SEC Form N-CSRS filed by John Hancock Preferred Income Fund III Preferred Income Fund I

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, MA 02116 (Address of principal executive offices) (Zip code)
SALVATORE SCHIAVONE
TREASURER
200 BERKELEY STREET
BOSTON, MA 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, 2025
ITEM 1. REPORT TO STOCKHOLDERS.
1 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT |

SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 2 |


3 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT |

TOP 10 ISSUERS AS OF 1/31/2025 (% of total investments) | |
Edison International | 3.5 |
Wells Fargo & Company | 3.4 |
Bank of America Corp. | 3.2 |
Morgan Stanley | 3.1 |
Citigroup, Inc. | 2.9 |
Vistra Corp. | 2.7 |
Athene Holding, Ltd. | 2.6 |
CMS Energy Corp. | 2.4 |
The Goldman Sachs Group, Inc. | 2.3 |
Energy Transfer LP | 2.2 |
TOTAL | 28.3 |
Cash and short-term investments are not included. |
SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 4 |
Shares | Value | ||||
Preferred securities (A) 86.9% (55.0% of Total investments) | $403,896,139 | ||||
(Cost $429,583,363) | |||||
Communication services 4.5% | 21,037,642 | ||||
Wireless telecommunication services 4.5% | |||||
Telephone & Data Systems, Inc., 6.000% | 469,125 | 9,101,025 | |||
U.S. Cellular Corp., 5.500% | 69,175 | 1,532,226 | |||
U.S. Cellular Corp., 5.500% | 129,300 | 2,876,925 | |||
U.S. Cellular Corp., 6.250% | 314,825 | 7,527,466 | |||
Consumer discretionary 1.0% | 4,341,460 | ||||
Broadline retail 1.0% | |||||
Qurate Retail, Inc., 8.000% | 98,000 | 3,603,460 | |||
QVC, Inc., 6.250% | 60,000 | 738,000 | |||
Financials 60.6% | 281,884,441 | ||||
Banks 21.8% | |||||
Bank of America Corp., 5.000% (B) | 42,300 | 912,834 | |||
Bank of America Corp., 6.450% (B)(C) | 127,225 | 3,288,766 | |||
Bank of America Corp., 7.250% (B) | 9,500 | 11,628,000 | |||
Bank of Hawaii Corp., 8.000% | 124,925 | 3,206,825 | |||
Citigroup Capital XIII, 10.919% (3 month CME Term SOFR + 6.632%) (B)(D) | 338,275 | 10,432,401 | |||
Citizens Financial Group, Inc., 7.375% | 262,975 | 7,000,395 | |||
Fifth Third Bancorp, 6.000% (B) | 200,245 | 4,974,086 | |||
First Citizens BancShares, Inc., 5.375% (B)(C) | 111,814 | 2,502,397 | |||
Fulton Financial Corp., 5.125% (B) | 149,500 | 2,900,300 | |||
Huntington Bancshares, Inc., 6.875% (6.875% to 4-15-28, then 5 Year CMT + 2.704%) (B) | 193,650 | 4,918,710 | |||
KeyCorp, 5.650% | 208,259 | 4,519,220 | |||
KeyCorp, 6.125% (6.125% to 12-15-26, then 3 month CME Term SOFR + 4.154%) (B) | 40,000 | 992,000 | |||
KeyCorp, 6.200% (6.200% to 12-15-27, then 5 Year CMT + 3.132%) | 75,375 | 1,841,411 | |||
M&T Bank Corp., 7.500% (B) | 223,100 | 6,005,852 | |||
Pinnacle Financial Partners, Inc., 6.750% (B) | 103,400 | 2,581,898 | |||
Regions Financial Corp., 4.450% (B) | 189,025 | 3,392,999 | |||
Regions Financial Corp., 6.950% (6.950% to 9-15-29, then 5 Year CMT + 2.771%) | 181,025 | 4,616,138 | |||
Synovus Financial Corp., 7.916% (3 month CME Term SOFR + 3.614%) (B)(D) | 43,175 | 1,089,737 | |||
Synovus Financial Corp., 8.397% (5 Year CMT + 4.127%) (D) | 182,300 | 4,708,809 | |||
Truist Financial Corp., 4.750% (B)(C) | 98,450 | 2,023,148 | |||
U.S. Bancorp, 5.500% (B) | 78,975 | 1,870,128 | |||
Wells Fargo & Company, 7.500% (B)(C) | 11,000 | 13,077,891 |
5 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Financials (continued) | |||||
Banks (continued) | |||||
WesBanco, Inc., 6.750% (6.750% to 11-15-25, then 5 Year CMT + 6.557%) | 123,000 | $3,087,300 | |||
Capital markets 8.8% | |||||
Affiliated Managers Group, Inc., 6.750% (B) | 282,125 | 7,019,270 | |||
Brookfield Finance, Inc., 4.625% (B) | 211,375 | 3,570,124 | |||
Carlyle Finance LLC, 4.625% (B) | 39,929 | 737,089 | |||
Morgan Stanley, 6.375% (B) | 170,000 | 4,270,400 | |||
Morgan Stanley, 6.500% (B) | 197,550 | 5,079,011 | |||
Morgan Stanley, 6.625% (B) | 107,475 | 2,794,350 | |||
Morgan Stanley, 6.875% (B) | 148,425 | 3,765,542 | |||
Morgan Stanley, 7.125% (B) | 264,203 | 6,745,103 | |||
