0001683863-22-002801.txt : 20220406 0001683863-22-002801.hdr.sgml : 20220406 20220330115939 ACCESSION NUMBER: 0001683863-22-002801 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20220131 FILED AS OF DATE: 20220330 DATE AS OF CHANGE: 20220406 EFFECTIVENESS DATE: 20220330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JOHN HANCOCK PREFERRED INCOME FUND III CENTRAL INDEX KEY: 0001215913 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21287 FILM NUMBER: 22784286 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 N-CSRS 1 f11232d1.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-21287

 

John Hancock Preferred Income Fund III

 

(Exact name of registrant as specified in charter)

 

200 Berkeley Street, Boston, Massachusetts 02116

 

(Address of principal executive offices) (Zip code)

 

Salvatore Schiavone

 

Treasurer

 

200 Berkeley Street

 

Boston, Massachusetts 02116

 

(Name and address of agent for service)

Registrant's telephone number, including area code: (617) 543-9634

Date of fiscal year end:

July 31

Date of reporting period:

January 31, 2022


ITEM 1. REPORTS TO STOCKHOLDERS.


Semiannual report
John Hancock
Preferred Income Fund III
Closed-end fixed income
Ticker: HPS
January 31, 2022

A message to shareholders
Dear shareholder,
The U.S. stock market rallied for most of the six months ended January 31, 2022, benefiting as the rollout of COVID-19 booster shots, ongoing federal government stimulus, and healthy consumer spending helped fuel prospects for improved economic growth. The results in January, however, were very different, with most major indexes registering significant losses. Inflation surged to a 40-year high. In response, the U.S. Federal Reserve (Fed) accelerated a plan to taper its bond purchases and confirmed the likelihood of a rate hike in March. Investors also began to price in the possibility of several more rate hikes in 2022.
U.S. bond yields were mixed for the period. Short- and intermediate-term bond yields rose in response to the expected Fed rate hikes, while longer-term yields declined as investors began to anticipate the effects of less-accommodative Fed policy on economic growth. Combined with Russia’s aggressive stance toward Ukraine late in the period, these factors led to elevated volatility and weak returns for stocks and bonds.
In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.
On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.
Sincerely,
Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
This commentary reflects the CEO’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.


Your fund at a glance
INVESTMENT OBJECTIVE

The fund seeks to provide a high level of current income consistent with preservation of capital. The fund’s secondary investment objective is to provide growth of capital to the extent consistent with its primary objective.
AVERAGE ANNUAL TOTAL RETURNS AS OF 1/31/2022 (%)

The Intercontinental Exchange (ICE) Bank of America (BofA) Hybrid Preferred Securities Index tracks the performance of investment-grade U.S. dollar-denominated preferred stock securities.
It is not possible to invest directly in an index. Index figures do not reflect expenses, which would result in lower returns.
The performance data contained within this material represents past performance, which does not guarantee future results.
Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may increase when shares are purchased at a premium to NAV or sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund’s most recent performance can be found at jhinvestments.com or by calling 800-852-0218.
2 JOHN HANCOCK PREFERRED INCOME FUND III  | SEMIANNUAL REPORT  

Portfolio summary
PORTFOLIO COMPOSITION AS OF 1/31/2022 (% of total investments)

QUALITY COMPOSITION AS OF 1/31/2022 (% of total investments)

Ratings are from Moody’s Investors Service, Inc. If not available, we have used Standard & Poor’s Ratings Services. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 1-31-22 and do not reflect subsequent downgrades or upgrades, if any.
  SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 3

SECTOR COMPOSITION AS OF 1/31/2022 (% of total investments)

TOP 10 ISSUERS AS OF 1/31/2022 (% of total investments)
Algonquin Power & Utilities Corp. 3.9
DTE Energy Company 3.5
Wells Fargo & Company 3.5
Bank of America Corp. 3.2
Morgan Stanley 3.2
JPMorgan Chase & Co. 3.1
Citigroup, Inc. 3.1
NiSource, Inc. 3.0
Dominion Energy, Inc. 2.8
NextEra Energy, Inc. 2.7
TOTAL 32.0
Cash and cash equivalents are not included.
4 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT  

A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED JANUARY 31, 2022

Average annual total returns (%)   Cumulative total returns (%)
    1-Year 5-Year 10-Year 6-month 5-year 10-Year
At Net asset value   8.64 6.46 7.95 -1.00 36.77 114.81
At Market price   13.86 7.25 7.94 -5.34 41.91 114.72
ICE Bank of America Hybrid Preferred Securities Index   -0.15 4.96 5.64 -3.52 27.36 73.08
Blended Index   -1.62 4.85 5.15 -4.06 26.70 65.20
Performance figures assume all distributions have been reinvested.
The returns reflect past results and should not be considered indicative of future performance. Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may be augmented when shares are purchased at a premium to NAV or when shares need to be sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund’s most recent performance can be found at jhinvestments.com or by calling 800-852-0218.
The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.
  SEMIANNUAL REPORT  | JOHN HANCOCK PREFERRED INCOME FUND III 5

This chart shows what happened to a hypothetical $10,000 investment in John Hancock Preferred Income Fund III for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in a blended index and a separate index.
The Intercontinental Exchange (ICE) Bank of America (BofA) Hybrid Preferred Securities Index tracks the performance of investment-grade U.S. dollar-denominated preferred stock securities.
The Blended Index comprises 65% ICE Bank of America Hybrid Preferred Securities Index and 35% Bloomberg Investment Grade Utilities Index.
It is not possible to invest directly in an index. Index figures do not reflect expenses, which would result in lower returns.
The returns reflect past results and should not be considered indicative of future performance.
6 JOHN HANCOCK PREFERRED INCOME FUND III  | SEMIANNUAL REPORT  

Fund’s investments
AS OF 1-31-22 (unaudited)
        Shares Value
Preferred securities (A) 92.0% (62.1% of Total investments)     $511,624,767
(Cost $509,615,640)          
Communication services 6.2%       34,532,543
Diversified telecommunication services 1.5%        
Qwest Corp., 6.750%       330,000 8,372,100
Media 0.7%        
ViacomCBS, Inc., 5.750%       65,000 3,794,700
Wireless telecommunication services 4.0%        
Telephone & Data Systems, Inc., 6.000%       292,075 7,409,943
U.S. Cellular Corp., 5.500%       140,000 3,495,800
U.S. Cellular Corp., 5.500%       150,000 3,759,000
U.S. Cellular Corp., 6.250%       300,000 7,701,000
Consumer discretionary 1.6%       8,829,120
Internet and direct marketing retail 1.6%        
Qurate Retail, Inc., 8.000%       78,000 7,498,920
QVC, Inc., 6.250% (B)(C)       60,000 1,330,200
Consumer staples 2.3%       12,555,000
Food products 2.3%        
Ocean Spray Cranberries, Inc., 6.250% (D)       135,000 12,555,000
Energy 1.9%       10,493,550
Oil, gas and consumable fuels 1.9%        
Enbridge, Inc. (6.375% to 4-15-23, then 3 month LIBOR + 3.593%) (C)       210,000 5,577,600
NuStar Logistics LP (3 month LIBOR + 6.734%), 6.975% (C)(E)       195,000 4,915,950
Financials 37.6%       209,070,456
Banks 19.6%        
Bank of America Corp., 6.000% (C)       142,625 3,722,513
Bank of America Corp. (6.450% to 12-15-66, then 3 month LIBOR + 1.327%) (C)       140,000 3,739,400
Bank of America Corp., 7.250% (C)       9,500 13,376,000
Citigroup Capital XIII (3 month LIBOR + 6.370%), 6.669% (E)       338,275 9,106,363
Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%) (B)(C)       616,412 16,532,170
Fifth Third Bancorp, 6.000% (C)       211,595 5,416,832
First Republic Bank, 4.000% (C)       218,000 4,806,900
First Republic Bank, 4.700% (C)       171,950 4,212,775
Fulton Financial Corp., 5.125% (C)       149,500 3,771,885
Pinnacle Financial Partners, Inc., 6.750%       185,000 5,087,500
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 7

