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<SEC-DOCUMENT>0000928816-08-000786.txt : 20080702
<SEC-HEADER>0000928816-08-000786.hdr.sgml : 20080702
<ACCEPTANCE-DATETIME>20080702162938
ACCESSION NUMBER:		0000928816-08-000786
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20080430
FILED AS OF DATE:		20080702
DATE AS OF CHANGE:		20080702
EFFECTIVENESS DATE:		20080702

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:		08934663

	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_patriotpremiumdividendii.htm
<DESCRIPTION>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II
<TEXT>

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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><BR>
<BR>
<B><FONT face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B><BR>
<BR>
<B><FONT face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B><BR>
<BR>
<FONT face=sans-serif>Investment Company Act file number </FONT><U><FONT face=sans-serif>811- 05908</FONT></U><BR>
<BR>
<U><FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund II</FONT></U><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><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><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>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="42%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif>Date of fiscal year end:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>October 31</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif>Date of reporting period:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>April 30, 2008</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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<P align=left><FONT face=serif size=7>Portfolio summary</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="35%"></TD>
     <TD align=right width="12%"></TD>
     <TD width="6%"></TD>
     <TD width="35%"></TD>
     <TD align=right width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Top 10 holdings</FONT></B><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Devon Energy Corp., 6.49%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.9%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>MetLife, Inc., 6.50%, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.5%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD>&nbsp;</TD>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NSTAR</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.9%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Merrill Lynch &amp; Co., Inc., 6.375%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.5%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD>&nbsp;</TD>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Alabama Power Co., 5.20%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.7%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Duquesne Light Co., 6.50%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.5%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD>&nbsp;</TD>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Southern Union Co., 7.55%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.6%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>HSBC USA, Inc., $2.8575</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.4%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD>&nbsp;</TD>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PPL Electric Utilities Corp., 6.25%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.6%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CH Energy Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.3%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD>&nbsp;</TD>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="35%"></TD>
     <TD width="12%"></TD>
     <TD width="6%"></TD>
     <TD width="35%"></TD>
     <TD align=right width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Industry distribution</FONT></B><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Multi-utilities</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>31%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Diversified banks</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD>&nbsp;</TD>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Electric utilities</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>26%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Integrated telecommunication</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD></TD>
     <TD><FONT face=sans-serif size=1>services</FONT>&nbsp; </TD>
     <TD align=right>&nbsp;<FONT face=sans-serif size=1>3%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investment banking &amp; brokerage</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD>&nbsp;</TD>
     <TD><FONT face=sans-serif size=1>Consumer finance</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;<FONT face=sans-serif size=1>3%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gas &amp; oil exploration &amp; production</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD>&nbsp;</TD>
     <TD><FONT face=sans-serif size=1>Agricultural products</FONT>&nbsp;&nbsp;</TD>
     <TD align=right>&nbsp;<FONT face=sans-serif size=1>2%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other diversified financial services</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD>&nbsp;</TD>
     <TD><FONT face=sans-serif size=1>Other</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;<FONT face=sans-serif size=1>4%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Life &amp; health insurance</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gas utilities</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD></TD>
     <TD colSpan=2>&nbsp; </TD></TR></TABLE><BR>
<IMG src="patriotpremiumx2x1.jpg" border=0>
<BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>As a percentage of the Fund&#146;s total investments on April 30, 2008.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>6</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II | </FONT><B><FONT face=sans-serif size=1>Semiannual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&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=serif size=7>Fund&#146;s investments</FONT></P>
<P align=left><FONT face=sans-serif size=4>Securities owned by the Fund on 4-30-08 </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 short-term investments. Common stocks and preferred stocks are further broken down by industry group. Short-term investments, which represent the Fund&#146;s cash position, are listed last.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="71%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Common stocks 43.65%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$266,134,824</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $267,536,604)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Electric Utilities 5.34%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>32,522,778</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Duke Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,155,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Great Plains Energy, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>79,070</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,027,355</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pinnacle West Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,485,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Progress Energy, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>303,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,743,965</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Progress Energy, Inc. CVO (B)(I)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>337,750</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>111,458</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Industrial Conglomerates 0.70%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4,251,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>General Electric Co.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>130,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,251,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Integrated Telecommunication Services 3.03%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>18,488,156</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AT&amp;T, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,354,950</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FairPoint Communications, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,504</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23,062</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Verizon Communications, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>132,800</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,110,144</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Multi-Utilities 33.75%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>205,803,113</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Alliant Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,835,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ameren Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>165,400</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,502,544</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CH Energy Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>619,750</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>21,914,360</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Consolidated Edison, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,696,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dominion Resources, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,752,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>DTE Energy Co.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>535,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>21,565,850</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Energy East Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>870,300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,842,840</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Integrys Energy Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>355,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,000,950</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NiSource, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>519,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,299,050</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NSTAR</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>840,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>27,056,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>OGE Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>270,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,826,300</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>TECO Energy, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>661,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,590,615</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Vectren Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>129,300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,656,604</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Xcel Energy, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>830,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,264,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Other Diversified Financial Services 0.83%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5,069,777</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of America Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>135,050</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,069,777</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_4"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)&nbsp;</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;<FONT face=sans-serif size=1><B>Shares</B></FONT></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Preferred stocks 109.20%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$665,800,145</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $721,411,071)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Agricultural Products 3.37%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>20,532,891</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ocean Spray Cranberries, Inc., 6.25%, Ser A (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>224,250</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,532,891</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Broadcasting &amp; Cable TV 0.17%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,032,203</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Comcast Corp., 7.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>42,530</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,032,203</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Consumer Finance 3.11%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>18,943,021</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>HSBC Finance Corp., 6.36%, Depositary Shares, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>35,600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>788,896</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SLM Corp., 6.97%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>445,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,154,125</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Diversified Banks 4.24%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>25,840,287</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>HSBC Holdings Plc, 6.20%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>25,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>562,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>HSBC USA, Inc., $2.8575 (G)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>494,950</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>22,396,488</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Royal Bank of Scotland Group Plc, 5.75%, Ser L</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>145,300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,881,299</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Electric Utilities 34.38%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>209,647,119</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Alabama Power Co., 5.20%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,218,875</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>25,291,656</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Carolina Power &amp; Light Co., $4.20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>41,151</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,456,684</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Carolina Power &amp; Light Co., $5.44</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,382</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,012,998</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Central Illinois Light Co., 4.64%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,460</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>654,849</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Central Maine Power Co., 4.75% (G)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,015</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>826,125</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Connecticut Light &amp; Power Co., 3.90%, Ser 1949</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>27,255</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>973,516</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Duquesne Light Co., 6.