1 N N N American Equity Investment Life Holding Company 549300RK5RZQ740FPL83 AMERICAN EQUITY INVESTMENT LIF PREFERRED STOCK VAR 025676602 183925 NS USD 4215561 1.0732154616 Long EP CORP US N 1 N N N American International Group Inc. 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N62BF2PKP51FIIOIUN20 NUSTAR LOGISTICS LP PREFERRED STOCK 01/43 VAR 67059T204 195000 NS USD 5066100 1.2897493003 Long EP CORP US N 1 N N N The PNC Financial Services Group Inc. CFGNEKW0P8842LEUIA51 PNC FINANCIAL SERVICES GROUP I JR SUBORDINA 12/99 VAR 693475BF1 9294000 PA USD 8268736.11 2.1050900322 Long DBT CORP US N 2 2027-09-15 Variable 6.200000000000 N N N N N N Pinnacle Financial Partners Inc. 54930098EZ8JMSAZGS24 PINNACLE FINANCIAL PARTNERS IN PREFERRED STOCK 6.75 72346Q302 103400 NS USD 2294446 0.5841298283 Long EP CORP US N 1 N N N Qwest Corporation N/A QWEST CORP PREFERRED STOCK 06/57 6.75 74913G873 221725 NS USD 2775997 0.7067251314 Long EP CORP US N 1 N N N Qurate Retail Inc. 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N/A TELEPHONE AND DATA SYSTEMS INC PREFERRED STOCK 6 879433761 452675 NS USD 5816873.75 1.4808844770 Long EP CORP US N 1 N N N United States Cellular Corporation N/A UNITED STATES CELLULAR CORP PREFERRED STOCK 09/69 6.25 911684702 300000 NS USD 4950000 1.2601920682 Long EP CORP US N 1 N N N Vistra Corp. N/A VISTRA CORP JR SUBORDINA 144A 12/99 VAR 92840MAC6 3200000 PA USD 2912000 0.7413493540 Long DBT CORP US N 2 2026-12-15 Variable 7.000000000000 N N N N N N Wells Fargo and Company PBLD0EJDB5FWOLXP3B76 WELLS FARGO and CO PREFERRED STOCK 4.75 94988U151 332475 NS USD 5918055 1.5066436303 Long EP CORP US N 1 N N N Wells Fargo and Company PBLD0EJDB5FWOLXP3B76 WELLS FARGO and CO JR SUBORDINA 12/99 VAR 95002YAA1 5012000 PA USD 5018500.31 1.2776311686 Long DBT CORP US N 2 2028-09-15 Variable 7.625000000000 N N N N N N Wesbanco Inc. N/A WESBANCO INC PREFERRED STOCK VAR 950810705 123000 NS USD 2833920 0.7214714153 Long EP CORP US N 1 N N N WESCO International Inc. N/A WESCO INTERNATIONAL INC PREFERRED STOCK VAR 95082P303 180675 NS USD 4816795.5 1.2262802996 Long EP CORP US N 1 N N N Algonquin Power and Utilities Corp. 549300K5VIUTJXQL7X75 ALGONQUIN POWER and UTILITIES CO PREFERRED STOCK 10/78 VAR 015857709 526475 NS USD 13203993 3.3615287367 Long EP CORP CA N 1 N N N Citigroup Inc. 6SHGI4ZSSLCXXQSBB395 CITIGROUP INC PREFERRED STOCK VAR 172967358 541412 NS USD 13860147.2 3.5285752656 Long EP CORP US N 1 N N N NextEra Energy Inc. N/A NEXTERA ENERGY INC PREFERRED STOCK 09/25 6.926 65339F713 316650 NS USD 11887041 3.0262534913 Long EP CORP US N 1 N N N The Toronto-Dominion Bank PT3QB789TSUIDF371261 TORONTO-DOMINION BANK/THE JR SUBORDINA 10/82 VAR 89117F8Z5 10534000 PA USD 10334508.16 2.6310030730 Long DBT CORP CA N 2 2082-10-31 Variable 8.125000000000 N N N N N N Wells Fargo and Company PBLD0EJDB5FWOLXP3B76 WELLS FARGO and CO PREFERRED STOCK 7.5 949746804 11000 NS USD 11619300 2.9580908480 Long EP CORP US N 1 N N N Algonquin Power and Utilities Corp. 549300K5VIUTJXQL7X75 ALGONQUIN POWER and UTILITIES CO PREFERRED STOCK 07/79 VAR 015857808 407200 NS USD 10013048 