TPG Operating Group II LP, 6.950% (B) | 271,675 | 6,848,927 | |||
Consumer finance 2.3% | |||||
Navient Corp., 6.000% | 234,238 | 4,436,468 | |||
Synchrony Financial, 8.250% (8.250% to 5-15-29, then 5 Year CMT + 4.044%) | 244,125 | 6,349,691 | |||
Financial services 5.5% | |||||
Apollo Global Management, Inc., 7.625% (7.625% to 12-15-28, then 5 Year CMT + 3.226%) (B)(C) | 329,650 | 8,870,882 | |||
Corebridge Financial, Inc., 6.375% (B) | 208,600 | 5,139,904 | |||
Federal National Mortgage Association, Series S, 8.250% (E) | 80,000 | 893,600 | |||
Jackson Financial, Inc., 8.000% (8.000% to 3-30-28, then 5 Year CMT + 3.728%) | 50,000 | 1,338,000 | |||
KKR Group Finance Company IX LLC, 4.625% (B) | 334,149 | 6,362,197 | |||
National Rural Utilities Cooperative Finance Corp., 5.500% (B) | 117,075 | 2,743,067 | |||
Insurance 22.2% | |||||
AEGON Funding Company LLC, 5.100% (B)(C) | 347,450 | 7,157,470 | |||
American Financial Group, Inc., 5.125% (B) | 162,725 | 3,265,891 | |||
American National Group, Inc., 6.625% (6.625% to 9-1-25, then 5 Year CMT + 6.297%) (B) | 221,900 | 5,598,537 | |||
American National Group, Inc., 7.375% | 240,700 | 6,270,235 | |||
Aspen Insurance Holdings, Ltd., 7.000% | 203,350 | 5,154,923 | |||
Athene Holding, Ltd., 6.350% (6.350% to 6-30-29, then 3 month LIBOR + 4.253%) (B)(C) | 350,000 | 8,606,500 | |||
Athene Holding, Ltd., 7.750% (7.750% to 12-30-27, then 5 Year CMT + 3.962%) (B)(C) | 393,900 | 10,268,973 | |||
Brighthouse Financial, Inc., 6.600% (B) | 345,263 | 7,312,670 | |||
Enstar Group, Ltd., 7.000% (7.000% to 9-1-28, then 3 month LIBOR + 4.015%) (B) | 39,475 | 798,579 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 6 |
Shares | Value | ||||
Financials (continued) | |||||
Insurance (continued) | |||||
F&G Annuities & Life, Inc., 7.300% | 179,775 | $4,485,386 | |||
F&G Annuities & Life, Inc., 7.950% (B) | 224,000 | 5,897,920 | |||
Lincoln National Corp., 9.000% (B) | 266,050 | 7,236,560 | |||
Reinsurance Group of America, Inc., 7.125% (7.125% to 10-15-27, then 5 Year CMT + 3.456%) (B) | 374,050 | 9,916,066 | |||
RenaissanceRe Holdings, Ltd., 4.200% (B) | 221,000 | 3,670,810 | |||
The Allstate Corp., 7.375% (B) | 109,925 | 2,921,807 | |||
The Phoenix Companies, Inc., 7.450% (B) | 574,500 | 10,707,244 | |||
Unum Group, 6.250% (B) | 170,000 | 4,080,000 | |||
Industrials 1.4% | 6,366,131 | ||||
Aerospace and defense 0.4% | |||||
The Boeing Company, 6.000% | 28,350 | 1,700,717 | |||
Trading companies and distributors 1.0% | |||||
WESCO International, Inc., 10.625% (10.625% to 6-22-25, then 5 Year CMT + 10.325%) | 181,675 | 4,665,414 | |||
Information technology 1.3% | 6,107,277 | ||||
Software 0.6% | |||||
MicroStrategy, Inc., 8.000% | 35,040 | 2,803,200 | |||
Technology hardware, storage and peripherals 0.7% | |||||
Hewlett Packard Enterprise Company, 7.625% (B) | 54,050 | 3,304,077 | |||
Real estate 2.2% | 10,186,632 | ||||
Hotel and resort REITs 0.9% | |||||
Pebblebrook Hotel Trust, 6.375% | 214,400 | 4,292,288 | |||
Office REITs 0.6% | |||||
Vornado Realty Trust, 5.400% | 159,256 | 2,831,572 | |||
Specialized REITs 0.7% | |||||
Public Storage, 4.625% (B)(C) | 157,550 | 3,062,772 | |||
Utilities 15.9% | 73,972,556 | ||||
Electric utilities 7.2% | |||||
Duke Energy Corp., 5.750% (B)(C) | 294,775 | 7,342,845 | |||
NextEra Energy, Inc., 7.234% | 98,300 | 4,390,078 | |||
NextEra Energy, Inc., 7.299% (B) | 37,550 | 1,830,938 | |||
PG&E Corp., 6.000% | 64,350 | 2,717,501 | |||
SCE Trust VI, 5.000% | 214,775 | 3,702,721 | |||
SCE Trust VII, 7.500% | 256,600 | 5,986,478 | |||
SCE Trust VIII, 6.950% | 161,850 | 3,627,059 | |||
The Southern Company, 4.950% (B) | 102,425 | 2,126,343 | |||
The Southern Company, 6.500% | 73,400 | 1,937,026 |
7 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Utilities (continued) | |||||
Gas utilities 0.4% | |||||
Spire, Inc., 5.900% | 70,175 | $1,708,761 | |||
Multi-utilities 8.3% | |||||