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>519,900</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23,005,575</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Entergy Arkansas, Inc., 6.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,717,205</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Entergy Mississippi, Inc., 6.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>667,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,321,190</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FPC Capital I, 7.10%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>211,300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,206,432</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Georgia Power Co., 6.00%, Ser R</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>260,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,346,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Great Plains Energy, Inc., 4.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,510</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,063,350</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>HECO Capital Trust III, 6.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>173,300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,051,754</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interstate Power &amp; Light Co., 7.10%, Ser C</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>184,600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,799,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interstate Power &amp; Light Co., 8.375%, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>132,800</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,891,040</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NSTAR Electric Co., 4.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>122,309</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,561,630</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NSTAR Electric Co., 4.78%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>112,280</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,870,120</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PPL Electric Utilities Corp., 4.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>29,790</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,450,228</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PPL Electric Utilities Corp., 4.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,917</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>379,704</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PPL Electric Utilities Corp., 6.25%, Depositary Shares</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23,937,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PPL Energy Supply, LLC, 7.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>277,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,956,925</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Public Service Electric &amp; Gas Co., 4.30%, Ser C</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,280</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>641,700</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Southern California Edison Co., 6.00%, Ser C</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,747,504</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Southern California Edison Co., 6.125%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>195,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,067,354</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Union Electric Co., $3.70</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,262</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>822,320</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Virginia Electric &amp; Power Co., $6.98</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>45,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,575,594</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Virginia Electric &amp; Power Co., $7.05</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>30,200</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,089,838</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Westar Energy, Inc., 6.10%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>435,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,848,900</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wisconsin Public Service Corp., 6.76%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>49,478</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,079,228</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>8</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II | </FONT><B><FONT face=sans-serif size=1>Semiannual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_5"></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=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)&nbsp;</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;<STRONG><FONT face=Arial size=1><B><FONT face=sans-serif>Shares</FONT></B></FONT></STRONG></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Gas Utilities 4.28%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$26,084,982</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Southern Union Co., 7.55%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>997,200</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>24,281,820</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Southwest Gas Capital II, 7.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>72,300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,803,162</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Government U.S. Agency 0.64%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>3,899,480</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Fannie Mae, 8.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>99,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,491,480</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Freddie Mac, 8.375%, Ser Z</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,408,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Integrated Telecommunication Services 1.19%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>7,258,920</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AT&amp;T, Inc., 6.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,499,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Telephone &amp; Data Systems, Inc., 6.625%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>240,400</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,759,920</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Investment Banking &amp; Brokerage 14.51%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>88,498,405</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bear Stearns Cos., Inc. (The),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>5.49%, Depositary Shares, Ser G</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>278,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,896,800</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bear Stearns Cos., Inc. (The),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>5.72%, Depositary Shares, Ser F</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>328,760</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,835,360</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bear Stearns Cos., Inc. (The),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>6.15%, Depositary Shares, Ser E</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>207,600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,971,840</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Goldman Sachs Group, Inc., 6.20%, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>129,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,041,955</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lehman Brothers Holdings, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>5.67%, Depositary Shares, Ser D</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>546,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,659,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lehman Brothers Holdings, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>5.94%, Depositary Shares, Ser C</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>287,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,920,350</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Merrill Lynch &amp; Co., Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>6.375%, Depositary Shares, Ser 3</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23,664,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Morgan Stanley Capital Trust III, 6.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,508,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Life &amp; Health Insurance 4.42%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>26,959,380</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MetLife, Inc., 6.50%, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,035,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23,836,050</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Prudential Plc, 6.75%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>139,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,123,330</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Movies &amp; Entertainment 0.68%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4,163,489</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Viacom, Inc., 6.85%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>181,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,163,489</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Multi-Utilities 14.30%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>87,185,307</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baltimore Gas &amp; Electric Co., 6.70%, Ser 1993</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,250</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,087,016</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baltimore Gas &amp; Electric Co., 6.99%, Ser 1995</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>134,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,839,694</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>BGE Capital Trust II, 6.20%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>615,300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,490,315</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PNM Resources, Inc., 6.75%, Conv</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>282,361</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,742,339</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Public Service Electric &amp; Gas Co., 4.08%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>367,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Public Service Electric &amp; Gas Co., 4.18%, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>53,677</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,985,517</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Public Service Electric &amp; Gas Co., 6.92%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>131,425</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,349,967</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SEMPRA Energy, $4.36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>38,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,022,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SEMPRA Energy, $4.75, Ser 53</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,610</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,052,935</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>South Carolina Electric &amp; Gas Co., 6.52%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>220,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>21,869,386</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Xcel Energy, Inc., $4.08, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,610</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>721,088</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Xcel Energy, Inc., $4.11, Ser D</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>33,691</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,889,003</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Xcel Energy, Inc., $4.16, Ser E</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,410</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>768,797</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>9</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_6"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)&nbsp;</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;<FONT face=sans-serif size=1><B>Shares</B></FONT></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Oil &amp; Gas Exploration &amp; Production 12.17%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$74,182,239</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Anadarko Petroleum Corp., 5.46%,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Depositary Shares, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>94,567</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,515,804</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Apache Corp., 5.68%, Depositary Shares, Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>236,649</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,900,714</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Devon Energy Corp., 6.49%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>267,645</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>27,065,601</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Nexen, Inc., 7.