2.5491643773 Long EP CORP CA N 1 N N N Apollo Global Management Inc. N/A APOLLO GLOBAL MANAGEMENT INC PREFERRED STOCK 09/53 VAR 03769M205 329650 NS USD 8623644 2.1954439934 Long EP CORP US N 1 N N N Athene Holding Ltd. 549300H316CT32FQXI76 ATHENE HOLDING LTD PREFERRED STOCK VAR 04686J507 393900 NS USD 9808110 2.4969903890 Long EP CORP BM N 1 N N N Bank of America Corporation 9DJT3UXIJIZJI4WXO774 BANK OF AMERICA CORP PREFERRED STOCK 7.25 060505682 9500 NS USD 10005400 2.5472173169 Long EP CORP US N 1 N N N CITIGROUP CAPITAL XIII N/A CITIGROUP CAPITAL XIII PREFERRED STOCK 10/40 VAR 173080201 338275 NS USD 9698344.25 2.4690457572 Long EP CORP US N 1 N N N Edison International N/A EDISON INTERNATIONAL JR SUBORDINA 12/99 VAR 281020AS6 10875000 PA USD 9745868.33 2.4811446397 Long DBT CORP US N 2 2026-03-15 Variable 5.375000000000 N N N N N N JPMorgan Chase and Co. 8I5DZWZKVSZI1NUHU748 JPMORGAN CHASE and CO JR SUBORDINA 01/49 VAR 46625HJQ4 10000000 PA USD 9992409 2.5439100128 Long DBT CORP US N 2 2024-02-01 Variable 6.750000000000 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 MORGAN STANLEY PREFERRED STOCK VAR 61762V200 342778 NS USD 8603727.8 2.1903736424 Long EP CORP US N 1 N N N NiSource Inc. N/A NISOURCE INC PREFERRED STOCK VAR 65473P881 398000 NS USD 9950000 2.5331133491 Long EP CORP US N 1 N N N The Phoenix Companies Inc. 549300Q3ENSFI87YLC32 PHOENIX COS INC/THE PREFERRED STOCK 01/32 7.45 71902E208 574500 NS USD 10207428.75 2.5986506560 Long EP CORP US N 2 N N N Reinsurance Group of America Incorporated LORM1GNEU1DKEW527V90 REINSURANCE GROUP OF AMERICA I PREFFERD STOCK 759351885 374050 NS USD 9538275 2.4282946462 Long EP CORP US N 1 N N N Vistra Corp. N/A VISTRA CORP JR SUBORDINA 144A VAR 92840MAB8 9750000 PA USD 9262500 2.3580866730 Long DBT CORP US N 2 2026-10-15 Variable 8.000000000000 N N N N N N IRS USD P 3.47 20230510-20260510 N/A IRS USD P 3.47 20230510-20260510 N/A 68500000 PA USD 2099148.25 0.5344100959 N/A DIR CORP US N 2 Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 Y 2026-05-10 0.000000000000 USD 0.000000000000 USD 68500000 USD 2099148.25 N N N IRS USD P 3.66 20230503-20260503 N/A IRS USD P 3.66 20230503-20260503 N/A 137000000 PA USD 3581111.5 0.9116946076 N/A DIR CORP US N 2 Chicago Mercantile Exchange SNZ2OJLFK8MNNCLQOF39 Y 2026-05-03 0.000000000000 USD 0.000000000000 USD 137000000 USD 3581111.5 N N N 2023-11-30 John Hancock Preferred Income Fund III /s/Salvatore Schiavone Salvatore Schiavone Treasurer XXXX GRAPHIC 2 imgf2b039c61.gif begin 644 imgf2b039c61.gif M1TE&.#EA?0*6 / ",?( "'Y! $ $ + !] I8 +^C(^IR^T/ MHYRTVHNSWKS[#X;B2);FB:;JRK;N"\?R3-?VC>?ZSO?^#PP*A\2B\8A,*I?, MIO,)C4JGU*KUBLUJM]RN]PL.B\?DLOF,3JO7[+;[#8_+Y_2Z_8[/Z_?\OO\/ M&"@X2%AH>(B8J+C(V.CX"!DI.4E9:7F)F:FYR=GI^0D:*CI*6FIZBIJJNLK: MZOH*&RL[2UMK>XN;J[O+V^O["QPL/$Q<;'R,G*R\S-SL_ P=+3U-76U]C9VM MO)/_0#G\O1L].8]_0[NY '[Z!3?I% M$/C"H()_]1 2?)A$(0.),!@F^ =PHD/^B!SG85QHT4+&#AA+4D00LJ-*(^M, MEKR0DH,\EQL#Q%1RS?4S!EM MI_Z]0WEKHT)ZIPXHVI#U,E)K9U<\>C1@Z7*_PQPN'#T_Z+O)']H>#WMR^!IG MBW_KW"CTY=3^RZN?[5-^C-#'AGG7@3!3;H*Y(R 1[MWVGPW[)<2>7E$9* B! 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John Hancock