Algonquin Power & Utilities Corp., 8.574% (3 month CME Term SOFR + 4.272% to 7-1-29, then 3 month CME Term SOFR + 4.522% to 7-1-49, then 3 month CME Term SOFR + 5.272%) (B)(D) | 311,375 | 7,877,788 | |||
CMS Energy Corp., 5.625% (B) | 235,000 | 5,390,900 | |||
CMS Energy Corp., 5.875% (B) | 139,475 | 3,273,478 | |||
CMS Energy Corp., 5.875% (B) | 372,250 | 8,874,440 | |||
DTE Energy Company, Series E, 5.250% (B) | 200,000 | 4,506,000 | |||
Sempra, 5.750% (B) | 370,000 | 8,680,200 | |||
Common stocks 0.9% (0.6% of Total investments) | $4,344,203 | ||||
(Cost $5,602,899) | |||||
Utilities 0.9% | 4,344,203 | ||||
Multi-utilities 0.9% | |||||
Algonquin Power & Utilities Corp. (B) | 978,424 | 4,344,203 | |||
Rate (%) | Maturity date | Par value^ | Value | ||
Corporate bonds 66.7% (42.3% of Total investments) | $310,290,382 | ||||
(Cost $303,075,492) | |||||
Consumer discretionary 2.0% | 9,331,433 | ||||
Automobiles 1.3% | |||||
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (B)(C)(F) | 6.500 | 09-30-28 | 5,941,000 | 5,868,194 | |
Broadline retail 0.7% | |||||
Rakuten Group, Inc. (8.125% to 12-15-29, then 5 Year CMT + 4.250%) (F)(G) | 8.125 | 12-15-29 | 3,510,000 | 3,463,239 | |
Consumer staples 0.2% | 819,843 | ||||
Food products 0.2% | |||||
Land O’ Lakes, Inc. (B)(C)(F)(G) | 8.000 | 07-16-25 | 880,000 | 819,843 | |
Energy 8.9% | 41,442,310 | ||||
Oil, gas and consumable fuels 8.9% | |||||
Enbridge, Inc. (7.200% to 6-27-34, then 5 Year CMT + 2.970%) (B)(C) | 7.200 | 06-27-54 | 2,790,000 | 2,856,628 | |
Enbridge, Inc. (7.375% to 1-15-28, then 5 Year CMT + 3.708% to 1-15-33, then 5 Year CMT + 3.958% to 1-15-48, then 5 Year CMT + 4.708%) (B)(C) | 7.375 | 01-15-83 | 2,440,000 | 2,488,317 | |
Enbridge, Inc. (8.500% to 1-15-34, then 5 Year CMT + 4.431% to 1-15-54, then 5 Year CMT + 5.181%) (B)(C) | 8.500 | 01-15-84 | 6,325,000 | 7,003,980 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 8 |
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 CME Term SOFR + 4.417%) (F) | 6.625 | 02-15-28 | 7,055,000 | $6,936,286 | |
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (F) | 7.125 | 05-15-30 | 9,495,000 | 9,629,364 | |
South Bow Canadian Infrastructure Holdings, Ltd. (7.500% to 3-1-35, then 5 Year CMT + 3.667%) (G) | 7.500 | 03-01-55 | 3,250,000 | 3,348,114 | |
Venture Global LNG, Inc. (9.000% to 9-30-29, then 5 Year CMT + 5.440%) (F)(G) | 9.000 | 09-30-29 | 8,809,000 | 9,179,621 | |
Financials 35.4% | 164,519,440 | ||||
Banks 22.8% | |||||
Banco Santander SA (9.625% to 11-21-33, then 5 Year CMT + 5.298%) (F) | 9.625 | 05-21-33 | 5,100,000 | 5,868,126 | |
Bank of America Corp. (5.875% to 3-15-28, then 3 month CME Term SOFR + 3.193%) (B)(C)(F) | 5.875 | 03-15-28 | 4,060,000 | 4,071,498 | |
Bank of America Corp. (6.125% to 4-27-27, then 5 Year CMT + 3.231%) (B)(C)(F) | 6.125 | 04-27-27 | 3,950,000 | 3,993,952 | |
Barclays PLC (9.625% to 6-15-30, then 5 Year SOFR ICE Swap Rate + 5.775%) (F) | 9.625 | 12-15-29 | 4,250,000 | 4,731,555 | |
Citigroup, Inc. (7.375% to 5-15-28, then 5 Year CMT + 3.209%) (B)(C)(F) | 7.375 | 05-15-28 | 6,000,000 | 6,227,112 | |
Citigroup, Inc. (7.625% to 11-15-28, then 5 Year CMT + 3.211%) (F) | 7.625 | 11-15-28 | 5,000,000 | 5,237,765 | |
Citizens Financial Group, Inc. (3 month CME Term SOFR + 3.419%) (B)(D)(F) | 7.715 | 04-06-25 | 7,500,000 | 7,444,236 | |
CoBank ACB (4.250% to 1-1-27, then 5 Year CMT + 3.049%) (B)(F) | 4.250 | 01-01-27 | 1,600,000 | 1,530,541 | |
CoBank ACB (6.450% to 10-1-27, then 5 Year CMT + 3.487%) (B)(C)(F) | 6.450 | 10-01-27 | 5,525,000 | 5,548,918 | |
CoBank ACB (7.250% to 7-1-29, then 5 Year CMT + 2.880%) (F) | 7.250 | 07-01-29 | 5,190,000 | 5,296,582 | |
Comerica, Inc. (5.625% to 10-1-25, then 5 Year CMT + 5.291%) (B)(C)(F) | 5.625 | 07-01-25 | 3,675,000 | 3,662,649 | |
JPMorgan Chase & Co. (6.875% to 6-1-29, then 5 Year CMT + 2.737%) (B)(C)(F) | 6.875 | 06-01-29 | 4,895,000 | 5,109,734 | |
KeyCorp (5.000% to 9-15-26, then 3 month CME Term SOFR + 3.868%) (F) | 5.000 | 09-15-26 | 3,831,000 | 3,739,492 | |
M&T Bank Corp. (3.500% to 9-1-26, then 5 Year CMT + 2.679%) (B)(C)(F) | 3.500 | 09-01-26 | 5,550,000 | 5,230,562 | |