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>728,400</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,700,120</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Other Diversified Financial Services 6.52%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>39,786,745</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of America Corp., 6.204%,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Depositary Shares, Ser D</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>960,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>21,254,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of America Corp., 6.625%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>360,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,283,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Citigroup Capital IX, 6.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>299,585</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Citigroup Capital VII, 7.125% (G)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>724,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Citigroup Inc., 8.125%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>302,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,668,375</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>DB Capital Trust II, 6.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>45,275</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,005,105</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>General Electric Capital Corp., 6.625%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>21,700</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>551,180</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks 0.77%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4,717,500</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wachovia Corp., 8.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>187,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,717,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Specialized Finance 1.00%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>6,070,876</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CIT Group, Inc., 6.35%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>439,600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,070,876</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Thrifts &amp; Mortgage Finance 1.45%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>8,813,291</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sovereign Bancorp, Inc., 7.30%,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Depositary Shares, Ser C</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>449,800</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,813,291</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trucking 1.53%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>9,344,400</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AMERCO, 8.50%, Ser A</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,344,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Wireless Telecommunication Services 0.47%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,839,610</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>United States Cellular Corp., 7.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>129,900</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,839,610</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description, maturity date</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Short-term investments 1.05%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$6,423,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $6,423,000)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Consumer Finance 1.05%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>6,423,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Chevron Funding Corp., 5-1-08</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.950%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$6,423</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,423,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total investments (Cost $995,370,675)</FONT></B><FONT face=sans-serif size=1>&#134; </FONT><B><FONT face=sans-serif size=1>153.90%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$938,357,969</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Other assets and liabilities, net 3.86%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$23,556,361</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Fund preferred shares, at liquidation value (57.76%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($352,180,312)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Total net assets applicable to common shareholders 100.00%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$609,734,018</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<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 applicable to common shareholders.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II | </FONT><B><FONT face=sans-serif size=1>Semiannual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<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><B><FONT face=sans-serif size=1>Notes to Schedule of Investments</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>CVO Contingent Value Obligation</FONT></P>
<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, unless indicated otherwise.</FONT></P>
<P align=left><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 $111,458 or 0.02% of the net assets applicable to common shareholders as of April 30, 2008. </FONT></P>
<P align=left><FONT face=sans-serif size=1>(G) Security rated internally by John Hancock Advisers, LLC.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(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 $20,532,891 or 3.37% of the net assets applicable to common shareholders as of April 30, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>&#134; The cost of investments owned on April 30, 2008, including short-term investments, for Federal income tax purposes, was $998,512,702. Gross unrealized appreciation and depreciation of investments aggregated $27,087,772 and $87,242,505, respectively, resulting in net unrealized depreciation of $60,154,733.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<P align=left><FONT face=serif size=7>Financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of assets and liabilities </FONT><FONT face=sans-serif size=2>4-30-08 (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 of what the Fund owns, is due and owes. You&#146;ll also find the net asset value for each common share.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="85%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments at value (Cost $995,370,675)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$938,357,969</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cash</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>815</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable for investments sold</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>21,442,932</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dividends and interest receivable</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,443,866</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable from affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>164,307</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>963,409,889</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable to affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; <FONT face=sans-serif size=1>Management fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>654,513</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; <FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>110,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other payables and accrued expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>730,926</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,495,559</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dutch Action Rate Transferable Securities (DARTS)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Series A, including accrued dividends, unlimited number of shares of</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>beneficial interest authorized with no par value, 500 shares issued,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>liquidation preference of $100,000 per share</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50,239,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(DARTS) Series B, including accrued dividends, unlimited number of shares</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>of beneficial interest authorized with no par value, 500 shares issued,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>liquidation preference of $100,000 per share</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50,202,903</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(DARTS) Series C, including accrued dividends, unlimited number of shares</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>of beneficial interest authorized with no par value, 685 shares issued,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>liquidation preference of $100,000 per share</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>70,136,311</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(DARTS) Series D, including accrued dividends, unlimited number of shares</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>of beneficial interest authorized with no par value, 700 shares issued,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>liquidation preference of $100,000 per share</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>68,581,164</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(DARTS) Series E, including accrued dividends, unlimited number of shares</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>of beneficial interest authorized with no par value, 525 shares issued,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>liquidation preference of $100,000 per share</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>52,760,837</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(DARTS) Series F, including accrued dividends, unlimited number of shares</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>of beneficial interest authorized with no par value, 600 shares issued,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>liquidation preference of $100,000 per share</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>60,260,047</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II | </FONT><B><FONT face=sans-serif size=1>Semiannual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<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 assets and liabilities </FONT><FONT face=sans-serif size=2>4-30-08 (unaudited) (continued)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="85%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Common shares capital paid-in</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$658,042,010</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accumulated net realized gain on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,498,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized depreciation of investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(57,012,706)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accumulated net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>206,389</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net assets applicable to common shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$609,734,018</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value per common share</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Based on 55,368,340 shares of beneficial interest outstanding &#151; unlimited</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>number of shares authorized with no par value</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$11.01</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>13</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp; 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 4-30-08 (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 and expenses incurred in operating the Fund. It also shows net gains (losses) and distributions paid to DARTS shareholders for the period stated.