John Hancock Preferred Income Fund III Declares NEW Monthly Dividend
02 December 2004 - 8:36AM
PR Newswire (US)
John Hancock Preferred Income Fund III Declares NEW Monthly
Dividend BOSTON, Dec. 1 /PRNewswire-FirstCall/ -- John Hancock
Preferred Income Fund III (NYSE:HPS) declared a new monthly
dividend as follows: Declaration Date: December 1, 2004 Ex Date:
December 9, 2004 Record Date: December 13, 2004 Payment Date:
December 31, 2004 Dividend Amount: $0.159 This dividend equates to
an annualized yield of 7.90 percent, based on the fund's closing
market price as of November 30, 2004. The yield represented by the
new dividend level remains attractive relative to other investment
grade income oriented securities. In keeping with management's
approach of only paying income earned, the Fund's dividend has been
reduced. A number of higher-yielding preferred securities in the
Fund's portfolio have been refinanced or called, forcing the Fund
to reinvest at lower yields. Although the Fund actively employs
hedging techniques, rising short-term interest rates since the
Fund's launch in June 2003 have increased borrowing costs, putting
added pressure on the Fund's dividend. Management believes an
amendment is necessary in order to set the dividend at a level that
will increase its sustainability over the long-term. John Hancock
Preferred Income Fund III is a diversified, closed-end fund. The
Fund's primary investment objective is to provide a high level of
current income, consistent with preservation of capital. The Fund's
secondary objective is to provide growth of capital to the extent
consistent with its primary investment objective. The Fund invests
at least 80% of its total assets in preferred securities and other
fixed income securities which are rated investment grade. John
Hancock Funds, a premier investment management company, managed
approximately $29 billion in open-end funds, closed-end funds,
private accounts, retirement plans and related party assets for
individual and institutional investors as of September 30, 2004.
Additional information about the company can be found on the
website: http://www.jhfunds.com/. John Hancock Funds is a wholly
owned subsidiary of John Hancock Financial Services, Inc., a
subsidiary of Manulife Financial Corporation. Founded in 1862, John
Hancock Financial Services and its subsidiaries today offer a broad
range of financial products and services, including whole, term,
variable, and universal life insurance, as well as college savings
products, mutual funds, fixed and variable annuities, long-term
care insurance and various forms of business insurance. Manulife
Financial is a leading Canadian-based financial services group
serving millions of customers in 19 countries and territories
worldwide. Operating as Manulife Financial in Canada and most of
Asia, and primarily through John Hancock in the United States, the
Company offers clients a diverse range of financial protection
products and wealth management services through its extensive
network of employees, agents and distribution partners. Funds under
management by Manulife Financial and its subsidiaries were Cdn$346
billion (US$274 billion) as at September 30, 2004. Manulife
Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and
under '0945' on the SEHK. Manulife Financial can be found on the
Internet at http://www.manulife.com/. DATASOURCE: John Hancock
Preferred Income Fund III CONTACT: Web Site:
http://www.manulife.com/ http://www.jhfunds.com/
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