Societe Generale SA (10.000% to 5-14-29, then 5 Year CMT + 5.448%) (F)(G) | 10.000 | 11-14-28 | 3,500,000 | 3,812,001 | |
The Bank of Nova Scotia (8.625% to 10-27-27, then 5 Year CMT + 4.389%) (B)(C) | 8.625 | 10-27-82 | 6,810,000 | 7,180,675 | |
The PNC Financial Services Group, Inc. (6.000% to 5-15-27, then 5 Year CMT + 3.000%) (B)(C)(F) | 6.000 | 05-15-27 | 7,930,000 | 7,936,336 |
9 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
Financials (continued) | |||||
Banks (continued) | |||||
The PNC Financial Services Group, Inc. (6.200% to 9-15-27, then 5 Year CMT + 3.238%) (B)(C)(F) | 6.200 | 09-15-27 | 7,794,000 | $7,861,371 | |
Wells Fargo & Company (6.850% to 9-15-29, then 5 Year CMT + 2.767%) (F) | 6.850 | 09-15-29 | 4,000,000 | 4,107,376 | |
Wells Fargo & Company (7.625% to 9-15-28, then 5 Year CMT + 3.606%) (B)(C)(F) | 7.625 | 09-15-28 | 6,762,000 | 7,193,044 | |
Capital markets 5.4% | |||||
State Street Corp. (6.700% to 3-15-29, then 5 Year CMT + 2.613%) (B)(C)(F) | 6.700 | 03-15-29 | 4,816,000 | 4,910,384 | |
The Charles Schwab Corp. (4.000% to 12-1-30, then 10 Year CMT + 3.079%) (B)(C)(F) | 4.000 | 12-01-30 | 3,800,000 | 3,372,600 | |
The Goldman Sachs Group, Inc. (6.125% to 11-10-34, then 10 Year CMT + 2.400%) (F) | 6.125 | 11-10-34 | 4,291,000 | 4,191,280 | |
The Goldman Sachs Group, Inc. (7.500% to 2-10-29, then 5 Year CMT + 3.156%) (F) | 7.500 | 02-10-29 | 6,450,000 | 6,804,563 | |
The Goldman Sachs Group, Inc. (7.500% to 5-10-29, then 5 Year CMT + 2.809%) (F) | 7.500 | 05-10-29 | 5,531,000 | 5,791,377 | |
Consumer finance 0.7% | |||||
Discover Financial Services (6.125% to 9-23-25, then 5 Year CMT + 5.783%) (B)(C)(F) | 6.125 | 06-23-25 | 3,250,000 | 3,250,387 | |
Financial services 0.7% | |||||
Voya Financial, Inc. (5 Year CMT + 3.358%) (D)(F) | 7.758 | 09-15-28 | 3,250,000 | 3,436,534 | |
Insurance 5.8% | |||||
Global Atlantic Financial Company (7.950% to 10-15-29, then 5 Year CMT + 3.608%) (G) | 7.950 | 10-15-54 | 4,750,000 | 4,967,921 | |
MetLife, Inc. (5.875% to 3-15-28, then 3 month CME Term SOFR + 3.221%) (B)(C)(F) | 5.875 | 03-15-28 | 5,696,000 | 5,680,300 | |
SBL Holdings, Inc. (6.500% to 11-13-26, then 5 Year CMT + 5.620%) (F)(G) | 6.500 | 11-13-26 | 8,000,000 | 7,416,319 | |
SBL Holdings, Inc. (7.000% to 5-13-25, then 5 Year CMT + 5.580%) (B)(C)(F)(G) | 7.000 | 05-13-25 | 9,050,000 | 8,914,250 | |
Health care 0.8% | 3,545,319 | ||||
Health care providers and services 0.8% | |||||
CVS Health Corp. (7.000% to 3-10-30, then 5 Year CMT + 2.886%) | 7.000 | 03-10-55 | 3,510,000 | 3,545,319 | |
Industrials 1.0% | 4,893,553 | ||||
Trading companies and distributors 1.0% | |||||
Air Lease Corp. (6.000% to 12-15-29, then 5 Year CMT + 2.560%) (F) | 6.000 | 09-24-29 | 5,001,000 | 4,893,553 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 10 |
Rate (%) | Maturity date | Par value^ | Value | ||
Utilities 18.4% | $85,738,484 | ||||
Electric utilities 8.0% | |||||
Brookfield Infrastructure Finance ULC (6.750% to 3-15-30, then 5 Year CMT + 2.453%) | 6.750 | 03-15-55 | 3,592,000 | 3,614,436 | |
Edison International (5.000% to 3-15-27, then 5 Year CMT + 3.901% to 3-15-32, then 5 Year CMT + 4.151% to 3-15-47, then 5 Year CMT + 4.901%) (F) | 5.000 | 12-15-26 | 2,290,000 | 2,054,167 | |
Edison International (5.375% to 3-15-26, then 5 Year CMT + 4.698%) (B)(C)(F) | 5.375 | 03-15-26 | 11,375,000 | 10,475,905 | |
Entergy Corp. (7.125% to 12-1-29, then 5 Year CMT + 2.670%) (B)(C) | 7.125 | 12-01-54 | 4,250,000 | 4,332,854 | |
EUSHI Finance, Inc. (7.625% to 12-15-29, then 5 Year CMT + 3.136%) | 7.625 | 12-15-54 | 3,280,000 | 3,420,098 | |
NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (B)(C)(F)(G) | 10.250 | 03-15-28 | 7,240,000 | 8,028,711 | |
PG&E Corp. (7.375% to 3-15-30, then 5 Year CMT + 3.883%) (B) | 7.375 | 03-15-55 | 5,650,000 | 5,489,538 | |
Gas utilities 1.1% | |||||
AltaGas, Ltd. (7.200% to 10-15-34, then 5 Year CMT + 3.573%) (G) | 7.200 | 10-15-54 | 4,900,000 | 4,923,535 | |