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="85%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dividends (net of foreign withholding taxes of $8,041)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$30,719,797</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>134,989</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>30,854,786</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Expenses</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investment management fees (Note 3)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,023,484</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Administration fees (Note 3)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>496,065</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>DARTS auction fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>451,083</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Transfer agent fees (Note 3)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>184,492</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Printing fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>133,695</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Professional fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>107,708</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Custodian fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>104,149</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Registration and filing fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>22,345</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trustees&#146; fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,902</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Miscellaneous</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,848</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total expenses</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5,554,771</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>25,300,015</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Realized and unrealized gain (loss)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized gain on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,863,691</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Change in net unrealized appreciation (depreciation) of investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(105,239,568)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net realized and unrealized loss</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(90,375,877)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Distributions to DARTS</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to DARTS Series A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1,252,395)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to DARTS Series B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1,250,278)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to DARTS Series C</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1,896,971)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to DARTS Series D</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1,882,049)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to DARTS Series E</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1,324,907)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to DARTS Series F</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1,542,793)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(9,149,393)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Decrease in net assets from operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($74,225,255)</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 11-1-07 to 4-30-08.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II | </FONT><B><FONT face=sans-serif size=1>Semiannual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<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>
<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 has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="71%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Period</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-07</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4-30-08</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Increase (decrease) in net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>From operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$23,583,915</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25,300,015</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,122,811</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,863,691</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Change in net unrealized appreciation (depreciation)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(16,161,380)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(105,239,568)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to DARTS</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(7,937,522)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(9,149,393)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Increase (decrease) in net assets resulting from operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>6,607,824</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(74,225,255)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Distributions to common shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(16,005,501)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(16,107,428)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net realized gain</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(784,872)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(16,005,501)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(16,892,300)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>From Fund share transactions (Note 4)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>524,910,667</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(8,365,803)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total increase (decrease)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>515,512,990</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(99,483,358)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>193,704,386</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>709,217,376</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><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><B><FONT face=sans-serif size=1>$709,217,376</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$609,734,018</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 11-1-07 to 4-30-08. 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 $163,195 and $206,389, respectively.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>15</FONT>&nbsp; </TD></TR></TABLE><BR>
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<A name="page_12"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;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 since the end of the previous period.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>COMMON SHARES</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="8%"></TD>
     <TD width="7%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD colSpan=2></TD>
     <TD></TD>
     <TD></TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Period ended</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><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><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 colSpan=2><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><B><FONT face=sans-serif size=1>10-31-06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-07</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4-30-08</FONT></B><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Per share operating performance</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <B><FONT face=sans-serif size=1>beginning of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.01</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.99</FONT></B>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>$11.73</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$11.78</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$12.87</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$12.61</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><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><FONT face=sans-serif size=1>0.87</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.84</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>0.85</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.88</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.87</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.45</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized and unrealized</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>gain (loss) on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.21</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.80</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>0.14</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.11</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.24)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.59)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to DARTS</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.08)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.09)</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>(0.17)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.25)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.29)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.16)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total from investment operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2.00</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1.55</FONT></B>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>0.82</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1.74</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>0.34</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.30)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Less distributions to</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <B><FONT face=sans-serif size=1>common shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.02)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.81)</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>(0.77)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.65)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.60)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.29)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net realized gain</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.01)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.02)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(0.81)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>(0.77)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(0.65)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(0.60)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(0.30)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, end of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.99</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$11.73</FONT></B>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>$11.78</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$12.87</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$12.61</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$11.01</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Per share market value,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <B><FONT face=sans-serif size=1>end of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$11.14</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$11.19</FONT></B>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>$11.05</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$11.26</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.59</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$9.47</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at NAV (%)</FONT></B><SUP><FONT face=sans-serif size=1>4,5</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>21.24</FONT></B><SUP><FONT face=sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>14.80</FONT></B><SUP><FONT face=sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>7.14</FONT></B><SUP><FONT face=sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>15.91</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>3.32</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(9.99)</FONT></B><SUP><FONT face=sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at market value (%)</FONT></B><SUP><FONT face=sans-serif size=1>4,5</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>30.87</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>8.06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>5.35</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>8.11</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(0.83)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(7.81)</FONT></B><SUP><FONT face=sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Ratios and supplemental data</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net assets applicable to common</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>shares, end of period (in millions)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$165</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$177</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>$177</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$194</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$709</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$610</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratios (as a percentage of average</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>net assets):</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Expenses before reductions</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.91</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.78</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>1.67</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.67</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.71</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.73</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Expenses net of fee waivers, if any</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.91</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.78</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>1.67</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.67</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.71</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.73</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Expenses net of all fee waivers</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; <FONT face=sans-serif size=1>and credits</FONT><SUP><FONT face=sans-serif size=1>9</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.91</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.78</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>1.67</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.67</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.71</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.73</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Net investment income</FONT><SUP><FONT face=sans-serif size=1>10</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.45</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.38</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>6.96</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.36</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.86</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.87</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Portfolio turnover (%)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>11</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>24</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14</FONT><SUP><FONT face=sans-serif size=1>11</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Senior securities</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total value of DARTS outstanding</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>(in millions)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$351</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$351</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Involuntary liquidation preference</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>per unit (in thousands)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Average market value per unit</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>(in thousands)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp; </TD>