Preferred Income Fund III
Quarterly portfolio holdings 10/31/2023
Fund’s investments  
As of 10-31-23 (unaudited)
        Shares Value
Preferred securities (A) 93.5% (55.5% of Total investments)     $367,015,542
(Cost $444,558,593)          
Communication services 4.8%       18,827,021
Diversified telecommunication services 0.7%        
Qwest Corp., 6.750% (B)       221,725 2,775,997
Media 0.3%        
Paramount Global, 5.750%       65,000 1,010,750
Wireless telecommunication services 3.8%        
Telephone & Data Systems, Inc., 6.000%       452,675 5,816,874
U.S. Cellular Corp., 5.500%       140,000 2,080,400
U.S. Cellular Corp., 5.500%       150,000 2,193,000
U.S. Cellular Corp., 6.250%       300,000 4,950,000
Consumer discretionary 0.7%       2,831,000
Broadline retail 0.7%        
Qurate Retail, Inc., 8.000%       98,000 2,332,400
QVC, Inc., 6.250%       60,000 498,600
Energy 1.3%       5,066,100
Oil, gas and consumable fuels 1.3%        
NuStar Logistics LP, 12.389% (3 month CME Term SOFR + 6.996%) (B)(C)       195,000 5,066,100
Financials 57.0%       223,749,917
Banks 23.4%        
Bank of America Corp., 4.250% (B)       184,575 3,001,190
Bank of America Corp., 6.450% (6.450% to 12-15-66, then 3 month LIBOR + 1.327%) (B)       140,000 3,484,600
Bank of America Corp., 7.250% (B)(D)       9,500 10,005,400
Citigroup Capital XIII, 12.022% (3 month CME Term SOFR + 6.632%) (B)(C)       338,275 9,698,344
Citigroup, Inc., 9.696% (3 month CME Term SOFR + 4.302%) (B)(C)(D)       541,412 13,860,147
Fifth Third Bancorp, 6.000% (B)(D)       211,595 4,898,424
First Citizens BancShares, Inc., 5.375%       121,294 2,328,845
Fulton Financial Corp., 5.125% (B)       149,500 2,281,370
Huntington Bancshares, Inc., 6.875% (6.875% to 4-15-28, then 5 Year CMT + 2.704%)       193,650 4,289,348
JPMorgan Chase & Co., 6.000%       69,275 1,656,365
KeyCorp, 5.650%       208,259 3,186,363
KeyCorp, 6.200% (6.200% to 12-15-27, then 5 Year CMT + 3.132%)       32,750 547,253
Pinnacle Financial Partners, Inc., 6.750%       103,400 2,294,446
Regions Financial Corp., 4.450%       198,650 2,936,047
Synovus Financial Corp., 9.011% (3 month CME Term SOFR + 3.614%) (B)(C)       191,500 4,760,690
Truist Financial Corp., 4.750%       114,175 2,035,740
Wells Fargo & Company, 4.750%       332,475 5,918,055
Wells Fargo & Company, 7.500% (B)       11,000 11,619,300
WesBanco, Inc., 6.750% (6.750% to 11-15-25, then 5 Year CMT + 6.557%)       123,000 2,833,920
Capital markets 7.0%        
Brookfield Finance, Inc., 4.625% (B)       211,375 3,130,464
Carlyle Finance LLC, 4.625%       42,454 693,698
Morgan Stanley, 6.375% (B)(D)       170,000 3,998,400
Morgan Stanley, 6.500% (B)       276,600 6,820,956
Morgan Stanley, 6.875% (B)       148,425 3,628,991
Morgan Stanley, 7.125% (B)       342,778 8,603,728
State Street Corp., 5.350%       28,850 630,950
2 JOHN HANCOCK PREFERRED INCOME FUND III | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
        Shares Value
Financials (continued)        
Consumer finance 1.0%        
Navient Corp., 6.000%       234,238 $4,026,551
Financial services 4.0%        
