# John Hancock Preferred Income Fund III (HPS): Closed-End Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/hps for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: John Hancock · Asset class: Bond - Strategy: Actively Managed · Inception: 2003-06-17 The John Hancock Preferred Income Fund III (HPS) functions as a closed-end investment vehicle, primarily focused on fixed-income securities. Its overall management falls under John Hancock Investment Management LLC, with additional co-management provided by John Hancock Asset Management. The fund strategically allocates capital within the United States' fixed-income markets, aiming to acquire debt instruments from companies operating across a diverse array of sectors. A significant portion of its portfolio is dedicated to preferred securities and other fixed-income instruments that possess... ## Key Facts | Metric | Value | |---|---| | Price | $11.71 | | Expense Ratio | 4.47% | | Market Value | $376.0M | | NAV | Not on file (no daily NAV for closed-end funds) | | Holdings Count | — | | Distribution Yield (TTM) | 11.27% | | Annual Distribution (TTM) | $1.32 /share | | Distribution Frequency | Monthly | | 52-Week Range | $11.39 – $15.54 | | Beta | 0.69 | ## Latest Distribution - Amount: $0.1100 /share - Ex-date: 2026-10-13 - Pay date: 2026-10-30 ## Frequently Asked Questions ### What does HPS invest in? The John Hancock Preferred Income Fund III (HPS) functions as a closed-end investment vehicle, primarily focused on fixed-income securities. Its overall management falls under John Hancock Investment Management LLC, with additional co-management provided by John Hancock Asset Management. The fund strategically allocates capital within the United States' fixed-income markets, aiming to acquire debt instruments from companies operating across a diverse array of sectors. A significant portion of its portfolio is dedicated to preferred securities and other fixed-income instruments that possess an investment-grade credit rating or higher from either Moody's or Standard & Poor's. To assess its performance, the fund measures itself against both the Bank of America Merrill Lynch Hybrid Preferred Securities Index and the Barclays U.S. Aggregate Bond Index. This U.S.-domiciled fund was originally established on June 19, 2003. ### What is the expense ratio of HPS? John Hancock Preferred Income Fund III (HPS) charges an expense ratio of 4.47%. This is the annual fee deducted from fund assets to cover management and operations. ### What is HPS's dividend yield? HPS's trailing-twelve-month yield is 11.27%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of HPS? Effective duration measures HPS's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. HPS's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of HPS? HPS's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of HPS? Yield to maturity (YTM) is the total return you'd earn from HPS if every bond in the portfolio is held to maturity at the current price. HPS's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does HPS pay a dividend? Yes, John Hancock Preferred Income Fund III (HPS) distributes dividends to shareholders. The trailing-twelve-month yield is 11.27%. Full dividend history is on this page. ### How often does HPS pay dividends? John Hancock Preferred Income Fund III pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is HPS's next ex-dividend date? The most recently announced ex-dividend date for HPS was 2026-10-13. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will HPS's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 4.47% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does HPS charge its expense ratio? The expense ratio is deducted in tiny daily slices from HPS's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does HPS cost more than a fund like VOO? HPS is actively managed (current expense ratio 4.47%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether HPS's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to HPS? The Lower-Fee Alternatives card above lists closed-end funds following the same investment strategy as HPS (4.47%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/hps - Distribution history: https://www.dividenddata.com/funds/hps/dividend - Holdings & diversification: https://www.dividenddata.com/funds/hps/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/hps/expenses - Peer comparison: https://www.dividenddata.com/funds/hps/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.