     <TD noWrap align=right><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>12</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$264,239 </FONT></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$272,034&nbsp;&nbsp;</FONT></TD>
     <TD noWrap align=right width="8%">&nbsp;</TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=1>$276,340&nbsp;&nbsp;</FONT></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$292,301 &nbsp;</FONT></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$300,81</FONT><FONT face=sans-serif size=1>4&nbsp;&nbsp;</FONT></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>$288,918</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II | </FONT><B><FONT face=sans-serif size=1>Semiannual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<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><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 Independent Registered Public Accounting Firm. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Semiannual period from 11-1-07 to 4-30-08. Unaudited.</FONT></P>
<P align=left><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><FONT face=sans-serif size=1>&nbsp;</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>Total return based on net asset value reflects changes in the Fund&#146;s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund&#146;s shares traded during the period.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>6 </FONT></SUP><FONT face=sans-serif size=1>Unaudited.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>7 </FONT></SUP><FONT face=sans-serif size=1>Not annualized. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>8 </FONT></SUP><FONT face=sans-serif size=1>Annualized.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>9 </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 1.16%, 1.12%, 1.08%, 1.07%, 1.13% and 1.12%, respectively.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>10 </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 5.14%, 4.66%, 4.50%, 4.74%, 4.54% and 5.10%, respectively.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>11 </FONT></SUP><FONT face=sans-serif size=1>Excludes merger activity.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>12 </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.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>17</FONT>&nbsp; </TD></TR></TABLE><BR>
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<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</FONT></B><BR>
<B><FONT face=sans-serif size=2>Organization</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=2>Note 2</FONT></B><BR>
<B><FONT face=sans-serif size=2>Significant accounting policies</FONT></B></P>
<P align=left><FONT face=serif size=2>The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Security valuation</FONT></B></P>
<P align=left><FONT face=serif size=2>The net asset value of the common shares of the Fund is determined daily as of the close of the New York Stock Exchange (NYSE), normally at 4:00 </FONT><FONT face=serif size=1>P</FONT><FONT face=serif size=2>.</FONT><FONT face=serif size=1>M</FONT><FONT face=serif size=2>.</FONT><FONT face=serif size=2>, Eastern Time. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or premium, which approximates market value. All other securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade or, lacking any sales, at the closing bid price. Securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making mark
ets in the securities at the close of trading.</FONT></P>
<P align=left><FONT face=serif size=2>Other assets and securities for which no such quotations are readily available are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. Generally, trading in non-U.S. </FONT><FONT face=serif size=2>securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of the Fund&#146;s shares are generally determined as of such times. Occasionally, significant events that affect the values of such securities may occur between the times at which such values are generally determined and the close of the NYSE. Upon such an occurrence, these securities will be valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees.</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 security transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Guarantees and indemnifications</FONT></B></P>
<P align=left><FONT face=serif size=2>Under the Fund&#146;s organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund&#146;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.</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 expenses are directly identifiable to an individual fund. Fund expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration, among</FONT></P>
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<P align=left><FONT face=serif size=2>other things, the nature and type of expense and the relative size 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 regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required. For federal income tax purposes, the Fund has $3,561,487 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 carryforwards expire as follows: October 31, 2009 &#151; $5,711, October 31, 2010 &#151; $1,075,016, October 31, 2011 &#151; $79,976, October 31, 2012 &#151;$51,881 and October 31, 2013 &#151; $2,348,903. Availability of a certain amount of the loss carryforwards, which were acquired on May 29, 2007, in a merger with John Hancock Patriot Preferred Dividend Fund, on June 4, 2007, in a merger with John Hanc
ock Patriot Global Dividend Fund, on June 25, 2007, in a merger with John Hancock Patriot Premium Dividend Fund I, and on October 10, 2007, in a merger with John Hancock Patriot Select Dividend Trust, may be limited in a given year.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund has adopted the provisions of 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>, an interpretation of FASB Statement 109 (FIN 48), at the beginning of the Fund&#146;s fiscal year. FIN 48 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. The implementation of FIN 48 did not have a material impact on the Fund&#146;s financial statements. Each of the Fund&#146;s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.</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 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, establishes a framework for measuring fair value </FONT><FONT face=serif size=2>and expands disclosure about fair value measurements. As of April 30, 2008, management does not believe the adoption of FAS 157 will have a material impact on the amounts reported in the financial statements.</FONT></P>
<P align=left><FONT face=serif size=2>In March 2008, FASB No. 161 (FAS 161), </FONT><I><FONT face=serif size=2>Disclosures about Derivative Instruments and Hedging Activities</FONT></I><FONT face=serif size=2>, an amendment of FASB Statement No. 133 (FAS 133), was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 amends and expands the disclosure requirements of FAS 133 in order to provide financial statement users an understanding of a company&#146;s use of derivative instruments, how derivative instruments are accounted for under FAS 133 and related interpretations and how these instruments affect a company&#146;s financial position, performance, and cash flows. FAS 161 requires companies to disclose information detailing the objectives and strategies for using derivative instruments, the level of derivative activity entered into by the company, and any credit risk-related contingent features of the agreements. Management is currently evaluating the adoption of FAS 161 on 
the Fund&#146;s financial statement disclosures.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Distribution of income and gains</FONT></B></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. The Fund&#146;s net investment income is declared daily as dividends to shareholders of record as of the close of business on the preceding day, and distributed monthly. During the year ended October 31, 2007, the tax character of distributions paid was as follows: ordinary income $23,943,023.</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>
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<P align=left><B><FONT face=sans-serif size=2>Note 3</FONT></B><BR>
<B><FONT face=sans-serif size=2>Management fee and transactions with</FONT></B><BR>
<B><FONT face=sans-serif size=2>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 $1,542,739 for the period ended April 30, 2008. The effective rate for the period ended April 30, 2008 is 0.81% of the Fund&#146;s average daily net asset value. The Adviser&#146;s total fee is limited to a maximum amount equal to 1.00% annually of the Fund&#146;s average weekly managed assets. For the period ended April 30, 2008, the advisory fee incurred did not exceed the maximum advisory
 fee allowed. The Fund has a subadvisory agreement with MFC Global Investment Management (U.S.), LLC, a subsidiary of John Hancock Financial Services, Inc. The Fund is not responsible for payment of subadvisory fees.</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, compliance, 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 $496,065.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. James R. Boyle is Chairman of the Adviser, as well as 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><B><FONT face=sans-serif size=2>Note 4</FONT></B><BR>
<B><FONT face=sans-serif size=2>Fund share transactions</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>Common shares</FONT></B></P>
<P align=left><FONT face=serif size=2>This listing illustrates the Fund&#146;s common shares issued in reorganization and repurchased during the year ended October 31, 2007, and the period ended April 30, 2008, along with the corresponding dollar value.</FONT></P>
<P align=left><FONT face=serif size=2>In December 2007, the Board of Trustees approved a share repurchase plan. Under the plan, the Fund may repurchase in the open market up to 10% of its outstanding common shares. The plan will remain in effect until December 2008. During the period ended April 30, 2008, the Fund repurchased 854,600 common shares or 1.52% of the outstanding common shares.</FONT></P>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>Year ended 10-31-07</FONT></B>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>Period ended 4-30-08</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Amount</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Amount</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Issued in reorganization (Note 6)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>41,176,401</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$524,910,667</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Repurchased</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(854,600)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>($8,365,803)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>41,176,401</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$524,910,667</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(854,600)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($8,365,803)</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 11-1-07 to 4-30-08. Unaudited.</FONT></P>
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<P align=left><FONT face=serif size=2>On March 31, 2008, the Board of Trustees approved a semiannual series tender offer program. Under the program, the Fund will offer to repurchase up to 5% of the Fund&#146;s outstanding common stock at 98% of net asset value on the date the tender offer expires, provided that the common shares of the Fund have traded at an average daily discount to net asset value of greater than 10% during a twelve week measurement period. The tender offer will occur twice a year if the thresholds are met, with the Board of Trustees to review the program annually.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Dutch Auction Rate Transferable Securities preferred shares</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, B, C, D, E and F ranged from 4.10% to 5.40%, from 4.17% to 5.38%, from 4.21% to 6.70%, from 4.41% to 5.80%, from 4.07% to 5.55% and from 4.11% to 5.80%, respectively, during the period ended April 30, 2008. 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 </FONT><FONT face=serif size=2>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 t
he DARTS and common shareholders.</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. 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.</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 </FONT><FONT face=serif size=2>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 </FONT><FONT face=serif size=2>preferred shares</FONT></P>
<P align=left><FONT face=serif size=2>&#149; increased operating costs,which may reduce </FONT><FONT face=serif size=2>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 </FONT><FONT face=serif size=2>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, conversely, return would be lower if the cost of the leverage exceeds the income or capital appreciation derived.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 5</FONT></B><BR>
