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Preferred Income Fund III (HPS)

Asset Mix (%)
as of 7/31/10

Preferred Stocks: 89.64
Corporate Bonds: 4.31
Cash & Cash Equivalents: 3.92
Foreign Stock: 1.97
Common Stocks: 0.51
Interest Rate Swaps: -0.35

Top Issuers (%)

as of 7/31/10
Nexen, Inc. 4.97
Viacom, Inc. 3.82
ING Groep NV 3.64
MetLife, Inc. 3.07
PFGI Capital Corp. 2.97
JPMorgan Chase & Company 2.79
PPL Energy Supply LLC 2.79
Comcast Corp. 2.77
SCANA Corp. 2.66
Barclays Bank PLC 2.64

The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top holdings and Top issuers

With regard to the Asset Mix table to the right: The percentages disclosed in the Asset Mix table are based on the Fund's total investments.

Top Sectors (%)

as of 7/31/10
Financials 54.43
Utilities 21.77
Consumer Discretionary 7.26
Energy 6.41
Telecommunication Services 4.84
Consumer Staples 1.27

The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top Sectors.

Top Industries (%)

as of 7/31/10
Commercial Banks 13.67
Insurance 12.24
Electric Utilities 11.46
Diversified Financial Services 10.43
Capital Markets 9.71
Multi-Utilities 7.66
Media 7.26
Oil, Gas & Consumable Fuels 6.41
Real Estate Investment Trusts (REITs) 5.47
Wireless Telecommunication Services 4.34

The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top Industries.

What You Should Know

Closed-end fund shares are not redeemable, but instead are traded in the secondary market on an exchange such as the New York Stock Exchange or the NASDAQ. They frequently trade at a discount to net asset value. Specialized funds may carry additional risks.

Getting Started

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