John Hancock Funds has recently announced its eighth closed-end fund and its 12th closed-end fund in total.

The John Hancock Preferred Income Fund III will seek high current income consistent with capital appreciation by investing at least 80% of its total assets in a diversified portfolio of investment-grade preferred and other fixed income securities. The offering period for the fund began last Wednesday and will continue through June 24.

The Preferred Income Fund III intends to focus on investments in the utilities sector, and may invest up to 25 % of its assets within this realm.

The management team for the new fund has similar experience, as they currently manages five similarly structured Patriot Funds, as well as the John Hancock Preferred Income Fund I and the John Hancock Preferred Income Fund II.

John Hancock Funds manages $25.6 billion in open-end funds, closed-end funds, private accounts and retirement plans. The fund complex is a wholly owned subsidiary of John Hancock Financial Services, which has $130.4 billion of assets under management.

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