Independent power and renewable electricity producers5.8% | |||||
The AES Corp. (7.600% to 1-15-30, then 5 Year CMT + 3.201%) | 7.600 | 01-15-55 | 7,342,000 | 7,474,604 | |
Vistra Corp. (8.000% to 10-15-26, then 5 Year CMT + 6.930%) (B)(C)(F)(G) | 8.000 | 10-15-26 | 9,750,000 | 9,996,344 | |
Vistra Corp. (8.875% to 1-15-29, then 5 Year CMT + 5.045%) (F)(G) | 8.875 | 01-15-29 | 8,982,000 | 9,623,970 | |
Multi-utilities 3.5% | |||||
CenterPoint Energy, Inc. (6.850% to 2-15-35, then 5 Year CMT + 2.946%) (B)(C) | 6.850 | 02-15-55 | 4,300,000 | 4,361,284 | |
NiSource, Inc. (6.375% to 3-31-25, then 5 Year CMT + 2.527%) (B)(C) | 6.375 | 03-31-55 | 1,900,000 | 1,885,165 | |
NiSource, Inc. (6.950% to 11-30-29, then 5 Year CMT + 2.451%) (B)(C) | 6.950 | 11-30-54 | 4,500,000 | 4,589,028 | |
Sempra (6.400% to 10-1-34, then 5 Year CMT + 2.632%) (B)(C) | 6.400 | 10-01-54 | 2,725,000 | 2,624,803 | |
Sempra (6.875% to 10-1-29, then 5 Year CMT + 2.789%) (B)(C) | 6.875 | 10-01-54 | 2,850,000 | 2,844,042 | |
Convertible bonds 1.6% (1.0% of Total investments) | $7,195,875 | ||||
(Cost $6,300,000) | |||||
Utilities 1.6% | 7,195,875 | ||||
Electric utilities 1.6% | |||||
TXNM Energy, Inc. (G) | 5.750 | 06-01-54 | 6,300,000 | 7,195,875 |
11 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
Capital preferred securities (H) 1.1% (0.7% of Total investments) | $5,308,985 | ||||
(Cost $6,310,250) | |||||
Financials 1.1% | 5,308,985 | ||||
Insurance 1.1% | |||||
MetLife Capital Trust IV (7.875% to 12-15-37, then 3 month CME Term SOFR + 4.222%) (B)(C)(G) | 7.875 | 12-15-67 | 4,860,000 | 5,308,985 | |
Yield (%) | Shares | Value | |||
Short-term investments 0.6% (0.4% of Total investments) | $2,739,589 | ||||
(Cost $2,739,613) | |||||
Short-term funds 0.6% | 2,739,589 | ||||
John Hancock Collateral Trust (I) | 4.2301(J) | 273,866 | 2,739,589 |
Total investments (Cost $753,611,617) 157.8% | $733,775,173 | ||||
Other assets and liabilities, net (57.8%) | (268,682,238) | ||||
Total net assets 100.0% | $465,092,935 |
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 | |
CME | CME Group Published Rates |
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 pledged as collateral pursuant to the Credit Facility Agreement. Total collateral value at 1-31-25 was $441,931,024. |
(C) | All or a portion of this security is on loan as of 1-31-25, and is a component of the fund’s leverage under the Credit Facility Agreement. The value of securities on loan amounted to $226,001,108. |
(D) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
(E) | Non-income producing security. |
(F) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date. |
(G) | This security is 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. Rule 144A securities amounted to $86,998,728 or 18.7% of the fund’s net assets as of 1-31-25. |
(H) | Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income. |
(I) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
(J) | The rate shown is the annualized seven-day yield as of 1-31-25. |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 12 |
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 | 137,000,000 | USD | Fixed 3.662% | USD SOFR Compounded OIS(a) | Semi-Annual | Quarterly | May 2026 | — | $1,062,865 | $1,062,865 |
Centrally cleared | 68,500,000 | USD | Fixed 3.473% | USD SOFR Compounded OIS(a) | Semi-Annual | Quarterly | May 2026 | — | 721,048 | 721,048 |
Centrally cleared | 34,400,000 | USD | Fixed 3.817% | USD SOFR Compounded OIS(a) | Semi-Annual | Quarterly | Dec 2026 | — | 180,552 | 180,552 |
— | $1,964,465 | $1,964,465 |
(a) | At 1-31-25, the overnight SOFR was 4.380%. |
Derivatives Currency Abbreviations | |
USD | U.S. Dollar |
Derivatives Abbreviations | |
OIS | Overnight Index Swap |
OTC | Over-the-counter |
SOFR | Secured Overnight Financing Rate |
13 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Assets | |
Unaffiliated investments, at value (Cost $750,872,004) | $731,035,584 |
Affiliated investments, at value (Cost $2,739,613) | 2,739,589 |
