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<SEC-DOCUMENT>0000928816-07-000921.txt : 20070629
<SEC-HEADER>0000928816-07-000921.hdr.sgml : 20070629
<ACCEPTANCE-DATETIME>20070629162608
ACCESSION NUMBER:		0000928816-07-000921
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20070430
FILED AS OF DATE:		20070629
DATE AS OF CHANGE:		20070629
EFFECTIVENESS DATE:		20070629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN PATRIOT PREMIUM DIVIDEND FUND II
		CENTRAL INDEX KEY:			0000855886
		IRS NUMBER:				043097281
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05908
		FILM NUMBER:		07951239

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a_patriotpremiumdivtwo.htm
<DESCRIPTION>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II
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<P align=center><FONT face=sans-serif>UNITED STATES </FONT><BR>
<FONT face=sans-serif>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face=sans-serif>Washington, D.C. 20549 </FONT><BR>
<BR>
<B><FONT face=sans-serif>FORM N-CSR</FONT></B><FONT face=sans-serif> </FONT><BR>
<BR>
<B><FONT face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B><FONT face=sans-serif> </FONT><BR>
<BR>
<B><FONT face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B><FONT face=sans-serif> </FONT><BR>
<BR>
<FONT face=sans-serif>Investment Company Act file number </FONT><U><FONT face=sans-serif>811- 05908</FONT></U><FONT face=sans-serif> </FONT><BR>
<BR>
<U><FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund II</FONT></U><FONT face=sans-serif> </FONT><BR>
<FONT face=sans-serif>(Exact name of registrant as specified in charter) </FONT><BR>
<BR>
<U><FONT face=sans-serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U><FONT face=sans-serif> </FONT><BR>
<FONT face=sans-serif>(Address of principal executive offices) (Zip code) </FONT><BR>
<BR>
<FONT face=sans-serif>Alfred P. Ouellette </FONT><BR>
<FONT face=sans-serif>Senior Counsel and Assistant Secretary </FONT><BR>
<BR>
<FONT face=sans-serif>601 Congress Street </FONT><BR>
<BR>
<U><FONT face=sans-serif>Boston, Massachusetts 02210</FONT></U><FONT face=sans-serif> </FONT><BR>
<FONT face=sans-serif>(Name and address of agent for service) </FONT></P>
<P align=left><FONT face=sans-serif>Registrant's telephone number, including area code: </FONT><U><FONT face=sans-serif>617-663-4324</FONT></U></P>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif>Date of fiscal year end:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face=sans-serif>October 31</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%" background="">&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="42%" background=""></TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif>Date of reporting period:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face=sans-serif>April 30, 2007</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>ITEM 1. REPORT TO SHAREHOLDERS. </FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=1>Your fund at a glance</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><B><FONT face=sans-serif size=1>page 1</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=1>Managers&#146; report</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><B><FONT face=sans-serif size=1>page 2</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=1>Fund&#146;s investments</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><B><FONT face=sans-serif size=1>page 6</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=1>Financial statements</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><B><FONT face=sans-serif size=1>page 1 0</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=1>Notes to financial</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=1>statements</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><B><FONT face=sans-serif size=1>page 1 5</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=1>For more information</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><B><FONT face=sans-serif size=1>page 2 8</FONT></B>&nbsp; </TD></TR>
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<P align=left><FONT face=sans-serif size=4>CEO corner</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>To Our Shareholders,</FONT></B></P>
<P align=left><FONT face=serif size=2>The U.S. financial markets produced solid results over the last six months. Positive economic news, stronger than expected corporate earnings and increased merger and acquisitions activity served to overcome concerns about inflation, energy costs and the troubled subprime mortgage market&#146;s potential to put the brakes on the economy. This environment also led the Federal Reserve Board to hold short-term interest rates steady. Even with a sharp decline in late February, the broad stock market returned 8.60% for the six months ended April 30, 2007. The Dow Jones Industrial Average punched through the 13,000 mark for the first time in April and posted a string of new highs as the period ended. <BR>
<BR>
After a remarkably long period of calm, the financial markets were rocked at the end of February by a dramatic sell-off in China&#146;s stock market, which had ripple effects on financial markets worldwide. It also shook investors out of their seemingly casual attitude toward risk and remind them of the simple fact that stock markets move in two directions &#151; down as well as up. </FONT></P>
<P align=left><FONT face=serif size=2>Although the downturn lasted for less than a month before positive news stopped the fall, it was also a good occasion to bring to mind several important investment principles that we believe are at the foundation of successful investing. First, keep a long-term approach to investing, avoiding emotional reactions to daily market moves. Second, maintain a well-diversified portfolio that is appropriate for your goals, risk profile and time horizons.</FONT></P>
<P align=left><FONT face=serif size=2>After the market&#146;s recent moves, we encourage investors to sit back, take stock and set some realistic expectations. While history bodes well for the U.S. market in 2007 (since 1939, the S&amp;P 500 Index has always produced positive results in the third year of a presidential term), there are no guarantees, and opinions are divided on the future of this more-than-four-year-old bull market. </FONT></P>
<P align=left><FONT face=serif size=2>The recent volatility could also be a wake-up call to contact your financial professional to determine whether changes are in order to your investment mix. Some asset groups have had long runs of outperformance. Others had truly outsized returns in 2006. These trends argue for a look to determine if these categories now represent a larger stake in your portfolios than prudent diversification would suggest they should. After all, we believe investors with a well-balanced portfolio and a marathon, not a sprint, approach to investing, stand a better chance of weathering the market&#146;s short-term twists and turns, and reaching their long-term goals.</FONT></P>
<P align=left><FONT face=serif size=2>Sincerely,</FONT></P>
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<P align=left><FONT face=serif size=2>Keith F. Hartstein, </FONT><BR>
<FONT face=serif size=2>President and Chief Executive Officer</FONT></P>
<P align=left><FONT face=sans-serif size=1>This commentary reflects the CEO&#146;s views as of April 30, 2007. They are subject to change at any time.</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Your fund at a glance</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>The Fund seeks to provide high current income, consistent with modest growth of capital, for holders of its common shares by investing at least 80% of its assets in dividend-paying securities.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>Over the last six months</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>&#9658;</FONT></B><FONT face=sans-serif size=2> Preferred and utility common stocks posted solid gains during the period, fueled by a relatively benign interest rate backdrop and strong investor demand.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&#9658;</FONT></B><FONT face=sans-serif size=2> Utility common stock holdings aided the Fund's returns the most.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&#9658;</FONT></B><FONT face=sans-serif size=2> Tax-advantaged preferred holdings performed well, but those without tax benefits lagged.</FONT></P>
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     <TD noWrap align=left width="23%"><B><FONT face=sans-serif size=2>Top 10 issuers</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="23%" background="">&nbsp;</TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
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     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Bear Stearns Cos., Inc. (The)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>3.8%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Lehman Brothers Holdings, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>3.0%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>NSTAR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>3.3%</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Citigroup, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>2.9%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>DTE Energy Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>3.3%</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Alliant Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>2.7%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>KeySpan Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>3.3%</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Energy East Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>2.6%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>CH Energy Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>3.2%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>PPL Electric Utilities Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>2.6%</FONT>&nbsp; </TD></TR>
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<P align=left><FONT face=sans-serif size=1>As a percentage of net assets plus the value of preferred shares on April 30, 2007.</FONT></P>
<P align=left><FONT face=sans-serif size=2>1</FONT></P>
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<P align=left><FONT face=serif size=7>Managers&#146; report</FONT></P>
<P align=left><FONT face=serif size=5>John Hancock</FONT><BR>
<BR>
<FONT face=sans-serif size=6>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Shareholders of John Hancock Patriot Premium Dividend Fund I, John Hancock Patriot Preferred Dividend Fund and John Hancock Patriot Global Dividend Fund recently voted to merge their funds into John Hancock Patriot Premium Dividend Fund II.</FONT></B></P>
<P align=left><FONT face=serif size=2>Preferred stocks and utility common stocks &#151; the two primary areas of emphasis for John Hancock Patriot Premium Dividend Fund II </FONT><FONT face=serif size=2>&#151; posted strong gains for the six-month period ended April 30, 2007. Both got off to a good start in the early months of the period when fixed-income investments performed well, bolstered by optimism that the Federal Reserve Board might cut interest rates in early 2007. Because preferreds and utility common stocks tend to make fixed-income payments in the form of dividends, their prices generally move higher and lower in response to expectations for interest rates and inflation. A series of reports indicating that the housing market and other parts of the economy were slowing provided investors evidence that inflation wasn&#146;t the same concern it had been just a few months earlier.</FONT></P>
<P align=left><FONT face=serif size=2>Utility common stocks chalked up even stronger returns in the first four months of 2007, while preferred stocks &#151; the other area of focus &#151; posted decent gains. Both utility common stocks and preferred stocks continued to be bolstered by persistently strong investor demand for securities that generated attractive amounts of incremental income over U.S. Treasury securities. Both asset classes also benefited from a reasonably favorable </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>SCORECARD</FONT></B></P>
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     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>INVESTMENT</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=left width="77%"><FONT face=sans-serif size=1>PERIOD&#146;S PERFORMANCE . . . AND WHAT&#146;S BEHIND THE NUMBERS</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="15%" background="">&nbsp; </TD>
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     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=2>National Fuel Gas</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=1>&#9650;</FONT></TD>
     <TD noWrap align=left width="77%"><FONT face=sans-serif size=1>Rebound in energy prices and planned shale exploration</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="15%" background="">&nbsp; </TD>
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     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=2>PNM Resources</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=1>&#9650;</FONT></TD>
     <TD noWrap align=left width="77%"><FONT face=sans-serif size=1>Strong customer growth and joint venture with Bill Gates boosts</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=left width="77%"><FONT face=sans-serif size=1>stock price</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="15%" background="">&nbsp;</TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=left width="77%" background=""></TD></TR>
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     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=2>Ocean Spray</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=1>&#9660;</FONT></TD>
     <TD noWrap align=left width="77%"><FONT face=sans-serif size=1>Lack of liquidity causes stock to languish</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>2</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Portfolio Managers, MFC Global Investment Management (U.S.), LLC</FONT></B><BR>
<B><FONT face=sans-serif size=2>Gregory K. Phelps and Mark T. Maloney</FONT></B></P>
<P align=left><FONT face=serif size=2>interest rate environment as the Federal Reserve Board left its target short-term interest rate unchanged at 5.25% . They enjoyed a particularly good period in late February and early March when a significant plunge in Chinese stocks, which sparked worldwide equity market declines, and growing worries about the subprime mortgage market, prompted investors to seek the relative safety </FONT><FONT face=serif size=2>of income-producing investments. A spate of merger and acquisition activity further boosted utility stocks, although preferreds retraced some of their gains late in the period as a growing supply of the securities acted as a drag on their prices.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&#147;Preferred stocks and utility </FONT></B><BR>
<B><FONT face=sans-serif size=2>common stocks&#133;posted strong </FONT></B><BR>
<B><FONT face=sans-serif size=2>gains for the six-month period </FONT></B><BR>
<B><FONT face=sans-serif size=2>ended April 30, 2007.&#148;</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Performance</FONT></B></P>
<P align=left><FONT face=serif size=2>For the six months ended April 30, 2007, John Hancock Patriot Premium Dividend Fund II returned 6.24% at net asset value (NAV) and 7.77% at market value. The difference in the Fund&#146;s NAV performance and its market performance stems from the fact that the market share price is subject to the dynamics of secondary market trading, which could cause it to trade at a discount or premium to the Fund&#146;s NAV share price at any time. The Fund&#146;s yield at closing market price on April 30, 2007 was 4.86% . By comparison, the average closed-end specialty-utilities fund returned 11.78% at NAV, according to Morningstar, Inc. For the same six-month period, the Lehman Brothers Aggregate Bond Index gained 2.64%, the Merrill Lynch Preferred Stock DRD Index rose 4.26% and the S&amp;P 400 Mid-Cap Utilities Index returned 12.23% .</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Boost from utility common stocks</FONT></B></P>
<P align=left><FONT face=serif size=2>Our utility common stock holdings provided the biggest boost to the Fund&#146;s performance. Among the most significant contributors was National Fuel Gas Co. It performed well, thanks in large part to strong pricing conditions for </FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>3</FONT></P>
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<P align=left><FONT face=serif size=2>natural gas and investors&#146; excitement over the company&#146;s plans to explore for gas in the Devonian black shales region in Pennsylvania and New York. NiSource, Inc. also performed well, thanks in large part to investors&#146; upward revaluation of natural gas pipeline and storage assets. Peoples Energy Corp., which sells and transports natural gas to residential, commercial and industrial customers in the Chicago area, also helped boost the Fund&#146;s return in response to the company&#146;s now-completed takeover by Wisconsin-based WPS Resources. Our holdings in telecommunications giant AT&amp;T, Inc. also fared well due to growing recognition that the company&#146;s stock provided an attractive dividend yield, that its merger was working and that it was gaining market share in the broadband and wireless segments.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Preferred winners</FONT></B></P>
<P align=left><FONT face=serif size=2>Among our preferred holdings, we enjoyed strong performance from PNM Resources, Inc., helped by the company&#146;s ability to generate higher-than-expected customer growth. In addition, investors were excited by news that Microsoft founder Bill Gates&#146; personal investment vehicle was entering into a joint venture with the utility and energy company. Our holdings in MetLife, Inc. also served us well, aided by strong demand for DRD-eligible preferreds. Bank of America Corp.&#146;s preferred holdings also enjoyed solid performance, helped by investor demand for attractively priced tax-advantaged preferred stocks issued by high-quality companies amid a dearth of such securities.</FONT></P>
<TABLE style="WIDTH: 408px; HEIGHT: 312px" cellSpacing=1 cellPadding=0 width=408 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=2><FONT face=sans-serif size=1>INDUSTRY DISTRIBUTION</FONT><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="78%" background="">&nbsp;</TD>
     <TD noWrap align=right width="21%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>Multi-utility</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>43%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>Electric utilities</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>23%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>Investment banking</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>&amp; brokerage</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>7%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>Other diversified</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>financial services</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>5%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>Oil &amp; gas exploration</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>&amp; production</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>5%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>Gas utilities</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>3%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>Consumer finance</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>3%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>Life &amp; health insurance</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>2%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>Integrated</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>telecommunication</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>services</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>2%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%"><FONT face=sans-serif size=1>All others</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>6%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Many of our preferred-stock holdings in the brokerage area performed quite well during the six-month period, led by Goldman Sachs Group, Inc. and Merrill Lynch &amp; Co., Inc. The brokers benefited from their ability to fire on all cylinders in their key businesses, including stocks, investment banking, asset management and private equity. They also benefited from providing services to the thriving hedge fund industry, as well as posting strong gains from their proprietary trading accounts.</FONT></P>
<P align=left><FONT face=serif size=2>In contrast, we lost ground with our stake in Ocean Spray Cranberries, Inc., an agricultural cooperative owned by more than 650 cranberry growers in Massachusetts, Wisconsin, New Jersey, Oregon, Washington, British Columbia and other parts of Canada, as well as more than 100 Florida grapefruit growers. Our holdings were part of a </FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>4</FONT></P>
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<P align=left><FONT face=serif size=2>private placement, whereby the company sold securities to a relative small number of institutional investors rather than to the public at large. Despite this preferred stock&#146;s sought-after tax-advantaged </FONT><FONT face=serif size=2>status, its prices languished as investors increasingly went for more liquid, meaning easily traded, securities. We continued to hold onto our Ocean Spray stake because we believe that this high-quality company has the potential to be taken </FONT><FONT face=serif size=2>over by a larger multinational food company at an attractive premium to the price we paid for it.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&#147;Our utility common stock </FONT></B><BR>
<B><FONT face=sans-serif size=2>holdings provided the biggest </FONT></B><BR>
<B><FONT face=sans-serif size=2>boost to the Fund&#146;s performance.&#148;</FONT></B></P>
<P align=left>
<IMG src="patpremdivtwx7x1.jpg" border=0>
</P>
<P align=left><B><FONT face=sans-serif size=2>Outlook</FONT></B></P>
<P align=left><FONT face=serif size=2>By the end of the period, Treasury bonds were priced such that investors were still expecting a rate cut in the second calendar quarter of this year. With inflation running at the upper end of the Fed&#146;s stated comfort zone, we don&#146;t believe the central bank will be so quick to stimulate the economy via rate cuts. Given that, we wouldn&#146;t be surprised if Treasur</FONT><FONT face=serif size=2>ies come under near-term pressure once investors come to grips with the fact that rate cuts are farther off than they may have originally anticipated. If Treasuries sell off, it&#146;s likely that preferreds will follow suit over the near term. Over the longer-term, however, we remain optimistic that gradually slowing economic conditions will bode well for fixed-income </FONT><FONT face=serif size=2>investments, including preferred stocks, and that long-term demand for income-producing stocks will provide support for utility common stocks and preferred stocks. </FONT></P
>
<P align=left><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1>This commentary reflects the views of the portfolio managers through the end of the Fund&#146;s period discussed in this report. The managers&#146; statements reflect their own opinions. As such, they are in no way guarantees of future events, and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.</FONT></P>
<P align=left><FONT face=sans-serif size=1></FONT><FONT face=sans-serif size=1>The Fund normally will invest at least 25% of its managed assets in securities of companies in the utilities industry. Such an investment concentration makes the Fund more susceptible to factors adversely affecting the utilities industry than a more broadly diversified fund. Sector investing is subject to greater risks than the market as a whole.</FONT></P>
<P align=left><FONT face=sans-serif size=1></FONT><SUP><FONT face=sans-serif size=1>1</FONT></SUP><FONT face=sans-serif size=1> As a percentage of the Fund&#146;s portfolio on April 30, 2007.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>5</FONT></P>
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<P align=left><FONT face=serif size=7>Fund&#146;s investments</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif size=2>F I N A N C I A L &nbsp;S T A T E M E N T S</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=4>Securities owned by the Fund on 4-30-07 </FONT><FONT face=sans-serif size=2>(unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This schedule is divided into three main categories: common stocks, preferred stocks and<BR>
short-term investments. The common stocks and preferred stocks are further broken<BR>
down by industry group. Short-term investments, which represent the Fund&#146;s cash<BR>
position, are listed last.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><B><FONT face=sans-serif size=1>Common stocks 61.40%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$123,279,294</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>(Cost $98,158,768)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="69%" background="">&nbsp;</TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><B><FONT face=sans-serif size=1>Electric Utilities 5.17%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>10,380,592</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Duke Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>165,200</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,389,904</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Pinnacle West Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,931,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Progress Energy, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>99,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,004,450</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Progress Energy, Inc. (Contingent Value Obligation) (B)(I)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>176,250</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>54,638</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="69%" background="">&nbsp;</TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><B><FONT face=sans-serif size=1>Gas Utilities 2.01%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>4,042,860</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>National Fuel Gas Co.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>86,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,042,860</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="69%" background="">&nbsp;</TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><B><FONT face=sans-serif size=1>Integrated Oil &amp; Gas 1.08%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>2,159,020</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>BP Plc, American Depositary Receipt (United Kingdom)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>32,071</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,159,020</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="69%" background="">&nbsp;</TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><B><FONT face=sans-serif size=1>Integrated Telecommunication Services 2.73%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>5,490,192</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>AT&amp;T, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>102,350</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,962,992</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Verizon Communications, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,527,200</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="69%" background="">&nbsp;</TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><B><FONT face=sans-serif size=1>Multi-Utilities 48.27%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp;</TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>96,919,570</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Alliant Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>182,900</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8,011,020</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Ameren Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,205,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>CH Energy Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>198,800</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9,538,424</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Consolidated Edison, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>78,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,998,280</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Dominion Resources, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>79,700</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7,268,640</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>DTE Energy Co.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>193,500</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9,789,165</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Energy East Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7,750,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Integrys Energy Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>113,315</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6,356,972</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>KeySpan Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>236,250</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9,783,112</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>NiSource, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>158,050</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,886,449</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>NSTAR</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>276,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9,908,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>OGE Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>137,632</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,290,574</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>SCANA Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>28,400</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,236,252</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>TECO Energy, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>196,750</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,531,662</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Vectren Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>872,100</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Xcel Energy, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>228,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,492,520</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="69%" background="">&nbsp;</TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><B><FONT face=sans-serif size=1>Oil &amp; Gas Storage &amp; Transportation 2.14%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>4,287,060</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Kinder Morgan, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,131,200</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="69%"><FONT face=sans-serif size=1>Spectra Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>82,600</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,155,860</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_9"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=sans-serif size=1>rating (A) </FONT></B></TD>
     <TD noWrap align=right width="15%" background="">&nbsp;<STRONG><FONT face=Arial size=1>Shares</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Preferred stocks 86.28%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$173,245,160</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>(Cost $163,305,428)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Agricultural Products 1.92%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>3,853,901</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ocean Spray Cranberries, Inc., 6.25%, Ser A (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>44,250</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,853,901</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Consumer Finance 4.64%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>9,307,044</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>HSBC USA, Inc., $2.8575 (G)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>95,900</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,753,044</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>SLM Corp., 6.97%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>92,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,554,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Diversified Banks 1.67%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>3,362,800</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Royal Bank of Scotland Group Plc,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp;</TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>5.75%, Ser L (United Kingdom)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,362,800</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Electric Utilities 28.74%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>57,698,914</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Alabama Power Co., 5.20%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>262,475</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6,391,266</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Carolina Power &amp; Light Co., $4.20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>41,151</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,257,361</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Carolina Power &amp; Light Co., $5.44</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11,382</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,106,899</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Duquesne Light Co., 6.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>107,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,371,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Entergy Arkansas, Inc., 6.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,273,440</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Entergy Mississippi, Inc., 6.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>153,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,772,414</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Georgia Power Co., 6.00%, Ser R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>54,900</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,371,951</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>HECO Capital Trust III, 6.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>44,900</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,149,889</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Interstate Power &amp; Light Co., 7.10%, Ser C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>76,500</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,087,019</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Interstate Power &amp; Light Co., 8.375%, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>25,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>820,312</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Monongahela Power Co., $6.28, Ser D</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>24,931</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,439,344</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>NSTAR Electric Co., 4.78%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>67,342</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6,060,780</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>PPL Electric Utilities Corp., 4.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>29,790</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,475,549</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>PPL Electric Utilities Corp., 6.25%, Depositary Shares</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,256,260</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>PPL Energy Supply, LLC, 7.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,293,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Southern California Edison Co., 6.00%, Ser C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>18,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,794,938</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Southern California Edison Co., 6.125%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,491,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Virginia Electric &amp; Power Co., $6.98</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,594,063</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Virginia Electric &amp; Power Co., $7.05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,020,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Wisconsin Public Service Corp., 6.76%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>35,883</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,671,279</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Gas Utilities 3.07%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>6,172,275</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Southern Union Co., 7.55%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>239,700</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6,172,275</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Investment Banking &amp; Brokerage 10.89%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>21,866,681</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Bear Stearns Cos., Inc. (The),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>5.49%, Depositary Shares, Ser G</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>50,650</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,532,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Bear Stearns Cos., Inc. (The),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>5.72%, Depositary Shares, Ser F</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>95,300</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,731,645</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Bear Stearns Cos., Inc. (The),</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>6.15%, Depositary Shares, Ser E</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>84,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,273,920</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Goldman Sachs Group, Inc., 6.20%, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>513,200</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_10"></A>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif size=2>F I N A N C I A L &nbsp;S T A T E M E N T S</FONT></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=sans-serif size=1>rating (A)&nbsp;</FONT></B> </TD>