Apollo Global Management, Inc., 7.625% (7.625% to 12-15-28, then 5 Year CMT + 3.226%) (B)(D)       329,650 8,623,644
Federal National Mortgage Association, Series S, 8.250% (E)       80,000 176,000
KKR Group Finance Company IX LLC, 4.625% (B)       331,624 5,491,693
National Rural Utilities Cooperative Finance Corp., 5.500% (B)       61,475 1,389,335
Insurance 21.6%        
AEGON Funding Company LLC, 5.100% (B)       347,450 6,472,994
American Equity Investment Life Holding Company, 6.625% (6.625% to 9-1-25, then 5 Year CMT + 6.297%) (B)       183,925 4,215,561
American Financial Group, Inc., 5.125% (B)       162,725 3,109,675
American International Group, Inc., 5.850%       275,025 6,160,560
Athene Holding, Ltd., 7.750% (7.750% to 12-30-27, then 5 Year CMT + 3.962%) (B)(D)       393,900 9,808,110
Athene Holding, Ltd., Series A, 6.350% (6.350% to 6-30-29, then 3 month LIBOR + 4.253%) (B)       350,000 7,395,500
Brighthouse Financial, Inc., 6.600% (B)       345,263 6,739,534
Enstar Group, Ltd., 7.000% (7.000% to 9-1-28, then 3 month LIBOR + 4.015%) (B)       134,050 3,189,050
Lincoln National Corp., 9.000% (B)       292,750 7,757,875
Reinsurance Group of America, Inc., 7.125% (7.125% to 10-15-27, then 5 Year CMT + 3.456%) (B)       374,050 9,538,275
RenaissanceRe Holdings, Ltd., 4.200% (B)       221,000 3,410,030
The Allstate Corp., 7.375% (B)       119,925 3,090,467
The Phoenix Companies, Inc., 7.450% (B)       574,500 10,207,429
Unum Group, 6.250% (B)       170,000 3,804,600
Industrials 1.2%       4,816,796
Trading companies and distributors 1.2%        
WESCO International, Inc., 10.625% (10.625% to 6-22-25, then 5 Year CMT + 10.325%)       180,675 4,816,796
Real estate 2.1%       8,220,402
Hotel and resort REITs 1.0%        
Pebblebrook Hotel Trust, 6.375%       214,400 3,786,304
Office REITs 0.6%        
Vornado Realty Trust, 5.400%       156,431 2,222,885
Specialized REITs 0.5%        
Public Storage, 4.625% (B)(D)       119,525 2,211,213
Utilities 26.4%       103,504,306
Electric utilities 7.0%        
Duke Energy Corp., 5.750%       294,775 6,762,139
NextEra Energy Capital Holdings, Inc., 5.650% (B)       4,950 109,791
NextEra Energy, Inc., 6.926% (B)(D)       316,650 11,887,041
SCE Trust III, 5.750% (5.750% to 3-15-24, then 3 month CME Term SOFR + 3.252%) (B)(D)       130,000 3,138,200
SCE Trust VI, 5.000%       304,300 5,331,336
Gas utilities 1.7%        
South Jersey Industries, Inc., 5.625% (B)       251,850 3,148,125
UGI Corp., 7.250%       71,400 3,625,692
Independent power and renewable electricity producers 1.9%        
The AES Corp., 6.875%       121,800 7,342,104
SEE NOTES TO FUND’S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 3
        Shares Value
Utilities (continued)        
Multi-utilities 15.8%        
Algonquin Power & Utilities Corp., 6.200% (6.200% to 7-1-24, then 3 month LIBOR + 4.010% to 7-1-29, then 3 month LIBOR + 4.260% to 7-1-49, then 3 month LIBOR + 5.010%) (B)(D)       407,200 $10,013,048
Algonquin Power & Utilities Corp., 9.341% (3 month LIBOR + 3.677%) (B)(C)       526,475 13,203,993
CMS Energy Corp., 5.625% (B)       235,000 5,050,150