Total investments, at value (Cost $753,611,617) | 733,775,173 |
Receivable for centrally cleared swaps | 2,531,896 |
Dividends and interest receivable | 5,231,943 |
Receivable for fund shares sold | 129,792 |
Receivable for investments sold | 1,806,987 |
Other assets | 19,293 |
Total assets | 743,495,084 |
Liabilities | |
Credit facility agreement payable | 274,300,000 |
Payable for investments purchased | 2,803,200 |
Interest payable | 1,199,911 |
Payable to affiliates | |
Accounting and legal services fees | 22,509 |
Trustees’ fees | 516 |
Other liabilities and accrued expenses | 76,013 |
Total liabilities | 278,402,149 |
Net assets | $465,092,935 |
Net assets consist of | |
Paid-in capital | $568,746,824 |
Total distributable earnings (loss) | (103,653,889) |
Net assets | $465,092,935 |
Net asset value per share | |
Based on 32,053,583 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $14.51 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 14 |
Investment income | |
Dividends | $14,202,900 |
Interest | 11,310,570 |
Dividends from affiliated investments | 168,942 |
Less foreign taxes withheld | (19,079) |
Total investment income | 25,663,333 |
Expenses | |
Investment management fees | 2,827,217 |
Interest expense | 7,762,233 |
Accounting and legal services fees | 45,580 |
Transfer agent fees | 11,630 |
Trustees’ fees | 26,340 |
Custodian fees | 32,337 |
Printing and postage | 32,335 |
Professional fees | 54,536 |
Stock exchange listing fees | 15,795 |
Other | 10,880 |
Total expenses | 10,818,883 |
Less expense reductions | (33,898) |
Net expenses | 10,784,985 |
Net investment income | 14,878,348 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments | (2,427,444) |
Affiliated investments | 4,544 |
Swap contracts | 2,032,047 |
(390,853) | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments | 11,569,759 |
Affiliated investments | 295 |
Swap contracts | (1,141,763) |
10,428,291 | |
Net realized and unrealized gain | 10,037,438 |
Increase in net assets from operations | $24,915,786 |
15 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Six months ended 1-31-25 (unaudited) | Year ended 7-31-24 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $14,878,348 | $29,164,784 |
Net realized loss | (390,853) | (19,453,460) |
Change in net unrealized appreciation (depreciation) | 10,428,291 | 55,824,438 |
Increase in net assets resulting from operations | 24,915,786 | 65,535,762 |
Distributions to shareholders | ||
From earnings | (21,133,308)1 | (34,111,984) |
From tax return of capital | — | (8,052,512) |
Total distributions | (21,133,308) | (42,164,496) |
Fund share transactions | ||
Issued pursuant to Dividend Reinvestment Plan | 873,841 | 1,311,909 |
Total increase | 4,656,319 | 24,683,175 |
Net assets | ||
Beginning of period | 460,436,616 | 435,753,441 |
End of period | $465,092,935 | $460,436,616 |
Share activity | ||
Shares outstanding | ||
Beginning of period | 31,996,095 | 31,904,184 |
Issued pursuant to Dividend Reinvestment Plan | 57,488 | 91,911 |
End of period | 32,053,583 | 31,996,095 |
1 | A portion of the distributions may be deemed a tax return of capital at the fiscal year end. |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 16 |
Cash flows from operating activities | |
Net increase in net assets from operations | $24,915,786 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
Long-term investments purchased | (129,907,225) |
Long-term investments sold | 129,545,354 |
Net purchases and sales of short-term investments | 25,026 |
Net amortization of premium (discount) | 276,139 |
(Increase) Decrease in assets: | |
Receivable for centrally cleared swaps | 30,282 |
Dividends and interest receivable | (386,717) |
Receivable for investments sold | 2,785,244 |
Other assets | 16,749 |
Increase (Decrease) in liabilities: | |
Payable for investments purchased | 2,160,870 |
Interest payable | (233,841) |
Payable to affiliates | 9,188 |
Other liabilities and accrued expenses | (62,067) |