     <TD noWrap align=right width="15%" background=""><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Investment Banking &amp; Brokerage (continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Lehman Brothers Holdings, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>5.67%, Depositary Shares, Ser D</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>124,800</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$6,396,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Lehman Brothers Holdings, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp;</TD>
     <TD noWrap align=left width="15%">&nbsp;</TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>5.94%, Depositary Shares, Ser C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>53,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,716,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Merrill Lynch &amp; Co., Inc., 6.375%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Depositary Shares, Ser 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>26,900</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>703,166</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Life &amp; Health Insurance 2.82%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>5,658,800</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>MetLife, Inc., 6.50%, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>215,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,658,800</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Multi-Utilities 15.16%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>30,439,768</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Baltimore Gas &amp; Electric Co., 6.70%, Ser 1993</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>20,250</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,079,422</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Baltimore Gas &amp; Electric Co., 6.99%, Ser 1995</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,087,189</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>BGE Capital Trust II, 6.20%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>205,300</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,052,433</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>PNM Resources, Inc., 6.75%, Conv</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>67,896</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,698,974</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Public Service Electric &amp; Gas Co., 4.08%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>406,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Public Service Electric &amp; Gas Co., 4.18%, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>13,677</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,138,610</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Public Service Electric &amp; Gas Co., 6.92%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>47,998</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,999,294</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>SEMPRA Energy, $4.36</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>19,250</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,644,913</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>SEMPRA Energy, $4.75, Ser 53</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6,305</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>567,450</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>South Carolina Electric &amp; Gas Co., 6.52%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,553,284</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Xcel Energy, Inc., $4.08, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8,610</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>731,850</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Xcel Energy, Inc., $4.11, Ser D</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>8,770</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>716,948</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Xcel Energy, Inc., $4.16, Ser E</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9,410</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>763,151</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Oil &amp; Gas Exploration &amp; Production 7.46%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>14,980,506</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Anadarko Petroleum Corp., 5.46%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Depositary Shares, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,881,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Apache Corp., 5.68%, Depositary Shares, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>51,500</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,138,737</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Devon Energy Corp., 6.49%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>50,645</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,102,484</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Nexen, Inc., 7.35% (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>112,300</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,858,035</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Other Diversified Financial Services 7.73%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>15,521,904</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Bank of America Corp., 6.204%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Depositary Shares, Ser D</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>260,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>6,825,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Citigroup, Inc., 6.213%, Depositary Shares, Ser G</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>96,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,873,920</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Citigroup, Inc., 6.231%, Depositary Shares, Ser H</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>56,400</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,862,864</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Citigroup, Inc., 6.365%, Depositary Shares, Ser F</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>18,900</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>960,120</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Specialized Finance 0.26%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>519,800</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CIT Group, Inc., 6.35%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>519,800</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Thrifts &amp; Mortgage Finance 1.22%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>2,455,317</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Sovereign Bancorp, Inc., 7.30%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Depositary Shares, Ser C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,455,317</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Trucking 0.70%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>1,407,450</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>AMERCO, 8.50%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,407,450</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_11"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=1>Issuer, description, maturity date</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=4></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=1>Short-term investments 1.79%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$3,591,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="100%" background="" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>(Cost $3,591,000)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=1>Commercial Paper 1.79%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>3,591,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Chevron Funding Corp., 5-1-07</FONT>&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=sans-serif size=1>5.190%</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$3,591</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>3,591,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=1>Total investments (Cost $265,055,196) 149.47%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp;</TD>
     <TD noWrap align=left width="15%">&nbsp;</TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$300,115,454</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=1>Other assets and liabilities, net</FONT></B>&nbsp;<STRONG><FONT face=Arial size=1>0.42%</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$849,880</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=1>Fund preferred shares, at value (49.89%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>($100,176,592)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=1>Total net assets 100.00%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$200,788,742</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>(A) Credit ratings are unaudited and are rated by Moody&#146;s Investors Service where Standard &amp; Poor&#146;s ratings are not available.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1></FONT></B><FONT face=sans-serif size=1>(B) This security is fair valued in good faith under procedures established by the Board of Trustees. This security amounted to $54,638 or 0.03% of the Fund&#146;s net assets as of April 30, 2007.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(G) Security rated internally by John Hancock Advisers, LLC.<BR>
<BR>
(I) Non-income-producing security.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(S) This security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $3,853,901 or 1.92% of the Fund&#146;s net assets as of April 30, 2007.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The percentage shown for each investment category is the total value of that category as a percentage of the net assets of the Fund.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_12"></A>
<P align=left><FONT face=serif size=7>Financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif size=2>F I N A N C I A L &nbsp;S T A T E M E N T S</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of assets and liabilities</FONT><FONT face=sans-serif size=2> 4-30-07 (unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This Statement of Assets and Liabilities is the Fund&#146;s balance sheet. It shows the value<BR>
of what the Fund owns, is due and owes. You&#146;ll also find the net asset value for each<BR>
common share.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Investments at value (cost $265,055,196)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$300,115,454</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Cash</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>261</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Receivable for investments sold</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>69,293</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Dividends receivable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,044,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Other assets</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>38,225</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Total assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>301,268,103</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Payable to affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Management fees</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>204,465</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>31,067</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Other payables and accrued expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>67,237</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Total liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>302,769</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Dutch Auction Rate Transferable Securities (DARTS) preferred</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>shares Series A, including accrued dividends, unlimited</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>number of shares of beneficial interest authorized with no</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>par value, 500 shares issued, liquidation preference of $100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>per share</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>50,108,092</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>DARTS Series B, including accrued dividends, unlimited number</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>of shares of beneficial interest authorized with no par value,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>500 shares issued, liquidation preference of $100,000 per share</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>50,068,500</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Common shares capital paid-in</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>168,307,245</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Accumulated net realized loss on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(3,307,209)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Net unrealized appreciation of investments</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>35,060,258</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Accumulated net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>728,448</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Net assets applicable to common shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$200,788,742</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Net asset value per common share</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Based on 15,046,539 shares of beneficial interest</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>outstanding &#151; unlimited number of shares</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>authorized with no par value</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$13.34</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_13"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of operations</FONT><FONT face=sans-serif size=2> For the period ended 4-30-07 (unaudited)</FONT><SUP><FONT face=sans-serif size=2>1</FONT></SUP></P>
<P align=left><B><FONT face=sans-serif size=1>This Statement of Operations summarizes the Fund&#146;s investment income earned </FONT></B><BR>
<B><FONT face=sans-serif size=1>and expenses incurred in operating the Fund. It also shows net gains (losses) and </FONT></B><BR>
<B><FONT face=sans-serif size=1>distributions paid to DARTS shareholders for the period stated.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Dividends</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$7,815,011</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Interest</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>119,069</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Total investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>7,934,080</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Expenses</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Investment management fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1,133,891</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Administration fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>147,437</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Compliance fees</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>DARTS auction fees</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>132,612</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Custodian fees</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>26,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Transfer agent fees</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>23,044</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Printing fees</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>20,172</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Professional fees</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>17,830</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Registration and filing fees</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11,897</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Trustees&#146; fees</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>5,569</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Interest</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>224</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Miscellaneous</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>11,465</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Total expenses</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>1,532,716</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Net investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>6,401,364</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Realized and unrealized gain (loss)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Net realized gain on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,292,482</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Change in net unrealized appreciation</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>(depreciation) of investments</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,701,922</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="84%" background="">&nbsp;</TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Net realized and unrealized gain</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>6,994,404</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Distributions to DARTS Series A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(952,128)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=sans-serif size=1>Distributions to DARTS Series B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(1,025,881)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="84%" background="">&nbsp;</TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><B><FONT face=sans-serif size=1>Increase in net assets from operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$11,417,759</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1></FONT><SUP><FONT face=sans-serif size=1>1</FONT></SUP><FONT face=sans-serif size=1> Semiannual period from 11-1-06 through 4-30-07.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_14"></A>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif size=2>F I N A N C I A L &nbsp;S T A T E M E N T S</FONT></FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of changes in net assets</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>These Statements of Changes in Net Assets show how the value of the Fund&#146;s net assets </FONT></B><BR>
<B><FONT face=sans-serif size=1>has changed during the last two periods. The difference reflects earnings less expenses, </FONT></B><BR>
<B><FONT face=sans-serif size=1>any investment gains and losses, distributions, if any, paid to shareholders and the net of </FONT></B><BR>
<B><FONT face=sans-serif size=1>Fund share transactions.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>Period</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>10-31-06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>4-30-07</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=sans-serif size=1>Increase (decrease) in net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="98%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=sans-serif size=1>From operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$13,281,592</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$6,401,364</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=sans-serif size=1>Net realized gain (loss)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(319,381)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>2,292,482</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=sans-serif size=1>Change in net unrealized appreciation (depreciation)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>16,940,149</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>4,701,922</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=sans-serif size=1>Distributions to DARTS Series A and B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(3,768,882)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(1,978,009)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="68%" background="">&nbsp;</TD>
     <TD noWrap align=right width="15%" background=""></TD>
     <TD noWrap align=right width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=sans-serif size=1>Increase in net assets resulting from operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>26,133,478</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>11,417,759</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="68%" background="">&nbsp;</TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=sans-serif size=1>Distributions to common shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(9,750,158)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(4,333,403)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=sans-serif size=1>Net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="98%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=sans-serif size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>177,321,066</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>193,704,386</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=sans-serif size=1>End of period</FONT></B><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$193,704,386</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$200,788,742</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1</FONT></SUP><FONT face=sans-serif size=1> Semiannual period from 11-1-06 through 4-30-07. Unaudited.</FONT><BR>
<SUP><FONT face=sans-serif size=1>2</FONT></SUP><FONT face=sans-serif size=1> Includes accumulated net investment income of $638,496 and $728,448, respectively.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_15"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=sans-serif size=4>Financial highlights</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>The Financial Highlights show how the Fund&#146;s net asset value for a share has changed </FONT></B><BR>
<B><FONT face=sans-serif size=1>since the end of the previous period.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>COMMON SHARES</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Period ended</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>10-31-02</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>10-31-03</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>10-31-04</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>10-31-05</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>10-31-06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>4-30-07</FONT></B><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Per share operating performance</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Net asset value,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>beginning of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$12.06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$10.01</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$10.99</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$11.73</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$11.78</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$12.87</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Net investment income</FONT><SUP><FONT face=sans-serif size=1>3</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>0.99</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>0.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>0.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>0.88</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>0.43</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Net realized and unrealized</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>gain (loss) on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>(2.14)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>1.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>0.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>0.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>1.11</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>0.46</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Distributions to DARTS Series A and B&nbsp;</FONT> </TD>
     <TD noWrap align=right width="14%" background=""><FONT face=sans-serif size=1>(0.12)</FONT>&nbsp;</TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>(0.08)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(0.09)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>(0.17)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>(0.25)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>(0.13)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Total from investment operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>(1.27)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>2.00</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>1.55</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>0.82</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>1.74</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>0.76</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Less distributions to</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>common shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>(0.78)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>(1.02)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>(0.81)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>(0.77)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>(0.65)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>(0.29)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Net asset value, end of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$10.01</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$10.99</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$11.73</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$11.78</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$12.87</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$13.34</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="14%" background="">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Per share market value,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>end of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$9.40</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$11.14</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>$11.19</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$11.05</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$11.26</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>$11.84</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Total return at market value</FONT></B><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><B><FONT face=sans-serif size=1>(%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>(7.55)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>30.87</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=sans-serif size=1>8.06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>5.35</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>8.11</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>7.77</FONT></B><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Ratios and supplemental data</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Net assets applicable common</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>shares, end of period (in millions)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$150</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$165</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$177</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$177</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$194</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$201</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Ratio of net expenses to average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>net assets</FONT><SUP><FONT face=sans-serif size=1>5 </FONT></SUP><FONT face=sans-serif size=1>(%)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>1.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>1.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>1.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>1.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>1.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>1.57</FONT><SUP><FONT face=sans-serif size=1>9</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Ratio of net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>to average net assets</FONT><SUP><FONT face=sans-serif size=1>6 </FONT></SUP><FONT face=sans-serif size=1>(%)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8.66</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>7.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7.36</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6.54</FONT><SUP><FONT face=sans-serif size=1>9</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Portfolio turnover (%)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>9</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>11</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>4</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Senior securities</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Total DARTS Series A outstanding</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>(in millions)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Total DARTS Series B outstanding</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>(in millions)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$50</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Involuntary liquidation preference</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>per unit (in thousands)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Average market value per unit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>(in thousands)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>Asset coverage per unit </FONT><SUP><FONT face=sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$247,689 </FONT></TD>
     <TD noWrap align=right width="14%" background=""><FONT face=sans-serif size=1>$264,239</FONT>&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=sans-serif size=1>$272,034</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$276,340</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$292,301</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$299,688</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>13</FONT></P>
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<A name="page_16"></A>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif size=2>F I N A N C I A L &nbsp; S T A T E M E N T S</FONT></FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Notes to Financial Highlights</FONT></B></P>
<P align=left><SUP><FONT face=sans-serif size=1>1</FONT></SUP><FONT face=sans-serif size=1> Audited by previous auditor.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2</FONT></SUP><FONT face=sans-serif size=1> Semiannual period from 11-1-06 through 4-30-07. Unaudited. <BR>
<BR>
</FONT><SUP><FONT face=sans-serif size=1>3</FONT></SUP><FONT face=sans-serif size=1> Based on the average of the shares outstanding.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>4</FONT></SUP><FONT face=sans-serif size=1> Assumes dividend reinvestment.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>5</FONT></SUP><FONT face=sans-serif size=1> Ratios calculated on the basis of expenses relative to the average net assets of common shares. Without the exclusion of preferred shares, the annualized ratio of expenses would have been 1.20%, 1.16%, 1.12%, 1.08%, 1.07% and 1.04%, respectively.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>6</FONT></SUP><FONT face=sans-serif size=1> Ratios calculated on the basis of net investment income relative to the average net assets of common shares. Without the exclusion of preferred shares, the annualized ratio of net investment income would have been 5.46%, 5.14%, 4.66%, 4.50%, 4.74% and 4.34%, respectively.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>7</FONT></SUP><FONT face=sans-serif size=1> Calculated by subtracting the Fund&#146;s total liabilities from the Fund&#146;s total assets and dividing such amount by the number of DARTS outstanding as of the applicable 1940 Act Evaluation Date, which may differ from the financial reporting date. <BR>
<BR>
</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP><FONT face=sans-serif size=1> Not annualized.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>9</FONT></SUP><FONT face=sans-serif size=1> Annualized.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>14</FONT></P>
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<A name="page_17"></A>
<P align=left><FONT face=sans-serif size=4>Notes to financial statements </FONT><FONT face=sans-serif size=2>(unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 1 <BR>
Accounting policies</FONT></B></P>
<P align=left><FONT face=serif size=2>John Hancock Patriot Premium Dividend Fund II (the Fund) is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Significant accounting policies of the Fund<BR>
are as follows:</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>Valuation of investments</FONT></B></P>
<P align=left><FONT face=serif size=2>Securities in the Fund&#146;s portfolio are valued on the basis of market quotations, valuations provided by independent pricing services or at fair value as determined in good faith in accordance with procedures approved by the Trustees. Short-term debt investments which have a remaining maturity of 60 days or less may be valued at amortized cost, which approximates market value. The Fund determines the net asset value of the common shares each business day.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Investment transactions</FONT></B></P>
<P align=left><FONT face=serif size=2>Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Net realized gains and losses on sales of investments are determined on the identified cost basis.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Expenses</FONT></B></P>
<P align=left><FONT face=serif size=2>The majority of the expenses are directly iden-tifiable to an individual fund. Expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative sizes of the funds.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Federal income taxes</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund qualifies as a &#147;regulated investment company&#148; by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax </FONT><FONT face=serif size=2>on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required. For federal income tax purposes, the Fund has $4,989,254 of a capital loss carryforward available, to the extent provided by regulations, to offset future net realized capital gains. To the extent that such carryforward is used by the Fund, no capital gain distributions will be made. The loss carry-forward expires as follows: October 31, 2013 &#151; $4,989,254.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>New accounting pronouncements</FONT></B></P>
<P align=left><FONT face=serif size=2>In June 2006, Financial Accounting Standards Board (FASB) Interpretation No. 48, </FONT><I><FONT face=serif size=2>Accounting for Uncertainty in Income Taxes</FONT></I><FONT face=serif size=2> (the Interpretation), was issued and is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. The Interpretation prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return, and requires certain expanded disclosures. Management is currently evaluating the application of the Interpretation to the Fund and has not at this time quantified the impact, if any, resulting from the adoption of the Interpretation on the Fund&#146;s financial statements. The Fund will implement this pronouncement no later than April 30, 2008.</FONT></P>
<P align=left><FONT face=serif size=2>In September 2006, FASB Standard No. 157, </FONT><I><FONT face=serif size=2>Fair Value Measurements</FONT></I><FONT face=serif size=2> (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishing a framework for measuring fair value and expands disclosure about fair value measurements. Management is currently evaluating the application of FAS 157 to the Fund and its impact, if any, resulting from the adoption of FAS 157 on the Fund&#146;s financial statements.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Dividends, interest and distributions</FONT></B></P>
<P align=left><FONT face=serif size=2>Dividend income on investment securities is recorded on the ex-dividend date or, in the </FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>15</FONT></P>
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<A name="page_18"></A>
<P align=left><FONT face=serif size=2>case of some foreign securities, on the date thereafter when the Fund identifies the dividend. Interest income on investment securities is recorded on the accrual basis. Foreign income may be subject to foreign withholding taxes, which are accrued as applicable.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. During the year ended October 31, 2006, the tax character of distributions paid was as follows: ordinary income $13,519,040.</FONT></P>
<P align=left><FONT face=serif size=2>Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund&#146;s financial statements as a return of capital.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Use of estimates</FONT></B></P>
<P align=left><FONT face=serif size=2>The preparation of these financial statements, in accordance with accounting principles generally accepted in the United States of America, incorporates estimates made by management in determining the reported amount of assets, liabilities, revenues and expenses of the Fund. Actual results could differ from these estimates.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 2 <BR>
</FONT></B><B><FONT face=sans-serif size=2>Management fee and transactions with<BR>