<B><FONT face=sans-serif size=2>Purchase and sale of securities</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, 2008, aggregated $54,075,416 and $85,705,513, respectively.</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Note 6</FONT></B><BR>
<B><FONT face=sans-serif size=2>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.</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 . As of the close of business on May 29, 2007, the NAV of PPF was $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. The acquisition was accounted for as a tax-free exchange of 7,753,648 common shares of the Fund for the net assets of PPF, which amounted to $101,176,582, including the total of $4,956,976 of unrealized appreciation, after the close of business on May 29, 2007.</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 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.</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 was $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. The acquisition was accounted for as a tax-free exchange of 9,378,382 common shares of the Fund for the net assets of PGD, which amounted to $122,416,014, including the total of $10,982,782 of unrealized appreciation, after the close of business on June 4, 2007.</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 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.</FONT></P>
<P align=left><FONT face=serif size=2>As a result of the reorganization, each holder of PDF 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 . As of the close of business on June 25, 2007, the NAV of PDF was $9.8189 per common share and the NAV of the Fund was $12.4533 per common share. Each common share of PDF was converted into .78846147 of a common share of the Fund.</FONT></P>
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<P align=left><FONT face=serif size=2>The acquisition was accounted for as a tax-free exchange of 12,057,605 common shares of the Fund for the net assets of PDF, which amounted to $150,156,978, including the total of $7,233,142 of unrealized appreciation, after the close of business on June 25, 2007.</FONT></P>
<P align=left><FONT face=serif size=2>As a result of the reorganization, the holders of preferred shares of PDF received Series C preferred shares of the Fund with a dividend rate of 4.24% for a dividend period ended August 12, 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 October 10, 2007, the Fund acquired all of the assets and assumed all of the liabilities of John Hancock Patriot Select Dividend Trust (DIV), 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 PDF on May 2, 2007.</FONT></P>
<P align=left><FONT face=serif size=2>As a result of the reorganization, each holder of DIV 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 DIV. As of the close of business on October 10, 2007, the NAV of DIV was $15.10 per common share and the NAV of the Fund was $12.61 per common share. Each common share of DIV was converted into 1.19743657 of a common share of the Fund. The acquisition was accounted for as a tax-free exchange of 11,986,828 common shares of the Fund for the net assets of DIV, which amounted to $151,161,093, including the total of $10,857,006 of unrealized appreciation, after the close of business on October 10, 2007.</FONT></P>
<P align=left><FONT face=serif size=2>As a result of the reorganization, the holders of preferred shares of DIV received Series D preferred shares of the Fund with a dividend </FONT><FONT face=serif size=2>rate of 5.50% for a dividend period ending November 27, 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><B><FONT face=sans-serif size=2>Note 7</FONT></B><BR>
<B><FONT face=sans-serif size=2>Subsequent event</FONT></B></P>
<P align=left><FONT face=serif size=2>In May 2008, the Fund&#146;s Trustees approved a plan whereby a third party commercial bank has agreed to provide a credit facility that will enable a refinancing of the Fund&#146;s DARTS. The facility will be used to redeem and replace 100 percent of the outstanding DARTS and will allow the Fund to change its form of leverage from DARTS to debt. The redemption of all series is expected to be completed by July 2008.</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><FONT face=serif size=2>Effective January 25, 2008 the Trustees approved the following investment policy change: The Fund&#146;s investment policy that the Fund will invest more than 65% of total assets in securities of companies in the utilities industry was replaced by the fundamental restriction which states that the Fund will invest more than 25% of total assets in securities of issuers primarily engaged in the utilities industry.</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, 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 spe
cial 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>
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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, 2008, dividends from net investment income totaling $0.288 per share and distributions from capital gains totaling $0.01396 were paid to shareholders. The dates of payments and the amounts per share are as follows:</FONT></P>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INCOME</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>PAYMENT DATE</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>DIVIDEND</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>November 30, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$0.048</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>December 31, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.048</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>January 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.048</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>February 29, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.048</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>March 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.048</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>April 30, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.048</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>CAPITAL GAIN</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PAYMENT DATE</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>DISTRIBUTION</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>December 31, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$0.01396</FONT>&nbsp; </TD>
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<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 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 n
ecessary 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</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>25</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=2>dividend record date; otherwise, it will be effective for all subsequent dividend record dates. When a participant withdraws from the Plan or upon termination of the Plan, as provided below, certificates for whole common shares 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, </FONT><FONT face=serif size=2>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</FONT></B><BR>
<B><FONT face=sans-serif size=2>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>
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     <TD noWrap align=left><FONT face=sans-serif size=2>26</FONT>&nbsp; </TD>
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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 March 31, 2008, the Annual Meeting of the Fund was held to elect three Trustees. Proxies covering 51,533,292 common shares were voted at the meeting.</FONT></P>
<P align=left><FONT face=serif size=2>The common shareholders elected the following Trustees to serve until successors are duly elected and qualified. The votes were tabulated as follows:</FONT></P>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>WITHHELD</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>FOR</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AUTHORITY</FONT>&nbsp; </TD></TR>
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</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>James F. Carlin</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>49,555,430</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>1,977,862 (common shares)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>William H. Cunningham</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>49,500,625</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>2,032,667 (common shares)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Due to the insufficient number of preferred shareholder votes on the proposal to elect a Trustee, the meeting for the preferred shares was adjourned until April 29, 2008, at which time proxies covering 2,537 preferred shares voted at the meeting.</FONT></P>
<P align=left><FONT face=serif size=2>The preferred shareholders elected the following Trustee to serve until his successor is duly elected and qualified.</FONT></P>
<P align=left><FONT face=serif size=2>The votes were tabulated as follows:</FONT></P>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>WITHHELD</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>FOR</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AUTHORITY</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>John A. Moore</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>2,380</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>157 (preferred shares)</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>27</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><B><FONT face=sans-serif size=2>Board Consideration of and</FONT></B><BR>
<B><FONT face=sans-serif size=2>Continuation of Investment Advisory</FONT></B><BR>
<B><FONT face=sans-serif size=2>Agreement and Subadvisory</FONT></B><BR>
<B><FONT face=sans-serif size=2>Agreement: John Hancock Patriot</FONT></B><BR>
<B><FONT face=sans-serif size=2>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 meet in person 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 7 and June 4&#150;5, 2007, 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, 2006;</FONT><SUP><FONT face=serif size=2>1 </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 Independent Trustees considered the legal advice of independent legal counsel and relied on their own business judgment in determining the factors to be considered in evaluating the materials that were presented to them and the weight to be given to each such factor. 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. They principally considered performance and other information from Morningstar as of December 31, 2006. The Board also considered updated performance information provided to it by the Adviser or Subadviser at the May and June 2007 meetings. Performance and other information may be quite different as of 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 considered the investment philosophy, research and investment decision-making processes of the Adviser and Subadviser. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs and compliance records of the Adviser and Subadviser. In addition, the Board took into account the administrative and other non-advisory services</FONT></P>
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<P align=left><FONT face=serif size=2>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 supported 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, 2006. The Board also considered these results in comparison to the performance of the Peer Group, as well as the 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 5- and 10-year periods was lower than the performance of the Peer Group median, but higher than the performance of its benchmark index, the Lehman Brothers Aggregate Bond Index. The Board also noted that the Fund&#146;s performance during the 5-year period was higher than its other benchmark index, the Merrill Lynch Preferred Stock DRD Eligible Index. The Board viewed favorably that Fund&#146;s more recent performance during the 1- and 3-year periods was higher than the performance of the Peer Group median and its benchmark indexes.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Investment advisory fee and subadvisory fee 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 noted that, unlike the Fund, several funds in the Peer Group employed fee waivers or reimbursements. The Board received and considered information comparing the Expense Ratio of the Fund to that of the Peer Group median before the application of fee waivers and reimbursements (Gross Expense Ratio) and after the application of such waivers and reimbursement (Net Expense Ratio). The Board noted th
at the Fund&#146;s Expense Ratio was higher than the Peer Group median. The Board also noted the differences in the funds included in the Peer Group, including differences in the employment of fee waivers and reimbursements.</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 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 also considered a comparison of the Adviser&#146;s profitability to that of other similar investment advisers whose</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>29</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=2>profitability information is publicly available. 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 concluded that the fees were fair and equitable based on relevant factors.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other benefits to the Adviser</FONT></B></P>
<P align=left><FONT face=serif size=2>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 </FONT><FONT face=serif size=2>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 face=serif size=2>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 face=sans-serif size=1>Other factors and broader review</FONT></B></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>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><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>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 (the 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>