Net change in unrealized (appreciation) depreciation on: | |
Investments | (11,570,054) |
Net realized (gain) loss on: | |
Investments | 2,422,900 |
Net cash provided by operating activities | $20,027,634 |
Cash flows provided by (used in) financing activities | |
Distributions to shareholders | $(20,259,467) |
(Increase) in receivable for fund shares sold pursuant to dividend reinvestment plan | (129,792) |
Net cash used in financing activities | $(20,389,259) |
Net decrease in cash | $(361,625) |
Cash at beginning of period | $361,625 |
Cash at end of period | — |
Supplemental disclosure of cash flow information: | |
Cash paid for interest | $(7,996,074) |
Noncash financing activities not included herein consists of reinvestment of distributions | $873,841 |
17 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Period ended | 1-31-251 | 7-31-24 | 7-31-23 | 7-31-22 | 7-31-21 | 7-31-20 |
Per share operating performance | ||||||
Net asset value, beginning of period | $14.39 | $13.66 | $15.95 | $18.33 | $16.21 | $18.75 |
Net investment income2 | 0.46 | 0.91 | 0.97 | 1.21 | 1.25 | 1.26 |
Net realized and unrealized gain (loss) on investments | 0.32 | 1.14 | (1.94) | (2.27) | 2.19 | (2.46) |
Total from investment operations | 0.78 | 2.05 | (0.97) | (1.06) | 3.44 | (1.20) |
Less distributions | ||||||
From net investment income | (0.66)3 | (1.07) | (1.10) | (1.21) | (1.21) | (1.26) |
From tax return of capital | — | (0.25) | (0.22) | (0.11) | (0.11) | (0.08) |
Total distributions | (0.66) | (1.32) | (1.32) | (1.32) | (1.32) | (1.34) |
Net asset value, end of period | $14.51 | $14.39 | $13.66 | $15.95 | $18.33 | $16.21 |
Per share market value, end of period | $14.97 | $16.19 | $14.36 | $17.06 | $19.27 | $16.59 |
Total return at net asset value (%)4,5 | 5.306 | 15.97 | (6.25) | (6.04) | 22.07 | (6.51) |
Total return at market value (%)4 | (3.44)6 | 23.85 | (7.65) | (4.41) | 25.39 | (8.14) |
Ratios and supplemental data | ||||||
Net assets, end of period (in millions) | $465 | $460 | $436 | $507 | $582 | $514 |
Ratios (as a percentage of average net assets): | ||||||
Expenses before reductions | 4.537 | 5.16 | 4.36 | 1.82 | 1.61 | 2.32 |
Expenses including reductions8 | 4.527 | 5.14 | 4.35 | 1.81 | 1.59 | 2.31 |
Net investment income | 6.237 | 6.62 | 6.86 | 7.06 | 7.19 | 7.26 |
Portfolio turnover (%) | 18 | 33 | 29 | 20 | 31 | 34 |
Senior securities | ||||||
Total debt outstanding end of period (in millions) | $274 | $274 | $274 | $274 | $266 | $252 |
Asset coverage per $1,000 of debt9 | $2,696 | $2,679 | $2,589 | $2,849 | $3,187 | $3,039 |
1 | Six months ended 1-31-25. 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 1.27% (annualized), 1.30%, 1.30%, 1.19%, 1.20% and 1.23% for the periods ended 1-31-25, 7-31-24, 7-31-23, 7-31-22, 7-31-21 and 7-31-20, 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. |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 18 |
19 | JOHN HANCOCK Preferred Income Fund III | SEMIANNUAL REPORT |
Total value at 1-31-25 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Preferred securities | ||||
Communication services | $21,037,642 | $21,037,642 | — | — |
Consumer discretionary | 4,341,460 | 4,341,460 | — | — |
Financials | 281,884,441 | 271,177,197 | $10,707,244 | — |
Industrials | 6,366,131 | 6,366,131 | — | — |
Information technology | 6,107,277 | 6,107,277 | — | — |
Real estate | 10,186,632 | 10,186,632 | — | — |
Utilities | 73,972,556 | 73,972,556 | — | — |
Common stocks | 4,344,203 | 4,344,203 | — | — |
Corporate bonds | 310,290,382 | — | 310,290,382 | — |
Convertible bonds | 7,195,875 | — | 7,195,875 | — |
Capital preferred securities | 5,308,985 | — | 5,308,985 | — |
Short-term investments | 2,739,589 | 2,739,589 | — | — |
Total investments in securities | $733,775,173 | $400,272,687 | $333,502,486 | — |
Derivatives: | ||||
Assets | ||||
Swap contracts | $1,964,465 | — | $1,964,465 | — |
SEMIANNUAL REPORT | JOHN HANCOCK Preferred Income Fund III | 20 |
