BOSTON, Oct. 1 /PRNewswire-FirstCall/ -- Four John Hancock Funds declared their monthly distributions today. These funds continue to pay distributions at the same rate as paid in prior months. Depending on market conditions and fund performance, the funds will endeavor to maintain their current distribution levels. Monthly Dividend Declaration Declaration Date: October 1, 2008 Ex Date: October 9, 2008 Record Date: October 14, 2008 Payable Date: October 31, 2008 Annualized Distribution Distribution Change from Distribution Rate Prior Ticker John Hancock Fund Name Amount at Market* Month PDT Patriot Premium Dividend Fund II $0.0480 8.31% - HPI Preferred Income Fund $0.1550 15.92% - HPF Preferred Income Fund II $0.1550 15.80% - HPS Preferred Income Fund III $0.1320 15.50% - *Based on September 30, 2008 closing market price In addition, John Hancock Global Shareholder Yield Fund (HTY) paid out its most recent quarterly distribution of $0.45 per share on September 30, 2008, and intends to maintain its current distribution level. John Hancock Tax-Advantage Dividend Income Fund (HTD) currently has a level distribution policy in place which states that the fund will attempt to pay a fixed monthly distribution of $0.14 per share. John Hancock Bank & Thrift Opportunity Fund (BTO) has had a managed distribution policy in effect since January 2004, making quarterly payments of at least 2.5% of the fund's net asset value as of the preceding calendar year-end, or at least 10% annually. While all of the funds listed above will endeavor to maintain their current distribution levels, there are no guarantees that they will do so. It is important to note that distributions are made from current income, supplemented by realized long-term capital gains to the extent permitted by law, realized short-term capital gains and, to the extent necessary, a tax-free return of capital. The composition of distributions may vary because it may be materially impacted by future realized capital gains and income from holdings. As required under the Investment Company Act of 1940, each Fund will provide a notice indicating the sources of each distribution to shareholders at the time of distribution that does not consist solely of net income. The notices would be for informational sources only and the amounts indicated in such notices likely will differ from the ultimate federal income tax characterization of distributions reported to shareholders on Form 1099 Div after year-end. Shareholders should expect that distributions may include a tax-free return of capital. Investors should understand that a tax-free return of capital is not a distribution of income or gains from the Fund. SEC Exemptive Relief As previously announced, after a lengthy moratorium, the U.S. Securities and Exchange Commission (SEC) has cleared our application for 19(b) exemptive relief which allows the funds' Board to implement a managed distribution plan for John Hancock's closed-end funds (BTO has had a managed distribution plan in place since 2004). The Board is scheduled to vote on the details of the plan in December, after which it would begin to implement the plan for the funds for which it would be beneficial. Under the plan, each fund would be permitted to make periodic distributions of long-term capital gains with respect to the outstanding common stock as frequently as 12 times a year. Generally, under Section 19(b) of the Investment Company Act of 1940 registered investment companies are permitted to make long-term capital gains distributions once a year. Implementation of a managed distribution plan may allow some funds to reduce or eliminate the inclusion of capital in their monthly distributions, although there are no guarantees that it would do so. 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/. 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/. DATASOURCE: John Hancock Advisers, LLC CONTACT: Kimberley Dietrich, John Hancock Advisers, LLC, +1-617-663-4217, , or Investors: +1-800-843-0090 Web site: http://www.jhfunds.com/ http://www.manulife.com/

Copyright