CMS Energy Corp., 5.875%       134,475 2,965,174
CMS Energy Corp., 5.875% (B)       376,250 8,356,513
DTE Energy Company, Series E, 5.250% (B)       200,000 4,296,000
NiSource, Inc., 6.500% (6.500% to 3-15-24, then 5 Year CMT + 3.632% to 3-15-44, then 5 Year CMT + 4.632%) (B)(D)       398,000 9,950,000
Sempra, 5.750% (B)(D)       370,000 8,325,000
Common stocks 2.6% (1.6% of Total investments)     $10,327,444
(Cost $18,224,031)          
Communication services 1.0%       3,857,906
Diversified telecommunication services 1.0%        
Verizon Communications, Inc. (B)       109,818 3,857,906
Utilities 1.6%       6,469,538
Multi-utilities 1.6%        
Algonquin Power & Utilities Corp. (B)       346,150 6,469,538
    
  Rate (%) Maturity date   Par value^ Value
Corporate bonds 70.0% (41.6% of Total investments)     $275,060,422
(Cost $313,435,105)          
Communication services 1.8%       7,242,412
Media 1.6%        
Paramount Global (6.375% to 3-30-27, then 5 Year CMT + 3.999% to 3-30-32, then 5 Year CMT + 4.249% to 3-30-47, then 5 Year CMT + 4.999%) 6.375 03-30-62   8,900,000 6,549,866
Wireless telecommunication services 0.2%        
SoftBank Group Corp. (6.875% to 7-19-27, then 5 Year SOFR Spread-Adjusted ICE Swap Rate + 4.854% to 7-19-42, then 5 Year SOFR Spread-Adjusted ICE Swap Rate + 5.604%) (B)(F) 6.875 07-19-27   758,000 692,546
Consumer discretionary 2.6%       10,252,119
Automobiles 2.6%        
General Motors Financial Company, Inc. (5.700% to 9-30-30, then 5 Year CMT + 4.997%) (F) 5.700 09-30-30   3,250,000 2,729,233
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (B)(F) 6.500 09-30-28   9,182,000 7,522,886
Consumer staples 0.2%       774,400
Food products 0.2%        
Land O’ Lakes, Inc. (B)(F)(G) 8.000 07-16-25   880,000 774,400
Energy 8.1%       31,949,975
Oil, gas and consumable fuels 8.1%        
Enbridge, Inc. (7.375% to 1-15-28, then 5 Year CMT + 3.708% to 1-15-33, then 5 Year CMT + 3.958% to 1-15-48, then 5 Year CMT + 4.708%) (B) 7.375 01-15-83   2,440,000 2,257,254
Enbridge, Inc. (7.625% to 1-15-33, then 5 Year CMT + 4.418% to 1-15-53, then 5 Year CMT + 5.168%) (B) 7.625 01-15-83   3,400,000 3,041,100
Enbridge, Inc. (8.500% to 1-15-34, then 5 Year CMT + 4.431% to 1-15-54, then 5 Year CMT + 5.181%) (B)(D) 8.500 01-15-84   6,325,000 6,059,143
Energy Transfer LP (6.625% to 2-15-28, then 3 month LIBOR + 4.155%) (F) 6.625 02-15-28   8,550,000 6,604,875
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (F) 7.125 05-15-30   8,000,000 6,643,423
Energy Transfer LP (3 month CME Term SOFR + 3.279%) (B)(C)(D) 8.651 11-01-66   9,000,000 7,344,180
4 JOHN HANCOCK PREFERRED INCOME FUND III | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Financials 44.6%       $175,077,028
Banks 34.7%        
Bank of America Corp. (5.875% to 3-15-28, then 3 month CME Term SOFR + 3.193%) (B)(D)(F) 5.875 03-15-28   5,790,000 4,985,190
Bank of America Corp. (6.125% to 4-27-27, then 5 Year CMT + 3.231%) (B)(D)(F) 6.125 04-27-27   8,500,000 7,991,871
Bank of America Corp. (6.500% to 10-23-24, then 3 month CME Term SOFR + 4.436%) (B)(F) 6.500 10-23-24   2,338,000 2,307,331
