The John Hancock Preferred Income Fund III (HPS) is a mutual fund that focuses on generating income through investments in preferred securities. These securities are typically issued by companies and offer a fixed dividend payment, making them attractive to investors seeking stable income. The fund may also invest in other fixed-income securities, such as corporate bonds and government bonds, to further diversify its portfolio. With a focus on income generation, the John Hancock Preferred Income Fund III aims to provide investors with a steady stream of dividends while also potentially offering capital appreciation.