        Shares Value
Financials (continued)        
Banks (continued)        
Synovus Financial Corp. (6.300% to 6-21-23, then 3 month LIBOR + 3.352%) (C)       211,500 $5,412,285
The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) (C)       149,628 3,788,581
Wells Fargo & Company (6.625% to 3-15-24, then 3 month LIBOR + 3.690%) (B)(C)       388,450 10,647,415
Wells Fargo & Company, 7.500% (B)(C)       11,000 15,665,210
WesBanco, Inc. (6.750% to 11-15-25, then 5 Year CMT + 6.557%)       123,000 3,362,820
Capital markets 5.4%        
Brookfield Finance, Inc., 4.625% (B)(C)       130,000 3,045,900
Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%) (C)       170,000 4,634,200
Morgan Stanley (6.875% to 1-15-24, then 3 month LIBOR + 3.940%) (C)       130,000 3,525,600
Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%) (B)(C)       692,953 18,765,167
Consumer finance 1.3%        
Navient Corp., 6.000%       295,208 7,285,733
Insurance 11.3%        
AEGON Funding Company LLC, 5.100% (C)       347,450 8,866,924
American Equity Investment Life Holding Company (6.625% to 9-1-25, then 5 Year CMT + 6.297%)       183,925 5,057,938
American Financial Group, Inc., 5.125% (C)       162,725 4,227,596
American International Group, Inc., 5.850% (B)(C)       261,000 6,895,620
Athene Holding, Ltd., Series A (6.350% to 6-30-29, then 3 month LIBOR + 4.253%) (B)(C)       325,000 9,038,250
Brighthouse Financial, Inc., 6.600%       293,491 7,721,748
RenaissanceRe Holdings, Ltd., 4.200% (C)       221,000 5,133,830
The Hartford Financial Services Group, Inc. (7.875% to 4-15-22, then 3 month LIBOR + 5.596%) (C)       61,882 1,576,135
The Phoenix Companies, Inc., 7.450%       574,500 10,380,066
Unum Group, 6.250% (B)(C)       155,000 4,045,500
Thrifts and mortgage finance 0.0%        
Federal National Mortgage Association, Series S, 8.250% (F)       80,000 221,600
Health care 1.3%       7,477,720
Health care equipment and supplies 1.3%        
Becton, Dickinson and Company, 6.000%       142,000 7,477,720
8 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

        Shares Value
Industrials 1.0%       $5,506,974
Trading companies and distributors 1.0%        
WESCO International, Inc. (10.625% to 6-22-25, then 5 Year CMT + 10.325%)       180,675 5,506,974
Real estate 4.5%       25,309,199
Equity real estate investment trusts 4.5%        
Diversified Healthcare Trust, 5.625% (C)       862,332 18,014,115
Pebblebrook Hotel Trust, 6.375%       214,400 5,362,144
Vornado Realty Trust, 5.400%       76,431 1,932,940
Utilities 35.6%       197,850,205
Electric utilities 10.4%        
American Electric Power Company, Inc., 6.125% (C)       35,000 1,772,750
American Electric Power Company, Inc., 6.125% (C)       150,000 7,962,000
Duke Energy Corp., 5.750% (B)(C)       240,000 6,415,200
NextEra Energy, Inc., 6.219% (B)(C)       427,000 21,943,530
SCE Trust III (5.750% to 3-15-24, then 3 month LIBOR + 2.990%) (B)(C)       120,000 2,958,000
The Southern Company, 6.750% (C)       320,000 17,056,000
Gas utilities 4.6%        
South Jersey Industries, Inc., 5.625% (B)(C)       251,850 6,454,916
South Jersey Industries, Inc., 8.750%       175,000 9,394,000
Spire, Inc., 7.500%       60,600 2,930,616
UGI Corp., 7.250%       65,300 6,750,714
Independent power and renewable electricity producers
2.3%
       
The AES Corp., 6.875%       138,000 12,564,900
Multi-utilities 18.3%        
Algonquin Power & Utilities Corp. (6.200% to 7-1-24, then 3 month LIBOR + 4.010%)       375,000 10,027,500
Algonquin Power & Utilities Corp. (6.875% to 10-17-23, then 3 month LIBOR + 3.677%) (C)       558,675 14,804,888
CMS Energy Corp., 5.625% (C)       235,000 6,081,800
DTE Energy Company, 5.250% (C)       200,000 5,168,000
DTE Energy Company, 6.250% (C)       471,300 23,965,605
Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%) (B)(C)       296,303 7,540,911
NiSource, Inc. (6.500% to 3-15-24, then 5 Year CMT + 3.632%) (B)(C)       348,000 9,420,360
NiSource, Inc., 7.750% (B)(C)       129,900 14,789,115
Sempra Energy, 5.750% (B)(C)       370,000 9,849,400
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 9

        Shares Value
Common stocks 7.5% (5.0% of Total investments)     $41,586,995
(Cost $46,337,888)          
Communication services 0.5%       2,533,800
Diversified telecommunication services 0.5%        
Lumen Technologies, Inc. (C)       205,000 2,533,800
Energy 2.3%       12,990,345
Oil, gas and consumable fuels 2.3%        
BP PLC, ADR (C)       183,000 5,658,360
Equitrans Midstream Corp. (C)       258,013 2,092,485
The Williams Companies, Inc. (B)(C)       175,000 5,239,500
Utilities 4.7%       26,062,850
Multi-utilities 4.7%        
Algonquin Power & Utilities Corp.       170,000 7,944,100
Dominion Energy, Inc. (B)(C)       177,600 18,118,750
    
  Rate (%) Maturity date   Par value^ Value
Corporate bonds 44.6% (30.1% of Total investments)     $248,084,623
(Cost $247,555,427)          
Communication services 1.4%       7,677,888
Wireless telecommunication services 1.4%        
SoftBank Group Corp. (6.875% to 7-19-27, then 5 Year ICE Swap Rate + 4.854%) (C)(G) 6.875 07-19-27   7,895,000 7,677,888
Consumer discretionary 2.4%       13,660,730
Automobiles 2.4%        
General Motors Financial Company, Inc. (5.700% to 9-30-30, then 5 Year CMT + 4.997%) (G) 5.700 09-30-30   3,250,000 3,652,350
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (G) 6.500 09-30-28   9,182,000 10,008,380
Consumer staples 0.2%       944,900
Food products 0.2%        
Land O’ Lakes, Inc. (B)(C)(D)(G) 8.000 07-16-25   880,000 944,900
Energy 5.0%       28,128,512
Oil, gas and consumable fuels 5.0%        
DCP Midstream LP (7.375% to 12-15-22, then 3 month LIBOR + 5.148%) (G) 7.375 12-15-22   7,976,000 7,641,247
Enbridge, Inc. (6.250% to 3-1-28, then 3 month LIBOR + 3.641%) (B)(C) 6.250 03-01-78   1,000,000 1,070,015
Energy Transfer LP (3 month LIBOR + 3.018%) (C)(E) 3.149 11-01-66   9,000,000 7,357,500
10 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
Energy (continued)        
Oil, gas and consumable fuels (continued)        
Energy Transfer LP (6.625% to 2-15-28, then 3 month LIBOR + 4.155%) (G) 6.625 02-15-28   8,550,000 $8,079,750
MPLX LP (6.875% to 2-15-23, then 3 month LIBOR + 4.652%) (B)(C)(G) 6.875 02-15-23   4,000,000 3,980,000
Financials 29.2%       162,285,338
Banks 18.9%        
Bank of America Corp. (5.875% to 3-15-28, then 3 month LIBOR + 2.931%) (C)(G) 5.875 03-15-28   5,790,000 6,122,925
Barclays PLC (7.750% to 9-15-23, then 5 Year U.S. Swap Rate + 4.842%) (C)(G) 7.750 09-15-23   2,870,000 3,049,375
Barclays PLC (8.000% to 6-15-24, then 5 Year CMT + 5.672%) (G) 8.000 06-15-24   4,839,000 5,273,155
Citizens Financial Group, Inc. (6.375% to 4-6-24, then 3 month LIBOR + 3.157%) (C)(G) 6.375 04-06-24   7,500,000 7,687,500
CoBank ACB (4.250% to 1-1-27, then 5 Year CMT + 3.049%) (C)(G) 4.250 01-01-27   3,500,000 3,491,250
Comerica, Inc. (5.625% to 7-1-25, then 5 Year CMT + 5.291%) (G) 5.625 07-01-25   3,750,000 4,035,750
Huntington Bancshares, Inc. (5.625% to 7-15-30, then 10 Year CMT + 4.945%) (G) 5.625 07-15-30   2,000,000 2,245,440
JPMorgan Chase & Co. (3 month LIBOR + 3.320%) (B)(C)(E)(G) 3.534 04-01-22   5,550,000 5,547,183
JPMorgan Chase & Co. (4.600% to 2-1-25, then SOFR + 3.125%) (B)(C)(G) 4.600 02-01-25   9,500,000 9,452,500
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (C)(G) 6.750 02-01-24   10,000,000 10,707,000
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (G) 7.500 06-27-24   8,000,000 8,681,440
M&T Bank Corp. (3.500% to 9-1-26, then 5 Year CMT + 2.679%) (G) 3.500 09-01-26   9,850,000 9,260,084
Societe Generale SA (5.375% to 11-18-30, then 5 Year CMT + 4.514%) (D)(G) 5.375 11-18-30   6,500,000 6,542,250
SVB Financial Group (4.100% to 2-15-31, then 10 Year CMT + 3.064%) (G) 4.100 02-15-31   5,850,000 5,523,687
SVB Financial Group (4.700% to 11-15-31, then 10 Year CMT + 3.064%) (G) 4.700 11-15-31   4,540,000 4,506,858
The PNC Financial Services Group, Inc. (3.400% to 9-15-26, then 5 Year CMT + 2.595%) (C)(G) 3.400 09-15-26   3,800,000 3,581,462
U.S. Bancorp (3.700% to 1-15-27, then 5 Year CMT + 2.541%) (B)(C)(G) 3.700 01-15-27   7,575,000 7,279,575
Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (C)(G) 5.900 06-15-24   2,000,000 2,050,000
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 11

