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<SEC-DOCUMENT>0000928816-09-000038.txt : 20090109
<SEC-HEADER>0000928816-09-000038.hdr.sgml : 20090109
<ACCEPTANCE-DATETIME>20090109150732
ACCESSION NUMBER:		0000928816-09-000038
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20081031
FILED AS OF DATE:		20090109
DATE AS OF CHANGE:		20090109
EFFECTIVENESS DATE:		20090109

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05908
		FILM NUMBER:		09518442

	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-CSR
<SEQUENCE>1
<FILENAME>a_patpremdivfund.htm
<DESCRIPTION>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II
<TEXT>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif>UNITED STATES</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif>Washington, D.C. 20549</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><B><FONT face=sans-serif>FORM N-CSR</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><B><FONT face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><B><FONT face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif>Investment Company Act file number </FONT><U><FONT face=sans-serif>811- 05908</FONT></U>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><U><FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund II</FONT></U>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif>(Exact name of registrant as specified in charter)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><U><FONT face=sans-serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp; </TD></TR>
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     <TD align=center colSpan=2><FONT face=sans-serif>Alfred P. Ouellette</FONT> </TD></TR>
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     <TD align=center colSpan=2><FONT face=sans-serif>Senior Counsel and Assistant Secretary</FONT> </TD></TR>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif>601 Congress Street</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><U><FONT face=sans-serif>Boston, Massachusetts 02210</FONT></U>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif>(Name and address of agent for service)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left colSpan=2><FONT face=sans-serif>Registrant's telephone number, including area code: </FONT><U><FONT face=sans-serif>617-663-4324</FONT></U>&nbsp; </TD></TR>
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     <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 colSpan=2>&nbsp; </TD></TR>
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     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>Date of reporting period:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>October 31, 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>Discussion of Fund performance</FONT></P>
<P align=left><FONT face=sans-serif size=2>By MFC Global Investment (U.S.), LLC</FONT></P>
<FONT face=serif size=2>Against an increasingly difficult investment backdrop, preferred stocks suffered significant losses during the 12-month period ended October 31, 2008. Worsening conditions in the credit markets prompted waves of selling, at the same time that preferred stocks were hit by a massive influx of new preferred stock issues even as demand waned. For the 12 months ended October 31, 2008, John Hancock Patriot Premium Dividend Fund II returned &#150;26.60% at net asset value (NAV) and &#150;29.43% at market value. By comparison, the average UBS preferred stock closed-end fund returned &#150;50.41% at NAV and &#150;47.81% at market value. The difference in the Fund&#146;s NAV performance and its market performance stems from the fact that the market share price is subject to the dynamics of secondary market </FONT><FONT face=serif size=2>trading, which could cause it to trade at a discount or premium to the Fund&#146;s NAV share price at any time. The Fund&#146;s current annualized distribution 
rate was 6.64% at NAV and 8.23% at closing market price on October 31, 2008. That compared with the average UBS preferred stock closed-end fund&#146;s yield of 15.80% at NAV and 17.16% </FONT><FONT face=serif size=2>at market price on October 31, 2008. The broad stock market, as measured by the Standard &amp; Poor&#146;s 500 Index, returned &#150;36.10% . For the same 12-month period, the Barclays Capital U.S. Aggregate Bond Index returned 0.30%, the Merrill Lynch Preferred Stock DRD Index returned &#150;56.45% and the S&amp;P 400 Mid-Cap Utilities Index returned &#150;24.37% . In a period in which virtually every preferred stock suffered price declines, our financial holdings were our biggest detractors. The bankruptcy of Lehman Brothers wiped out the shareholders in that company&#146;s preferred stock. We also lost significant ground by holding Fannie Mae, the troubled quasi-government mortgage company that was taken over by the U.S. Treasury, who then suspended its dividend payment. Another detractor was 
CIT Group, Inc., a specialty financing company whose borrowing costs shot way up during the period. In contrast, we had comparatively good performance from AT&amp;T, Inc. and Verizon Communications, Inc. Regarding the Fund&#146;s debt, the extremely difficult market conditions and sharp downturn caused the Fund to deleverage several times during the period to keep within the assets-to-debt ratio of its loan covenant. Even though the market continued to decline, we stopped deleveraging late in the period after the terms of the loan covenant were modified.</FONT><FONT face=serif size=2>
<P align=left><B><FONT face=sans-serif size=2>&#147;Against an increasingly difficult</FONT></B><BR>
<B><FONT face=sans-serif size=2>investment backdrop, preferred</FONT></B><BR>
<B><FONT face=sans-serif size=2>stocks suffered significant losses... &#148;</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>This commentary reflects the views of the portfolio managers through the end of the Fund&#146;s period discussed in this report. The managers&#146; statements reflect their own opinions. As such, they are in no way guarantees of future events, and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The Fund normally will invest at least 25% of its managed assets in securities of companies in the utilities industry. Such an investment concentration makes the Fund more susceptible to factors adversely affecting the utilities industry than a more broadly diversified fund. Sector investing is subject to greater risks than the market as a whole.</FONT></P>
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     <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>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=7>Portfolio summary</FONT></P>
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     <TD width="9%"></TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Top 10 holdings</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <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>3.6%</FONT>&nbsp; </TD>
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     <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></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Duquesne Light Co., 6.500%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.4%</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Ocean Spray Cranberries, Inc., 6.250%&nbsp;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;<FONT face=Arial size=1>2.8%&nbsp; </FONT></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>PPL Electric Utilities Corp., 6.250%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.4%</FONT>&nbsp; </TD>
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     <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>2.7%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Alabama Power Co., 5.200%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.4%</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of America Corp., 6.204%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.5%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Apache Corp., 5.680%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.0%</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>MetLife, Inc., 6.500%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.5%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Sector distribution</FONT></B><SUP><FONT face=sans-serif size=1>1,2</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <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>29%</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Integrated telecommunication services</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD></TR>
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     <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>29%</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Trucking</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD></TR>
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     <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>9%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Specialized REITs</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Diversified financial services</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9%</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Wireless telecommunication services</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Oil &amp; gas exploration &amp; production</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5%</FONT>&nbsp; </TD>