affiliates and others</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund has an investment management contract with John Hancock Advisers, LLC (the Adviser), a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation (MFC). Under the investment management contract, the Fund pays a monthly management fee to the Adviser at an annual rate of 0.50% of the Fund&#146;s average weekly net asset value and the value attributable to the Dutch Auction Rate Transferable Securities preferred shares (DARTS) (collectively, managed assets), plus 5.00% of the Fund&#146;s weekly gross income which amounted to $799,983 for the period ended April 30, 2007. The Adviser&#146;s total fee is limited to a maximum amount equal to 1.00% annually of the Fund&#146;s average </FONT><FONT face=serif size=2>weekly managed assets. For the period ended April 30, 2007, the advisory fee incurred did not exceed the maximum advisory fee allowed.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund has an administrative agreement with the Adviser under which the Adviser oversees the custodial, auditing, valuation, accounting, legal, stock transfer and dividend disbursing services and maintains Fund communications with shareholders. The Fund pays the Adviser a monthly administration fee at an annual rate of 0.10% of the Fund&#146;s average weekly managed assets. The compensation for the period amounted to $147,437. The Fund also reimbursed John Hancock Life Insurance Company for certain compliance costs, included in the Fund&#146;s Statement of Operations.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. James R. Boyle is Chairman of the Adviser, as well as an affiliated Trustee of the Fund, and is compensated by the Adviser and/or its affiliates. The compensation of unaffiliated Trustees is borne by the Fund. The unaffiliated Trustees may elect to defer, for tax purposes, their receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan. The Fund makes investments into other John Hancock funds, as applicable, to cover its liability for the deferred compensation. Investments to cover the Fund&#146;s deferred compensation liability are recorded on the Fund&#146;s books as an other asset. The deferred compensation liability and the related other asset are always equal and are marked to market on a periodic basis to reflect any income earned by the investments as well as any unrealized gains or losses. The Deferred Compensation Plan investments had no impact on the operations of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund is listed for trading on the New York Stock Exchange (NYSE) and has filed with the NYSE its chief executive officer certification regarding compliance with the NYSE&#146;s listing standards. The Fund also files with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>16</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Note 3 <BR>
</FONT></B><B><FONT face=sans-serif size=2>Fund share transactions <BR>
</FONT></B><B><FONT face=sans-serif size=1>Common shares</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund had no common share transactions during the year ended October 31, 2006 and the period ended April 30, 2007.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Dutch Auction Rate Transferable Securities<BR>
preferred shares Series A and Series B</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund issued DARTS, 598 shares of Series A and 598 shares of Series B in a public offering. The underwriting discount was recorded as a reduction of the capital of common shares. During the year ended October 31, 1990, the Fund retired 98 shares of DARTS from both Series A and Series B.</FONT></P>
<P align=left><FONT face=serif size=2>Dividends on the DARTS, which accrue daily, are cumulative at a rate that was established at the offering of the DARTS and has been reset every 49 days thereafter by an auction. Dividend rates on DARTS Series A and B ranged from 3.12% to 4.22% and from 3.98% to 4.19%, respectively, during the period ended April 30, 2007. Accrued dividends on DARTS are included in the value of DARTS on the Fund&#146;s Statement of Assets and Liabilities.</FONT></P>
<P align=left><FONT face=serif size=2>The DARTS are redeemable at the option of the Fund, at a redemption price equal to $100,000 per share, plus accumulated and unpaid dividends on any dividend payment date. The DARTS are also subject to mandatory redemption at a redemption price equal to $100,000 per share, plus accumulated and unpaid dividends, if the Fund is in default on its asset coverage requirements with respect to the DARTS, as defined in the Fund&#146;s bylaws. If the dividends on the DARTS shall remain unpaid in an amount equal to two full years&#146; dividends, the holders of the DARTS, as a class, have the right to elect a majority of the Board of Trustees. In general, the holders of the DARTS and the common shareholders have equal voting rights of one vote per share, except that the holders of the DARTS, as a class, vote to elect two members of the Board of Trustees, and separate class votes are required on certain matters that affect the respective interests of the DARTS and common shareholder
s.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Leverage</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund issued preferred shares to increase its assets available for investment. The Fund generally will not issue preferred shares unless the Adviser expects that the Fund will achieve a greater return on the proceeds resulting from the use of leverage than the additional costs the Fund incurs as a result of leverage. When the Fund leverages its assets, the fees paid to the Adviser for investment advisory and administrative services will be higher than if the Fund did not borrow because the Adviser&#146;s fees are calculated based on the Fund&#146;s total assets, including the proceeds of the issuance of preferred shares. Consequently, the Fund and the Adviser may have differing interests in determining whether to leverage the Fund&#146;s assets. The Board of Trustees will monitor this potential conflict. The Fund&#146;s use of leverage is premised upon the expectation that the Fund&#146;s dividends on its outstanding preferred shares will be lower than the return the 
Fund achieves on its investments with the proceeds of the issuance of preferred shares.</FONT></P>
<P align=left><FONT face=serif size=2>Leverage creates risks which may adversely affect the return for the holders of common shares, including:</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the likelihood of greater volatility of net asset value and market price of common shares</FONT></P>
<P align=left><FONT face=serif size=2>&#149; fluctuations in the dividend rates on any preferred shares</FONT></P>
<P align=left><FONT face=serif size=2>&#149; increased operating costs, which may reduce the Fund&#146;s total return to the holders of common shares</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the potential for a decline in the value of an investment acquired through leverage, while the Fund&#146;s obligations under such leverage remains fixed</FONT></P>
<P align=left><FONT face=serif size=2>To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage; the Fund&#146;s return will be greater than if leverage had not been used.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>17</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Note 4 <BR>
</FONT></B><B><FONT face=sans-serif size=2>Investment transactions</FONT></B></P>
<P align=left><FONT face=serif size=2>Purchases and proceeds from sales or maturities of securities, other than short-term securities and obligations of the U.S. government, during the period ended April 30, 2007, aggregated $11,388,747 and $12,379,901, respectively.</FONT></P>
<P align=left><FONT face=serif size=2>The cost of investments owned on April 30, 2007, including short-term investments, for federal income tax purposes, was $265,665,117. Gross unrealized appreciation and depreciation of investments aggregated $36,799,725 and $2,349,388, respectively, resulting in net unrealized appreciation of $34,450,337. The difference between book basis and tax basis net unrealized appreciation of investments is attributable primarily to the tax deferral of losses on certain sales of securities.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 5 <BR>
Reorganizations</FONT></B></P>
<P align=left><FONT face=serif size=2>On May 29, 2007, the Fund acquired all of the assets and assumed all of the liabilities of John Hancock Patriot Preferred Dividend Fund (PPF), pursuant to the plan of reorganization approved by the Board of Trustees of the Fund on December 5, 2006 and by the shareholders at a Special Meeting of the Fund on May 2, 2007. It is expected that the transaction qualifies as a tax-free reorganization for federal income tax purposes. </FONT></P>
<P align=left><FONT face=serif size=2>As a result of the reorganization, each holder of PPF common shares received common shares of the Fund having an aggregate net asset value (NAV) equal to the aggregate NAV of the common shareholder&#146;s shares in PPF. As of the close of business on May 29, 2007, the NAV of PPF $13.9415 per common share and the NAV of the Fund was $13.0489 per common share. Each common share of PPF was converted into 1.06840725 of a common share of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>As a result of the reorganization, the holders of preferred shares of the PPF received Series E preferred shares of the Fund with a dividend rate of 4.10% for a dividend period ending July 16, 2007 with the dividend rate to be reset via an auction process on that date. The aggregate liquidation preference of the Fund </FONT><FONT face=serif size=2>preferred shares received in the reorganization is equal to the aggregate liquidation preference of the preferred shares held immediately prior to the reorganization. The dividend rate, auction dates, rate period and dividend payment dates of the preferred shares of the Fund received in the reorganization are the same as that of the preferred shares of the Fund held immediately prior to the reorganization.</FONT></P>
<P align=left><FONT face=serif size=2>On June 4, 2007, the Fund acquired all of the assets and assumed all of the liabilities of John Hancock Patriot Global Dividend Fund (PGD), pursuant to the plan of reorganization approved by the Board of Trustees of the Fund on December 5, 2006 and by the shareholders at a Special Meeting of the Fund on May 2, 2007. It is expected that the transaction qualifies as a tax-free reorganization for federal income tax purposes.</FONT></P>
<P align=left><FONT face=serif size=2>As a result of the reorganization, each holder of PGD common shares received common shares of the Fund having an aggregate NAV equal to the aggregate NAV of the common shareholder&#146;s shares in PGD. As of the close of business on June 4, 2007, the NAV of PGD $14.6699 per common share and the NAV of the Fund was $13.0530 per common share. Each common share of PGD was converted into 1.12386918 of a common share of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>As a result of the reorganization, the holders of preferred shares of PGD received Series F preferred shares of the Fund with a dividend rate of 4.14% for a dividend period ending July 22, 2007 with the dividend rate to be reset via an auction process on that date. The aggregate liquidation preference of the Fund preferred shares received in the reorganization is equal to the aggregate liquidation preference of the preferred shares held immediately prior to the reorganization. The dividend rate, auction dates, rate period and dividend payment dates of the preferred shares of the Fund received in the reorganization are the same as that of the preferred shares of the Fund held immediately prior to the reorganization.</FONT></P>
<P align=left><FONT face=serif size=2>On June 25, 2007, the Fund acquired all of the assets and assumed all of the liabilities of John Hancock Patriot Premium Dividend Fund I (PDF) into the Fund, pursuant to the plan </FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>18</FONT></P>
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<P align=left><FONT face=serif size=2>of reorganization approved by the Board of Trustees of PDF on December 5, 2006 and by the shareholders at a Special Meeting of PDF on May 2, 2007. It is expected that the transaction qualifies as a tax-free reorganization for federal income tax purposes. </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other pending John Hancock Patriot<BR>
closed-end fund reorganizations</FONT></B></P>
<P align=left><FONT face=serif size=2>The shareholder meeting for John Hancock Patriot Select Dividend Trust (DIV) has been adjourned until June 13, 2007 to allow more shareholder votes to be cast. The record date for shareholders of DIV entitled to vote on the reorganization and related matters is February 12, 2007. The adjourned shareholder meeting for DIV is scheduled to take place at the offices of DIV on Wednesday, June 13, 2007, commencing at 10 a.m. EST. If approved, the reorganization of DIV is scheduled to close on Thursday, July 5, 2007, subject to the satisfaction of certain conditions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>19</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Investment objective and policy </FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund&#146;s investment objective is to provide a high current income consistent with modest growth of capital for holders of its common shares of beneficial interest. The Fund will pursue its objective by investing in a diversified portfolio of dividend paying preferred and common stocks.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund&#146;s nonfundamental investment policy, with respect to the quality of ratings of its portfolio investments, was changed by a vote of the Fund&#146;s Trustees on September 13, 1994. The policy, which became effective October 15, 1994, stipulates that preferred stocks and debt obligations in which the Fund will invest will be rated investment grade (at least BBB by S&amp;P or Baa by Moody&#146;s) at the time of investment or will be preferred stocks of issuers of investment grade senior debt, some of which may have speculative characteristics, or, if not rated, will be of comparable quality as determined by the Adviser. The Fund will invest in common stocks of issuers whose senior debt is rated investment grade or, in the case of issuers that have no rated senior debt outstanding, whose senior debt is considered by the Adviser to be of comparable quality.</FONT></P>
<P align=left><FONT face=serif size=2>On November 20, 2001, the Fund&#146;s Trustees approved the following investment policy investment restriction change, effective December 15, 2001. Under normal circumstances, the Fund will invest at least 80% of its assets in dividend-paying securities. The &#147;Assets&#148; are defined as net assets including the liquidation preference amount of the DARTS plus borrowings for investment purposes. The Fund will notify shareholders at least 60 days prior to any change in this 80% investment policy.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Bylaws</FONT></B></P>
<P align=left><FONT face=serif size=2>In November 2002, the Board of Trustees adopted several amendments to the Fund&#146;s bylaws, including provisions relating to the calling of a special meeting and requiring advance notice of shareholder proposals or nominees for Trustee. The advance notice provisions in the bylaws require shareholders to notify the Fund in writing of any proposal that they intend to present at an annual meeting of shareholders, </FONT><FONT face=serif size=2>including any nominations for Trustee, between 90 and 120 days prior to the first anniversary of the mailing date of the notice from the prior year&#146;s annual meeting of shareholders. The notification must be in the form prescribed by the bylaws. The advance notice provisions provide the Fund and its Trustees with the opportunity to thoughtfully consider and address the matters proposed before the Fund prepares and mails its proxy statement to shareholders. Other amendments set forth the procedures that must be followed in order 
for a shareholder to call a special meeting of shareholders. Please contact the Secretary of the Fund for additional information about the advance notice requirements or the other amendments to the bylaws.</FONT></P>
<P align=left><FONT face=serif size=2>On December 16, 2003, the Trustees approved the following change to the Fund&#146;s bylaws. The auction preferred section of the Fund&#146;s bylaws was changed to update the rating agency requirements, in keeping with recent changes to the agencies&#146; basic maintenance reporting requirements for leveraged closed-end funds. Bylaws now require an independent accountant&#146;s confirmation only once per year, at the Fund&#146;s fiscal year end, and changes to the agencies&#146; basic maintenance reporting requirements that include modifications to the eligible assets and their respective discount factors. These revisions bring the Fund&#146;s bylaws in line with current rating agency requirements. </FONT></P>
<P align=left><FONT face=serif size=2>On September 14, 2004, the Trustees approved an amendment to the Fund&#146;s bylaws increasing the maximum applicable dividend rate ceiling on the preferred shares to conform with the modern calculation methodology used by the industry and other John Hancock funds.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>20</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Dividends and distributions</FONT></B></P>
<P align=left><FONT face=serif size=2>During the period ended April 30, 2007, dividends from net investment income totaling $0.288 per share were paid to shareholders. The dates of payments and the amounts per share are as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%">&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=sans-serif size=1>INCOME</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=sans-serif size=1>PAYMENT DATE</FONT>&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=sans-serif size=1>DIVIDEND</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=serif size=2>November 30, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=serif size=2>$0.048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=serif size=2>December 29, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=serif size=2>0.048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=serif size=2>January 31, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=serif size=2>0.048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=serif size=2>February 28, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=serif size=2>0.048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=serif size=2>March 30, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=serif size=2>0.048</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=serif size=2>April 30, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right width="35%"><FONT face=serif size=2>0.048</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Dividend reinvestment plan</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund offers its shareholders a Dividend Reinvestment Plan (the Plan), which offers the opportunity to earn compounded yields. Each holder of common shares may elect to have all distributions of dividends and capital gains reinvested by Mellon Investor Services, as plan agent for the common shareholders (the Plan Agent). Holders of common shares who do not elect to participate in the Plan will receive all distributions in cash, paid by check mailed directly to the shareholder of record (or if the common shares are held in street or other nominee name, then to the nominee) by the Plan Agent, as dividend disbursing agent. </FONT></P>
<P align=left><FONT face=serif size=2>Shareholders may join the Plan by filling out and mailing an authorization card, by notifying the Plan Agent by telephone or by visiting the Plan Agent&#146;s Web site at www.melloninvestor.com. Shareholders must indicate an election to reinvest all or a portion of dividend payments. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. Shareholders whose shares are held in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan.</FONT></P>
<P align=left><FONT face=serif size=2>If the Fund declares a dividend payable either in common shares or in cash, nonparticipants will receive cash, and participants in the Plan will receive the equivalent in common shares. If the market price of the common shares on </FONT><FONT face=serif size=2>the payment date of the dividend is equal to or exceeds their net asset value as determined on the payment date, participants will be issued common shares (out of authorized but unissued shares) at a value equal to the higher of net asset value or 95% of the market price. If the net asset value exceeds the market price of the common shares at such time, or if the Board of Trustees declares a dividend payable only in cash, the Plan Agent will, as agent for Plan participants, buy shares in the open market, on the New York Stock Exchange or elsewhere, for the participants&#146; accounts. Such purchases will be made promptly after the payable date for such dividend and, in any event, prior to the next ex-dividend date 
after such date, except where necessary to comply with federal securities laws. If, before the Plan Agent has completed its purchases, the market price exceeds the net asset value of the common shares, the average per share purchase price paid by the Plan Agent may exceed the net asset value of the common shares, resulting in the acquisition of fewer shares than if the dividend had been paid in shares issued by the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>Each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent&#146;s open market purchases in connection with the reinvestment of dividends and distributions. In each case, the cost per share of the shares purchased for each participant&#146;s account will be the average cost, including brokerage commissions, of any shares purchased on the open market plus the cost of any shares issued by the Fund. There will be no brokerage charges with respect to common shares issued directly by the Fund. There are no other charges to participants for reinvesting dividends or capital gain distributions. </FONT></P>
<P align=left><FONT face=serif size=2>Participants in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#146;s Web site at www.melloninvestor.com. Such withdrawal will be effective immediately if received not less than ten days prior to a dividend record date; otherwise, it will be effective for all subsequent dividend record dates. </FONT><FONT face=serif size=2>When a participant withdraws from the Plan or upon termination of the Plan, as provided below, certificates for whole common shares </FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>21</FONT></P>
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<P align=left><FONT face=serif size=2>credited to his or her account under the Plan will be issued, and a cash payment will be made for any fraction of a share credited to such account.</FONT></P>
<P align=left><FONT face=serif size=2>The Plan Agent maintains each shareholder&#146;s account in the Plan and furnishes monthly written confirmations of all transactions in the accounts, including information needed by the shareholders for personal and tax records. The Plan Agent will hold common shares in the account of each Plan participant in noncertificated form in the name of the participant. Proxy material relating to the shareholders&#146; meetings of the Fund will include those shares purchased as well as shares held pursuant to the Plan.</FONT></P>
<P align=left><FONT face=serif size=2>The reinvestment of dividends and distributions will not relieve participants of any federal income tax that may be payable or required to be withheld on such dividends or distributions. Participants under the Plan will receive tax information annually. The amount of dividend to be reported on 1099-DIV should be (1) in the case of shares issued by the Fund, the fair market value of such shares on the dividend payment date and (2) in the case of shares purchased by the Plan Agent in the open market, the amount of cash used by the Plan Agent to purchase shares in the open market, including the amount of cash allocated to brokerage commissions paid on such purchases.</FONT></P>
<P align=left><FONT face=serif size=2>Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund reserves the right to amend or terminate the Plan as applied to any dividend or distribution paid subsequent to written notice of the change sent to all shareholders of the Fund at least 90 days before the record date for the dividend or distribution. The Plan may be amended or terminated by the Plan Agent after at least 90 days&#146; written notice to all shareholders of the Fund. All correspondence or additional information concerning the Plan should be directed to the Plan Agent, Mellon Bank, N.A., c/o Mellon Investor Services, P.O. Box 3338, South Hackensack, NJ 07606-1938 (Telephone: 1-800-852-0218).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Shareholder communication and assistance</FONT></B></P>
<P align=left><FONT face=serif size=2>If you have any questions concerning the Fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the Fund to the transfer agent at:</FONT></P>
<P align=left><FONT face=sans-serif size=1>Mellon Investor Services </FONT><BR>
<FONT face=sans-serif size=1>Newport Office Center VII </FONT><BR>
<FONT face=sans-serif size=1>480 Washington Boulevard </FONT><BR>
<FONT face=sans-serif size=1>Jersey City, NJ 07310 </FONT><BR>
<FONT face=sans-serif size=1>Telephone: 1-800-852-0218</FONT></P>
<P align=left><FONT face=serif size=2>If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>22</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Shareholder meeting</FONT></B></P>
<P align=left><FONT face=serif size=2>On April 23, 2007, the Annual Meeting of the Fund was held to elect three Trustees and approve the issuance of additional shares in connection with the reorganization of four Patriot closed-end funds into the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>Proxies covering shares of beneficial interest were voted at the meeting. The common and preferred shareholders elected their respective Trustees to serve until successors are duly elected and qualified. The votes were tabulated as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>WITHHELD</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>FOR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>AUTHORITY</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=serif size=2>James R. Boyle</FONT>&nbsp; </TD>
     <TD noWrap align=left width="33%"><FONT face=serif size=2>14,408,589</FONT>&nbsp; </TD>
     <TD noWrap align=left width="33%"><FONT face=serif size=2>174,013 (common shares)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=serif size=2>Patti McGill Peterson</FONT>&nbsp; </TD>
     <TD noWrap align=left width="33%"><FONT face=serif size=2>522</FONT>&nbsp; </TD>
     <TD noWrap align=left width="33%"><FONT face=serif size=2>123 (preferred shares)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=serif size=2>Steven R. Pruchansky</FONT>&nbsp; </TD>
     <TD noWrap align=left width="33%"><FONT face=serif size=2>14,402,185</FONT>&nbsp; </TD>
     <TD noWrap align=left width="33%"><FONT face=serif size=2>180,417 (common shares)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>The common shareholders then approved the issuance of additional common shares, with the votes tabulated as follows: 9,841,181 FOR, 222,593 AGAINST and 123,980 ABSTAINING.</FONT></P>
<P align=left><FONT face=serif size=2>The Meeting was then adjourned to May 2, 2007 at which time the preferred shareholders approved the issuance of additional preferred shares, with the votes tabulated as follows: 631 FOR, 0 AGAINST and 5 ABSTAINING.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT></P>
<P align=left><FONT face=sans-serif size=2>23</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Board Consideration of and<BR>
Continuation of Investment Advisory<BR>
Agreement and Subadvisory<BR>
Agreement: John Hancock Patriot <BR>
Premium Dividend Fund II</FONT></B></P>
<P align=left><FONT face=serif size=2>The Investment Company Act of 1940 (the 1940 Act) requires the Board of Trustees (the Board) of John Hancock Patriot Premium Dividend Fund II (the Fund), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and are not &#147;interested persons&#148; of the Fund, as defined in the 1940 Act (the Independent Trustees), annually to review and consider the continuation of: (i) the investment advisory agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Adviser) and (ii) the investment subadvisory agreement (the Subadvisory Agreement) with MFC Global Investment Management (U.S.), LLC (the Subadviser). The Advisory Agreement and the Subadvisory Agreement are collectively referred to as the Advisory Agreements. </FONT></P>
<P align=left><FONT face=serif size=2>At meetings held on May 1&#150;2 and June 5&#150;6,</FONT><SUP><FONT face=serif size=2> </FONT></SUP><FONT face=serif size=2>2006,</FONT><SUP><FONT face=serif size=2>1</FONT></SUP><FONT face=serif size=2> the Board considered the factors and reached the conclusions described below relating to the selection of the Adviser and Subadviser and the continuation of the Advisory Agreements. During such meetings, the Board&#146;s Contracts/Operations Committee and the Independent Trustees also met in executive sessions with their independent legal counsel.</FONT></P>
<P align=left><FONT face=serif size=2>In evaluating the Advisory Agreements, the Board, including the Contracts/Operations Committee and the Independent Trustees, reviewed a broad range of information requested for this purpose by the Independent Trustees, including: (i) the investment performance of the Fund and a peer group of comparable funds (the Peer Group) selected by Morningstar, Inc. (Morningstar), an independent provider of investment company data, for a range of periods ended December 31, 2005;</FONT><SUP><FONT face=serif size=2>2</FONT></SUP><FONT face=serif size=2> (ii) advisory and other fees incurred by, and the expense ratios of, the Fund relative to a Peer Group; (iii) the Adviser&#146;s financial results and condition, including its and certain of its affiliates&#146; profitability from services performed for the Fund; (iv) breakpoints in the Fund&#146;s </FONT><FONT face=serif size=2>and the Peer Group&#146;s fees and information about economies of scale; (v) the Adviser&#146;s and Subadvis
er&#146;s record of compliance with applicable laws and regulations, with the Fund&#146;s investment policies and restrictions and with the applicable Code of Ethics, and the structure and responsibilities of the Adviser&#146;s and Subadviser&#146;s compliance department; (vi) the background and experience of senior management and investment professionals; and (vii) the nature, cost and character of advisory and non-investment management services provided by the Adviser and its affiliates and by the Subadviser.</FONT></P>
<P align=left><FONT face=serif size=2>The Board&#146;s review and conclusions were based on a comprehensive consideration of all information presented to the Board and not the result of any single controlling factor. It was based on performance and other information as of December 31, 2005; facts may have changed between that date and the date of this shareholders report. The key factors considered by the Board and the conclusions reached are described below.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Nature, extent and quality of services</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of the Adviser and Subadviser. In addition, the Board took into account the administrative services provided to the Fund by the Adviser and its affiliates. </FONT></P>
<P align=left><FONT face=serif size=2>Based on the above factors, together with those referenced below, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser and Subadviser were sufficient to support renewal of the Advisory Agreements.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Fund performance</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board considered the performance results for the Fund over various time periods ended December 31, 2005. The Board also considered these results in comparison to the performance of the Peer Group, as well as the </FONT></P>
<P align=left><FONT face=sans-serif size=2>24</FONT></P>
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<P align=left><FONT face=serif size=2>Fund&#146;s benchmark index. Morningstar determined the Peer Group for the Fund. The Board reviewed with a representative of Morningstar the methodology used by Morningstar to select the funds in the Peer Group. The Board noted the imperfect comparability of the Peer Group and that Morningstar was not able to select a comparative Category for the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>The Board noted that the Fund&#146;s performance during the five-year period was lower than the performance of the median of the Peer Group and its benchmark index &#151; the Merrill Lynch Preferred Stock DRD Eligible Index. The Board also noted that Fund&#146;s more recent performance during the one- and three-year periods was higher than the performance of the Peer Group median, and its benchmark index. </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Investment advisory fee and subadvisory fee<BR>
rates and expenses</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board reviewed and considered the contractual investment advisory fee rate payable by the Fund to the Adviser for investment advisory services (the Advisory Agreement Rate). The Board received and considered information comparing the Advisory Agreement Rate with the advisory fees for the Peer Group. The Board noted that the Advisory Agreement Rate was equal to the median rate of the Peer Group. </FONT></P>
<P align=left><FONT face=serif size=2>The Board received and considered expense information regarding the Fund&#146;s various components, including advisory fees, and other non-advisory fees, including administrative fees, transfer agent fees, custodian fees and other miscellaneous fees (</FONT><I><FONT face=serif size=2>e.g.</FONT></I><FONT face=serif size=2>, fees for accounting and legal services). The Board considered comparisons of these expenses to the Peer Group median. The Board also received and considered expense information regarding the Fund&#146;s total operating expense ratio (Expense Ratio). The Board received and considered information comparing the Expense Ratio of the Fund to that of the Peer Group median. The Board noted that the Fund&#146;s Expense Ratio was higher than the Peer Group median. </FONT></P>
<P align=left><FONT face=serif size=2>The Adviser also discussed the Morningstar data and rankings, and other relevant information, for the Fund. Based on the above-referenced considerations and other factors, the Board </FONT><FONT face=serif size=2>concluded that the Fund&#146;s overall performance and expense results supported the re-approval of the Advisory Agreements.</FONT></P>
<P align=left><FONT face=serif size=2>The Board also received information about the investment subadvisory fee rate (the Subadvisory Agreement Rate) payable by the Adviser to the Subadviser for investment sub-advisory services. The Board concluded that the Subadvisory Agreement Rate was fair and equitable, based on its consideration of the factors described here.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Profitability</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received and considered a detailed profitability analysis of the Adviser based on the Advisory Agreements, as well as on other relationships between the Fund and the Adviser and its affiliates, including the Subadviser. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, the profits and other ancillary benefits reported by the Adviser were not unreasonable.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Economies of scale</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received and considered general information regarding economies of scale with respect to the management of the Fund, including the Fund&#146;s ability to appropriately benefit from economies of scale under the Fund&#146;s fee structure. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board&#146;s understanding that most of the Adviser&#146;s and Subadviser&#146;s costs are not specific to individual Funds, but rather are incurred across a variety of products and services.</FONT></P>
<P align=left><FONT face=serif size=2>The Board observed that the Advisory Agreements did not offer breakpoints. However, the Board considered the limited relevance of economies of scale in the context of a closed-end fund that, unlike an open-end fund, does not continuously offer its shares. The Board noted that the Fund, as a closed-end investment company, was not expected to increase materially in size and that its assets would grow (if at all) through the investment performance of the Fund. Therefore, the Board did not consider potential economies of scale as a principal factor in assessing the fees payable under the Advisory Agreements, but </FONT></P>
<P align=left><FONT face=sans-serif size=2>25</FONT></P>
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<P align="left">
<FONT size=2 face="serif">concluded that the fees were fair and equitable based on relevant factors.</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">Other benefits to the Adviser</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The Board received information regarding potential &#147;fall-out&#148; or ancillary benefits received by the Adviser and its affiliates as a result of the Adviser&#146;s relationship with the Fund. Such benefits could
include, among others, benefits directly attributable to the relationship of the Adviser with the Fund and benefits potentially derived from an increase in the business of the Adviser as a result of its relationship with the Fund (such as the
ability to market to shareholders other financial products offered by the Adviser and its affiliates).</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Board also considered the effectiveness of the Adviser&#146;s, Subadviser&#146;s and Fund&#146;s policies and procedures for complying with the requirements of the federal securities laws, including those relating to
best execution of portfolio transactions and brokerage allocation.</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">Other factors and broader review</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">As discussed above, the Board reviewed detailed materials received from the Adviser and Subadviser as part of the annual re-approval process. The Board also regularly reviews and assesses the quality of the services that
the Fund receives throughout the year. In this regard, the Board reviews reports of the Adviser and Subadviser at least quarterly, which include, among other things, fund performance reports and compliance reports. In addition, the Board meets with
portfolio managers and senior investment officers at various times throughout the year.</FONT></P>
<P align="left">
<FONT size=2 face="serif">After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the
Fund was in the best interest of the Fund and its shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif"> </FONT><FONT size=1 face="sans-serif">1</FONT><SUB><FONT size=1 face="sans-serif"> </FONT></SUB><FONT size=1 face="sans-serif">The Board previously considered information about the Subadvisory Agreement at the
September and December 2005 Board meetings in connection with the Adviser&#146;s reorganization. </FONT></P>
<P align="left">
<FONT size=1 face="sans-serif"> </FONT><FONT size=1 face="sans-serif">2</FONT><SUB><FONT size=1 face="sans-serif"> </FONT></SUB><FONT size=1 face="sans-serif">Morningstar also provided a comparative analysis for most, but not all of the John Hancock
Funds, of the investment performance and advisory and other fees incurred by, and the expense ratios of, the John Hancock Funds relative to a category of relevant funds (Category). Morningstar was not able to select a comparative Category for the
John Hancock Patriot Premium Dividend Fund II. Therefore, Morningstar did not provide such an analysis.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">26</FONT></P>

