John Hancock Patriot Closed-End Funds Seek Shareholder Approval of Reorganizations

BOSTON, March 12  /PRNewswire-FirstCall/ -- As announced on December 6, 2006, the board of trustees of each of four Patriot closed-end funds sponsored by John Hancock Advisers, LLC approved their reorganization into a fifth John Hancock closed-end fund, the John Hancock Patriot Premium Dividend Fund II (NYSE:PDT).  Today, John Hancock Advisers announced the notice of shareholder meetings to seek approval of each reorganization and the mailing to shareholders of a prospectus/proxy statement relating to such reorganizations.

  The four funds are:
  - John Hancock Patriot Premium Dividend Fund I (NYSE:PDF)
  - John Hancock Patriot Select Dividend Trust (NYSE:DIV)
  - John Hancock Patriot Global Dividend Fund (NYSE:PGD)
  - John Hancock Patriot Preferred Dividend Fund (NYSE:PPF)



The record date for shareholders of each fund entitled to vote on the reorganization and related matters is February 12, 2007.  The shareholder meeting for each Fund is scheduled to take place at the offices of the Funds on Monday, April 23, 2007 commencing at 9 a.m. EST.  Subject to shareholder approval and the satisfaction of certain conditions, the reorganizations of the acquired Funds into PDT are expected to close on the following dates:

  PDF - Monday, May 7, 2007
  DIV - Wed, May 16, 2007
  PPF - Tuesday, May 29, 2007
  PGD - Monday, June 4, 2007



In the reorganization, common shareholders of each Fund will receive newly-issued common shares of John Hancock Patriot Premium Dividend Fund II (PDT).  The aggregate net asset value of the new common shares will equal the aggregate net asset value of the common shares held immediately prior to the reorganization.  Preferred shareholders of each Fund will receive newly-issued preferred shares of PDT, the aggregate liquidation preference of which will equal the aggregate liquidation preference of the preferred shares held immediately prior to the reorganization.  The auction dates, rate period and dividend payment dates of the preferred shares of PDT received in the reorganization will be the same as that of the preferred shares held immediately prior to the reorganization.

For each Fund, the reorganization is conditioned upon the approval of its shareholders, and each reorganization may proceed independently of the others. In the event the common shareholders or preferred shareholders of PDT do not approve the issuance of additional common shares or additional series of preferred shares of PDT, then all of the Funds will continue their current operations.  There is no assurance that the requisite shareholder approval will be obtained for all or any of the reorganizations.

Subject to certain limitations, it is expected that the Funds will bear the costs of the reorganizations.  It is expected that each transaction will qualify as a tax-free reorganization for federal income tax purposes.

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 Manulife Financial and John Hancock John Hancock 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$414 billion (US$355 billion) as at December 31, 2006.  Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at http://www.manulife.com/.

The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, mutual funds, 401(k) plans, long term care insurance, college savings, and other forms of business insurance. 

DATASOURCE: John Hancock Advisers, LLC



CONTACT:  Beth McGoldrick of John Hancock Advisers, LLC, [phone],





Web site:  http://www.jhfunds.com/ 

Copyright