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     <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>1%</FONT>&nbsp; </TD></TR>
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     <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>3%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Specialized finance</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD></TR>
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     <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><FONT face=sans-serif size=1>Real estate investment trusts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Agricultural products</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><FONT face=sans-serif size=1>Retail REITs</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Consumer finance</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Short-term investments &amp; other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD></TR>
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<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 October 31, 2008.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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>
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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 10-31-08</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>
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     <TD width="8%"></TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp; </TD>
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     <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=4></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Common stocks 36.55%</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>$166,701,258</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 $196,255,386)</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=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Electric Utilities 3.36%</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>15,336,252</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>Duke Energy Corp. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,276,000</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>Progress Energy, Inc. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>11,948,795</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>Progress Energy, Inc. CVO (B)(I)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>111,457</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Industrial Conglomerates 0.56%</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>2,536,300</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>General Electric Co. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>2,536,300</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Integrated Telecommunication Services 2.18%</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>9,937,166</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. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>6,960,200</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>FairPoint Communications, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>9,966</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>Verizon Communications, Inc. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>2,967,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Multi-Utilities 30.45%</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>138,891,540</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>Alliant Energy Corp. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>470,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,808,600</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>Ameren Corp. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>5,367,230</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>CH Energy Group, Inc. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>610,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>25,150,300</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>Consolidated Edison, Inc. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,815,800</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>Dominion Resources, Inc. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,083,800</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>DTE Energy Co. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>440,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,532,000</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>Integrys Energy Group, Inc. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,440,800</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>NiSource, Inc. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>490,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,350,400</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>NSTAR (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,995,250</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>OGE Energy Corp. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>255,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,961,500</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>PNM Resources, Inc. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>4,875,000</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>TECO Energy, Inc. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>570,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,577,800</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>Vectren Corp. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>3,258,360</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>Xcel Energy, Inc. (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>785,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,674,700</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </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)</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=4></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Preferred stocks 114.65%</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>$522,991,783</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 $678,642,657)</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=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Agricultural Products 4.30%</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>19,621,875</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., 6.250%,</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>Ser A (S)(Z)</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>224,250</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,621,875</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>Annual 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;&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="67%"></TD>
     <TD width="8%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></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)</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=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Cable &amp; Satellite 0.19%</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>$861,658</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., 7.000% (Z)</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>861,658</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Consumer Finance 2.19%</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>10,010,896</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., 6.360%,</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 (Z)</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>655,396</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., 6.970%, Ser A (Z)</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>9,355,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Diversified Banks 13.83%</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>63,094,541</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 (Z)</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>17,366,400</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., 8.200%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>805,000</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>Bank of America Corp., 6.625% (Z)</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>7,092,000</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>HSBC Holdings PLC, 6.200%, Ser A (Z)</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>442,500</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., 2.858% (G) (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>17,013,906</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>Sovereign Bancorp, 7.300%,</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 (Z)</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>7,061,860</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>Wachovia Corp., 8.000% (Z)</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>677,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,312,875</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Diversified Financial Services 13.23%</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>60,361,170</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>Citigroup Capital VII, 