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<P align=left><FONT face=serif size=7>For more information</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>The Fund&#146;s proxy voting policies, procedures and records are available without charge, upon request:</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>By phone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>On the Fund&#146;s Web site</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>On the SEC&#146;s Web site</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>1-800-225-5291</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>www.jhfunds.com/proxy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>www.sec.gov</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Charles A. Rizzo</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Transfer agent for</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Ronald R. Dion, </FONT><I><FONT face=serif size=2>Chairman</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=serif size=2>Chief Financial Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>common shareholders</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>James R. Boyle&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"></TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>Mellon Investor Services</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>James F. Carlin</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Gordon M. Shone</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>Newport Office Center VII</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>William H. Cunningham</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=serif size=2>Treasurer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>480 Washington Boulevard</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Charles L. Ladner*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"></TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>Jersey City, NJ 07310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Dr. John A. Moore*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>John G. Vrysen</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Patti McGill Peterson*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=serif size=2>Chief Operations Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Transfer agent for</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Steven R. Pruchansky</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"></TD>
     <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>preferred shareholders</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Investment adviser</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>Deutsche Bank Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>*Members of the Audit Committee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>John Hancock Advisers, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>Company Americas</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>&#134;Non-Independent Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>601 Congress Street</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>280 Park Avenue</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"></TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Boston, MA 02210-2805</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>New York, NY 10017</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Officers</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Keith F. Hartstein</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Subadviser</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Legal counsel</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><I><FONT face=serif size=2>President and</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>MFC Global Investment</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>Kirkpatrick &amp; Lockhart</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><I><FONT face=serif size=2>Chief Executive Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Management (U.S.), LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>Preston Gates Ellis LLP</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"></TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>101 Huntington Avenue</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>One Lincoln Street</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Thomas Kinzler</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Boston, MA 02199</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>Boston, MA 02111-2950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><I><FONT face=serif size=2>Secretary and Chief Legal Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"></TD>
     <TD noWrap align=left width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"></TD>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>Custodian</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>Stock symbol</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Francis V. Knox, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>The Bank of New York</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>Listed New York Stock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><I><FONT face=serif size=2>Chief Compliance Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>One Wall Street</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>Exchange:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>New York, NY 10286</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>PDT</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>For shareholder assistance</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>refer to page 22</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="31%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%" colSpan=2><B><FONT face=sans-serif size=2>How to contact us</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="53%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Internet</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>www.jhfunds.com</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Mail</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Mellon Investor Services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Newport Office Center VII</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>480 Washington Boulevard</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Jersey City, NJ 07310</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Phone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Customer service representatives</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>1-800-852-0218</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Portfolio commentary</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>1-800-344-7054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>24-hour automated information</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>1-800-843-0090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>TDD line</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>1-800-231-5469</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>A listing of month-end portfolio holdings is available on our Web site, www.jhfunds.com. A more detailed portfolio holdings summary is available on a quarterly basis 60 days after the fiscal quarter on our Web site or upon request by calling 1-800-225-5291, or on the SEC&#146;s Web site, www.sec.gov.</FONT></P>
<P align=left><FONT face=sans-serif size=2>28</FONT></P>
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<A name="page_31"></A>
<P align=left><B><FONT face=sans-serif size=2>J O H N&nbsp; &nbsp;H A N C O C K&nbsp;&nbsp; F A M I L&nbsp;Y&nbsp; O F&nbsp;&nbsp; F U&nbsp;N D S</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><B><FONT face=sans-serif size=1>EQUITY</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="51%"><B><FONT face=sans-serif size=1>INTERNATIONAL</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Balanced Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Greater China Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Classic Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>International Allocation Portfolio</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Classic Value Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>International Classic Value Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Classic Value Mega Cap Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>International Core Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Core Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>International Growth Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Global Shareholder Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><B><FONT face=sans-serif size=1>INCOME</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Growth Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Bond Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Growth Trends Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Government Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Intrinsic Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>High Yield Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Large Cap Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Investment Grade Bond Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Large Cap Select Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Strategic Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Mid Cap Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Multi Cap Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><B><FONT face=sans-serif size=1>TAX-FREE INCOME</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Small Cap Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>California Tax-Free Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Small Cap Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>High Yield Municipal Bond Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Small Cap Intrinsic Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Massachusetts Tax-Free Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Sovereign Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>New York Tax-Free Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>U.S. Core Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Tax-Free Bond Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>U.S. Global Leaders Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Value Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><B><FONT face=sans-serif size=1>MONEY MARKET</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Money Market Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><B><FONT face=sans-serif size=1>ASSET ALLOCATION</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>U.S. Government Cash Reserve</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Allocation Core Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Allocation Growth + Value Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><B><FONT face=sans-serif size=1>CLOSED-END</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifecycle 2010 Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifecycle 2015 Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Financial Trends Fund, Inc.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifecycle 2020 Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Income Securities Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifecycle 2025 Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Investors Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifecycle 2030 Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifecycle 2035 Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Patriot Select Dividend Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifecycle 2040 Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Preferred Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifecycle 2045 Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Preferred Income II Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifecycle Retirement Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Preferred Income III Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifestyle Aggressive Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Tax-Advantaged Dividend Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifestyle Balanced Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifestyle Conservative Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifestyle Growth Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Lifestyle Moderate Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><B><FONT face=sans-serif size=1>SECTOR</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Financial Industries Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Health Sciences Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Real Estate Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Regional Bank Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Technology Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Technology Leaders Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>The Fund&#146;s investment objectives, risks, charges and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, call your financial professional, call John Hancock Funds at 1-800-225-5291 or visit the Fund&#146;s Web site at www.jhfunds.com. Please read the prospectus carefully before investing or sending money.</FONT></P>
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<IMG src="patpremdivtwx32x1.jpg" border=0>
<BR>
<P align=left><FONT face=sans-serif size=1>1-800-225-0218</FONT><BR>
<FONT face=sans-serif size=1>1-800-231-5469 TDD</FONT><BR>
<FONT face=sans-serif size=1>1-800-843-0090 EASI-Line</FONT><BR>
<FONT face=sans-serif size=1>www.</FONT><FONT face=sans-serif size=1>jhfunds. </FONT><FONT face=sans-serif size=1>com</FONT></P>
<P align=left><FONT face=sans-serif size=2>PRESORTED</FONT><BR>
<FONT face=sans-serif size=2>STANDARD</FONT><BR>
<FONT face=sans-serif size=2>U.S. </FONT><FONT face=sans-serif size=2>POSTAGE</FONT><BR>
<FONT face=sans-serif size=2>PAID</FONT><BR>
<FONT face=sans-serif size=2>MIS</FONT></P>
<P align=left><FONT face=sans-serif size=1>P20SA 4/07</FONT><BR>
<FONT face=sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/07</FONT></P>
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<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">ITEM 2. CODE OF ETHICS.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">As of the end of the period, April 30, 2007, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer
(respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the &#147;Senior Financial Officers&#148;). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. </FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">Not applicable at this time.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">Not applicable at this time.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">Not applicable at this time. </FONT><BR>
<BR>
<FONT size=2 face="sans-serif">ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">Not applicable.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. </FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">Not applicable.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. </FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">Not applicable.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. </FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">Not applicable.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">There were no material changes to previously disclosed John Hancock Funds - Administration Committee Charter and John Hancock Funds &#150; Governance Committee Charter. </FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">ITEM 11. CONTROLS AND PROCEDURES.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal
financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed </FONT></P>