21 | JOHN HANCOCK Preferred Income Fund III | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK Preferred Income Fund III | 22 |
Risk | Statement of assets and liabilities location | Financial instruments location | Assets derivatives fair value | Liabilities derivatives fair value |
Interest rate | Swap contracts, at value1 | Interest rate swaps | $1,964,465 | — |
1 | 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. |
Statement of operations location - Net realized gain (loss) on: | |
Risk | Swap contracts |
Interest rate | $2,032,047 |
Statement of operations location - Change in net unrealized appreciation (depreciation) of: | |
Risk | Swap contracts |
Interest rate | $(1,141,763) |
23 | JOHN HANCOCK Preferred Income Fund III | SEMIANNUAL REPORT |
• | 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. |
SEMIANNUAL REPORT | JOHN HANCOCK Preferred Income Fund III | 24 |
25 | JOHN HANCOCK Preferred Income Fund III | SEMIANNUAL REPORT |
Dividends and distributions | |||||||||
Affiliate | Ending share amount | Beginning value | Cost of purchases | Proceeds from shares sold | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Income distributions received | Capital gain distributions received | Ending value |
John Hancock Collateral Trust | 273,866 | $2,759,776 | $100,528,678 | $(100,553,704) | $4,544 | $295 | $168,942 | — | $2,739,589 |
SEMIANNUAL REPORT | JOHN HANCOCK Preferred Income Fund III | 26 |
• | 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 |
27 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 28 |
29 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 30 |
Payment Date | Income Distributions1 |
August 30, 2024 | $0.1100 |
September 30, 2024 | 0.1100 |
October 31, 2024 | 0.1100 |
November 29, 2024 | 0.1100 |
December 31, 2024 | 0.1100 |
January 31, 2025 | 0.1100 |
Total | $0.6600 |
1A portion of the distributions may be deemed a tax return of capital at the fiscal year end. |
Computershare
P.O. Box 43006
Providence, RI 02940-3078
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
31 | JOHN HANCOCK PREFERRED INCOME FUND III | SEMIANNUAL REPORT |
You can also contact us: | ||
800-852-0218 | Regular mail: | Express mail: |
jhinvestments.com | Computershare P.O. Box 43006 Providence, RI 02940-3078 | Computershare 150 Royall St., Suite 101 Canton, MA 02021 |
SEMIANNUAL REPORT | JOHN HANCOCK PREFERRED INCOME FUND III | 32 |


MF4240251 | P12SA 1/25 |
Item is not applicable at this time.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Item is not applicable at this time.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Item is not applicable at this time.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Item is not applicable at this time.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a)Refer to information included in Item 1.
(b)Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. Not applicable.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. Information included in Item 1, if applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Item is not applicable at this time.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a)Item is not applicable at this time.
(b)Item is not applicable at this time.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No material changes.
ITEM 16. 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 17. 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 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Not applicable.
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/ Kristie M. Feinberg |
|
------------------------------ |
|
Kristie M. Feinberg |
|
President, |
|
Principal Executive Officer |
Date: |
March 26, 2025 |
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/ Kristie M. Feinberg |
|
------------------------------ |
|
Kristie M. Feinberg |
|
President, |
|
Principal Executive Officer |
Date: |
March 26, 2025 |
By: |
/s/ Fernando A. Silva |
|
--------------------------- |
|
Fernando A. Silva |
|
Chief Financial Officer, |
|
Principal Financial Officer |
Date: |
March 26, 2025 |