7.125%</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>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>517,500</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., 8.500%, Depositary Shares,</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>Ser F (Z)</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>205,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,763,800</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>Citigroup, Inc., 8.125%, Depositary Shares,</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>Ser AA (Z)</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>615,050</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,363,592</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>Deutsche Bank Contingent Capital</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>Trust II, 6.550% (Z)</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>275,275</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,112,609</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>Deutsche Bank Contingent Capital</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>Trust III, 7.600% (Z)</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>542,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,322,400</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>JPMorgan Chase &amp; Co., 5.490%, Ser G (Z)</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>278,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,227,620</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>JPMorgan Chase &amp; Co., 5.720%, Ser F (Z)</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>328,760</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,281,904</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>JPMorgan Chase &amp; Co., 6.150%, Ser E (Z)</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>209,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,771,745</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Electric Utilities 41.10%</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>187,457,796</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., 5.200% (Z)</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>1,213,875</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23,670,562</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., 5.440% (Z)</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>1,019,757</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., 4.640% (Z)</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>681,658</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., 4.750% (G) (Z)</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>804,095</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., 3.900%,</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>Ser 1949 (Z)</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>900,881</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., 6.500% (Z)</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>23,769,204</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., 6.450% (Z)</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>8,028,125</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>Entergy Mississippi, Inc., 6.250% (Z)</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>15,757,875</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, 7.100%, Ser A (Z)</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>242,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,393,200</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., 6.000%, Ser R (Z)</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>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,971,000</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>Great Plains Energy, Inc., 4.500% (Z)</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>913,230</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, 6.500% (Z)</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>173,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,591,825</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 (Z)</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>3,353,200</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., 7.100%, Ser C (Z)</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>176,600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,962,463</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%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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; </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="67%"></TD>
     <TD width="8%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></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)</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=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Electric Utilities (continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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., 4.780% (Z)</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>$9,403,450</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., 4.250% (Z)</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>7,736,044</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., 4.400% (Z)</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>29,780</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,173,940</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., 4.600% (Z)</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>265,409</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., 6.250%,</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 (Z)</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>23,750,000</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>PPL Energy Supply, LLC, 7.000% (Z)</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>272,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,649,000</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., 4.300%,</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>Ser C (Z)</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>600,300</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., 6.000%, Ser C (Z)</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>6,597,504</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., 6.125% (Z)</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>16,514,062</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., 3.700% (Z)</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>854,892</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., 6.980% (Z)</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>4,578,437</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., 7.050%</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>3,091,725</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., 6.100% (Z)</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>333,700</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,343,637</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., 6.760% (Z)</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>5,082,321</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Gas Utilities 1.22%</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>5,568,778</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., 7.550%, Ser A (Z)</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>197,200</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,942,028</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, 7.700% (Z)</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>1,626,750</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Investment Banking &amp; Brokerage 5.41%</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>24,696,043</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>Goldman Sachs Group, Inc., 6.200%, Ser B (Z)</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>2,687,125</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>Lehman Brothers Holdings, Inc., 5.940%,</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 (Z)</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>300,600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>150</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., 5.670%,</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 (Z)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ca</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>553,600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,938</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., 8.625%, Ser MER (Z)</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>102,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,095,080</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., 6.375%, Depositary</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>Shares, Ser 3 (Z)</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>1,160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,792,000</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, 6.250% (Z)</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>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,119,750</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Life &amp; Health Insurance 4.80%</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>21,916,820</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., 6.500%, Ser B (Z)</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>1,055,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,323,100</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>Principal Financial Group, 6.518%, Ser B (Z)</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>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,720,000</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>Prudential PLC, 6.750% (Z)</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>1,873,720</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Movies &amp; Entertainment 0.74%</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>3,388,608</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., 6.850% (Z)</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>196,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,388,608</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Multi-Utilities 13.13%</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>59,902,317</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., 6.990%,</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>Ser 1995 (Z)</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>13,747,569</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., 6.700%,</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>Ser 1993 (Z)</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>20,250</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,061,072</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, 6.200% (Z)</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>616,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,704,000</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>Constellation Energy Group, Inc., 8.625% (Z)</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>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,777,000</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>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>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_7"></A>
<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>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="67%"></TD>
     <TD width="8%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></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)</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=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Multi-Utilities (continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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., 4.180%,</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>Ser B (Z)</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>$3,728,941</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., 6.920% (Z)</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>14,838,711</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 Corp., 4.360% (Z)</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>2,637,250</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 Corp., 4.750%, Ser 53 (Z)</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>1,004,071</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., 4.080%, Ser B (Z)</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>576,870</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., 4.110%, Ser D (Z)</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>2,215,183</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., 4.160%, Ser E (Z)</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>611,650</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Oil &amp; Gas Exploration &amp; Production 7.50%</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>34,221,271</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>Apache Corp., 5.680%, Depositary Shares,</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>Ser B (Z)</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>20,544,091</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., 7.350% (Z)</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>759,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,677,180</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Real Estate Investment Trusts 3.17%</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>14,412,480</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>Kimco Realty Co., 6.65%, Depositary Shares,</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>Ser F, 6.650% (Z)</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>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,500,000</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 Storage, 6.125%</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>92,700</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,650,060</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 Storage, 6.625%, Ser M</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>64,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,107,200</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 Storage, 6.950%, Ser H</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>190,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,429,500</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>Public Storage, 6.750%, Ser L</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>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,050,600</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>Public Storage, Inc., 6.450%,</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 X</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>48,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>839,520</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 Storage, Inc., 7.500%,</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 V</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>139,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,835,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Specialized Finance 0.86%</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>3,909,560</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., 6.350%, Ser A (Z)</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>454,600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,909,560</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Trucking 1.66%</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>7,554,300</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, 8.500%, Ser A (Z)</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>7,554,300</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>U.S. Government Agency 0.09%</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>420,200</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., 8.250%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>C</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>159,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>334,950</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 (P)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>C</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>85,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Wireless Telecommunication Services 1.23%</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>5,593,470</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>Telephone &amp; Data Systems, Inc., 6.625% (Z)</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>240,400</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,606,000</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>United States Cellular Corp., 7.500% (Z)</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>129,900</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,987,470</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Short-term investments 0.72%</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>$3,279,672</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 $3,279,973)</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=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Finance 0.72%</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>3,279,672</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.</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><FONT face=Arial size=1>0.15%</FONT>&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;&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; </TD>
     <TD noWrap align=left>&nbsp; &nbsp;<FONT face=sans-serif size=1>11-03-08</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,280</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,279,672</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 $878,178,016)</FONT></B><FONT face=sans-serif size=1>&#134; </FONT><B><FONT face=sans-serif size=1>151.92%</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>$692,972,713</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Other assets and liabilities, net (51.92%)</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>($236,815,638)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total net assets 100.00%</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>$456,157,075</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>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_8"></A>