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<FONT size=2 face="sans-serif">by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an
annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. </FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">ITEM 12. EXHIBITS.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">(a)(1) Code of Ethics for Senior Financial Officers is attached. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment
Company Act of 1940, are attached. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to
the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically
incorporates them by reference. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached &#147;John Hancock Funds &#150; Governance Committee Charter&#148;. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c)(2) Proxy Voting Policies and Procedures are attached. </FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">(c)(3) Contact person at the registrant.</FONT></TD></TR></TABLE>
</P>

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<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>SIGNATURES</FONT></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P align=left><FONT face=sans-serif size=2>John Hancock Patriot Premium Dividend Fund II</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>By: /s/ Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>------------------------------------- </FONT><BR>
<FONT face=sans-serif size=2>Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>President and Chief Executive Officer</FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: June 29, 2007 </FONT></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>By: /s/ Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>------------------------------------- </FONT><BR>
<FONT face=sans-serif size=2>Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>President and Chief Executive Officer</FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: June 29, 2007 </FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>By: /s/ Charles A. Rizzo </FONT><BR>
<FONT face=sans-serif size=2>-------------------------------------</FONT><BR>
<FONT face=sans-serif size=2>Charles A. Rizzo </FONT><BR>
<FONT face=sans-serif size=2>Chief Financial Officer </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: June 29, 2007 </FONT></TD></TR></TABLE></P>
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<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B><BR>
<BR>
<FONT size=2 face="sans-serif">I, Keith F. Hartstein, certify that:</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed this report on Form N-CSR of the John Hancock Patriot Premium Dividend Fund II (the &#147;registrant&#148;);</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of this report based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and</FONT></P>

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<FONT size=2 face="sans-serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">By: /s/ Keith F. Hartstein </FONT><BR>
<FONT size=2 face="sans-serif">------------------------------------- </FONT><BR>
<FONT size=2 face="sans-serif">Keith F. Hartstein </FONT><BR>
<FONT size=2 face="sans-serif">President and Chief Executive Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: June 29, 2007 </FONT></TD></TR></TABLE>
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<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B><BR>
<BR>
<FONT size=2 face="sans-serif">I, Charles A. Rizzo, certify that:</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed this report on Form N-CSR of the John Hancock Patriot Premium Dividend Fund II (the &#147;registrant&#148;);</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of this report based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and</FONT></P>

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<FONT size=2 face="sans-serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">By: /s/ Charles A. Rizzo </FONT><BR>
<FONT size=2 face="sans-serif">-------------------------------------</FONT><BR>
<FONT size=2 face="sans-serif">Charles A. Rizzo </FONT><BR>
<FONT size=2 face="sans-serif">Chief Financial Officer </FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: June 29, 2007 </FONT></TD></TR></TABLE>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_exnnos1.htm
<DESCRIPTION>CERTIFICATION 906
<TEXT>

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<P align=center><B><FONT face=sans-serif size=2>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of <BR>
the Sarbanes-Oxley Act of 2002 </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>In connection with the attached Report of John Hancock Patriot Premium Dividend Fund II (the &#147;registrant&#148;) on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P align=left><FONT face=sans-serif size=2>2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>/s/ Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>------------------------------------- </FONT><BR>
<FONT face=sans-serif size=2>Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>President and Chief Executive Officer</FONT><BR>
<BR>
<FONT face=sans-serif size=2>Dated: June 29, 2007 </FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif size=2>/s/ Charles A. Rizzo </FONT><BR>
<FONT face=sans-serif size=2>-------------------------------------</FONT><BR>
<FONT face=sans-serif size=2>Charles A. Rizzo </FONT><BR>
<FONT face=sans-serif size=2>Chief Financial Officer </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Dated: June 29, 2007 </FONT></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.</FONT></P>
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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>4
<FILENAME>d_codeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>

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<P align=left><B><FONT face=sans-serif size=2>JOHN HANCOCK FUNDS</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>CODE OF ETHICS</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>This is the code of ethics
of:</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149; </FONT>John Hancock Advisers, LLC</FONT><BR><BR><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
      </FONT>MFC Global Investment Management (U.S.), LLC (formerly known as Sovereign Asset Management LLC)</FONT><BR><BR><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149; </FONT>each open-end and
      closed-end fund advised by John Hancock Advisers, LLC</FONT><BR><BR><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149; </FONT>John
      Hancock Funds, LLC </FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>(together, called "John Hancock
Funds" or "JHF")</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>1. General
Principles</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Each person within the John Hancock
Funds organization is responsible for maintaining the very highest ethical
standards when conducting our business.</FONT></P>
<P align=left><FONT face=sans-serif size=2>This means that:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>You have a fiduciary duty at all times to place the interests of our
clients and fund investors first.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>All of your personal securities transactions must be conducted consistent
with the provisions of this code of ethics that apply to you and in such a
manner as to avoid any actual or potential conflict of interest or other abuse
of your position of trust and responsibility.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>You should not take inappropriate advantage of your position or engage in
any fraudulent or manipulative practice (such as front-running or manipulative
market timing) with respect to our clients' accounts or fund
investors.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>You must treat as confidential any information concerning the identity of
security holdings and financial circumstances of clients or fund
investors.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>You must comply with all applicable federal securities laws.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>You must promptly report any violation of this code of ethics that comes
to your attention to the Chief Compliance Officer of your company -see Appendix
F.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The General Principles discussed
above govern all conduct, whether or not</FONT></P>
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<P align=left><FONT face=sans-serif size=2>The General Principles discussed
above govern all conduct, whether or not the conduct is also covered by more
specific standards and procedures in this code of ethics. As described below
under the heading "Interpretation and Enforcement", failure to comply with the
code of ethics may result in disciplinary action, including termination of
employment.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>2. To Whom Does This Code
Apply?</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>This code of ethics applies to you if
you are a director, officer or employee of John Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC, John Hancock Funds, LLC or a John Hancock open-end or
closed-end fund registered under the Investment Company Act of 1940 (the "'40
Act") and advised by John Hancock Advisers, LLC ("John Hancock funds"). It also
applies to you if you are trustee of the John Hancock Financial Trends Fund,
Inc. or an employee of Manulife Financial Corporation or its subsidiaries who
participates in making recommendations for, or receives information about,
portfolio trades or holdings of the John Hancock funds or accounts. However,
notwithstanding anything herein to the contrary, it does not apply to any
trustees/directors of any open-end or closed-end funds advised by John Hancock
Advisers, LLC who are not "interested persons" of such funds as defined in
Section 2(a)(19) of the '40 Act, so long as they are subject to a separate Code
of Ethics (each, an "Excluded Independent Director"). Also, in some cases only a
limited number of provisions will apply to you, based on your access category.
For example, only a limited number of provisions apply to directors of the John
Hancock open-end funds and closed-end funds who are not Excluded Independent
Directors-- see Appendix C for more information.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Please note that if a policy
described below applies to you, it also applies to all accounts over which you
have a beneficial interest. </FONT><FONT face=sans-serif size=2>Normally, you
will be deemed to have a beneficial interest in your personal accounts, those of
a spouse, "significant other," minor children or family members sharing a
household, as well as all accounts over which you have discretion or give advice
or information. "Significant others" are defined for these purposes as two
people who (1) share the same primary residence; (2) share living expenses; and
(3) are in a committed relationship and intend to remain in the relationship
indefinitely.</FONT></P>
<P align=left><FONT face=sans-serif size=2>There are three main categories for
persons covered by this code of ethics, taking into account their positions,
duties and access to information regarding fund portfolio trades. You have been
notified about which of these categories applies to you, based on the JHF
Investment Compliance Department's understanding of your current role. If you
have a level of investment access beyond your assigned category, or if you are
promoted or change duties and as a result should more appropriately be included
in a different category, it is your responsibility to notify the Chief
Compliance Officer of your company.</FONT></P>
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<P align=left><FONT face=sans-serif size=2>The basic definitions of the three
main categories, with examples, are provided below. The more detailed
definitions of each category are attached as Appendix A.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="28%" colSpan=3><B><FONT face=sans-serif size=2>&#147;Investment Access&#148;
      person</FONT></B>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=left width="35%" colSpan=3><B><FONT face=sans-serif size=2>&#147;Regular Access&#148;
      person</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="29%" colSpan=3><B><FONT face=sans-serif size=2>&#147;Non-Access&#148;
      person</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=left width="35%" colSpan=3><FONT face=sans-serif size=2>A person who regularly has access</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=left width="35%" colSpan=3><FONT face=sans-serif size=2>to (1) fund portfolio trades or (2)</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="29%" colSpan=3><FONT face=sans-serif size=2>A person who does not regularly</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%" colSpan=3><FONT face=sans-serif size=2>A person who regularly participates</FONT>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=left width="35%" colSpan=3><FONT face=sans-serif size=2>non-public information regarding</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="29%" colSpan=3><FONT face=sans-serif size=2>participate in a fund&#146;s investment</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%" colSpan=3><FONT face=sans-serif size=2>in a fund&#146;s investment process or</FONT>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD align=left width="35%" colSpan=3><FONT face=Arial size=2>holdings or
      securities</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="29%" colSpan=3><FONT face=sans-serif size=2>process or obtain information</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%" colSpan=3><FONT face=sans-serif size=2>makes securities recommendations</FONT>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=left width="35%" colSpan=3><FONT face=sans-serif size=2>recommendations to clients.</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=left width="29%" colSpan=3><FONT face=sans-serif size=2>regarding fund portfolio trades</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="28%" colSpan=3><FONT face=sans-serif size=2>to clients.</FONT>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD align=left width="35%" colSpan=3></TD>
    <TD width="3%">&nbsp; </TD>
    <TD align=left width="29%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%">&nbsp; </TD>
    <TD width="2%"></TD>
    <TD width="25%" background="">&nbsp;</TD>
    <TD width="4%"></TD>
    <TD width="3%" background="">&nbsp;</TD>
    <TD width="2%"></TD>
    <TD width="30%" background=""><EM><U><FONT face=Arial size=2>examples:</FONT></U></EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="3%"></TD>
    <TD width="4%" background="">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="24%" background=""><EM><U><FONT face=Arial size=2>examples:</FONT></U></EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="25%" background=""><EM><U><FONT face=Arial size=2>examples:</FONT></U></EM>&nbsp; </TD>
    <TD width="4%" background=""></TD>
    <TD noWrap align=right width="3%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="30%" background=""></TD>
    <TD width="3%" background=""></TD>
    <TD noWrap align=right width="4%" background=""></TD>
    <TD width="1%" background=""></TD>
    <TD noWrap align=left width="24%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif>&#149;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="30%"><I><FONT face=sans-serif size=2>personnel in
      Investment</FONT></I>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif>&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%"><I><FONT face=sans-serif size=2>wholesalers</FONT></I>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp; &#149;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%"><EM><FONT face=Arial size=2>portfolio
      managers</FONT></EM>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="30%"><I><FONT face=sans-serif size=2>Operations or
      Compliance</FONT></I>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%"></TD></TR>
  <TR>
    <TD noWrap align=right width="1%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="25%" background=""></TD>
    <TD width="4%" background=""></TD>
    <TD noWrap align=right width="3%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="30%" background=""></TD>
    <TD width="3%" background=""></TD>
    <TD noWrap align=right width="4%" background="">&#149;</TD>
    <TD width="1%" background=""></TD>
    <TD noWrap align=left width="24%" background=""><EM><FONT face=Arial size=2>inside wholesalers who</FONT></EM>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face=serif>&#149;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%"><EM><FONT face=Arial size=2>analysts</FONT></EM>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif>&#149;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="30%"><I><FONT face=sans-serif size=2>most FFM
      personnel</FONT></I>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%"><I><FONT face=sans-serif size=2>don&#146;t attend
      investment</FONT></I>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=right width="1%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="25%" background=""></TD>
    <TD width="4%" background=""></TD>
    <TD noWrap align=right width="3%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="30%" background=""></TD>
    <TD width="3%" background=""></TD>
    <TD noWrap align=right width="4%" background=""></TD>
    <TD width="1%" background=""></TD>
    <TD noWrap align=left width="24%" background=""><EM><FONT face=Arial size=2>&#147;morning meetings&#148;</FONT></EM>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"><FONT face=serif>&#149;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%"><EM><FONT face=Arial size=2>traders</FONT></EM>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif>&#149;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="30%"><I><FONT face=sans-serif size=2>Technology personnel
      with</FONT></I>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="4%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="30%"><I><FONT face=sans-serif size=2>access to
      investment</FONT></I>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="4%"><FONT face=serif>&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%"><I><FONT face=sans-serif size=2>certain
      administrative</FONT></I>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%"></TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="30%"><I><FONT face=sans-serif size=2>systems</FONT></I>&nbsp;
    </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="4%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%"><I><FONT face=sans-serif size=2>personnel</FONT></I>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="1%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="25%" background=""></TD>
    <TD width="4%" background=""></TD>
    <TD noWrap align=right width="3%" background=""></TD>
    <TD width="2%" background=""></TD>
    <TD noWrap align=left width="30%" background="">&nbsp;&nbsp; </TD>
    <TD width="3%" background=""></TD>
    <TD noWrap align=right width="4%" background=""></TD>
    <TD width="1%" background=""></TD>
    <TD noWrap align=left width="24%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif>&#149;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="30%"><I><FONT face=sans-serif size=2>attorneys and some
      legal</FONT></I>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="4%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="30%"><I><FONT face=sans-serif size=2>administration
      personnel</FONT></I>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="4%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif>&#149;</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="30%"><I><FONT face=sans-serif size=2>investment
      admin.</FONT></I>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="4%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD noWrap align=right width="3%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD noWrap align=left width="30%"><I><FONT face=sans-serif size=2>personnel</FONT></I>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD noWrap align=right width="4%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=11>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>3. Which Accounts and Securities
are Subject to the Code's Personal Trading Restrictions?</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>If this code of ethics describes
"Personal Trading Requirements" (i.e. John Hancock Mutual Fund reporting
requirement and holding period, the preclearance requirement, the ban on
short-term profits, the ban on IPOs, the disclosure of private placement
conflicts and the reporting requirements) that apply to your access category as
described above, then the requirements apply to trades for any account in which
you have a beneficial interest. Normally, this includes your personal accounts,
those of a spouse, "significant other," minor children or family members sharing
your household, as well as all accounts over which you have discretion or give
advice or information. This includes all brokerage accounts that contain
securities (including brokerage accounts that only contain securities exempt
from reporting). Accounts over which you have no direct or indirect influence or
control are exempt. To prevent potential violations of this code of ethics, you
are strongly encouraged to request clarification for any accounts that are in
question.</FONT></P>
<P align=left><FONT face=sans-serif size=2>These personal trading requirements
do not apply to the following securities:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;</FONT> Direct obligations of the U.S. government (e.g., treasury
securities);</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;</FONT> Bankers' acceptances, bank certificates of deposit, commercial
paper, and high quality short-term debt obligations, including repurchase
agreements;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;</FONT> Shares of open-end mutual funds registered under the '40 Act
that are not advised or sub-advised by John Hancock Advisers, John Hancock
Investment Management Services or another Manulife entity;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;</FONT> Shares issued by money market funds; and</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_4></A>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Securities in accounts over which you have no direct or indirect
influence or control.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Except as noted above, the Personal
Trading Requirements apply to all securities, including:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Stocks;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Bonds;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Government securities that are not direct obligations of the U.S.
government, such as Fannie Mae or municipal securities;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Closed-end funds;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Options on securities, on indexes, and on currencies;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Limited partnerships;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Domestic unit investment trusts;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Exchange traded funds;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Non-US unit investment trusts and Non-US mutual funds;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Private investment funds and hedge funds; and</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Futures, investment contracts or any other instrument that is considered
a "security" under the Investment Advisers Act.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Different requirements apply to
shares of open-end mutual funds that are advised or sub-advised by John Hancock
Advisers, LLC or another Manulife entity--see the section below titled "John
Hancock Mutual Funds Reporting Requirement and Holding Period".</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>4. Overview of
Policies</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="42%">&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>Investment Access</FONT>&nbsp;
    </TD>
    <TD width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Regular Access </FONT></TD>
    <TD width="9%"></TD>
    <TD noWrap align=left width="18%" background=""><FONT face=Arial size=2>Non-Access Person</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%">&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>Person</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Person</FONT>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"><FONT face=sans-serif size=2>General principles</FONT>&nbsp;
    </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"><FONT face=sans-serif size=2>Policies outside the
      code</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"><FONT face=sans-serif size=2>Conflict of interest
      policy</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"><FONT face=sans-serif size=2>Inside information
      policy</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"><FONT face=sans-serif size=2>Policy regarding dissemination
      of mutual fund</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"><FONT face=sans-serif size=2>portfolio
      information</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD width="9%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_5></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Policies in the
      code</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Restriction on
      gifts</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>John Hancock mutual funds
      reporting</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>requirement and holding
      period</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Pre-clearance
      requirement</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Limited</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Heightened preclearance of
      securities</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>transactions for &#147;Significant
      Personal</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Positions&#148;</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Ban on short-term
      profits</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Ban on IPOs</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Disclosure of private placement
      conflicts</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Seven day blackout
      period</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Reports and other disclosures
      outside the code</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Broker letter/duplicate
      confirms</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Reports and other disclosures in
      the code</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Annual recertification
      form</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Initial/annual holdings
      reports</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Quarterly transaction
      reports</FONT>&nbsp; </TD>
    <TD width="1%">&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="22%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=2>yes</FONT>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>no</FONT>&nbsp; </TD></TR>
  <TR>
    <TD align=left width="99%" background="" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>5. Policies Outside of the Code of
Ethics</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>John Hancock Funds have certain
policies that are not part of the code of ethics, but are equally important. The
two most important of these policies are (1) the Company Conflict and Business
Practice Policy; and (2) the Inside Information Policy.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Company Conflict &amp;
Business Practice Policy</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR><FONT face=sans-serif size=2>Applies to: Investment Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Regular Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Non-Access
      Persons</FONT><BR><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR></TD></TR></TABLE><FONT face=sans-serif size=2>A conflict of interest occurs when your private interests
interfere or could potentially interfere with your responsibilities at work. You
must not place yourself or the company in a position of actual or potential
conflict.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<P align=left><FONT face=sans-serif size=2>This Policy covers a number of
important issues for officers and employees of John Hancock Funds. For example,
you cannot serve as a director of any company without first obtaining the
required written executive approval.</FONT></P>
<P align=left><FONT face=sans-serif size=2>This Policy includes significant
requirements to be followed if your personal securities holdings overlap with
John Hancock funds investment activity. For example, if you or a member of your
family own:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>a 5% or greater interest in a company, John Hancock Funds and its
affiliates may not make any investment in that company;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>a 1% or greater interest in a company, you cannot participate in any
decision by John Hancock Funds and its affiliates to buy or sell that company's
securities;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>ANY interest in a company, you cannot recommend or participate in a
decision by John Hancock Funds and its affiliates to buy or sell that company's
securities unless your personal interest is fully disclosed at all stages of the
investment decision.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(This is just a summary of these
requirements--please read Section IV of the Company Conflict and Business
Practices Policy for more detailed information.)</FONT></P>
<P align=left><FONT face=sans-serif size=2>Other important issues in this Policy
include:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>personal investments or business relationships</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>misuse of inside information </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>receiving or giving of gifts, entertainment or favors </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>misuse or misrepresentation of your corporate position </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>disclosure of confidential or proprietary information </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>antitrust activities</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>political campaign contributions and expenditures on public
officials</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Inside Information Policy
and Procedures</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR><FONT face=sans-serif size=2>Applies to: Investment Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Regular Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Non-Access
      Persons</FONT><BR><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_7></A><FONT face=sans-serif size=2>
<P align=left><FONT face=sans-serif size=2>The antifraud provisions of the
federal securities laws generally prohibit persons with material non-public
information from trading on or </FONT>communicating the information to others.
Sanctions for violations can include civil injunctions, permanent bars from the
securities industry, civil penalties up to three times the profits made or
losses avoided, criminal fines and jail sentences. While Investment Access
persons are most likely to come in contact with material non-public information,
the rules (and sanctions) in this area apply to all John Hancock Funds personnel
and extend to activities both related and unrelated to your job
duties.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The Inside Information Policy and
Procedures covers a number of important issues, such as:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>The misuse of material non-public information</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>The information barrier procedure</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>The "restricted list" and the "watch list"</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>broker letters and duplicate confirmation statements (see section 7 of
this code of ethics)</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Policy Regarding
Dissemination of Mutual Fund Portfolio Information</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR><FONT face=sans-serif size=2>Applies to: Investment Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Regular Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Non-Access
      Persons</FONT><BR><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>Information about securities held in
a mutual fund cannot be disclosed except in accordance with this Policy, which
generally requires time delays of approximately one month and public posting of
the information to ensure that it uniformly enters the public domain.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>6. Policies in the Code of
Ethics</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Restriction on
Gifts</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR><FONT face=sans-serif size=2>Applies to: Investment Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Regular Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Non-Access
      Persons</FONT><BR><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>You and your family cannot accept
preferential treatment or favors (for example, gifts) from securities brokers or
dealers or other organizations with which John Hancock Funds might transact
business, except in accordance with the Company Conflict and Business Practice
Policy. For the protection of both you and John Hancock Funds, the appearance of
a possible conflict of interest must be avoided. You should exercise caution in
any</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_8></A>
<P align=left><FONT face=sans-serif size=2>instance in which business travel and
lodging are paid for by someone other than John Hancock Funds. The purpose of
this policy is to minimize the basis for any charge that you used your John
Hancock Funds position to obtain for yourself opportunities which otherwise
would not be offered to you. Please see the Company Conflict and Business
Practice Policy's "Compensation and Gifts" section for additional details
regarding restrictions on gifts and exceptions for "nominal value"
gifts.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; John Hancock Mutual Funds
Reporting Requirement and Holding Period</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR><FONT face=sans-serif size=2>Applies to: Investment Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Regular Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Non-Access
      Persons</FONT><BR><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>You must follow the reporting
requirement and the holding period requirement specified below if you purchase
either:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>a "John Hancock Mutual Fund" (i.e. a '40 Act mutual fund that is advised
by </FONT><FONT face=sans-serif size=2>John Hancock Advisers, LLC, John Hancock
Investment Management Services LLC or by another Manulife entity); or</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>a "John Hancock Variable Product" (i.e. contracts funded by insurance
company separate accounts that use one or more portfolios of John Hancock
Trust). </FONT><FONT face=sans-serif size=2>The John Hancock Mutual Funds
reporting requirement and the holding period requirement are excluded for the
money market funds and any dividend reinvestment, payroll deduction, systematic
investment/withdrawal and/or other program trades.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Reporting Requirement: You must
report your holdings and your trades in a John Hancock Mutual Fund or a John
Hancock Variable Product. This is not a preclearance requirement--you can report
your holdings after you trade by submitting duplicate confirmation statements to
the JHF Investment Compliance Department. If you are an Investment Access Person
or a Regular Access Person, you must also make sure that your holdings in a John
Hancock fund or a John Hancock variable product are included in your Initial
Holdings Report (upon hire) and Annual Holdings Report (each year
end).</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you purchase a John Hancock
Variable Product, you must notify the JHF Investment Compliance Department. The
JHF Investment Compliance Department will then obtain directly from the contract
administrators the personal trade and holdings information regarding the
portfolios underlying the Manulife or John Hancock variable insurance
contracts.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The JHF Investment Compliance
Department will obtain personal securities trades and holdings information in
the 401(k) plan for John Hancock funds directly from the plan
administrators.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_9"></A>