  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Capital markets 3.0%        
The Bank of New York Mellon Corp. (3.750% to 12-20-26, then 5 Year CMT + 2.630%) (C)(G) 3.750 12-20-26   3,400,000 $3,298,000
The Charles Schwab Corp. (4.000% to 6-1-26, then 5 Year CMT + 3.168%) (C)(G) 4.000 06-01-26   5,250,000 5,186,633
The Charles Schwab Corp. (4.000% to 12-1-30, then 10 Year CMT + 3.079%) (C)(G) 4.000 12-01-30   3,800,000 3,723,126
The Charles Schwab Corp. (5.375% to 6-1-25, then 5 Year CMT + 4.971%) (C)(G) 5.375 06-01-25   4,100,000 4,403,400
Consumer finance 2.1%        
American Express Company (3.550% to 9-15-26, then 5 Year CMT + 2.854%) (G) 3.550 09-15-26   7,250,000 6,941,875
Discover Financial Services (6.125% to 6-23-25, then 5 Year CMT + 5.783%) (G) 6.125 06-23-25   4,500,000 4,855,770
Diversified financial services 0.8%        
Enstar Finance LLC (5.750% to 9-1-25, then 5 Year CMT + 5.468%) 5.750 09-01-40   4,000,000 4,139,880
Insurance 4.4%        
Markel Corp. (6.000% to 6-1-25, then 5 Year CMT + 5.662%) (G) 6.000 06-01-25   2,500,000 2,668,750
MetLife, Inc. (5.875% to 3-15-28, then 3 month LIBOR + 2.959%) (B)(C)(G) 5.875 03-15-28   5,000,000 5,516,220
SBL Holdings, Inc. (6.500% to 11-13-26, then 5 Year CMT + 5.620%) (D)(G) 6.500 11-13-26   8,000,000 7,600,000
SBL Holdings, Inc. (7.000% to 5-13-25, then 5 Year CMT + 5.580%) (B)(C)(D)(G) 7.000 05-13-25   9,050,000 8,914,250
Utilities 6.4%       35,387,255
Electric utilities 3.5%        
Duke Energy Corp. (3.250% to 1-15-27, then 5 Year CMT + 2.321%) (C) 3.250 01-15-82   3,950,000 3,694,033
Edison International (5.000% to 12-15-26, then 5 Year CMT + 3.901%) (G) 5.000 12-15-26   2,790,000 2,779,342
Edison International (5.375% to 3-15-26, then 5 Year CMT + 4.698%) (G) 5.375 03-15-26   6,125,000 6,213,047
Emera, Inc. (6.750% to 6-15-26, then 3 month LIBOR + 5.440% to 6-15-46, then 3 month LIBOR + 6.190%) (C) 6.750 06-15-76   3,370,000 3,799,675
The Southern Company (3.750% to 9-15-26, then 5 Year CMT + 2.915%) (B)(C) 3.750 09-15-51   2,750,000 2,683,643
Independent power and renewable electricity producers
1.2%
       
Vistra Corp. (7.000% to 12-15-26, then 5 Year CMT + 5.740%) (D)(G) 7.000 12-15-26   3,200,000 3,184,000
Vistra Corp. (8.000% to 10-15-26, then 5 Year CMT + 6.930%) (D)(G) 8.000 10-15-26   3,500,000 3,631,250
12 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

  Rate (%) Maturity date   Par value^ Value
Utilities (continued)        
Multi-utilities 1.7%        
CMS Energy Corp. (4.750% to 3-1-30, then 5 Year CMT + 4.116%) (B)(C) 4.750 06-01-50   4,500,000 $4,757,400
Dominion Energy, Inc. (4.350% to 1-15-27, then 5 Year CMT + 3.195%) (G) 4.350 01-15-27   1,500,000 1,511,250
Dominion Energy, Inc. (5.750% to 10-1-24, then 3 month LIBOR + 3.057%) (B)(C) 5.750 10-01-54   3,000,000 3,133,615
Capital preferred securities (H) 0.6% (0.4% of Total investments)     $3,331,250
(Cost $3,448,750)          
Financials 0.6%       3,331,250
Insurance 0.6%        
MetLife, Inc. (7.875% to 12-15-37, then 3 month LIBOR + 3.960%) (C)(D) 7.875 12-15-37   2,500,000 3,331,250
    
        Par value^ Value
Short-term investments 3.6% (2.4% of Total investments)     $19,711,000
(Cost $19,711,000)          
Repurchase agreement 3.6%         19,711,000
Repurchase Agreement with State Street Corp. dated 1-31-22 at 0.000% to be repurchased at $19,711,000 on 2-1-22, collateralized by $20,222,200 U.S. Treasury Notes, 0.875% due 1-31-24 (valued at $20,105,290)       19,711,000 19,711,000
Total investments (Cost $826,668,705) 148.3%       $824,338,635
Other assets and liabilities, net (48.3%)       (268,555,214)
Total net assets 100.0%         $555,783,421
    
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
ADR American Depositary Receipt
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 on loan as of 1-31-22, and is a component of the fund’s leverage under the Credit Facility Agreement.
(C) All or a portion of this security is pledged as collateral pursuant to the Credit Facility Agreement. Total collateral value at 1-31-22 was $499,594,256. A portion of the securities pledged as collateral were loaned pursuant to the Credit Facility Agreement. The value of securities on loan amounted to $225,329,380.
(D) 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.
(E) Variable rate obligation. The coupon rate shown represents the rate at period end.
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 13

(F) Non-income producing security.
(G) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(H) Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.
14 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

DERIVATIVES
FUTURES
Open contracts Number of
contracts
Position Expiration
date
Notional
basis^
Notional
value^
Unrealized
appreciation
(depreciation)
10-Year U.S. Treasury Note Futures 680 Short Mar 2022 $(87,846,262) $(87,018,750) $827,512
            $827,512
^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.
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 77,000,000 USD Fixed 2.136% USD 3 Month LIBOR BBA(a) Semi-Annual Quarterly Oct 2022 $(1,242,747) $(1,242,747)
                $(1,242,747) $(1,242,747)
    
(a) At 1-31-22, the 3 month LIBOR was 0.309%.
    
Derivatives Currency Abbreviations
USD U.S. Dollar
    
Derivatives Abbreviations
BBA The British Banker’s Association
LIBOR London Interbank Offered Rate
OTC Over-the-counter
At 1-31-22, the aggregate cost of investments for federal income tax purposes was $827,507,922. Net unrealized depreciation aggregated to $3,584,522, of which $24,353,678 related to gross unrealized appreciation and $27,938,200 related to gross unrealized depreciation.
See Notes to financial statements regarding investment transactions and other derivatives information.
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 15

Financial statements
STATEMENT OF ASSETS AND LIABILITIES 1-31-22 (unaudited)

Assets  
Unaffiliated investments, at value (Cost $826,668,705) $824,338,635
Receivable for centrally cleared swaps 249,732
Cash 103,646
Collateral held at broker for futures contracts 1,160,000
Dividends and interest receivable 4,657,489
Other assets 47,367
Total assets 830,556,869
Liabilities  
Payable for futures variation margin 10,598
Credit facility agreement payable 274,300,000
Interest payable 184,739
Payable to affiliates  
Accounting and legal services fees 13,744
Trustees’ fees 599
Other liabilities and accrued expenses 263,768
Total liabilities 274,773,448
Net assets $555,783,421
Net assets consist of  
Paid-in capital $582,901,513
Total distributable earnings (loss) (27,118,092)
Net assets $555,783,421
 
Net asset value per share  
Based on 31,760,921 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value $17.50
16 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS For the six months ended 1-31-22 (unaudited)