<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><B><FONT face=sans-serif size=1>Notes to Schedule of Investments</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>The percentage shown for each investment category is the total value of that category as a percentage of the Fund&#146;s net assets </FONT></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. </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>(P) Variable rate obligation. The coupon rate shown represents the rate at period end.</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.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(Z) All or a portion of this security is segregated as collateral for the Committed Facility Agreement (Note 9). Total collateral value at October 31, 2008 was $653,344,716.</FONT></P>
<P align=left><FONT face=sans-serif size=1>&#134; At October 31, 2008, the aggregate cost of investment securities for federal income tax purposes was $881,004,783. Net unrealized depreciation aggregated $188,032,070, of which $12,329,473 related to appreciated investment securities and $200,361,543 related to depreciated investment securities.</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>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>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<A name="page_9"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<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>10-31-08</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="79%"></TD>
     <TD width="20%"></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 $878,178,016)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$692,972,713</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>1,021</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>2,612,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Prepaid CFA administration fees (Note 9)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>247,185</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>160,136</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>695,993,155</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;&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 for investments purchased</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>120,287</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Committed facility agreement payable (Note 9)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>238,500,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest payable (Note 9)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>38,788</FONT>&nbsp; </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;<FONT face=sans-serif size=1>Management fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>526,934</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>192,214</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>457,857</FONT>&nbsp; </TD></TR>
<TR>
     <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>Total liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>239,836,080</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</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>634,843,078</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>3,698,682</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>(185,205,303)</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>2,820,618</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 assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$456,157,075</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value per 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 52,599,923 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>$8.67</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%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_10"></A>
<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=sans-serif size=4>Statement of operations </FONT><FONT face=sans-serif size=2>For the year ended 10-31-08</FONT></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="75%"></TD>
     <TD width="24%"></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>$58,608,622</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>392,756</FONT>&nbsp; </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>59,001,378</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>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 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,272,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Administration fees (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>843,708</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest expense (Note 9)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,481,314</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>505,371</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>421,864</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>225,796</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>206,689</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Transfer agent fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>162,792</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>151,061</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>57,488</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>48,249</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>13,376,572</FONT></B>&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 investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>45,624,806</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</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 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>10,328,404</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>(233,432,165)</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>(223,103,761)</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>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</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(11,177,829)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(11,177,829)</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>($188,656,784)</FONT></B>&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>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>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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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; &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>Statements 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="75%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></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>Year</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>10-31-08</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>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>$45,624,806</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>10,328,404</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>(233,432,165)</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>(11,177,829)</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>(188,656,784)</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>Distributions to common shareholders</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>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>(32,053,509)</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>(32,838,381)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>From Fund share transactions (Note 6)</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>(31,565,136)</FONT></B>&nbsp; </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>(253,060,301)</FONT></B>&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>Net assets</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>Beginning of year</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 year</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>$709,217,376</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$456,157,075</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>Includes accumulated net investment income of $163,195 and $2,820,618, 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%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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; </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 cash flows </FONT><FONT face=sans-serif size=2>10-31-08</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This statement of cash flows shows cash flow from operating and financing activities for the period stated.