BOSTON, Aug. 29 /PRNewswire-FirstCall/ -- John Hancock Preferred Income Fund III (NYSE: HPS), a closed-end fund managed by John Hancock Advisers, LLC, reported today that net investment income was $14,711,474 for the fourth quarter ended May 31, 2008. For the comparable period in 2007, net investment income was $16,009,677.

As of May 31, 2008, the net asset value per share was $19.75 with total net assets of $913,898,003 and 31,280,764 common shares outstanding. Comparable figures for May 31, 2007 reflect a net asset value per share of $23.39, total net assets of $1,081,563,341 and 31,280,764 common shares outstanding.

John Hancock Funds, the mutual fund business unit of John Hancock Financial Services, offers a broad array of investment products, including open-end and closed-end funds, privately managed accounts, 529 plans and retirement accounts to retail and institutional investors. As of December 31, 2006, investors entrusted John Hancock Funds with $54.4 billion in assets. Additional information about John Hancock Funds can be found on the website: http://www.jhfunds.com.

About John Hancock Funds

The Boston-based mutual fund business unit of John Hancock Financial Services, John Hancock Funds manages more than $54.8 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at June 30, 2008. John Hancock Funds are distributed by John Hancock Funds, LLC, member FINRA. For more information, please visit http://www.jhfunds.com.

John Hancock Financial Services is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and 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$400 billion (US$393 billion) at June 30, 2008. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial may be found on the Internet at http://www.manulife.com.

SOURCE John Hancock Preferred Income Fund III