Investment income  
Dividends $18,115,174
Interest 6,176,646
Less foreign taxes withheld (40,023)
Total investment income 24,251,797
Expenses  
Investment management fees 3,177,634
Interest expense 1,078,382
Accounting and legal services fees 44,307
Transfer agent fees 12,421
Trustees’ fees 20,394
Custodian fees 34,172
Printing and postage 87,258
Professional fees 46,781
Stock exchange listing fees 15,575
Other 12,030
Total expenses 4,528,954
Less expense reductions (39,195)
Net expenses 4,489,759
Net investment income 19,762,038
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments (494,694)
Futures contracts 760,075
Swap contracts (772,586)
  (507,205)
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments (28,580,655)
Futures contracts 2,682,787
Swap contracts 1,065,578
  (24,832,290)
Net realized and unrealized loss (25,339,495)
Decrease in net assets from operations $(5,577,457)
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 17

STATEMENTS OF CHANGES IN NET ASSETS  

  Six months ended
1-31-22
(unaudited)
Year ended
7-31-21
Increase (decrease) in net assets    
From operations    
Net investment income $19,762,038 $39,583,862
Net realized gain (loss) (507,205) 4,046,016
Change in net unrealized appreciation (depreciation) (24,832,290) 65,627,877
Increase (decrease) in net assets resulting from operations (5,577,457) 109,257,755
Distributions to shareholders    
From earnings (20,949,312)1 (38,521,028)
From tax return of capital (3,326,587)
Total distributions (20,949,312) (41,847,615)
Fund share transactions    
Issued pursuant to Dividend Reinvestment Plan 601,889 548,955
Total increase (decrease) (25,924,880) 67,959,095
Net assets    
Beginning of period 581,708,301 513,749,206
End of period $555,783,421 $581,708,301
Share activity    
Shares outstanding    
Beginning of period 31,727,709 31,697,320
Issued pursuant to Dividend Reinvestment Plan 33,212 30,389
End of period 31,760,921 31,727,709
    
1 A portion of the distributions may be deemed a tax return of capital at the fiscal year end.
18 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS For the six months ended   1-31-22 (unaudited)

   
Cash flows from operating activities  
Net decrease in net assets from operations $(5,577,457)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:  
Long-term investments purchased (101,726,060)
Long-term investments sold 94,870,202
Net purchases and sales of short-term investments (6,827,000)
Net amortization of premium (discount) 410,148
(Increase) Decrease in assets:  
Receivable for centrally cleared swaps 206,688
Dividends and interest receivable (457,830)
Receivable for investments sold 6,411,511
Other assets 20,307
Increase (Decrease) in liabilities:  
Payable for futures variation margin (148,752)
Payable for investments purchased (4,250,000)
Interest payable 3,004
Payable to affiliates (5,055)
Other liabilities and accrued expenses 43,527
Net change in unrealized (appreciation) depreciation on:  
Unaffiliated investments 28,580,655
Net realized (gain) loss on:  
Unaffiliated investments 494,694
Net cash provided by operating activities $12,048,582
Cash flows provided by (used in) financing activities  
Distributions to shareholders $(20,347,423)
Borrowings (repayments) under the credit facility agreement 8,300,000
Net cash used in financing activities $(12,047,423)
Net increase in cash $1,159
Cash at beginning of period $102,487
Cash at end of period $103,646
Supplemental disclosure of cash flow information:  
Cash paid for interest $(1,075,378)
Noncash financing activities not included herein consists of reinvestment distributions $601,889
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 19

Financial highlights
Period ended 1-31-221 7-31-21 7-31-20 7-31-19 7-31-18 7-31-17
Per share operating performance            
Net asset value, beginning of period $18.33 $16.21 $18.75 $18.84 $19.53 $20.06
Net investment income2 0.62 1.25 1.26 1.20 1.33 1.43
Net realized and unrealized gain (loss) on investments (0.79) 2.19 (2.46) 0.18 (0.55) (0.49)
Total from investment operations (0.17) 3.44 (1.20) 1.38 0.78 0.94
Less distributions            
From net investment income (0.66)3 (1.21) (1.26) (1.25) (1.47) (1.45)
From tax return of capital (0.11) (0.08) (0.22) (0.02)
Total distributions (0.66) (1.32) (1.34) (1.47) (1.47) (1.47)
Net asset value, end of period $17.50 $18.33 $16.21 $18.75 $18.84 $19.53
Per share market value, end of period $17.59 $19.27 $16.59 $19.53 $18.43 $19.22
Total return at net asset value (%)4,5 (1.00)6 22.07 (6.51) 7.92 4.50 5.28
Total return at market value (%)4 (5.34)6 25.39 (8.14) 14.91 3.88 3.04
Ratios and supplemental data            
Net assets, end of period (in millions) $556 $582 $514 $593 $595 $617
Ratios (as a percentage of average net assets):            
Expenses before reductions 1.567 1.61 2.32 2.94 2.48 2.03
Expenses including reductions8 1.557 1.59 2.31 2.93 2.46 2.02
Net investment income 6.827 7.19 7.26 6.62 7.11 7.45
Portfolio turnover (%) 11 31 34 36 23 21
Senior securities            
Total debt outstanding end of period (in millions) $274 $266 $252 $310 $310 $310
Asset coverage per $1,000 of debt9 $3,026 $3,187 $3,039 $2,917 $2,922 $2,993
    
1 Six months ended 1-31-22. Unaudited.
2 Based on average daily shares outstanding.
3 A portion of the distributions may be deemed a tax return of capital at the fiscal year end.
4 Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested.
5 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6 Not annualized.
7 Annualized.
8 Expenses including reductions excluding interest expense were 1.18% (annualized), 1.20%, 1.23%, 1.25% 1.23% and 1.23% for the periods ended 1-31-22, 7-31-21, 7-31-20, 7-31-19, 7-31-18 and 7-31-17, respectively.
9 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 7). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
20 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements (unaudited)
Note 1Organization
John Hancock Preferred Income Fund III (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).
Note 2Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:
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 fund’s Valuation Policies and Procedures.
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. 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. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor.
In certain instances, the Pricing Committee 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 fund’s Pricing Committee following procedures established 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 fund’s own assumptions in determining the fair value of investments. Factors used in determining value may
  SEMIANNUAL REPORT | JOHN HANCOCK Preferred Income Fund III 21

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 January 31, 2022, by major security category or type:
  Total
value at
1-31-22
Level 1
quoted
price
Level 2
significant
observable
inputs
Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
Preferred securities        
Communication services $34,532,543 $34,532,543
Consumer discretionary 8,829,120 8,829,120
Consumer staples 12,555,000 $12,555,000
Energy 10,493,550 10,493,550
Financials 209,070,456 198,690,390 10,380,066
Health care 7,477,720 7,477,720
Industrials 5,506,974 5,506,974
Real estate 25,309,199 25,309,199
Utilities 197,850,205 190,309,294 7,540,911
Common stocks 41,586,995 41,586,995
Corporate bonds 248,084,623 248,084,623
Capital preferred securities 3,331,250 3,331,250
Short-term investments 19,711,000 19,711,000
Total investments in securities $824,338,635 $522,735,785 $301,602,850
Derivatives:        
Assets        
Futures $827,512 $827,512
Liabilities        
Swap contracts (1,242,747) $(1,242,747)
The fund holds liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of January 31, 2022, the liability for the fund’s Credit facility agreement on the Statement of assets and liabilities is categorized as Level 2 within the disclosure hierarchy.
Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund’s custodian, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the fund. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund’s investments as part of the caption related to the repurchase agreement.
Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statement of assets and liabilities.
22 JOHN HANCOCK Preferred Income Fund III | SEMIANNUAL REPORT  

In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay claims resulting from close-out of the transactions.
Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a tax return of capital and/or capital gain, if any, are recorded as a reduction of cost of investments and/or as a realized gain, if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.
Overdrafts. Pursuant to the custodian agreement, the fund’s custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.
Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Statement of cash flows. A Statement of cash flows is presented when a fund has a significant amount of borrowing during the period, based on the average total borrowing in relation to total assets, or when a certain percentage of the fund’s investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund’s Statement of assets and liabilities and represents the cash on hand at the fund’s custodian and does not include any short-term investments or collateral on derivative contracts, if any.
Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
  SEMIANNUAL REPORT | JOHN HANCOCK Preferred Income Fund III 23