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="80%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>For the</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>year 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>10-31-08</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>Cash flows from operating activities</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 decrease in net assets from operations</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>($188,656,784)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to preferred shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,177,829</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net decrease in net assets from operations excluding distributions to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>preferred shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(177,478,955)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Adjustments to reconcile net decrease in net assets from operations to net</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>&nbsp;&nbsp; cash provided by operating activities:</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments purchased</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(4,656,468,565)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments sold</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,800,579,286</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net amortization of premium (discount)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(200,394)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Decrease in dividends and interest receivable</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>643,326</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Decrease in receivable from affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,323</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Decrease in payable for investments purchased</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(667,372)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Decrease in receivable for investments sold</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>850,819</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Increase in prepaid CFA administration fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(247,185)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Decrease in payable to affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(325,164)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Increase in interest payable</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>38,788</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Decrease in accrued expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(474,073)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net change in unrealized (appreciation) depreciation on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>233,432,165</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized loss on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(10,328,404)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net cash provided by operating activities</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>189,369,595</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Cash flows from financing activities</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Repayment of DARTS</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$(351,000,000)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cash distributions paid to preferred shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(11,890,140)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Borrowings from committed facility agreement payable</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>284,000,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Repayments of committed facility agreement payable</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(45,500,000)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Repurchase of common shares</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(31,565,136)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to common shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(32,838,381)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net cash used in financing activities</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$(188,793,657)</FONT></B>&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 increase in cash</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$575,938</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Cash at beginning of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$(574,917)</FONT></B>&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>Cash at end of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$1,021</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>Supplemental disclosure of cash flow information</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Cash paid for interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$3,442,526</FONT></B>&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>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_13"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=sans-serif size=4>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="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></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>10-31-04</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>10-31-05</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>10-31-08</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, beginning of year</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><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>2</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.84</FONT>&nbsp; </TD>
     <TD noWrap align=right><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>0.82</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>&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>gain (loss) on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.80</FONT>&nbsp; </TD>
     <TD noWrap align=right><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>(3.98)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distribution to DARTS</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.09)</FONT>&nbsp; </TD>
     <TD noWrap align=right><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>(0.20)</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>1.55</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><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>(3.36)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Less distributions to common shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.81)</FONT>&nbsp; </TD>
     <TD noWrap align=right><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>(0.58)</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><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><B><FONT face=sans-serif size=1>Total distributions</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(.081)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><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>(0.59)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From anti-dilutive impact of tender offer</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>&#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><SUP><FONT face=sans-serif size=1>3</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, end of year</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><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>$8.67</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Per share market value, end of year</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><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>$7.00</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at net asset 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>14.80</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>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>(26.60)</FONT></B>&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>8.06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><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>(29.43)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=6>
<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>&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>shares, end of year (in millions)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$177</FONT>&nbsp; </TD>
     <TD noWrap align=right><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>$456</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratios (as a percentage of average net assets):</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>Expenses</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=1>&nbsp;&nbsp;&nbsp; (excluding interest expense)</FONT><SUP><FONT face=sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.78</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>1.67</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>1.64</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Interest expense (Note 9)</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>&#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>0.58</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Expenses</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;(including interest expense)</FONT><SUP><FONT face=sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.78</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>1.67</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>2.22</FONT>&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>8</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.38</FONT>&nbsp; </TD>
     <TD noWrap align=right><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>7.59</FONT>&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>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>9</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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=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=sans-serif size=4>Financial highlights </FONT><FONT face=sans-serif size=2>(continued)</FONT></P>
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     <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>10-31-04</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>10-31-05</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>10-31-08</FONT></B>&nbsp; </TD></TR>