<P align="left">
<FONT size=2 face="sans-serif">Holding Requirement: You cannot profit from the purchase and sale of a John Hancock Mutual Fund within 30 calendar days. The purpose of this policy is to address the risk, real or perceived, of manipulative market
timing or other abusive practices involving short-term personal trading in the John Hancock Mutual Funds. Any profits realized on short-term trades must be surrendered by check payable to John Hancock Advisers, LLC and will be contributed by John
Hancock Advisers, LLC to a charity, upon determination by the Compliance and Business Practices Committee. If you donate or gift a security, it is considered a sale. You may request an exemption from this policy for involuntary sales due to
unforeseen corporate activity (such as a merger), or for sales due to hardship reasons (such as unexpected medical expenses) by sending an e-mail to the Chief Compliance Officer of your company.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">&gt;&gt; Preclearance of Securities Transactions</FONT></B></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">--------------------------------------------------------------------------------</FONT><BR>
<FONT size=2 face="sans-serif">Applies to: Investment Access Persons</FONT><BR>
<FONT size=2 face="sans-serif">Regular Access Persons</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Also, for a limited category of trades:</FONT><BR>
<FONT size=2 face="sans-serif">------------------------------------</FONT><BR>
<FONT size=2 face="sans-serif">Non-Access Persons</FONT><BR>
<FONT size=2 face="sans-serif">--------------------------------------------------------------------------------</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Limited Category of Trades for Non-Access Persons: If you are a Non-Access person, you must preclear transactions in securities of any closed-end funds advised by John Hancock Advisers, LLC. A Non-Access person is not
required to preclear other trades. However, please keep in mind that a Non-Access person is required to report securities transactions after every trade (even those that are not required to be precleared) by requiring your broker to submit duplicate
confirmation statements, as described in section 7 of this code of ethics.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Investment Access persons and Regular Access persons: If you are an Investment Access person or Regular Access person, you must "preclear" (i.e.: receive advance approval of) any personal securities transactions in the
categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions". Due to this preclearance requirement, participation in investment clubs is prohibited.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Preclearance of private placements requires some special considerations--the decision will take into account whether, for example: (1) the investment opportunity should be reserved for John Hancock Funds clients; and
(2) it is being offered to you because of your position with John Hancock Funds.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">How to preclear: You preclear a trade by following the steps outlined in the preclearance procedures, which are attached as Appendix B. Please note that:</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_10></A>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>You may not trade until clearance is received.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Clearance approval is valid only for the date granted (i.e. the
preclearance date and the trade date should be the same).</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>A separate procedure should be followed for requesting preclearance of a
private placement or a derivative, as detailed in Appendix B. The JHF Investment
Compliance Department must maintain a five-year record of all clearances of
private placement purchases by Investment Access persons, and the reasons
supporting the clearances.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The preclearance policy is designed
to proactively identify potential "problem trades" that raise front-running,
manipulative market timing or other conflict of interest concerns (example: when
an Investment Access person trades a security on the same day as a John Hancock
fund).</FONT></P>
<P align=left><FONT face=sans-serif size=2>Certain transactions in securities
that would normally require pre-clearance are exempt from the pre-clearance
requirement in the following situations; (1) shares are being purchased as part
of an automatic investment plan; (2) shares are being purchased as part of a
dividend reinvestment plan; or (3) transactions are being made in an account
over which you have designated a third party as having discretion to trade (you
must have approval from the Chief Compliance Officer to establish a
discretionary account).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Heightened Preclearance
of Securities Transactions for "Significant Personal Positions"</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR><FONT face=sans-serif size=2>Applies to: Investment Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Regular Access
      Persons</FONT><BR><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>If you are an Investment Access
person or Regular Access person with a personal securities position that is
worth $100,000 or more, this is deemed to be a "Significant Personal Position".
This applies to any personal securities positions in the categories described
above in the section "Which Accounts and Securities are Subject to the Code's
Personal Trading Restrictions". Before you make personal trades to establish,
increase or decrease a Significant Personal Position, you must notify either the
Chief Fixed Income Officer or the Chief Equity Officer that (1) you intend to
trade in a Significant Personal Position and (2) confirm that you are not aware
of any clients for whom related trades should be completed first. You must
receive their pre-approval to proceed--their approval will be based on their
conclusion that your personal trade in a Significant Personal Position will not
"front-run" any action that John Hancock Funds should take for a client. This
Heightened Preclearance requirement is in addition to, not in place of, the
regular preclearance requirement described above--you must also receive the
regular preclearance before you trade.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_11"></A>

<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">&gt;&gt; Ban on Short-Term Profits</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">--------------------------------------------------------------------------------<BR>Applies to: Investment Access Persons <BR>--------------------------------------------------------------------------------</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">If you are an Investment Access person, you cannot profit from the purchase and sale (or sale and purchase) of the same (or equivalent) securities within 60 calendar days. This applies to any personal securities trades
in the categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions".</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">You may invest in derivatives or sell short provided the transaction period exceeds the 60-day holding period (30 days for '40 Act mutual funds advised by John Hancock Advisers, LLC, John Hancock Investment Management
Services LLC or another Manulife entity). If you donate or gift a security, it is considered a sale.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The purpose of this policy is to address the risk, real or perceived, of front-running, manipulative market timing or other abusive practices involving short-term personal trading. Any profits realized on short-term
trades must be surrendered by check payable to John Hancock Advisers, LLC and will be contributed by John Hancock Advisers, LLC to a charity, upon determination by the Compliance and Business Practices Committee.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">You may request an exemption from this policy for involuntary sales due to unforeseen corporate activity (such as a merger), or for sales due to hardship reasons (such as unexpected medical expenses) from the JHF
Investment Compliance Department.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">&gt;&gt; Ban on IPOs</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">--------------------------------------------------------------------------------<BR>Applies to: Investment Access Persons <BR>--------------------------------------------------------------------------------</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">If you are an Investment Access person, you may not acquire securities in an initial public offering (IPO). You may not purchase any newly-issued securities until the next business (trading) day after the offering
date. This applies to any personal securities trades in the categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions".</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">There are two main reasons for this prohibition: (1) these purchases may suggest that persons have taken inappropriate advantage of their positions for personal profit; and (2) these purchases may create at least the
appearance that an investment opportunity that should have been available to the John Hancock funds was diverted to the personal benefit of an individual employee.</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_12></A>
<P align=left><FONT face=sans-serif size=2>You may request an exemption for
certain investments that do not create a potential conflict of interest, such
as: (1) securities of a mutual bank or mutual insurance company received as
compensation in a demutualization and other similar non-voluntary stock
acquisitions; (2) fixed rights offerings; or (3) a family member's participation
as a form of employment compensation in their employer's IPO.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Disclosure of Private
Placement Conflicts</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>--------------------------------------------------------------------------------<BR>Applies
to: Investment Access Persons
<BR>--------------------------------------------------------------------------------</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you are an Investment Access
person and you own securities purchased in a private placement, you must
disclose that holding when you participate in a decision to purchase or sell
that same issuer's securities for a John Hancock fund. This applies to any
private placement holdings in the categories described above in the section
"Which Accounts and Securities are Subject to the Code's Personal Trading
Restrictions". Private placements are securities exempt from SEC registration
under section 4(2), section 4(6) or rules 504 -506 of the Securities Act of
1933.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The investment decision must be
subject to an independent review by investment personnel with no personal
interest in the issuer.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The purpose of this policy is to
provide appropriate scrutiny in situations in which there is a potential
conflict of interest.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>&gt;&gt; Seven Day Blackout
      Period</FONT></B><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>--------------------------------------------------------------------------------<BR>Applies
to: Investment Access Persons
<BR>--------------------------------------------------------------------------------</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you are a portfolio manager (or
were identified to the JHF Investment Compliance Department as part of a
portfolio management team) you are prohibited from buying or selling a security
within seven calendar days before and after that security is traded for a fund
that you manage unless no conflict of interest exists in relation to that
security (as determined by the Compliance and Ethics Committee).</FONT></P>
<P align=left><FONT face=sans-serif size=2>In addition, all investment access
persons are prohibited from knowingly buying or selling a security within seven
calendar days before and after that security is traded for a John Hancock fund
unless no conflict of interest exists in relation to that security. This applies
to any personal securities trades in the categories described above in the
section "Which Accounts and Securities are Subject to the Code's Personal
Trading Restrictions". If a John Hancock fund trades in a security within seven
calendar days before or after you trade in that security, you may be required to
demonstrate that you did not know that the trade was being <FONT face=sans-serif size=2>considered for that John Hancock fund.</FONT></P></FONT>
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<P align=left><FONT face=sans-serif size=2>You will be required to sell any
security purchased in violation of this policy unless it is determined that no
conflict of interest exists in relation to that security (as determined by the
Compliance and Ethics Committee). Any profits realized on trades determined by
the Compliance and Ethics Committee to be in violation of this policy must be
surrendered by check payable to John Hancock Advisers, LLC and will be
contributed by John Hancock Advisers, LLC to a charity.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>7. Reports and Other Disclosures
Outside the Code of Ethics </FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Broker Letter/Duplicate
Confirm Statements</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>--------------------------------------------------------------------------------<BR>Applies
to: Investment Access Persons<BR>Regular Access Persons <BR>Non-Access Persons
<BR>--------------------------------------------------------------------------------</FONT></P>
<P align=left><FONT face=sans-serif size=2>As required by the Inside Information
Policy, you must inform your stockbroker that you are employed by an investment
adviser or broker. Your broker is subject to certain rules designed to prevent
favoritism toward your accounts. You may not accept negotiated commission rates
that you believe may be more favorable than the broker grants to accounts with
similar characteristics.</FONT></P>
<P align=left><FONT face=sans-serif size=2>When a brokerage account is opened
for which you have a beneficial interest, before any trades are made, you
must:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Notify the broker-dealer with which you are opening an account that you
are a registered associate of John Hancock Funds;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Ask the firm in writing to have duplicate written confirmations of any
trade, as well as statements or other information concerning the account, sent
to the John Hancock Funds Investment Compliance Department (contact: Fred
Spring), 8th Floor, 101 Huntington Avenue, Boston, MA 02199; and</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Notify the JHF Investment Compliance Department, in writing, that you
have an account before you place any trades.</FONT></P>
<P align=left><FONT face=sans-serif size=2>This applies to any personal
securities trades in the categories described above in the section "Which
Accounts and Securities are Subject to the Code's Personal Trading Restrictions"
as well as trades in John Hancock Mutual Funds and John Hancock Variable
Products. The JHF Investment Compliance Department may rely on information
submitted by your broker as part of your reporting requirements under this code
of ethics.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>8. Reports and Other Disclosures
In the Code of Ethics</FONT></B></P>
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<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Initial Holdings Report
and Annual Holdings Report</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR><FONT face=sans-serif size=2>Applies to: Investment Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Regular Access
      Persons</FONT><BR><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>You must file an initial holdings
report within 10 calendar days after becoming an Investment Access person or a
Regular Access person. The information must be current as of a date no more than
45 days prior to your becoming an Investment Access person or a Regular Access
person.</FONT></P>
<P align=left><FONT face=sans-serif size=2>You must also file an annual holdings
report (as of December 31st) within 45 calendar days after the calendar year
end. This applies to any personal securities holdings in the categories
described above in the section "Which Accounts and Securities are Subject to the
Code's Personal Trading Restrictions" as well as holdings in John Hancock Mutual
Funds and John Hancock Variable Products.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Your reports must include:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>the title and type of security, and as applicable the exchange ticker
symbol or CUSIP number, number of shares, and principal amount of each
reportable security;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>the name of any broker, dealer or bank with which you maintain an
account; and</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>the date that you submit the report.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Quarterly Transaction
Certification</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR><FONT face=sans-serif size=2>Applies to: Investment Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Regular Access
      Persons</FONT><BR><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>On a quarterly basis, Investment
Access Persons and Regular Access persons are required to certify transactions
in their brokerage accounts and the John Hancock Funds 401(k) Plan. Within 30
calendar days after the end of each calendar quarter you will be asked to log
into the John Hancock Personal Trading and Reporting System to verify that the
system has captured accurately all transactions for the preceding calendar
quarter for accounts and trades which are required to be reported pursuant to
the above noted section entitled "Which Accounts and Securities are Subject to
the Code's Personal Trading Restrictions". Even if you have no transactions to
report you will be asked to complete the certification.</FONT></P>
<P align=left><FONT face=sans-serif size=2>For each transaction you must report
the following information:</FONT></P>
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<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>the date of the transaction, the title, and as applicable the exchange
</FONT>ticker symbol or CUSIP number, interest rate and maturity date, number of
shares, and principal amount of each reportable security involved;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;</FONT> the nature of the transaction (i.e. purchase, sale or any other
type of acquisition or disposition);</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;</FONT> the price at which the transaction was effected;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;</FONT> the name of the broker, dealer or bank with or through which the
transaction was effected; and</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Quarterly Brokerage
Account Certification</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR><FONT face=sans-serif size=2>Applies to: Investment Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Regular Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Non-Access
      Persons</FONT><BR><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>Each quarter, all Investment Access
Persons, Regular Access Persons and Non-Access Persons will be required to
provide a complete list of all brokerage accounts as described above in the
section entitled "Which Accounts and Securities are Subject to the Code's
Personal Trading Restrictions". This includes all brokerage accounts, including
brokerage accounts that only contain securities exempt from
reporting.</FONT></P>
<P align=left><FONT face=sans-serif size=2>You will be asked to log into the
John Hancock Personal Trading and Reporting System and verify that all brokerage
accounts are listed and the following information is accurate:</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;</FONT> Account number;</FONT><BR><BR><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;</FONT> Account
      registration;</FONT><BR><BR><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;</FONT> Brokerage
  firm</FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=sans-serif size=2>&gt;&gt; Annual
Certification</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR><FONT face=sans-serif size=2>Applies to: Investment Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Regular Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Non-Access
      Persons</FONT><BR><FONT face=sans-serif size=2>Limited Access
      Persons</FONT><BR><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>At least annually (or additionally
when the code of ethics has been significantly changed), you must provide a
certification at a date designated by the Investment Compliance Department
that:</FONT></P>
<P align=left><FONT face=sans-serif size=2>(1) you have read and understood this
code of ethics;</FONT></P>
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<P align="left">
<FONT size=2 face="sans-serif">(2) you recognize that you are subject to its policies; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(3) you have complied with its requirements.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">You are required to make this certification to demonstrate that you understand the importance of these policies and your responsibilities under the code of ethics.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">9. Limited Access Persons</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">There is an additional category of persons called "Limited Access" persons. This category consists only of directors of John Hancock Advisers, LLC, trustees of the John Hancock Financial Trends Fund, Inc. or an
"interested person" of the John Hancock funds who:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) are not also officers of John Hancock Advisers, LLC; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) do not ordinarily obtain information about fund portfolio trades</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">An "interested person" of the John Hancock funds has the meaning given to the term in Section 2(a)(19) of the '40 Act.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">A more detailed definition of Limited Access persons, and a list of the policies that apply to them, is attached as Appendix C.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">10. Subadvisers</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">A subadviser to a John Hancock fund has a number of code of ethics responsibilities, as described in Appendix D.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">11. Reporting Violations</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">If you know of any violation of our code of ethics, you have a responsibility to promptly report it to the Chief Compliance Officer of your company. You should also report any deviations from the controls and
procedures that safeguard John Hancock Funds and the assets of our clients. You can request confidential treatment of your reporting action.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">12. Interpretation and Enforcement</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">This code of ethics cannot anticipate every situation in which personal interests may be in conflict with the interests of our clients and fund investors. You should be responsive to the spirit and intent of this code
of ethics as well as its specific provisions.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">When any doubt exists regarding any code of ethics provision or whether a conflict of interest with clients or fund investors might exist, you should</FONT></P>