For federal income tax purposes, as of July 31, 2021, the fund has a short-term capital loss carryforward of $6,806,706 and a long-term capital loss carryforward of $17,499,160 available to offset future net realized capital gains. These carryforwards do not expire.
As of July 31, 2021, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends monthly. Capital gain distributions, if any, are typically distributed annually.
Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital. The final determination of tax characteristics of the distribution will occur at the end of the year and will subsequently be reported to shareholders.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to amortization and accretion on debt securities and derivative transactions.
Note 3Derivative instruments
The fund may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.
Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.
Centrally-cleared swap contracts are subject to clearinghouse rules, including initial and variation margin requirements, daily settlement of obligations and the clearinghouse guarantee of payments to the broker. There is, however, still counterparty risk due to the potential insolvency of the broker with respect to any margin held in the brokers’ customer accounts. While clearing members are required to segregate customer assets from their own assets, in the event of insolvency, there may be a shortfall in the amount of margin held by the broker for its clients. Collateral or margin requirements for centrally-cleared derivatives are set by the broker or applicable clearinghouse. Margin for centrally-cleared transactions is detailed in the Statement of assets and liabilities as Receivable/Payable for centrally-cleared swaps. Securities pledged by the fund for centrally-cleared transactions, if any, are identified in the Fund’s investments.
Futures. A futures contract is a contractual agreement to buy or sell a particular currency or financial instrument at a pre-determined price in the future. Futures are traded on an exchange and cleared through a central clearinghouse. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to movements in the underlying financial instrument and potential losses in excess of the amounts recognized on the Statement of assets and liabilities. Use
24 JOHN HANCOCK Preferred Income Fund III | SEMIANNUAL REPORT  

of long futures contracts subjects the fund to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the fund to unlimited risk of loss.
Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund, if any, is detailed in the Statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund’s investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Payable for futures variation margin is included on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
During the six months ended January 31, 2022, the fund used futures contracts to manage against changes in interest rates. The fund held futures contracts with USD notional values ranging from $87.0 million to $91.4 million, as measured at each quarter end.
Swaps. Swap agreements are agreements between the fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.
Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund.
Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.
Interest rate swaps. Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals.
During the six months ended January 31, 2022, the fund used interest rate swap contracts to manage against the credit facility agreement interest rates. The notional values at the period end are representative of the fund’s exposure throughout the period. No new interest rate swap positions were entered into or closed during the six months ended January 31, 2022.
  SEMIANNUAL REPORT | JOHN HANCOCK Preferred Income Fund III 25

Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the fund at January 31, 2022 by risk category:
Risk Statement of assets
and liabilities
location
Financial
instruments
location
Assets
derivatives
fair value
Liabilities
derivatives
fair value
Interest rate Receivable/payable for futures variation margin1 Futures $827,512
Interest rate Swap contracts, at value2 Interest rate swaps $(1,242,747)
      $827,512 $(1,242,747)
    
1 Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Fund’s investments. Only the period end variation margin receivable/payable is separately reported on the Statement of assets and liabilities.
2 Reflects cumulative value of swap contracts. Receivable/payable for centrally cleared swaps, which includes value and margin, are shown separately on the Statement of assets and liabilities.
Effect of derivative instruments on the Statement of operations
The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended January 31, 2022:
  Statement of operations location - Net realized gain (loss) on:
Risk Futures contracts Swap contracts Total
Interest rate $760,075 $(772,586) $(12,511)
The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended January 31, 2022:
  Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk Futures contracts Swap contracts Total
Interest rate $2,682,787 $1,065,578 $3,748,365
Note 4Guarantees and indemnifications
Under the fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 5Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. The Advisor is an indirect, principally owned subsidiary of John Hancock Life Insurance Company (U.S.A), which in turn is a subsidiary of Manulife Financial Corporation (MFC).
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to 0.75% of the fund’s average daily managed assets including any assets attributable to the Credit Facility Agreement (see Note 7) (collectively, managed assets). The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.
26 JOHN HANCOCK Preferred Income Fund III | SEMIANNUAL REPORT  

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the six months ended January 31, 2022, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This arrangement expires on July 31, 2023, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The expense reductions described above amounted to $39,195 for the six months ended January 31, 2022.
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended January 31, 2022, were equivalent to a net annual effective rate of 0.74% of the fund’s average daily managed assets.
Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred, for the six months ended January 31, 2022, amounted to an annual rate of 0.01% of the fund’s average daily managed assets.
Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. These Trustees receive from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee out-of-pocket expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.
Note 6Leverage risk
The fund utilizes a Credit Facility Agreement (CFA) to increase its assets available for investment. When the fund leverages its assets, shareholders bear the expenses associated with the CFA and have potential to benefit or be disadvantaged from the use of leverage. The Advisor’s fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund’s assets. Leverage creates risks that may adversely affect the return for the holders of shares, including:
the likelihood of greater volatility of NAV and market price of shares;
fluctuations in the interest rate paid for the use of the CFA;
increased operating costs, which may reduce the fund’s total return;
the potential for a decline in the value of an investment acquired through leverage, while the fund’s obligations under such leverage remains fixed; and
the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.
To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund’s return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived.
In addition to the risks created by the fund’s use of leverage, the fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the CFA is terminated. Were this to happen, the fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund’s ability to generate income from the use of leverage would be adversely affected.
  SEMIANNUAL REPORT | JOHN HANCOCK Preferred Income Fund III 27

Note 7Credit Facility Agreement
The fund has entered into a Credit Facility Agreement (CFA) with a subsidiary of BNP Paribas (BNP) that allows it to borrow up to $309.5 million (maximum facility amount) and to invest the borrowings in accordance with its investment practices.
The fund pledges a portion of its assets as collateral to secure borrowings under the CFA. Such pledged assets are held in a special custody account with the fund’s custodian. The amount of assets required to be pledged by the fund is determined in accordance with the CFA. The fund retains the benefits of ownership of assets pledged to secure borrowings under the CFA. Interest charged is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.70% and is payable monthly. As of January 31, 2022, the fund had borrowings of $274,300,000 at an interest rate of 0.81%, which are reflected in the Credit facility agreement payable on the Statement of assets and liabilities. During the six months ended January 31, 2022, the average borrowings under the CFA and the effective average interest rate were $266,045,109 and 0.80%, respectively.
The fund is required to pay a commitment fee equal to 0.60% on any unused portion of the maximum facility amount, only for days on which the aggregate outstanding amount of the loans under the CFA is less than 80% of the maximum facility amount. For the six months ended January 31, 2022, there were no commitment fees incurred by the fund.
The fund may terminate the CFA with 30 days’ notice. If certain asset coverage and collateral requirements, minimum net assets or other covenants are not met, the CFA could be deemed in default and result in termination. Absent a default or facility termination event, BNP generally is required to provide the fund with 360 days’ notice prior to terminating or amending the CFA.
The fund has an agreement with BNP that allows BNP to borrow a portion of the pledged collateral (Lent Securities) in an amount not to exceed the lesser of: (i) outstanding borrowings owed by the fund to BNP or (ii) 331/3% of the fund’s total assets. The fund can designate any security within the pledged collateral as ineligible to be a Lent Security and can recall any of the Lent Securities. The fund also has the right to apply and set-off an amount equal to 100% of the then-current fair market value of such Lent Securities against the current borrowings under the CFA in the event that BNP fails to timely return the Lent Securities and in certain other circumstances. In such circumstances, however, the fund may not be able to obtain replacement financing required to purchase replacement securities and, consequently, the fund’s income generating potential may decrease. Even if the fund is able to obtain replacement financing, it might not be able to purchase replacement securities at favorable prices. Income earned from Lent Securities of $1,322 for the six months ended January 31, 2022 is recorded as a component of interest income on the Statement of operations.
Due to the anticipated discontinuation of LIBOR, as discussed in Note 8, the CFA may be amended to remove LIBOR as the reference rate for interest and to replace LIBOR with an alternative reference rate for interest mutually agreed upon by the fund and BNP. However, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate and the potential effect of a transition away from LIBOR on the fund and/or the CFA cannot yet be fully determined.
Note 8LIBOR Discontinuation Risk
The CFA utilizes LIBOR as the reference or benchmark rate for interest rate calculations. LIBOR is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR maturities, including some US LIBOR maturities, on December 31, 2021, and is expected to cease publishing the remaining and most liquid US LIBOR maturities on June 30, 2023. It is expected that market participants such as the fund and BNP will transition to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. However, although regulators have encouraged the development and adoption
28 JOHN HANCOCK Preferred Income Fund III | SEMIANNUAL REPORT  

of alternative rates, such as the Secured Overnight Financing Rate ("SOFR"), there is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement rate.
Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation dates, the impact on the CFA remains uncertain. It is expected that market participants will amend financial instruments referencing LIBOR, such as the CFA, to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. Certain proposed replacement rates to LIBOR, such as SOFR, which is a broad measure of secured overnight US Treasury repo rates, are materially different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made to accommodate the differences. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.
As market participants transition away from LIBOR, LIBOR’s usefulness may deteriorate. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate. The use of an alternative reference rate, or the transition process to an alternative reference rate, may result in increases to the interest paid by the fund pursuant to the CFA and, therefore, may adversely affect the fund’s performance.
Note 9Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $101,726,060 and $94,870,202, respectively, for the six months ended January 31, 2022.
Note 10Industry or sector risk
The fund generally invests a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors. Financial services companies can be hurt by economic declines, changes in interest rates, and regulatory and market impacts.
Note 11Coronavirus (COVID-19) pandemic
The novel COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance.
Note 12New accounting pronouncement
In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference
  SEMIANNUAL REPORT | JOHN HANCOCK Preferred Income Fund III 29

rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management expects that the adoption of the guidance will not have a material impact to the financial statements.
30 JOHN HANCOCK Preferred Income Fund III | SEMIANNUAL REPORT  