Barclays PLC (8.000% to 6-15-24, then 5 Year CMT + 5.672%) (B)(D)(F) 8.000 06-15-24   4,839,000 4,732,756
Barclays PLC (8.000% to 9-15-29, then 5 Year CMT + 5.431%) (F) 8.000 03-15-29   3,000,000 2,653,500
BNP Paribas SA (7.750% to 8-16-29, then 5 Year CMT + 4.899%) (F)(G) 7.750 08-16-29   3,200,000 2,966,955
Citigroup, Inc. (7.375% to 5-15-28, then 5 Year CMT + 3.209%) (B)(D)(F) 7.375 05-15-28   6,000,000 5,722,678
Citigroup, Inc. (7.625% to 11-15-28, then 5 Year CMT + 3.211%) (F) 7.625 11-15-28   3,500,000 3,370,301
Citizens Financial Group, Inc. (6.375% to 4-6-24, then 3 month CME Term SOFR + 3.419%) (F) 6.375 04-06-24   7,500,000 6,098,640
CoBank ACB (4.250% to 1-1-27, then 5 Year CMT + 3.049%) (B)(D)(F) 4.250 01-01-27   3,500,000 2,773,750
CoBank ACB (6.450% to 10-1-27, then 5 Year CMT + 3.487%) (B)(D)(F) 6.450 10-01-27   5,525,000 5,132,384
Comerica, Inc. (5.625% to 10-1-25, then 5 Year CMT + 5.291%) (B)(D)(F) 5.625 07-01-25   5,750,000 4,943,621
Huntington Bancshares, Inc. (5.625% to 7-15-30, then 10 Year CMT + 4.945%) (F) 5.625 07-15-30   4,250,000 3,305,021
JPMorgan Chase & Co. (4.600% to 2-1-25, then 3 month CME Term SOFR + 3.125%) (B)(D)(F) 4.600 02-01-25   5,277,000 4,916,388
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month CME Term SOFR + 4.042%) (B)(D)(F) 6.750 02-01-24   10,000,000 9,992,409
KeyCorp (5.000% to 9-15-26, then 3 month CME Term SOFR + 3.868%) (F) 5.000 09-15-26   3,831,000 2,551,642
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (F) 7.500 06-27-24   8,000,000 7,796,572
M&T Bank Corp. (3.500% to 9-1-26, then 5 Year CMT + 2.679%) (F) 3.500 09-01-26   9,850,000 6,586,769
The Bank of Nova Scotia (8.625% to 10-27-27, then 5 Year CMT + 4.389%) (B)(D) 8.625 10-27-82   6,810,000 6,661,849
The PNC Financial Services Group, Inc. (6.000% to 5-15-27, then 5 Year CMT + 3.000%) (B)(D)(F) 6.000 05-15-27   7,930,000 6,647,403
The PNC Financial Services Group, Inc. (6.200% to 9-15-27, then 5 Year CMT + 3.238%) (B)(D)(F) 6.200 09-15-27   9,294,000 8,268,736
The PNC Financial Services Group, Inc. (6.250% to 3-15-30, then 7 Year CMT + 2.808%) (B)(D)(F) 6.250 03-15-30   8,500,000 6,995,507
The PNC Financial Services Group, Inc. (3 month CME Term SOFR + 3.940%) (B)(C)(F) 9.312 11-01-23   1,663,000 1,663,000
The Toronto-Dominion Bank (8.125% to 10-31-27, then 5 Year CMT + 4.075%) (B)(D) 8.125 10-31-82   10,534,000 10,334,508
Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (B)(F) 5.900 06-15-24   2,000,000 1,966,610
Wells Fargo & Company (7.625% to 9-15-28, then 5 Year CMT + 3.606%) (B)(D)(F) 7.625 09-15-28   5,012,000 5,018,500
Capital markets 2.5%        
The Charles Schwab Corp. (4.000% to 12-1-30, then 10 Year CMT + 3.079%) (B)(D)(F) 4.000 12-01-30   3,800,000 2,593,188
The Charles Schwab Corp. (5.000% to 6-1-27, then 5 Year CMT + 3.256%) (B)(D)(F) 5.000 06-01-27   1,292,000 1,020,408
The Goldman Sachs Group, Inc. (7.500% to 2-10-29, then 5 Year CMT + 3.156%) (F) 7.500 02-10-29   6,300,000 6,178,743
Consumer finance 1.1%        
Discover Financial Services (6.125% to 9-23-25, then 5 Year CMT + 5.783%) (F) 6.125 06-23-25   4,500,000 4,155,361