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     <TD colSpan=6></TD></TR>
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     <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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
</TD></TR>
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     <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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <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><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>&#151;</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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <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><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>&#151;</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>&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>(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><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>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Asset coverage per unit</FONT><SUP><FONT face=sans-serif size=1>10</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&nbsp;&nbsp;&nbsp;$272,034</FONT><FONT face=sans-serif size=1>&nbsp; </FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$276,340</FONT><FONT face=sans-serif size=1>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$292,301</FONT><FONT face=sans-serif size=1>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$300,814</FONT><FONT face=sans-serif size=1>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT><SUP><FONT face=sans-serif size=1>11</FONT></SUP><FONT face=sans-serif size=1>&nbsp; </FONT></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Total debt outstanding end</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>of period (in millions) (Note 8)</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>&#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>$239</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Asset coverage per $1,000 of DARTS</FONT><SUP><FONT face=sans-serif size=1>12</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,762</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,772</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,930</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$3,016</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>Asset coverage per $1,000 of debt</FONT><SUP><FONT face=sans-serif size=1>13</FONT></SUP>&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>&#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>$2,913</FONT>&nbsp; </TD></TR></TABLE><BR>
<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>Based on the average of the shares outstanding.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><FONT face=sans-serif size=1>The tender offer was completed at a repurchase price of $8.38 for 2,768,417 shares, which equals $23,199,333 in redemptions. The tender offer had a $0.01 NAV impact.</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>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 1.12%, 1.08%, 1.07% and 1.13% for the years ended 10-31-04, 10-31-05, 10-31-06 and 10-31-07, respectively.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>8 </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 4.66%, 4.50%, 4.74% and 4.54% for the years ended 10-31-04, 10-31-05, 10-31-06 and 10-31-07, respectively.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>9 </FONT></SUP><FONT face=sans-serif size=1>Excludes merger activity.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>10 </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><SUP><FONT face=sans-serif size=1>11 </FONT></SUP><FONT face=sans-serif size=1>In May 2008, the Fund entered into a Committed Facility Agreement with a third-party commercial bank in order to refinance the DARTS. The redemption of all DARTS was completed on July 3, 2008.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>12 </FONT></SUP><FONT face=sans-serif size=1>Asset coverage equals the total net assets plus DARTS divided by the DARTS of the Fund outstanding at period end (see Note 9).</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>13 </FONT></SUP><FONT face=sans-serif size=1>Asset coverage equals the total net assets plus borrowings divided by the borrowing of the Fund outstanding at period end (see Note 5).</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>18</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>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=4>Notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 1 <BR>
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<BR>
</FONT></B><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 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 markets in the securities
 at the close of trading. Securities for which there are no such quotations, principally debt securities, are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take into account factors such as institutional-size trading in similar </FONT><FONT face=serif size=2>groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.</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. 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><FONT face=serif size=2>Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor perceptions and market liquidity.</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>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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>19</FONT>&nbsp; </TD></TR></TABLE><BR>
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<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 other things, the nature and type of expense and the relative size of the funds. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Overdrafts</FONT></B></P>
<P align=left><FONT face=serif size=2>Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay the Custodian for any overdraft together with interest due thereon. The Custodian has a lien, security interest or security entitlement in any Fund property, to the maximum extent permitted by law to the extent of any overdraft.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Statement of cash flows</FONT></B></P>
<P align=left><FONT face=serif size=2>The cash amount shown in the Statement of cash flows of a Fund is the amount included in the Fund&#146;s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.</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.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund is subject to 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). 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 years </FONT><FONT face=serif size=2>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, Fair Value Measurements (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 and expands disclosure about fair value measurements. As of October 31, 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 and interim reporting periods 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 evaluati
ng 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 declares dividends and distributes income monthly. Capital gains distributions, if any, are distributed annually. During the year ended October 31, 2007, the tax character of distributions paid was as follows: ordinary income $23,943,023. During the year ended October 31, 2008, the tax character of distributions paid was as follows: ordinary income $42,967,383 and long-term capital gain</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>20</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>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=2>$1,048,827. The tax character of the long-term capital gain distribution is proportionally shared between the common and preferred shareholders of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>As of October 31, 2008, the components of distributable earnings on a tax basis included $2,876,374 of undistributed ordinary income and $6,525,449 of undistributed long-term gain.</FONT></P>
<P align=left><FONT face=serif size=2>Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund&#146;s financial statements as a return of capital.</FONT></P>
<P align=left><FONT face=serif size=2>Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period. For the year ended October 31, 2008, there were no permanent book-tax differences.</FONT></P>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>Note 3</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Risks and uncertainties</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>Small and medium size company risk</FONT></B></P>
<P align=left><FONT face=serif size=2>Stocks of small and medium-size companies tend to be more volatile than those of large companies, and may underperform stocks of large companies. Small and mid-cap companies may have limited product lines or markets, less access to financial resources or less operating experience, or may depend on a few key employees. Given this, small and mid-cap stocks may be thinly traded, leading to additional liquidity risk due to the inabilities to trade in large volume.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Concentration risk</FONT></B></P>