Investment objective, principal investment strategies, and principal risks

Unaudited
Investment Objectives
The fund’s primary investment objective is to provide a high level of current income, consistent with preservation of capital. The fund’s secondary investment objective is to provide growth of capital to the extent consistent with its primary investment objective. The fund seeks to achieve its objectives by investing in securities that, in the opinion of the Advisor, may be undervalued relative to similar securities in the marketplace.
Principal Investment Strategies
Under normal market conditions, the fund invests at least 80% of its assets (net assets plus borrowings for investment purposes) in preferred stocks and other preferred securities, including convertible preferred securities. This is a non-fundamental policy and may be changed by the Board of Trustees of the fund provided that shareholders are provided with at least 60 days prior written notice of any change as required by the rules under the 1940 Act. The fund intends to invest primarily in fully taxable preferred securities. The fund’s portfolio of preferred securities may include both fixed rate and adjustable rate securities. The allocation of the fund’s assets in various types of preferred, debt and equity securities may vary from time to time depending upon the Advisor’s assessment of market conditions.
The fund will invest at least 50% of its total assets in preferred securities and other fixed-income securities that are rated investment grade (i.e., at least Baa by a nationally recognized statistical rating organization such as Moody’s Investors Service, Inc. (“Moody’s”) or BBB by Standard & Poor’s Ratings Services (“S&P”)), or in unrated securities determined by the Advisor to be of comparable credit quality. The fund may invest up to 50% of its total assets in preferred securities and other fixed income securities rated below investment grade (rated below Baa by Moody’s or below BBB by S&P), or in comparable unrated securities. Below investment grade securities must be rated Ca or higher by Moody’s or CC or higher by S&P or determined to be of comparable quality. The fund may not invest more than 5% of its total assets in securities rated below B or in comparable unrated securities. These investment policies are based on credit quality ratings at the time of acquisition.
The Advisor seeks to produce superior results by focusing on the business cycle and individual security fundamentals and less so on interest rate and duration. In structuring the portfolio, the Advisor seeks to add investment value in two ways:
by anticipating the broader, more gradual changes in the business cycle, and then investing in those industries and sectors that are expected to benefit from the changes
by looking within those industries and sectors for issuers and companies that are undervalued and mispriced relative to the market
The fund may invest in corporate bonds, common stock, securities issued by the U.S. government or its related agencies, real estate investment trusts (“REITs”) and money market instruments. The fund may invest up to 20% of its total assets in securities of corporate and governmental issuers located outside the United States that are traded or denominated in U.S. dollars. The fund may invest up to 20% of its assets in illiquid securities including, but not limited to, restricted securities, securities that may be resold pursuant to Rule 144A under the Securities Act of 1933, as amended, but that are deemed to be illiquid, and repurchase agreements with maturities in excess of seven days. The fund concentrates its investments in securities of issuers in the industries composing the utilities sector, which includes telecommunication companies, meaning that the fund will invest 25% or more of its total assets in the industries composing the utilities sector. The fund may also invest in derivatives such as credit default swaps, futures, options, swaps, reverse repurchase agreements and options on futures.
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The fund may issue preferred shares or debt obligations to establish leverage, to the extent permitted by the 1940 Act. The fund generally will not issue preferred shares or borrow unless the Advisor expects that the fund will achieve a greater return on such borrowed funds than the additional costs the fund incurs as a result of such borrowing. The fund may also engage in reverse repurchase agreements and invest in derivatives to establish investment leverage or for temporary purposes.
The Advisor may also take into consideration environmental, social, and/or governance (“ESG”) factors, alongside other relevant factors, as part of its investment selection process. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.
Principal Risks
As is the case with all exchange-listed closed-end funds, shares of this fund may trade at a discount or a premium to the fund’s net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.
The fund’s main risks are listed below in alphabetical order, not in order of importance.
Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder’s investment in the fund. For the fiscal year ended July 31, 2021, the fund’s aggregate distributions included a return of capital of $0.11 per share, or 7.95% of aggregate distributions, which could impact the tax treatment of a subsequent sale of fund shares.
Concentration risk. Because the fund may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries and sectors.
Credit and counterparty risk. The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.
Cybersecurity and operational risk. Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.
Economic and market events risk. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.
As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia’s economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These
32 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT  

sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time.
A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect fund performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other preexisting political, social, and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.
Equity securities risk. The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.
ESG integration risk. The Advisor may consider ESG factors that it deems relevant or additive, along with other material factors and analysis, when selecting investments for the fund. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time, and different ESG characteristics may be relevant to different investments. Incorporating ESG criteria and investing in instruments that have certain ESG characteristics, as determined by the Advisor, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria or an ESG investment strategy.
Fixed-income securities risk. A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payment or repay all or any of the principal borrowed. Changes in a security’s credit qualify may adversely affect fund performance. Increases in real interest rates generally cause the price of inflation-protected debt securities to decrease.
Foreign securities risk. Less information may be publicly available regarding foreign issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. Any depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.
Hedging, derivatives, and other strategic transactions risk. Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: credit default swaps, futures contracts, options, and swaps, reverse repurchase agreements and options on futures. Futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund’s ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund’s NAV.
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Illiquid and restricted securities risk. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.
Leveraging risk. Issuing preferred shares or using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund’s losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The fund also utilizes a Credit Facility Agreement to increase its assets available for investment. See “Note 6 —Leverage risk” above.
LIBOR discontinuation risk. The publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments use as the reference or benchmark rate for interest rate calculations, was discontinued for most maturities at the end of 2021, and is expected to be discontinued on June 30, 2023 for the remaining maturities. The transition process away from LIBOR may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, and the eventual use of an alternative reference rate may adversely affect the fund’s performance. In addition, the usefulness of LIBOR may deteriorate in the period leading up to its discontinuation, which could adversely affect the liquidity or market value of securities that use LIBOR.
Liquidity risk. The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities.
Lower-rated and high-yield fixed-income securities risk. Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.
Preferred and convertible securities risk. Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.
Real estate investment trust risk. REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.
Real estate securities risk. Securities of companies in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.
U.S. Government agency obligations risk. U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.
34 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT  

ADDITIONAL INFORMATION

Unaudited
The fund is a closed-end, diversified management investment company, common shares of which were initially offered to the public on June 19, 2003 and are publicly traded on the New York Stock Exchange (the NYSE).
Dividends and distributions
During the six months ended January 31, 2022, distributions from net investment income totaling $0.6600 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:
Payment Date Income Distributions1
August 31, 2021 $0.1100
September 30, 2021 0.1100
October 29, 2021 0.1100
November 30, 2021 0.1100
December 31, 2021 0.1100
January 31, 2022 0.1100
Total $0.6600
    
1A portion of the distributions may be deemed a tax return of capital at the fiscal year end.
Shareholder communication and assistance
If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:
Regular Mail:
Computershare
P.O. Box 505000
Louisville, KY 40233
Registered or Overnight Mail:
Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202
If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.
  SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III 35

More information
Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott
James R. Boyle
Peter S. Burgess*
William H. Cunningham*
Grace K. Fey
Marianne Harrison
Deborah C. Jackson
Frances G. Rathke*
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg
Chief Compliance Officer
 Non-Independent Trustee
* Member of the Audit Committee
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Manulife Investment Management (US) LLC
Portfolio Managers
Joseph H. Bozoyan, CFA
Bradley L. Lutz, CFA
Custodian
State Street Bank and Trust Company
Transfer agent
Computershare Shareowner Services, LLC
Legal counsel
K&L Gates LLP
Stock symbol
Listed New York Stock Exchange: HPS
 
The fund’s proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our website and the SEC’s website, sec.gov.
We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.
The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.
You can also contact us:    
800-852-0218 Regular mail: Express mail:
jhinvestments.com Computershare
P.O.Box 505000
Louisville, KY 40233
Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202
36 JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT  

John Hancock family of funds
U.S. EQUITY FUNDS

Blue Chip Growth
Classic Value
Disciplined Value
Disciplined Value Mid Cap
Equity Income
Financial Industries
Fundamental All Cap Core
Fundamental Large Cap Core
Mid Cap Growth
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Growth
INTERNATIONAL EQUITY FUNDS

Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Environmental Opportunities
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
FIXED-INCOME FUNDS

Bond
California Tax-Free Income
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Municipal Opportunities
Opportunistic Fixed Income
Short Duration Bond
Strategic Income Opportunities
ALTERNATIVE FUNDS

Absolute Return Currency
Alternative Asset Allocation
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
Real Estate Securities
Seaport Long/Short
 
The fund’s investment objectives, risks, charges, and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, contact your financial professional, call John Hancock Investment Management at 800-852-0218, or visit the fund’s website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.
The John Hancock funds are distributed by John Hancock Investment Management Distributors LLC. Member FINRA SIPC.

EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF
John Hancock Mortgage-Backed Securities ETF
John Hancock Multifactor Consumer Discretionary ETF
John Hancock Multifactor Consumer Staples ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Energy ETF
John Hancock Multifactor Financials ETF
John Hancock Multifactor Healthcare ETF
John Hancock Multifactor Industrials ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Materials ETF
John Hancock Multifactor Media and
Communications ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Multifactor Technology ETF
John Hancock Multifactor Utilities ETF
John Hancock Preferred Income ETF
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond
ESG International Equity
ESG Large Cap Core
ASSET ALLOCATION/TARGET DATE FUNDS

Balanced
Multi-Asset High Income
Multi-Index Lifetime Portfolios
Multi-Index Preservation Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
Retirement Income 2040
CLOSED-END FUNDS

Financial Opportunities
Hedged Equity & Income
Income Securities Trust
Investors Trust
Preferred Income
Preferred Income II
Preferred Income III
Premium Dividend
Tax-Advantaged Dividend Income
Tax-Advantaged Global Shareholder Yield
John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.
John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.
Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.

A trusted brand
John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.
A better way to invest
We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.
John Hancock Investment Management LLC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
MF2019962 P12SA 1/22
3/2022

ITEM 2. CODE OF ETHICS.

(a)Not Applicable.

(b)Not Applicable.

(c)Not Applicable.

(d)Not Applicable.

(e)Not Applicable.

(f)Not Applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not Applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)Not Applicable.

(b)Not Applicable.

(c)Not Applicable.

(d)Not Applicable.

(e)Not Applicable.

(f)Not Applicable.

(g)Not Applicable.

(h)Not Applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Not applicable.

(b)Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS.

The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating, Governance and Administration Committee Charter."

 

ITEM 11. CONTROLS AND PROCEDURES.

(a)Based upon their evaluation of the registrant's disclosure controls and procedures as

conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the registrant's internal control over financial reporting that

occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The Fund did not participate directly in securities lending activities. See Note 7 to financial statements in Item 1.

ITEM 13. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) underthe Investment Company Act of 1940, are attached.

(b)Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Registrant's notice to shareholders pursuant to Registrant's exemptive order granting an exemption from Section 19(b) of the Investment Company Act of 1940, as amended and Rule 19b-1 thereunder regarding distributions made pursuant to the Registrant's Managed Distribution Plan.

(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds – Nominating and Governance Committee Charter".

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Preferred Income Fund III

By:

/s/ Andrew G. Arnott

 

------------------------------

 

Andrew G. Arnott

 

President

Date:

March 24, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/ Andrew G. Arnott

 

-------------------------------

 

Andrew G. Arnott

 

President

Date:

March 24, 2022

By:

/s/ Charles A. Rizzo

 

--------------------------------

 

Charles A. Rizzo

 

Chief Financial Officer

Date:

March 24, 2022


EX-99.(A)(2) 2 f11232d2.htm EX-99.(A)(2) EX-99.(A)(2)

CERTIFICATION

I, Andrew G. Arnott, certify that:

1.I have reviewed this report on Form N-CSR of the John Hancock Preferred Income Fund III (the "registrant");

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting, and

5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 24, 2022

/s/ Andrew G. Arnott

________

 

Andrew G. Arnott

 

 

 

President

 

 


CERTIFICATION

I, Charles A. Rizzo, certify that:

1.I have reviewed this report on Form N-CSR of the John Hancock Preferred Income Fund III (the "registrant");

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting, and

5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 24, 2022

/s/ Charles A. Rizzo

____

 

Charles A. Rizzo

 

 

 

Chief Financial Officer

 

 


EX-99.(B) 3 f11232d3.htm EX-99.(B) EX-99.(B)

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of

the Sarbanes-Oxley Act of 2002*

In connection with the attached Report of John Hancock Preferred Income Fund III (the "registrant") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

/s/ Andrew G. Arnott

--------------------------------

Andrew G. Arnott President

Dated: March 24, 2022

/s/ Charles A. Rizzo

--------------------------------

Charles A. Rizzo  Chief Financial Officer

Dated: March 24, 2022

A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

*These certifications are being furnished solely pursuant to 18 U.S.C. Section 1350 and are not being filed as part of this Form N-CSR or as a separate disclosure document.


EX-99.(C)(1) 4 f11232d4.htm EX-99.(C)(1) EX-99.(C)(1)

Important information regarding your distributions

We are providing shareholders of the John Hancock Preferred Income Fund III with information concerning the portion of the distributions made for October 29, 2021, that was from a source other than net investment company book income. No action is required on your part.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Payable Date:

Ticker #

Fund Name

 

 

CUSIP

October 29, 2021

HPS

John Hancock Preferred Income

41021P103

 

 

 

Fund III

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the fiscal year-to-date period

 

 

For the period 10/1/2021-10/31/2021

 

8/1/2021-10/31/20213

 

 

 

 

 

 

 

% Breakdown

 

 

 

 

% Breakdown

 

 

of the Total

 

 

Current

 

of the Current

 

Total Cumulative

Cumulative

Source

 

Distribution ($)

Distribution

 

Distributions ($)

Distributions

Estimated Net

 

 

 

 

 

 

 

Investment Income (1)

 

0.0716

 

65%

 

0.3212

97%

Estimated Return of

 

 

 

 

 

 

 

Capital (1), (2)

 

0.0384

 

35%

 

0.0087

3%

Total per common share

 

0.1100

 

100%

 

0.3299

100%

 

 

 

 

 

 

 

 

(1)The amounts and sources of distributions reported above are only estimates on a book basis. These estimates may, and likely will, vary over time based on the investment activities of the Fund and changes in the value of portfolio investments. The sources of distributions may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. Investors should understand that a return of capital is not a distribution from income or gains of a Fund.

(2)On a tax basis, the estimated components of the current distribution and cumulative distribution would include an estimated return of capital of $0.0066 (6%) and $0.0198 (6%), respectively. These amounts are estimates and the actual amounts and sources for tax reporting purposes may change upon final determination of tax characteristics and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

(3)The Fund's current fiscal year began on August 1, 2021, and will end on July 31, 2022.

If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843- 0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.

Effective October 1, 2021, copies of all notices informing shareholders of distributions made by the fund in excess of accumulated net investment income will be posted on John Hancock Investment Management's public website (jhinvestments.com) and on the Legal Notice System (LENS), a service offering of the Depository Trust Company (DTC) accessible by broker-dealer firms. To the extent required, notice may also be provided via press release. John Hancock Investment Management will continue to distribute paper copies of these notices by mail until March 30, 2022, after which date the notices will be delivered exclusively via the methods described above.


Important information regarding your distributions

We are providing shareholders of the John Hancock Preferred Income Fund III with information concerning the portion of the distributions made for January 31, 2022, that was from a source other than net investment company book income. No action is required on your part.

The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Payable Date:

Ticker #

Fund Name

 

 

CUSIP

January 31, 2022

HPS

John Hancock Preferred Income

41021P103

 

 

 

Fund III

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the fiscal year-to-date period

 

 

For the period 01/1/2022-01/31/2022

 

8/1/2021-01/31/20223

 

 

 

 

 

 

 

% Breakdown

 

 

 

 

% Breakdown

 

 

of the Total

 

 

Current

 

of the Current

 

Total Cumulative

Cumulative

Source

 

Distribution ($)

Distribution

 

Distributions ($)

Distributions

Estimated Net

 

 

 

 

 

 

 

Investment Income (1)

 

0.0645

 

59%

 

0.6351

96%

Estimated Return of

 

 

 

 

 

 

 

Capital (1), (2)

 

0.0455

 

41%

 

0.0246

4%

Total per common share

 

0.1100

 

100%

 

0.6597

100%

 

 

 

 

 

 

 

 

(1)The amounts and sources of distributions reported above are only estimates on a book basis. These estimates may, and likely will, vary over time based on the investment activities of the Fund and changes in the value of portfolio investments. The sources of distributions may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. Investors should understand that a return of capital is not a distribution from income or gains of a Fund.