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<P align=left><FONT face=sans-serif size=2>discuss the situation in advance with
the Chief Compliance Officer of your company. The code of ethics is designed to
detect and prevent fraud against clients and fund investors, and to avoid the
appearance of impropriety. If you feel inequitably burdened by any policy, you
should feel free to contact your Chief Compliance Officer or the Compliance and
Business Practices Committee. Exceptions may be granted where warranted by
applicable facts and circumstances. For example, exemption from some Personal
Trading Requirements may be granted for transactions effected pursuant to an
automatic investment plan.</FONT></P>
<P align=left><FONT face=sans-serif size=2>To provide assurance that policies
are effective, the JHF Investment Compliance Department will monitor and check
personal securities transaction reports and certifications against fund
portfolio transactions. Additional administration and recordkeeping procedures
are described in Appendix E.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The Chief Compliance Officer of your
company has general administrative responsibility for this code of ethics as it
applies to the access persons of your company; an appropriate Compliance
Department will administer procedures to review personal trading reports. The
Compliance and Business Practices Committee of John Hancock Funds approves
amendments to the code of ethics and dispenses employee/officer sanctions for
violations of the code of ethics. The Boards of Trustees/Directors of the
open-end mutual funds and closed-end funds also approve amendments to the code
of ethics and dispenses sanctions for access persons of the Funds who are not
employees/officers. Accordingly, the Investment Compliance Department will refer
violations to the Compliance and Business Practices Committee and/or the Boards
of Trustees/Directors of the John Hancock '40 Act funds, respectively, for
review and appropriate action. The following factors will be considered when
determining a fine or other disciplinary action:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>the person's position and function (senior personnel may be held to a
higher standard);</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>the amount of the trade;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>whether the funds or accounts hold the security and were trading the same
day;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>whether the violation was by a family member.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>whether the person has had a prior violation and which policy was
involved.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>whether the employee self-reported the violation.</FONT></P>
<P align=left><FONT face=sans-serif size=2>You can request reconsideration of
any disciplinary action by submitting a written request.</FONT></P>
<P align=left><FONT face=sans-serif size=2>No less frequently than annually, a
written report of all material violations and sanctions, significant conflicts
of interest and other related issues will be submitted to the boards of
directors of the John</FONT></P>
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<P align=left><FONT face=sans-serif size=2>Hancock funds for their review.
Sanctions for violations could include (but are not limited to) fines,
limitation of personal trading activity, suspension or termination of the
violator's position with John Hancock Funds and/or a report to the appropriate
regulatory authority.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>13. Education of
Employees</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The JHF Investment Compliance
Department will provide a paper copy or electronic version of the Code of Ethics
(and any amendments) to each person subject to this Code of Ethics. The JHF
Investment Compliance Department will also administer training of employees on
the principles and procedures of the code of ethics.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Appendix A: Categories of
Personnel</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>You have been notified about which of
these categories applies to you, based on the JHF Investment Compliance
Department's understanding of your current role. If you have a level of
investment access beyond that category, or if you are promoted or change duties
and as a result should more appropriately be included in a different category,
it is your responsibility to immediately notify the Chief Compliance Officer of
your company.</FONT></P>
<P align=left><FONT face=sans-serif size=2>1) Investment Access person: You are
an Investment Access person if you are an employee of John Hancock Advisers,
LLC, MFC Global Investment Management (U.S.), LLC, a John Hancock fund, or Manulife Financial
Corporation or its subsidiaries who, in connection with your regular functions
or duties, makes or participates in making recommendations regarding the
purchase or sale of securities by a John Hancock fund.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(examples: portfolio managers,
analysts, traders)</FONT></P>
<P align=left><FONT face=sans-serif size=2>2) Regular Access person: You are a
Regular Access person if you do not fit the definition of Investment Access
Person, but you do fit one of the following two sub-categories:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>You are an officer (vice president and higher) or director of John
Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC or a John Hancock fund,
unless you qualify as a Limited Access person--please see Appendix C for this
definition.)</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>You are an employee of John Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC, a John Hancock fund or Manulife Financial Corporation or its
subsidiaries , or a director, officer (vice president and higher) or employee of
John Hancock Funds, LLC who has access to nonpublic information regarding any
clients' purchase or sale of securities, or nonpublic information regarding the
portfolio holdings of any reportable fund or who is involved in making
securities recommendations to clients, or who has access to such recommendations
that are nonpublic.</FONT></P>
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<P align=left><FONT face=sans-serif size=2>(examples: Investment Operations
personnel, Investment Compliance </FONT><FONT face=sans-serif size=2>Department
personnel, most Fund Financial Management personnel, investment administrative
personnel, Technology Resources personnel with access to investment systems,
attorneys and some legal administration personnel)</FONT></P>
<P align=left><FONT face=sans-serif size=2>3) Non-Access person: You are a
non-access person if you are an employee of John Hancock Advisers, LLC,
MFC Global Investment Management (U.S.), LLC, John Hancock Funds, LLC or a John Hancock fund
who does not fit the definitions of any of the other three categories
(Investment Access Person, Regular Access Person or Limited Access Person). To
be a non-access person, you must not have access to information regarding the
purchase or sale of securities by a John Hancock fund or nonpublic information
regarding the portfolio holdings in connection with your regular functions or
duties.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(examples: wholesalers, inside
wholesalers, certain administrative staff)</FONT></P>
<P align=left><FONT face=sans-serif size=2>4) Limited Access Person: Please see
Appendix C for this definition.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Appendix B: Preclearance
Procedures</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>You should read the Code of Ethics to
determine whether you must obtain a preclearance before you enter into a
securities transaction. If you are required to obtain a preclearance, you should
follow the procedures detailed below.</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. Pre-clearance for Public
Securities including Derivatives, Futures, Options and Selling Short:</FONT></P>
<P align=left><FONT face=sans-serif size=2>A request to pre-clear should be
entered into the John Hancock Personal Trading &amp; Reporting
System.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The John Hancock Personal Trading
&amp; Reporting System is located under your Start Menu on your Desktop. It can
be accessed by going to Programs/Personal Trading &amp; Reporting/ Personal
Trading &amp; Reporting and by entering your Web Security Services user id and
password.</FONT></P>
<P align=left><FONT face=sans-serif size=2>If the John Hancock Personal Trading
&amp; Reporting System is not on your Desktop, please contact the HELP Desk at
(617) 572-6950 for assistance.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>The Trade Request
Screen:</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>At times you may receive a message
like "System is currently unavailable". The system is scheduled to be offline
from 8:00 PM until 7:00 AM each night.</FONT></P>
<P align=left><FONT face=sans-serif size=2>[GRAPHIC: Trade Request
Screen]</FONT></P>
<P align=left><FONT face=sans-serif size=2>Ticker/Security Cusip: Fill in either
the ticker, cusip or security name with the proper information of the security
you want to buy or sell. Then</FONT></P>
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<P align="left">
<FONT size=2 face="sans-serif">click the [Lookup] button. Select one of the hyperlinks for the desired security, and the system will populate the proper fields Ticker, Security Cusip, Security Name and Security Type automatically on the Trade
Request Screen.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">If You Don't Know the Ticker, Cusip, or Security Name:</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">If you do not know the full ticker, you may type in the first few letters followed by an asterisk * and click the [Lookup] button. For example, let's say you want to buy some shares of Intel, but all you can remember
of the ticker is that it begins with int, so you enter int* for Ticker. If any tickers beginning with int are found, they are displayed on a new screen. Select the hyperlink of the one you want, and the system will populate Security Cusip, Security
Name and Security Type automatically on the Trade Request Screen. If you do not know the full cusip, you may type in the first few numbers followed by an asterisk * and click the [Lookup] button. For example, let's say you want to buy some shares of
Microsoft, but all you can remember of the cusip is that it begins with 594918, so you enter 594918* for Ticker. If any cusips beginning with 594918 are found, they are displayed on a new screen. Select the hyperlink of the one you want, and the
system will fill in Ticker, Security Name and Security Type automatically on the Trade Request Screen. If you do not know the Ticker but have an idea of what the Security Name is, you may type in an asterisk, a few letters of the name and an
asterisk * and click the [Lookup] button. For example, let's say you want to buy some shares of American Brands, so you enter *amer* for Security Name. Any securities whose names have amer in them are displayed on a new screen, where you are asked
to select the hyperlink of the one you want, and the system will fill in Ticker, Cusip and Security Type automatically on the Trade Request Screen.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Other Items on the Trade Request Screen:</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Brokerage Account: Click on the dropdown arrow to the right of the Brokerage Account field to choose the account to be used for the trade.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Transaction Type: Choose one of the values displayed when you click the dropdown arrow to the right of this field.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Trade Date: You may only submit trade requests for the current date.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Note: One or more of these fields may not appear on the Request Entry screen if the information is not required. Required fields are determined by the Investment Compliance Department.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Click the [Submit Request] button to send the trade request to your Investment Compliance department.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Once you click the [Submit Request] button, you will be asked to confirm the values you have entered. Review the information and click the [Confirm] button if all the information is correct. After which, you will
receive</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">immediate feedback in your web browser. (Note: We suggest that you print out this confirmation and keep it as a record of the trade you have made). After this, you can either submit another trade request or
logout.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Attention Investment Access Persons: If the system identifies a potential violation of the Ban on Short Term Profits Rule, your request will be sent to the Investment Compliance Department for review and you will
receive feedback via the e-mail system.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Starting Over:</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">To clear everything on the screen and start over, click the [Clear Screen] button.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Exiting Without Submitting the Trade Request:</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">If you decide not to submit the trade request before clicking the [Submit Request] button, simply exit from the browser by clicking the [X] button on the upper right or by pressing [Alt+F4], or by clicking the Logout
hyperlink on the lower left side of the screen.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Ticker/Security Name Lookup Screen:</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">You arrive at this screen from the Trade Request Screen, where you've clicked the [Lookup] button (see above, "If You Don't Know the Ticker, Cusip, or Security Name"). If you see the security you want to trade, you
simply select its corresponding hyperlink, and you will automatically return to the Trade Request Screen, where you finish making your trade request. If the security you want to trade is not shown, that means that it is not recognized by the system
under the criteria you used to look it up. Keep searching under other names (click the [Return to Request] button) until you are sure that the security is not in the system. If you determine that the desired security is not in the system, please
contact a member of the Investment Compliance department to add the security for you. Contacts are listed below:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Fred Spring (617) 375-4987</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Adding Brokerage Accounts:</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">To access this functionality, click on the Add Brokerage Account hyperlink on the left frame of your browser screen. You will be prompted to enter the Brokerage Account Number, Brokerage Account Name, Date Opened, and
Broker. When you click the [Create New Brokerage Account] button, you will receive a message that informs you whether the account was successfully created.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">[GRAPHIC: Add Brokerage Account screen]</FONT></P>

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<P align="left">
<B><FONT size=2 face="sans-serif">3. Pre-clearance for Private Placements and Initial Public Offerings:</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">You may request a preclearance of private placement securities or an Initial Public Offering by contacting Fred Spring via email (please "cc." Frank Knox on all such requests). Please keep in mind that the code of
ethics prohibits Investment Access persons from purchasing securities in an initial public offering.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The request must include:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">|_| the associate's name;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">|_| the associate's John Hancock Funds' company;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">|_| the complete name of the security;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">|_| the seller (i.e the selling party if identified and/or the broker-dealer or placement agent) and whether or not the associate does business with those individuals or entities on a regular basis;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">|_| the basis upon which the associate is being offered this investment opportunity;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">|_| any potential conflict, present or future, with fund trading activity and whether the security might be offered as inducement to later recommend publicly traded securities for any fund or to trade through a
particular broker-dealer or placement agent; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">|_| the date of the request.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Clearance of private placements or initial public offerings may be denied for any appropriate reason, such as if the transaction could create the appearance of impropriety. Clearance of initial public offerings will
also be denied if the transaction is prohibited for a person due to his or her access category under the code of ethics.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Appendix C: Limited Access Persons</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">There are three types of Limited Access Persons--(1) Certain directors of the Adviser and (2) the trustees of the John Hancock Financial Trends Fund, Inc. and (3) the directors of the John Hancock open-end funds and
closed-end funds who are not Excluded Independent Directors</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(1) Certain Directors of the Adviser:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">You are a Limited Access person if you are a director of John Hancock Advisers, LLC or MFC Global Investment Management (U.S.), LLC and you meet the three following criteria:</FONT></P>

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<P align=left><FONT face=sans-serif size=2>(a) you are not also an officer of
John Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC or a John Hancock
fund;</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) you do not have access to
nonpublic information regarding any clients' purchase or sale of securities, or
nonpublic information regarding the portfolio holdings of any John Hancock fund
or account; and</FONT></P>
<P align=left><FONT face=sans-serif size=2>(c) you are not involved in making
securities recommendations to clients and do not have access to such
recommendations that are nonpublic.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(examples: directors of John Hancock
Advisers, LLC or MFC Global Investment Management (U.S.), LLC who are not involved in the
daily operations of the adviser)</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you are a Limited Access Person
who fits this definition, the following policies apply to your category. These
policies are described in detail in the code of ethics.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>General principles</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Inside information policy and procedures</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Broker letter/Duplicate Confirms*</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Initial/annual holdings reports*</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Quarterly transaction reports*</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Annual recertification</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Preclearance requirement LIMITED: You only need to preclear any direct or
indirect acquisition of beneficial ownership in any security in an initial
public offering (an IPO) or in a limited offering (i.e. a private placement). To
request preclearance of these securities, contact </FONT></P>
<P align=left><FONT face=sans-serif size=2>Fredrick Spring at
fspring@jhancock.com and/or Frank Knox at Frank_Knox@manulifeusa.com.</FONT></P>
<P align=left><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT></P>
<P align=left><FONT face=sans-serif size=2>*A Limited Access Person may complete
this requirement under the code of<BR> ethics of another Manulife/John Hancock
adviser or fund by the applicable<BR> regulatory deadlines and arrange for
copies of the required information to<BR> be sent to the John Hancock Funds
Compliance Department.</FONT></P>
<P align=left><FONT face=sans-serif size=2>--------------------------------------------------------------------------------</FONT></P>
<P align=left><FONT face=sans-serif size=2>(2) The Independent Directors of the
Funds: If you are a trustee of the John Hancock Financial Trends Fund, Inc. or a
director to a John Hancock fund and an "interested person" of the fund within
the meaning of the Investment Company Act of 1940, the following policies apply
to your category. These policies are described in detail in the code of
ethics.</FONT></P>
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<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>General principles</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Annual recertification</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>Quarterly transaction report, but only if you knew (or should have known)
that during the 15 calendar days before or after you trade a security,
either:</FONT></P>
<P align=left><FONT face=sans-serif size=2>(i) a John Hancock fund purchased or
sold the same security, or</FONT></P>
<P align=left><FONT face=sans-serif size=2>(ii) a John Hancock fund or John
Hancock Advisers, LLC considered purchasing or selling the same
security.</FONT></P>
<P align=left><FONT face=sans-serif size=2>This policy applies to holdings in
your personal accounts, those of a spouse, "significant other" or family members
sharing your household, as well as all accounts over which you have discretion
or give advice or information. If this situation occurs, it is your
responsibility to contact the Chief Compliance Officer of your company and he
will assist you with the requirements of the quarterly transaction
report.</FONT></P>
<P align=left><FONT face=sans-serif size=2>This means that the independent
directors of the funds will not usually be required to file a quarterly
transaction report--they are only required to file in the situation described
above and only if they are not Excluded Independent Directors.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Appendix D:
Subadvisers</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Each subadviser to a John Hancock
fund is subject to its own code of ethics, which must meet the requirements of
Rule 17j-1 and Rule 204A-1.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Approval of Code of
Ethics</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Each subadviser to a John Hancock
fund must provide a copy of its code of ethics to the trustees of the relevant
John Hancock funds for approval initially and within 60 calendar days of any
material amendment. The trustees will give their approval if they determine that
the code:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>contains provisions reasonably necessary to prevent the subadviser's
Access Persons (as defined in Rule 17j-1) from engaging in any conduct
prohibited by Rule 17j-1;</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>requires the subadviser's Access Persons to make reports to at least the
extent required in Rule 17j-1(d);</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>requires the subadviser to institute appropriate procedures for review of
these reports by management or compliance personnel (as contemplated by Rule
17j-1(d)(3));</FONT></P>
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<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>provides for notification of the subadviser's Access Persons in
accordance with Rule 17j-1(d)(4); and</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>requires the subadviser's Access Persons who are Investment Personnel to
obtain the pre-clearances required by Rule 17j-1(e);</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Reports and
Certifications</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Each subadviser must provide an
annual report and certification to John Hancock Advisers, LLC and the fund's
trustees in accordance with Rule 17j-1(c)(2)(ii). The subadviser must also
provide other reports or information that John Hancock Advisers, LLC may
reasonably request.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Recordkeeping
Requirements</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The subadviser must maintain all
records for its Access Persons as required by Rule 17j-1(f).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Appendix E: Administration and
Recordkeeping</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Adoption and
Approval</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The trustees of a John Hancock fund
must approve the code of ethics of an adviser, subadviser or affiliated
principal underwriter before initially retaining its services.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Any material change to a code of
ethics of a John Hancock fund, John Hancock Funds, LLC, John Hancock Advisers,
LLC or a subadviser to a fund must be approved by the trustees of the John
Hancock funds, including a majority of trustees who are not interested persons,
no later than six months after adoption of the material change.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Administration</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No less frequently than annually,
John Hancock Funds, LLC, John Hancock Advisers, LLC, each subadviser and each
John Hancock fund will furnish to the trustees of each John Hancock fund a
written report that:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>describes issues that arose during the previous year under the code of
ethics or the related procedures, including, but not limited to, information
about material code or procedure violations, and</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>certifies that each entity has adopted procedures reasonably necessary to
prevent its access persons from violating its code of ethics.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Recordkeeping</FONT></B></P>
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<P align=left><FONT face=sans-serif size=2>The Investment Compliance Department
will maintain:</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>a copy of the current code of ethics for John Hancock Funds, LLC, John
Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC, and each John Hancock
fund, and a copy of each code of ethics in effect at any time within the past
five years.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>a record of any violation of the code of ethics, and of any action taken
as a result of the violation, for six years.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>a copy of each report made by an Access person under the code of ethics,
for six years (the first two years in a readily accessible place).</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>a record of all persons, currently or within the past five years, who are
or were required to make reports under the code of ethics. This record will also
indicate who was responsible for reviewing these reports.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>a copy of each code of ethics report to the trustees, for six years (the
first two years in a readily accessible place).</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>a record of any decision, and the reasons supporting the decision, to
approve the acquisition by an Investment Access person of initial public
offering securities or private placement securities, for six years.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Appendix F: Chief Compliance
Officers</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=2>Entity</FONT></B>&nbsp; </TD>
    <TD width="6%">&nbsp; </TD>
    <TD noWrap align=left width="35%"><B><FONT face=sans-serif size=2>Chief Compliance Officer</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><FONT face=sans-serif size=2>John Hancock Advisers,
      LLC</FONT>&nbsp; </TD>
    <TD width="6%">&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Frank Knox</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><FONT face=sans-serif size=2>MFC Global Investment Management (U.S.), LLC</FONT>&nbsp; </TD>
    <TD width="6%">&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Frank Knox</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><FONT face=sans-serif size=2>Each open-end and closed-end
      fund advised</FONT>&nbsp; </TD>
    <TD width="6%">&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Frank Knox</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><FONT face=sans-serif size=2>by John Hancock Advisers,
      LLC</FONT>&nbsp; </TD>
    <TD width="6%">&nbsp; </TD>
    <TD noWrap align=left width="35%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><FONT face=sans-serif size=2>John Hancock Funds,
      LLC</FONT>&nbsp; </TD>
    <TD width="6%">&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Michael Mahoney</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>e_governcommcharter.htm
<DESCRIPTION>GOVERNANCE COMMITTEE CHARTER
<TEXT>