Insurance 6.3%        
Enstar Finance LLC (5.750% to 9-1-25, then 5 Year CMT + 5.468%) (B)(D) 5.750 09-01-40   4,000,000 3,519,326
Markel Group, Inc. (6.000% to 6-1-25, then 5 Year CMT + 5.662%) (F) 6.000 06-01-25   5,500,000 5,317,450
MetLife, Inc. (5.875% to 3-15-28, then 3 month CME Term SOFR + 3.221%) (B)(F) 5.875 03-15-28   6,696,000 5,897,323
SBL Holdings, Inc. (6.500% to 11-13-26, then 5 Year CMT + 5.620%) (F)(G) 6.500 11-13-26   8,000,000 4,512,382
SEE NOTES TO FUND’S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 5
  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Insurance (continued)        
SBL Holdings, Inc. (7.000% to 5-13-25, then 5 Year CMT + 5.580%) (B)(F)(G) 7.000 05-13-25   9,050,000 $5,498,956
Utilities 12.7%       49,764,488
Electric utilities 7.6%        
Edison International (5.000% to 3-15-27, then 5 Year CMT + 3.901% to 3-15-32, then 5 Year CMT + 4.151% to 3-15-47, then 5 Year CMT + 4.901%) (F) 5.000 12-15-26   3,790,000 3,372,956
Edison International (5.375% to 3-15-26, then 5 Year CMT + 4.698%) (B)(D)(F) 5.375 03-15-26   10,875,000 9,745,868
Emera, Inc. (6.750% to 6-15-26, then 3 month LIBOR + 5.440% to 6-15-46, then 3 month LIBOR + 6.190%) (B) 6.750 06-15-76   3,370,000 3,169,273
NextEra Energy Capital Holdings, Inc. (5.650% to 5-1-29, then 3 month LIBOR + 3.156%) (B) 5.650 05-01-79   7,400,000 6,539,442
NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (F)(G) 10.250 03-15-28   7,240,000 6,989,295
Independent power and renewable electricity producers 3.1%        
Vistra Corp. (7.000% to 12-15-26, then 5 Year CMT + 5.740%) (F)(G) 7.000 12-15-26   3,200,000 2,912,000
Vistra Corp. (8.000% to 10-15-26, then 5 Year CMT + 6.930%) (B)(D)(F)(G) 8.000 10-15-26   9,750,000 9,262,500
Multi-utilities 2.0%        
CMS Energy Corp. (4.750% to 6-1-30, then 5 Year CMT + 4.116%) (B)(D) 4.750 06-01-50   4,500,000 3,731,679
Dominion Energy, Inc. (4.350% to 4-15-27, then 5 Year CMT + 3.195%) (F) 4.350 01-15-27   1,500,000 1,220,476
Dominion Energy, Inc. (5.750% to 10-1-24, then 3 month LIBOR + 3.057%) (B)(D) 5.750 10-01-54   3,000,000 2,820,999
Capital preferred securities (H) 1.3% (0.8% of Total investments)     $4,948,753
(Cost $6,310,250)          
Financials 1.3%       4,948,753
Insurance 1.3%        
MetLife Capital Trust IV (7.875% to 12-15-37, then 3 month LIBOR + 3.960%) (B)(D)(G) 7.875 12-15-67   4,860,000 4,948,753
    
    Yield (%)   Shares Value
Short-term investments 0.8% (0.5% of Total investments)     $3,364,118
(Cost $3,364,262)          
Short-term funds 0.8%         3,364,118
John Hancock Collateral Trust (I) 5.5153(J)   336,526 3,364,118
    
Total investments (Cost $785,892,241) 168.2%       $660,716,279
Other assets and liabilities, net (68.2%)       (267,919,626)
Total net assets 100.0%         $392,796,653
    
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
CME Chicago Mercantile Exchange
CMT Constant Maturity Treasury
ICE Intercontinental Exchange
LIBOR London Interbank Offered Rate
SOFR Secured Overnight Financing Rate
(A) Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.