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     <TD noWrap align=left><FONT face=sans-serif size=2>30</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II | </FONT><B><FONT face=sans-serif size=1>Semiannual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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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=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="34%"></TD>
     <TD width="34%"></TD>
     <TD width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>By phone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>On the Fund&#146;s Web site</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><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><FONT face=serif size=2>1-800-225-5291</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>www.jhfunds.com/proxy</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>www.sec.gov</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Charles A. Rizzo</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Transfer agent for</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>James F. Carlin, </FONT><I><FONT face=serif size=2>Chairman</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=serif size=2>Chief Financial Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>common shareholders</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>James R. Boyle&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Mellon Investor Services</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>William H. Cunningham</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Gordon M. Shone</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Newport Office Center VII</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Charles L. Ladner*</FONT>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=serif size=2>Treasurer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>480 Washington Boulevard</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Dr. John A. Moore*</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Jersey City, NJ 07310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Patti McGill Peterson*</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>John G. Vrysen</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Steven R. Pruchansky</FONT>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=serif size=2>Chief Operating Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Transfer agent for</FONT></B>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>*Members of the Audit Committee</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>preferred shareholders</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#134;Non-Independent Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Investment adviser</FONT></B>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Deutsche Bank Trust</FONT>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>John Hancock Advisers, LLC</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; <FONT face=serif size=2>Company Americas</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Officers</FONT></B>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>601 Congress Street</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>280 Park Avenue</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Keith F. Hartstein</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>Boston, MA 02210-2805</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>New York, NY 10017</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>President and</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Chief Executive Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Subadviser</FONT></B>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Legal counsel</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>MFC Global Investment&nbsp;</FONT> </TD>
     <TD noWrap align=left><FONT face=serif size=2>Kirkpatrick &amp; Lockhart</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Thomas M. Kinzler</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=left>&nbsp; <FONT face=serif size=2>Management (U.S.), LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; <FONT face=serif size=2>Preston Gates Ellis LLP</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Secretary and Chief Legal Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>101 Huntington Avenue</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>One Lincoln Street</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Boston, MA 02199</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Boston, MA 02111-2950</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left><FONT face=serif size=2>Francis V. Knox, Jr.</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Chief Compliance Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Custodian</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Stock symbol</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Bank of New York Mellon</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Listed New York Stock</FONT>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>One Wall Street</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; <FONT face=serif size=2>Exchange: PDT</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>New York, NY 10286</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>For stockholder assistance</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>refer to page 26</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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     <TD width="15%"></TD>
     <TD width="54%"></TD>
     <TD width="29%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>How to contact us</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Internet</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>www.jhfunds.com</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Mail</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mellon Investor Services</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Newport Office Center VII</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>480 Washington Boulevard</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jersey City, NJ 07310</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Phone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Customer service representatives</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-852-0218</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Portfolio commentary</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-344-7054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>EASI-Line</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-843-0090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>TDD line</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-231-5469</FONT>&nbsp; </TD></TR>
<TR>
     <TD 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>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
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     <TD width="95%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II | </FONT><B><FONT face=sans-serif size=1>Semiannual report</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>31</FONT>&nbsp; </TD></TR></TABLE><BR>
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<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></FONT><FONT face=sans-serif size=1></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>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="76%"></TD>
     <TD width="21%"></TD>
     <TD width="3%"></TD></TR>
<TR>
     <TD></TD>
     <TD colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>P20SA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4/08</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="76%">&nbsp; </TD>
     <TD noWrap align=right width="24%" colSpan=2><FONT face=sans-serif size=1>6/08</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=2>ITEM 2. CODE OF ETHICS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>As of the end of the period, April 30, 2008, 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 face=sans-serif size=2>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable at this time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable at this time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable at this time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; (a) Not applicable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; (b) Not applicable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(a) Not applicable.</FONT></P>
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     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=4><B><FONT face=sans-serif size=2>REGISTRANT PURCHASES OF EQUITY SECURITIES</FONT></B></TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Total Number of</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Maximum Number</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares Purchased</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>of Shares that May</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Total Number of</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Average Price</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>as Part of Publicly</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Yet Be Purchased</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares Purchased *</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>per Share</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Announced Plan</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Under the Plan</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>November 1, 2007 to</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; <FONT face=sans-serif size=1>Novermber 30, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>December 1, 2007 to</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; <FONT face=sans-serif size=1>December 31, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>January 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; <FONT face=sans-serif size=1>Janaury 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>195,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$10.0718</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>February 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; <FONT face=sans-serif size=1>February 29, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>350,200</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$10.0114</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>March 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; <FONT face=sans-serif size=1>March 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>309,300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$9.3291</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>April 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; &nbsp; <FONT face=sans-serif size=1>April 30, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>n/a</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>854,600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$9.7891</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD colSpan=2>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>* In December 2007, the Board of Trustees approved a share repurchase plan. Under the plan, the Fund may repurchase in the open market up to 10% of its outstanding common shares. The plan will remain in effect until December 2008. During the period ended April 30, 2008, the Fund repurchased 854,600 common shares or 1.52% of the outstanding common shares.</FONT></P>
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<P align=left><FONT face=sans-serif size=2>In December 2007, the Board of Trustees approved a share repurchase plan. Under the plan, the Fund may repurchase in the open market up to 10% of its outstanding common shares. The plan will remain in effect until December 2008. During the period ended April 30, 2008, the Fund repurchased 854,600 common shares or 1.52% of the outstanding common shares.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>There were no material changes to previously disclosed John Hancock Funds &#150; Governance Committee Charter.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 11. CONTROLS AND PROCEDURES.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(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 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 face=sans-serif size=2>(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>
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<FONT size=2 face="sans-serif">ITEM 12. EXHIBITS.</FONT></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) Contact person at the registrant.</FONT></P>

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     <TD noWrap align=center><FONT face=sans-serif size=2>SIGNATURES</FONT>&nbsp; </TD></TR></TABLE><BR>
<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><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 19, 2008</FONT></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><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 19, 2008</FONT><BR>
<BR>
<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 19, 2008</FONT></P>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_patriotpremdiviiexnn.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

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<P align=left><B><U><FONT face=sans-serif size=2>CERTIFICATION</FONT></U></B></P>
<P align=left><FONT face=sans-serif size=2>I, Keith F. Hartstein, certify that:</FONT></P>
<P align=left><FONT face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>(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 face=sans-serif size=2>(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 face=sans-serif size=2>(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 face=sans-serif size=2>(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 face=sans-serif size=2>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 face=sans-serif size=2>(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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<P align=left><FONT face=sans-serif size=2>(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><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 19, 2008</FONT></P>