(2)On a tax basis, the estimated components of the current distribution and cumulative distribution would include an estimated return of capital of $0.0088 (8%) and $0.0528 (8%), respectively. These amounts are estimates and the actual amounts and sources for tax reporting purposes may change upon final determination of tax characteristics and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

(3)The Fund's current fiscal year began on August 1, 2021, and will end on July 31, 2022.

If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843- 0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.

Effective October 1, 2021, copies of all notices informing shareholders of distributions made by the fund in excess of accumulated net investment income will be posted on John Hancock Investment Management's public website (jhinvestments.com) and on the Legal Notice System (LENS), a service offering of the Depository Trust Company (DTC) accessible by broker-dealer firms. To the extent required, notice may also be provided via press release. John Hancock Investment Management will continue to distribute paper copies of these notices by mail until March 30, 2022, after which date the notices will be delivered exclusively via the methods described above.


EX-99.(C)(2) 5 f11232d5.htm EX-99.(C)(2) EX-99.(C)(2)

JOHN HANCOCK FUNDS1

NOMINATING AND GOVERNANCE COMMITTEE CHARTER

Overall Role and Responsibility

The Nominating and Governance Committee (the "Committee") of each of the Trusts shall (1) make determinations and recommendations to the Board of Trustees (the "Board") regarding issues related to (a) the composition of the Board and (b) corporate governance matters applicable to the Trustees who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of any of the Trusts, or of any Fund's investment adviser, subadviser or principal underwriter and who are "independent" as defined in the rules of the New York Stock Exchange ("NYSE") (the "Independent Trustees") and (2) discharge such additional duties, responsibilities and functions as are delegated to it from time to time.

Membership

The Nominating and Governance Committee (the "Committee") shall be composed of all of the Independent Trustees of the Board. One member of the Committee shall be appointed by the Board as Chair of the Committee. The chair shall be responsible for leadership of the Committee, including scheduling meetings or reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, presiding over meetings of the Committee and making reports to the full Board, as appropriate.

Structure, Operations and Governance

Meetings and Actions by Written Consent. The Committee shall meet as often as required or as the Committee deems appropriate, with or without management present. Meetings may be called and notice given by the Committee chair or a majority of the members of the Committee. Members may attend meetings in person or by telephone. The Committee may act by written consent to the extent permitted by law and the Funds' governing documents. The Committee shall report to the Board on any significant action it takes not later than the next following Board meeting.

Required Vote and Quorum. The affirmative vote of a majority of the members of the Committee participating in any meeting of the Committee at which a quorum is present is necessary for the adoption of any resolution. At least a majority of the Committee members present at the meeting in person or by telephone shall constitute a quorum for the transaction of business.

1"John Hancock Funds" includes each trust and series as may be amended from time to time (each individually, a "Trust," and collectively, the "Trusts," and each series thereof, a "Portfolio" or "Fund," and collectively, the "Portfolios" or "Funds").

1

Delegation to Subcommittees. The Committee may delegate any portion of its authority to a subcommittee of one or more members.

Appropriate Resources and Authority. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the Funds' expense, as it determines necessary or appropriate to carry out its duties and responsibilities. In addition, the Committee shall have direct access to such officers of and service providers to the Funds as it deems desirable.

Review of Charter. The Committee Charter shall be approved by at least a majority of the Independent Trustees of the Trust. The Committee shall review and assess the adequacy of this Charter periodically and, where necessary or as it deems desirable, will recommend changes to the Board for its approval. The Board may amend this Charter at any time in response to recommendations from the Committee or on its own motion.

Executive Sessions. The Committee may meet privately and may invite non-members to attend such meetings. The Committee may meet with representatives of the Investment Management Services department of the Funds' advisers, internal legal counsel of the Funds' advisers, members of the John Hancock Funds Risk & Investment Operations Committee (the "RIO Committee") and with representatives of the Funds' service providers, including the subadvisers, to discuss matters that relate to the areas for which the Committee has responsibility.

Specific Duties and Responsibilities

The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine:

1.Except where a Trust is legally required to nominate individuals recommended by another, to identify individuals qualified to serve as Independent Trustees of the Trusts, and to consider and recommend to the full Board nominations of individuals to serve as Trustees.

2.To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.

3.To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.

4.To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.

5.To periodically review the Board's committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board's committees, and

2

recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.

6.To retain and terminate any firm(s) to be used to identify or evaluate or assist in identifying or evaluating potential Independent Board nominees, subject to the Board's sole authority to approve the firm's fees and other retention terms.

7.To consider and determine the amount of compensation to be paid by the Trusts to the Independent Trustees, including the compensation of the Chair of the Board or any Vice-Chair of the Board and of Committee Chairs, and to address compensation-related matters. The Chair of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the Trusts provided by them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.

8.To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of Funds in the Fund complex and the effectiveness of its committee structure.

9.To review the Board Governance Procedures and recommend to the Board of Trustees changes to the Procedures as the Committee deems appropriate.

10.To report its activities to the full Board and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.

Additional Responsibilities

The Committee will also perform other tasks assigned to it from time to time by the Chair of the Board or by the Board, and will report findings and recommendations to the Board, as appropriate.

Last revised: December 12, 2018

3

ANNEX A

The Committee may take into account a wide variety of factors in considering Trustee candidates, including (but not limited to) the criteria set forth below. The Committee may determine that a candidate who does not satisfy these criteria in one or more respects should nevertheless be considered as a nominee if the Committee finds that the criteria satisfied by the candidate and the candidate's other qualifications demonstrate the appropriate level of fitness to serve.

General Criteria

1.Nominees should have a reputation for integrity, honesty and adherence to high ethical standards, and such other personal characteristics as a capacity for leadership and the ability to work well with others.

2.Nominees should have business, professional, academic, financial, accounting or other experience and qualifications which demonstrate that they will make a valuable contribution as Trustees.

3.Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.

4.Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the investment adviser, and to act in the interests of all shareholders.

5.Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a trustee.

6.Nominees should have experience on corporate or other institutional bodies having oversight responsibilities.

It is the intent of the Committee that at least one Independent Trustee be an "audit committee financial expert" as that term is defined in Item 3 of Form N-CSR.

Application of Criteria to Current Trustees

The re-nomination of current Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above based on, among other things, the current Trustee's contribution to the Board and any committee on which he or she serves.

Review of Nominations

1.The Committee believes that it is in the best interests of each Trust and its shareholders to obtain highly-qualified candidates to serve as members of the Board.

2.In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate; however, the appropriate mix of skills, expertise and attributes needed to maintain an effective board are sought in the applicant pool as part of every search the Board undertakes for new trustees, including but not limited to the diversity of thought, as well as of gender, race, ethnic background and geographic origin. These factors may also include (but are not limited to) the person's character, integrity, judgment, skill and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidate's experience with the experience of other Board members; and the extent to which the candidate would be a desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a person's availability and commitment to attend meetings and perform his or her responsibilities; whether or not the person has or had any relationships that might impair or appear to impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser and/or any subadviser of the Funds, as applicable, Fund service providers, or their affiliates or with Fund shareholders. The Committee will strive to achieve a group that reflects a diversity of experiences in respect of industries, professions and other experiences, and that is diversified as to thought, gender, race, ethnic background and geographic origin.

3.While the Committee is solely responsible for the selection and recommendation to the Board of Independent Trustee candidates, the Committee may consider nominees recommended by any source, including shareholders, management, legal counsel and Board members, as it deems appropriate. The Committee may retain a professional search firm or a consultant to assist the Committee in a search for a qualified candidate. Any recommendations from shareholders shall be directed to the Secretary of the relevant Trust at such address as is set forth in the Trust's disclosure documents. Recommendations from management may be submitted to the Committee Chair. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified

in the relevant Trust's By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders.

4.Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Committee. In evaluating a nominee recommended by a shareholder, the Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder's candidate among the slate of its designated nominees, the candidate's name will be placed on the Trust's proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder's candidate will be treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the Trust's proxy statement.

5.As long as a current Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of a current Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the relevant Trust. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Committee will, in addition to any shareholder recommendations, consider candidates identified by other means as discussed in this Annex A.

6.With respect to candidates for Independent Trustee, a biography of each candidate shall be acquired and shall be reviewed by counsel to the Independent Trustees and counsel to the Trust to determine the candidate's eligibility to serve as an Independent Trustee.

7.The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Trustee candidates as it deems necessary or appropriate.

8.After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration.


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