(B) All or a portion of this security is pledged as collateral pursuant to the Credit Facility Agreement. Total collateral value at 10-31-23 was $453,687,531. A portion of the securities pledged as collateral were loaned pursuant to the Credit Facility Agreement. The value of securities on loan amounted to $230,782,257.
(C) Variable rate obligation. The coupon rate shown represents the rate at period end.
(D) All or a portion of this security is on loan as of 10-31-23, and is a component of the fund’s leverage under the Credit Facility Agreement.
(E) Non-income producing security.
(F) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
6 JOHN HANCOCK PREFERRED INCOME FUND III | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
(G) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(H) Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.
(I) Investment is an affiliate of the fund, the advisor and/or subadvisor.
(J) The rate shown is the annualized seven-day yield as of 10-31-23.
The fund had the following country composition as a percentage of total investments on 10-31-23:
United States 83.8%
Canada 9.8%
Bermuda 3.6%
United Kingdom 2.3%
Other countries 0.5%
TOTAL 100.0%
SEE NOTES TO FUND’S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 7
DERIVATIVES
SWAPS
Interest rate swaps
Counterparty (OTC)/
Centrally cleared 		Notional
amount 		Currency Payments
made 		Payments
received 		Fixed
payment
frequency 		Floating
payment
frequency 		Maturity
date 		Unamortized
upfront
payment
paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Centrally cleared 137,000,000 USD Fixed 3.662% USD SOFR Compounded OIS(a) Semi-Annual Quarterly May 2026 — $2,861,760 $2,861,760
Centrally cleared 68,500,000 USD Fixed 3.473% USD SOFR Compounded OIS(a) Semi-Annual Quarterly May 2026 — 1,807,542 1,807,542
                — $4,669,302 $4,669,302
    
(a) At 10-31-23, the overnight SOFR was 5.350%.
    
Derivatives Currency Abbreviations
USD U.S. Dollar
    
Derivatives Abbreviations
OIS Overnight Index Swap
OTC Over-the-counter
SOFR Secured Overnight Financing Rate
8 JOHN HANCOCK PREFERRED INCOME FUND III | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
Notes to Fund’s investments (unaudited)  
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC.
In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor.
In certain instances, the Pricing Committee of the Advisor may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of October 31, 2023, by major security category or type:
  Total
value at
10-31-23 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
         
Investments in securities:        
Assets        
Preferred securities        
Communication services $18,827,021 $18,827,021 — —
Consumer discretionary 2,831,000 2,831,000 — —
Energy 5,066,100 5,066,100 — —
Financials 223,749,917 213,542,488 $10,207,429 —
Industrials 4,816,796 4,816,796 — —
Real estate 8,220,402 8,220,402 — —
Utilities 103,504,306 100,356,181 3,148,125 —
Common stocks 10,327,444 10,327,444 — —
Corporate bonds 275,060,422 — 275,060,422 —
Capital preferred securities 4,948,753 — 4,948,753 —
Short-term investments 3,364,118 3,364,118 — —
Total investments in securities $660,716,279 $367,351,550 $293,364,729 —
Derivatives:        
Assets        
Swap contracts $4,669,302 — $4,669,302 —
Investment in affiliated underlying funds. The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:
   |  9
              Dividends and distributions
Affiliate Ending
share
amount 		Beginning
value 		Cost of
purchases 		Proceeds
from shares
sold 		Realized
gain
(loss) 		Change in
unrealized
appreciation
(depreciation) 		Income
distributions
received 		Capital gain
distributions
received 		Ending
value
John Hancock Collateral Trust 336,526 $2,849,364 $47,478,117 $(46,964,410) $824 $223 $120,556 — $3,364,118
For additional information on the fund’s significant accounting policies and risks, please refer to the fund’s most recent semiannual or annual shareholder report and prospectus.
10  |