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<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>JOHN HANCOCK
      FUNDS</FONT></B><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=sans-serif size=2>GOVERNANCE COMMITTEE
CHARTER</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>A. Composition. The Governance
Committee shall be composed entirely of Trustees who are "independent" as
defined in the rules of the New York Stock Exchange ("NYSE") and the NASDAQ
Stock Market, Inc. ("NASDAQ") or any other exchange, as applicable, and are not
"interested persons" as defined in the Investment Company Act of 1940 of any of
the funds, or of any fund's investment adviser or principal underwriter (the
"Independent Trustees") who are designated for membership from time to time by
the Board of Trustees. The Chairman of the Board shall be a member of the
Governance Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B. Overview. The overall charter of
the Governance Committee is to make recommendations to the Board on issues
related to corporate governance applicable to the Independent Trustees and to
the composition and operation of the Board, and to assume duties,
responsibilities and functions to recommend nominees to the Board, together with
such additional duties, responsibilities and functions as are delegated to it
from time to time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C. Specific Responsibilities. The
Governance Committee shall have the following duties and powers, to be exercised
at such times and in such manner as the Committee shall deem necessary or
appropriate:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. Except where the funds are legally
required to nominate individuals recommended by others, to recommend to the
Board of Trustees individuals for nomination to serve as Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2. To consider, as it deems necessary
or appropriate, the criteria for persons to fill existing or newly created
Trustee vacancies. The Governance Committee shall use the criteria and
principles set forth in Annex A to guide its Trustee selection
process.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3. To consider and recommend the
amount of compensation to be paid by the funds to the Independent Trustees,
including incremental amounts, if any, payable to Committee Chairmen, and to
address compensation-related matters.</FONT></P>
<P align=left><FONT face=sans-serif size=2>4. To consider and recommend the
duties and compensation of the Chairman of the Board.</FONT></P>
<P align=left><FONT face=sans-serif size=2>5. To consider and recommend changes
to the Board regarding the size, structure, and composition of the
Board.</FONT></P>
<P align=left><FONT face=sans-serif size=2>6. To evaluate, from time to time,
the retirement policies for the Independent Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>7. To develop and recommend to the
Board guidelines for corporate governance ("Corporate Governance Guidelines")
for the funds that take into account the rules of the NYSE and any applicable
law or regulation, and to periodically review and assess the Corporate
Governance Guidelines and recommend any proposed changes to the Board for
approval.</FONT></P>
<P align=left><FONT face=sans-serif size=2>8. To monitor all expenditures of the
Board or the Committees or the Independent Trustees not otherwise incurred
and/or monitored by a particular Committee, including, but not limited to:
legal, consulting, and D&amp;O insurance costs; association dues, including
Investment Company Institute membership dues; meeting expenditures and policies
relating to</FONT></P>
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<FONT size=2 face="sans-serif">reimbursement of travel expenses and expenses associated with offsite meetings; expenses associated with Trustee attendance at educational or informational conferences; and publication expenses.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">9. To consider, evaluate and make recommendations and necessary findings regarding independent legal counsel and any other advisers, experts or consultants, that may be engaged by the Board of Trustees, by the Trustees
who are not "interested persons" as defined in the Investment Company Act of 1940 of any of the funds or any fund's investment adviser or principal underwriter, or by the Governance Committee, from time to time, other than as may be engaged directly
by another Committee.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">10. To periodically review the Board's committee structure and the charters of the Board's committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems
appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">11. To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of funds in the fund complex and the effectiveness of
its committee structure.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">12. To report its activities to Board of Trustees and to make such recommendations with respect to the matters described above and other matters as the Governance Committee may deem necessary or appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">D. Additional Responsibilities. The Committee will also perform other tasks assigned to it from time to time by the Chairman of the Board or by the Board of Trustees, and will report findings and recommendations to the
Board of Trustees, as appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">E. Governance. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or reviewing and approving the schedule for them,
preparing agendas or reviewing and approving them before meetings, and making reports to the Board of Trustees, as appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">F. Miscellaneous. The Committee shall meet as often as it deems appropriate, with or without management, as circumstances require. The Committee shall have the resources and authority appropriate to discharge its
responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the funds' expense, as it determines necessary to carry out its duties. The Committee shall have direct access to such officers of and
service providers to the funds as it deems desirable.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">G. Review. The Committee shall review this Charter periodically and recommend such changes to the Board of Trustees as it deems desirable.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">ANNEX A</FONT></B><BR>
<BR>
<B><FONT size=2 face="sans-serif">General Criteria</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Nominees should have demonstrated business acumen, experience and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the funds and should be willing and able to
contribute positively to the decision-making process of the funds.</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">3. Nominees should have a commitment to understand the funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its
committees.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the funds, including shareholders and the management company, and to act in the interests of all
shareholders.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a
director/trustee.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Application of Criteria to Existing Trustees</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The renomination of existing Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above. In addition, the Governance Committee shall consider the
existing Trustee's performance on the Board and any committee.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">Review of Shareholder Nominations</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Governance Committee. In
evaluating a nominee recommended by a shareholder, the Governance Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with
the interests of all shareholders. If the Board determines to include a shareholder's candidate among the slate of its designated nominees, the candidate's name will be placed on the funds' proxy card. If the Board determines not to include such
candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder's candidate will be treated as a nominee of the shareholder who originally nominated the candidate. In that case, the
candidate will not be named on the proxy card distributed with the funds' proxy statement.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">As long as an existing Independent Trustee continues, in the opinion of the Governance Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of an existing Trustee
rather than a new candidate. Consequently, while the Governance Committee will consider nominees recommended by shareholders to serve as trustees, the Governance Committee may only act upon such recommendations if there is a vacancy on the Board, or
the Governance Committee determines that the selection of a new or additional Trustee is in the best interests of the fund. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Governance Committee
will, in addition to any shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Governance Committee. The Governance Committee may retain a consultant to assist the Committee in a
search for a qualified candidate.</FONT></P>

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<DESCRIPTION>PROXY VOTING POLICIES
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<P align="left">
<B><FONT size=2 face="sans-serif">JOHN HANCOCK FUNDS</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">PROXY VOTING POLICIES</FONT></B></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">John Hancock Advisers, LLC</FONT><BR>
<FONT size=2 face="sans-serif">MFC Global Investment Management (U.S.), LLC</FONT><BR>
<FONT size=2 face="sans-serif">(formerly known as Sovereign Asset Management LLC)</FONT><BR>
<FONT size=2 face="sans-serif">Proxy Voting Guidelines</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">We believe in placing our clients' interests first. Before we invest in a particular stock or bond, our team of portfolio managers and research analysts look closely at the company by examining its earnings history,
its management team and its place in the market. Once we invest, we monitor all our clients' holdings, to ensure that they maintain their potential to produce results for investors.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">As part of our active investment management strategy, we keep a close eye on each company we invest in. Routinely, companies issue proxies by which they ask investors like us to vote for or against a change, such as a
new management team, a new business procedure or an acquisition. We base our decisions on how to vote these proxies with the goal of maximizing the value of our clients' investments.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Currently, John Hancock Advisers, LLC ("JHA") and MFC Global Investment Management (U.S.), LLC ("MFC") manage open-end funds, closed-end funds and portfolios for institutions and high-net-worth investors. Occasionally,
we utilize the expertise of an outside asset manager by means of a subadvisory agreement. In all cases, JHA or MFC makes the final decision as to how to vote our clients' proxies. There is one exception, however, and that pertains to our
international accounts. The investment management team for international investments votes the proxies for the accounts they manage. Unless voting is specifically retained by the named fiduciary of the client, JHA and MFC will vote proxies for
ERISA clients.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In order to ensure a consistent, balanced approach across all our investment teams, we have established a proxy oversight group comprised of associates from our investment, operations and legal teams. The group has
developed a set of policies and procedures that detail the standards for how JHA and MFC vote proxies. The guidelines of JHA have been approved and adopted by each fund client's board of trustees who have voted to delegate proxy voting
authority to their investment adviser, JHA. JHA and MFC's other clients have granted us the authority to vote proxies in our advisory contracts or comparable documents.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">JHA and MFC have hired a third party proxy voting service which has been instructed to vote all proxies in accordance with our established guidelines except as otherwise instructed.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In evaluating proxy issues, our proxy oversight group may consider information</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">from many sources, including the portfolio manager, management of a company presenting a proposal, shareholder groups, and independent proxy research services. Proxies for securities on loan through securities lending
programs will generally not be voted, however a decision may be made to recall a security for voting purposes if the issue is material.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Below are the guidelines we adhere to when voting proxies. Please keep in mind that these are purely guidelines. Our actual votes will be driven by the particular circumstances of each proxy. From time to time votes
may ultimately be cast on a case-by-case basis, taking into consideration relevant facts and circumstances at the time of the vote. Decisions on these matters (case-by-case, abstention, recall) will normally be made by a portfolio manager under the
supervision of the chief investment officer and the proxy oversight group. We may abstain from voting a proxy if we conclude that the effect on our clients' economic interests or the value of the portfolio holding is indeterminable or
insignificant.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Proxy Voting Guidelines</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Board of Directors</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">We believe good corporate governance evolves from an independent board.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">We support the election of uncontested director nominees, but will withhold our vote for any nominee attending less than 75% of the board and committee meetings during the previous fiscal year. Contested elections will
be considered on a case by case basis by the proxy oversight group, taking into account the nominee's qualifications. We will support management's ability to set the size of the board of directors and to fill vacancies without shareholder approval
but will not support a board that has fewer than 3 directors or allows for the removal of a director without cause.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">We will support declassification of a board and block efforts to adopt a classified board structure. This structure typically divides the board into classes with each class serving a staggered term.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In addition, we support proposals for board indemnification and limitation of director liability, as long as they are consistent with corporate law and shareholders' interests. We believe that this is necessary to
attract qualified board members.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Selection of Auditors</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">We believe an independent audit committee can best determine an auditor's qualifications.</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">We will vote for management proposals to ratify the board's selection of auditors, and for proposals to increase the independence of audit committees.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Capitalization</FONT></B><BR></P>
<P align="left">
<FONT size=2 face="sans-serif">We will vote for a proposal to increase or decrease authorized common or preferred stock and the issuance of common stock, but will vote against a proposal to issue or convert preferred or multiple classes of stock if
the board has unlimited rights to set the terms and conditions of the shares, or if the shares have voting rights inferior or superior to those of other shareholders.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In addition, we will support a management proposal to: create or restore preemptive rights; approve a stock repurchase program; approve a stock split or reverse stock split; and, approve the issuance or exercise of
stock warrants</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Acquisitions, mergers and corporate restructuring</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Proposals to merge with or acquire another company will be voted on a case-by-case basis, as will proposals for recapitalization, restructuring, leveraged buyout, sale of assets, bankruptcy or liquidation. We will vote
against a reincorporation proposal if it would reduce shareholder rights. We will vote against a management proposal to ratify or adopt a poison pill or to establish a supermajority voting provision to approve a merger or other business combination.
We would however support a management proposal to opt out of a state takeover statutory provision, to spin-off certain operations or divisions and to establish a fair price provision.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Corporate Structure and Shareholder Rights</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">In general, we support proposals that foster good corporate governance procedures and that provide shareholders with voting power equal to their equity interest in the company.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">To preserve shareholder rights, we will vote against a management proposal to restrict shareholders' right to: call a special meeting and to eliminate a shareholders' right to act by written consent. In addition, we
will not support a management proposal to adopt a supermajority vote requirement to change certain by-law or charter provisions or a non-technical amendment to by-laws or a charter that reduces shareholder rights.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Equity-based compensation</FONT></B></P>

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<P align=left><FONT face=sans-serif size=2>Equity-based compensation is designed
to attract, retain and motivate talented executives and independent directors,
but should not be so significant as to materially dilute shareholders'
interests.</FONT></P>
<P align=left><FONT face=sans-serif size=2>We will vote against the adoption or
amendment of a stock option plan if the: </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>plan dilution is more than 10% of outstanding common stock,</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>plan allows for non-qualified options to be priced at less than 85% of
the fair market value on the grant date,</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>company allows or has allowed the re-pricing or replacement of underwater
options in the past fiscal year (or the exchange of underwater
options).</FONT></P>
<P align=left><FONT face=sans-serif size=2>With respect to the adoption or
amendment of employee stock purchase plans or a stock award plan, we will vote
against management if: </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>the plan allows stock to be purchased at less than 85% of fair market
value; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>this plan dilutes outstanding common equity greater than 10%; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>all stock purchase plans, including the proposed plan, exceed 15% of
outstanding common equity.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Other Business</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>For routine business matters which
are the subject of many proxy related questions, we will vote with management
proposals to: </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>change the company name; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>approve other business; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>adjourn meetings; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>make technical amendments to the by-laws or charters; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>approve financial statements; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>approve an employment agreement or contract.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Shareholder
Proposals</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Shareholders are permitted per SEC
regulations to submit proposals for inclusion in a company's proxy statement. We
will generally vote against shareholder proposals and in accordance with the
recommendation of management except as</FONT></P>
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<P align=left><FONT face=sans-serif size=2>follows where we will vote for
proposals:; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>calling for shareholder ratification of auditors; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>calling for auditors to attend annual meetings; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>seeking to increase board independence; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>requiring minimum stock ownership by directors; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>seeking to create a nominating committee or to increase the independence
of the nominating committee; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>seeking to increase the independence of the audit committee.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Corporate and social policy
issues</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>We believe that "ordinary business
matters" are primarily the responsibility of management and should be approved
solely by the corporation's board of directors.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Proposals in this category, initiated
primarily by shareholders, typically request that the company disclose or amend
certain business practices. We generally vote against business practice
proposals and abstain on social policy issues, though we may make exceptions in
certain instances where we believe a proposal has substantial economic
implications.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>John Hancock Advisers,
      LLC</FONT></B><BR><B><FONT face=sans-serif size=2>MFC Global Investment Management (U.S.), LLC</FONT></B><BR><B><FONT face=sans-serif size=2>(formerly known as Sovereign Asset Management LLC)</FONT></B><BR><B><FONT face=sans-serif size=2>Proxy
      Voting Procedures</FONT></B><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=sans-serif size=2>The role of the proxy voting
service</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>John Hancock Advisers, LLC ("JHA")
and MFC Global Investment Management (U.S.), LLC ("MFC") have hired a proxy
voting service to assist with the voting of client proxies. The proxy service
coordinates with client custodians to ensure that proxies are received for
securities held in client accounts and acted on in a timely manner. The proxy
service votes all proxies received in accordance with the proxy voting
guidelines established and adopted by JHA and MFC. When it is unclear how
to apply a particular proxy voting guideline or when a particular proposal is
not covered by the guidelines, the proxy voting service will contact the proxy
oversight group coordinator for a resolution.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>The role of the proxy oversight
group and coordinator</FONT></B></P>
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<P align="left">
<FONT size=2 face="sans-serif">The coordinator will interact directly with the proxy voting service to resolve any issues the proxy voting service brings to the attention of JHA or MFC. When a question arises regarding how a proxy should be
voted the coordinator contacts the firm's investment professionals and the proxy oversight group for a resolution. In addition the coordinator ensures that the proxy voting service receives responses in a timely manner. Also, the coordinator is
responsible for identifying whether, when a voting issue arises, there is a potential conflict of interest situation and then escalating the issue to the firm's Executive Committee. For securities out on loan as part of a securities lending program,
if a decision is made to vote a proxy, the coordinator will manage the return/recall of the securities so the proxy can be voted.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">The role of mutual fund trustees</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">The boards of trustees of our mutual fund clients have reviewed and adopted the proxy voting guidelines of the funds' investment adviser, JHA. The trustees will periodically review the proxy voting guidelines and
suggest changes they deem advisable.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">Conflicts of interest</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Conflicts of interest are resolved in the best interest of clients.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">With respect to potential conflicts of interest, proxies will be voted in accordance with JHA's or MFC's predetermined policies. If application of the predetermined policy is unclear or does not address a
particular proposal, a special internal review by the JHA Executive Committee or MFC Executive Committee will determine the vote. After voting, a report will be made to the client (in the case of an investment company, to the fund's board of
trustees), if requested. An example of a conflict of interest created with respect to a proxy solicitation is when JHA or MFC must vote the proxies of companies that they provide investment advice to or are currently seeking to provide
investment advice to, such as to pension plans.</FONT></P>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>patpremdivtwx7x1.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
