John Hancock Preferred Income Fund III Announces Board Changes
January 04, 2017 at 12:08 am IST
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At a meeting on December 6-8, 2016, John Hancock Preferred Income Fund III Board of Trustees appointed Hassell H. McClellan to serve as the Board's Chair, effective January 1, 2017, succeeding James M. Oates, who will continue to serve as a Trustee. In addition, Fund's Board approved the following changes to the Fund's operating committees stated below, effective January 1, 2017: Compliance Committee: Grace K. Fey joins Compliance Committee as Chair, succeeding McClellan, who is no longer a member of Compliance Committee. William H. Cunningham and Deborah C. Jackson continue to serve as members of Compliance Committee. Contracts, Legal & Risk Committee: Oates joins this Committee and Fey is no longer a member of Contracts, Legal & Risk Committee. Steven R. Pruchansky and Gregory A. Russo (Chair) continue to serve as members of Contracts, Legal & Risk Committee. Investment Committee: Oates joins an Investment Sub-Committee as Chair, succeeding Fey in her role as Chair. Jackson, Charles L. Bardelis, Cunningham, and Theron S. Hoffman continue to serve as Chairpersons of the other Investment Sub-Committees.
John Hancock Preferred Income Fund III (the Fund) is a closed-end, diversified management investment company. 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 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. The Fund may invest in corporate bonds, common stock, securities issued by the United States (U.S.) government or its related agencies, real estate investment trusts and money market instruments. It may invest up to 20% of its total assets in securities of corporate and governmental issuers located outside the U.S. that are traded or denominated in U.S. dollars. Its investment advisor is John Hancock Investment Management LLC.