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<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Charles A. Rizzo, certify that:</FONT></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">
<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 19, 2008</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_patriotpremdiviiexnnos.htm
<DESCRIPTION>CERTIFICATION 906
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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</FONT></B><BR>
<B><FONT face=sans-serif size=2>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><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 19, 2008</FONT></P>
<P align=left><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 19, 2008</FONT></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_codethpatprem.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>

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<P align=center><B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>T</FONT></B><B><FONT face=serif size=2>RUST</FONT></B><B><FONT face=serif></FONT></B> <BR>
<B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>F</FONT></B><B><FONT face=serif size=2>UNDS</FONT></B> <B><FONT face=serif></FONT></B><BR>
<B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>F</FONT></B><B><FONT face=serif size=2>UNDS</FONT></B> <B><FONT face=serif>II</FONT></B> <BR>
<B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>F</FONT></B><B><FONT face=serif size=2>UNDS</FONT></B> <B><FONT face=serif>III</FONT></B></P>
<P align=center><B><FONT face=serif><U>SARBANES-OXLEY CODE OF ETHICS</U></FONT></B><BR>
<B><FONT face=serif><U>FOR</U></FONT></B><BR>
<B><FONT face=serif><U>PRINCIPAL EXECUTIVE &amp; PRINCIPAL FINANCIAL OFFICERS</U></FONT></B></P>
<P align=left><B><FONT face=serif>I.</FONT></B><B><FONT face=sans-serif></FONT></B> <B><FONT face=serif>Covered Officers/Purpose of the Code</FONT></B></P>
<P align=left><FONT face=serif>This code of ethics (this &#147;Code&#148;) for John Hancock Trust, John Hancock Funds</FONT><SUP><FONT face=serif>1</FONT></SUP><FONT face=serif>, John Hancock Funds II and John Hancock Funds III, each a registered management investment company under the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;), which may issue shares in separate and distinct series (each investment company and series thereunder to be hereinafter referred to as a &#147;Fund&#148;), applies to each Fund&#146;s Principal Executive Officer (&#147;President&#148;) and Principal Financial Officer (&#147;Chief Financial Officer&#148;) (the &#147;Registrant&#146;s Executive Officers&#148; or &#147;Executive Officers&#148; as set forth in</FONT> <U><FONT face=serif>Exhibit A</FONT></U><FONT face=serif>) for the purpose of promoting:</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (&#147;SEC&#148;) and in other public communications made by the Fund;</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>compliance with applicable laws and governmental rules and regulations;</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>accountability for adherence to the Code.</FONT></P>
<P align=left><SUP><FONT face=serif size=2>___________________________________________<BR>
1</FONT></SUP> <FONT face=serif size=2>John Hancock Funds includes the following trusts: John Hancock Bank and Thrift Opportunity Fund; John Hancock Bond Trust; John Hancock California Tax-Free Income Fund; John Hancock Capital Series; John Hancock Current Interest; John Hancock Equity Trust; John Hancock Income Securities Trust; John Hancock Investment Trust; John Hancock Investment Trust II; John Hancock Investment Trust III; John Hancock Investors Trust; John Hancock Municipal Securities Trust; John Hancock Patriot Premium Dividend Fund II; Trust; John Hancock Preferred Income Fund; John Hancock Preferred Income Fund II; John Hancock Preferred Income Fund III; John Hancock Series Trust; John Hancock Sovereign Bond Fund; John Hancock Strategic Series; John Hancock Tax-Exempt Series Fund; John Hancock World Fund; John Hancock Tax-Advantaged Dividend Income Fund and John Hancock Tax-Advantaged Global Shareholder Yield Fund.</FONT></P>
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<P align=left><FONT face=serif>Each of the Registrant&#146;s Executive Officers should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. </FONT></P>
<P align=left><B><FONT face=serif>II.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest </FONT></B></P>
<P align=left><B><FONT face=serif>Overview </FONT></B></P>
<P align=left><FONT face=serif>A &#147;conflict of interest&#148; occurs when an Executive Officer&#146;s private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Registrant&#146;s Executive Officers, or a member of his family, receives improper personal benefits as a result of his position with the Fund. Certain conflicts of interest arise out of the relationships between the Executive Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;) and the Investment Advisers Act of 1940, as amended (the &#147;Investment Advisers Act&#148;). For example, Executive Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as &#147;affiliated persons&#148; of the Fund. Each of the Registrant&#146;s Executive Officers is an off
icer or employee of the investment adviser or a service provider (&#147;Service Provider&#148;) to the Fund. The Fund&#146;s, the investment adviser&#146;s and the Service Provider&#146;s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. </FONT></P>
<P align=left><FONT face=serif>Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser and the Service Provider of which the Executive Officers are also officers or employees. As a result, this Code recognizes that the Registrant&#146;s Executive Officers will, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the Service Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Fund. The participation of the Executive Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and the Service Provider and is consistent with the performance by the Executive Officers of their duties as officers of the Fund. Thus, if such participation is performed in conformity 
with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically. In addition, it is recognized by the Fund&#146;s Board of Trustees/Directors (the &#147;Board&#148;) that the Executive Officers may also be officers or employees of one or more other investment companies covered by other Codes. </FONT></P>
<P align=left><FONT face=serif>Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Registrant&#146;s Executive Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of an Executive Officer should not be placed improperly before the interest of the Fund.</FONT></P>
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<P align=center><FONT face=serif>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </FONT></P>
<P align=left><FONT face=serif>Each Covered Officer must: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Executive Officer would benefit personally to the detriment of the Fund; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Executive Officer rather than for the benefit of the Fund; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions. </FONT></P>
<P align=left><FONT face=serif>Additionally, conflicts of interest may arise in other situations, the propriety of which may be discussed, if material, with the Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;). Examples of these include: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>service as a director/trustee on the board of any public or private company; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the receipt of any non-nominal gifts; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety (or other formulation as the Fund already uses in another code of conduct); </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>any ownership interest in, or any consulting or employment relationship with, any of the Fund&#146;s service providers, other than its investment adviser, any sub-adviser, principal underwriter, administrator or any affiliated person thereof; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Executive Officer&#146;s employment, such as compensation or equity ownership. </FONT></P>
<P align=left><B><FONT face=serif>III.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Disclosure &amp; Compliance </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Each Executive Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Each Executive Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, </FONT></P>
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<P align=left><FONT face=serif>including to the Fund&#146;s directors and auditors, and to governmental regulators and self-regulatory organizations; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Each Executive Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and the Fund&#146;s adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>It is the responsibility of each Executive Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. </FONT></P>
<P align=left><B><FONT face=serif>IV.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Reporting &amp; Accountability </FONT></B></P>
<P align=left><FONT face=serif>Each Executive Officer must: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>upon adoption of the Code (or thereafter as applicable, upon becoming an Executive Officer), affirm in writing to the Fund&#146;s CCO that he/she has received, read, and understands the Code; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>annually thereafter affirm to the Fund&#146;s CCO that he/she has complied with the requirements of the Code; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not retaliate against any employee or Executive Officer or their affiliated persons for reports of potential violations that are made in good faith; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>notify the Fund&#146;s CCO promptly if he/she knows of any violation of this Code (Note: failure to do so is itself a violation of this Code); and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>report at least annually any change in his/her affiliations from the prior year. </FONT></P>
<P align=left><FONT face=serif>The Fund&#146;s CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Fund&#146;s Board or the Compliance Committee thereof (the &#147;Committee&#148;). </FONT></P>
<P align=left><FONT face=serif>The Fund will follow these procedures in investigating and enforcing this Code: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the Fund&#146;s CCO will take all appropriate action to investigate any potential violations reported to him/her;</FONT><B><FONT face=serif> </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>any matter that the CCO believes is a violation will be reported to the Board or, if applicable, Compliance Committee; </FONT></P>
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<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>if the Board or, if applicable, Compliance Committee concurs that a violation has occurred, the Board, either upon its determination of a violation or upon recommendation of the Compliance Committee, if applicable, will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or the investment adviser or its board; or a recommendation to dismiss the Registrant&#146;s Executive Officer; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the Board, or if applicable the Compliance Committee, will be responsible for granting waivers, as appropriate; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. </FONT></P>
<P align=left><B><FONT face=serif>V.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Other Policies &amp; Procedures </FONT></B></P>
<P align=left><FONT face=serif>This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund&#146;s adviser, any sub-adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Registrant&#146;s Executive Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund&#146;s and its investment adviser&#146;s codes of ethics under Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, are separate requirements applying to the Registrant&#146;s Executive Officers and others, and are not part of this Code. </FONT></P>
<P align=left><B><FONT face=serif>VI.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Amendments </FONT></B></P>
<P align=left><FONT face=serif>Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Fund&#146;s Board, including a majority of independent directors. </FONT></P>
<P align=left><B><FONT face=serif>VII.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Confidentiality </FONT></B></P>
<P align=left><FONT face=serif>All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund&#146;s Board and its counsel, the investment adviser and the relevant Service Providers. </FONT></P>
<P align=left><B><FONT face=serif>VIII.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Internal Use </FONT></B></P>
<P align=left><FONT face=serif>The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.</FONT></P>
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<P align=center><B><U><FONT face=serif>Exhibit A</FONT></U></B><FONT face=serif> </FONT><BR>
<B><FONT face=serif>Persons Covered by this Code of Ethics </FONT></B><BR>
<B><FONT face=serif>(As of June 2007) </FONT></B></P>
<P align=left><B><FONT face=serif>John Hancock Trust</FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
<P align=left><B><FONT face=serif>John Hancock Funds </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
<P align=left><B><FONT face=serif>John Hancock Funds II </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
<P align=left><B><FONT face=serif>John Hancock Funds III </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
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<SEQUENCE>5
<FILENAME>e_patpregoverncom.htm
<DESCRIPTION>GOVERNANCE COMMITTEE CHARTER
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    <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>

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



<!--$$/page=-->
<A name="page_3"></A>

<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>

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


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
