John Hancock Closed-end Funds Declare Monthly Dividends

BOSTON, July 3  /PRNewswire/ -- Nine John Hancock closed-end funds declared their monthly dividends today as follows:

  Declaration Date:  July 3, 2006
  Ex Date:           July 11, 2006
  Record Date:       July 13, 2006
  Payable Date:      July 31, 2006

                                                                   Change
                                                       Annualized   from
                                                         Yield     Previous
  Ticker           Fund Name                Amount     at Market*   Month

  PDF     Patriot Premium Dividend Fund I      $0.0390    5.84%   ($0.007)
  PDT     Patriot Premium Dividend Fund II     $0.0480    5.59%   ($0.009)
  DIV     Patriot Select Dividend Trust        $0.0560    5.57%   ($0.010)
  PGD     Patriot Global Dividend Fund         $0.0590    6.11%   ($0.010)
  PPF     Patriot Preferred Dividend Fund      $0.0720    7.15%        --
  HPI     Preferred Income Fund                $0.1550    8.27%        --
  HPF     Preferred Income Fund II             $0.1550    8.40%        --
  HPS     Preferred Income Fund III            $0.1320    8.02%        --
  HTD     Tax-Advantaged Dividend Income Fund  $0.0967    6.73%        --




The relationship between short-and long-term interest rates continues to put added pressure on the Patriot Funds' dividends. The seventeen quarter- point rate increases since June 2004 have significantly increased the fund's leverage costs, reducing the income available to the common shareholders. During this time, longer-term interest rates have fallen below the federal funds rate. Furthermore, new preferred issuance has weighed heavily on our existing preferreds. With many of our higher-yielding preferred securities being called such as Sierra Pacific Power, a large holding across the Patriot Funds, with a 7.8% coupon rate, the funds have been forced to reinvest the proceeds at lower yields. In order to maintain management's approach of only paying dividends from income generated by the underlying securities within the portfolio, four of our Patriot Funds' dividends have been reduced. Management believes this amendment is necessary at this time to avoid a return of capital. Despite these market conditions, the yields represented by the new dividend levels still remain attractive relative to other investment-grade, income-oriented securities. We also remain optimistic due to Congress extending the 15% Qualified Dividend Income (QDI) tax rate for two more years. This allows investors to earn attractive after-tax yields because the qualifying dividend income is taxed at the same rate as long-term capital gains. The Patriot Funds are managed to invest a large percentage of their assets in securities whose dividends qualify for this special tax treatment. For historical distribution information for any of our closed-end funds, please visit our website http://www.jhfunds.com/.

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 March 31, 2006, investors entrusted John Hancock Funds with more than $47 billion. 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$386 billion (US$330 billion) as at March 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 universal life insurance, variable life, term life and whole life, as well as college savings products, fixed and variable annuities, long-term care insurance, mutual funds, 401(k) plans and various forms of business insurance.

* Based on June 30, 2006 closing market price 

DATASOURCE: John Hancock Funds



CONTACT:  Kimberley Dietrich, [phone], or Investors:

1-800-843-0090, both of John Hancock

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