<P align=left><FONT face=serif size=2>The Funds may concentrate investments in a particular industry, sector of the economy or invest in a limited number of companies. Accordingly, the concentration may make the Fund&#146;s value more volatile and investment values may rise and fall more rapidly. In addition, a fund with a concentration is particularly susceptible to the impact of market, economic, </FONT><FONT face=serif size=2>regulatory and other factors affecting the specific concentration.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Fixed income risk</FONT></B></P>
<P align=left><FONT face=serif size=2>Fixed income securities are subject to credit and interest rate risk and involve some risk of default in connection with principal and interest payments.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Leverage utilization risk</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund utilizes leverage to increase assets available for investment. See Note 7 for risks associated with the utilization of leverage.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 4<BR>
</FONT></B><B><FONT face=sans-serif size=2>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=2>Note 5<BR>
</FONT></B><B><FONT face=sans-serif size=2>Management fee and transactions with 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) or committed facility agreement (collectively, managed assets), plus 5.00% of the Fund&#146;s weekly gross income which amounted to $2,951,681 for the year ended October 31, 2008. The effective rate for the year ended October 31, 2008 is 0.79% of the Fund&#146;s average weekly 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 year ended October 31,</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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>21</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=2>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 year amounted to $843,708.</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, </FONT><FONT face=serif size=2>for tax purposes, their receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan. The Fund makes investments into other John Hancock funds, as applicable, to cover its liability for the deferred compensation. Investments to cover the Fund&#146;s deferred compensation liability are recorded on the Fund&#146;s books as an other asset. The deferred compensation liability and the related other asset are always equal and are marked to market on a periodic basis to reflect any income earned by the investments, as well as any unrealized gains or losses. The Deferred Compensation Plan investments had no impact on the operations of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund is listed for trading on the NYSE and has filed with the NYSE its chief executive officer certification regarding compliance with the NYSE&#146;s listing standards. The Fund also files with the Securities and Exchange Commission (SEC) the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 6</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 years ended October 31, 2007, and October 31, 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 year ended October 31, 2008, the Fund repurchased 854,600 common shares or 1.52% of the outstanding common shares.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
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     <TD width="20%"></TD>
     <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=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 10-31-08</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>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>
     <TD colSpan=5>&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>(3,623,017)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(31,565,136)</FONT>&nbsp; </TD></TR></TABLE><BR>
<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 </FONT><FONT face=serif size=2>met, with the Board of Trustees to review the program annually.</FONT></P>
<P align=left><FONT face=serif size=2>On October 23, 2008, the Fund completed the tender offer. The Fund accepted 2,768,417 shares for payment which represented 5.00% of the Fund&#146;s then outstanding shares. Final payment was made on October 23, 2008 at $8.38 per share, representing 98% of the NAV per share on October 23, 2008.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>22</FONT>&nbsp; </TD>
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<P align=left><B><FONT face=sans-serif size=2>Note 7 <BR>
Leverage</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund utilizes a Credit Facility Agreement (CFA) to increase its assets available for investment. In prior fiscal periods, the Fund used Dutch Auction Rate Transferable Securities (DARTS) preferred shares for leverage. When the Fund leverages its assets, common shareholders pay all fees associated with and have the potential to benefit from leverage. Consequently, the Fund and the Adviser may have differing interests in determining whether to leverage the Fund&#146;s assets. 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 interest rate paid for the </FONT><FONT face=serif size=2>use of the credit facility</FONT></P>
<P align=left><FONT face=serif size=2>&#149; increased operating costs,which may </FONT><FONT face=serif size=2>reduce the Fund&#146;s total return to the holders of common shares</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the potential for a decline in the value of&nbsp; an &nbsp;</FONT><FONT face=serif size=2>investment acquired through leverage, while </FONT><FONT face=serif size=2>the Fund&#146;s obligations under such leverage remains fixed</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the fund is more likely to have to sell </FONT><FONT face=serif size=2>securities in a volatile market in order to meet asset coverage or other debt compliance requirements</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><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 was used to redeem 100 percent of the outstanding DARTS and allowed the Fund to change its form of leverage from DARTS to debt. The redemption of all series was completed on July 3, 2008. Below is a comparison of the leverage methods utilized by the Fund:</FONT></P>
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     <TD width="35%"></TD>
     <TD width="35%"></TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>DARTS</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CFA</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Required Asset Coverage</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>200%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>200% (300% at time of draw)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maximum Leverage</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>$351 million</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>$284 million</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Amount</FONT></B>&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></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Costs Associated</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dividends paid to preferred</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest expense (overnight LIBOR</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>with Leverage</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>shareholders (maximum rate</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>plus 0.70%)&#134;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>equals the overnight commercial</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>paper rate plus 1.25%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>DARTS auction fees</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Arrangement fee *</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Auction agent expenses</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Commitment fees (0.60% of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>unused portion of the CFA).</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred share transfer</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>agent expenses</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>&#134;One month LIBOR plus 0.85% as of January 1, 2009.</FONT></P>
<P align=left><FONT face=sans-serif size=1>*Arrangement fee is $710,000 amortized over the first 270 days of the CFA.</FONT></P>
<P align=left><FONT face=serif size=2>DARTS auction fees and auction agent expenses and interest expense, arrangement fees and commitment fees are included in APS auction fees and interest expense, respectively, in the Statement of Operations. See notes 8 </FONT><FONT face=serif size=2>and 9 for further details of the DARTS and CFA, respectively.</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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>23</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><B><FONT face=sans-serif size=2>Note 8</FONT></B><BR>
<B><FONT face=sans-serif size=2>Dutch Auction Rate Transferable</FONT></B><BR>
<B><FONT face=sans-serif size=2>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. In addition, the Fund added additional series of DARTS as a result of reorganization. See Note 11.</FONT></P>
<P align=left><FONT face=serif size=2>Dividend rates on DARTS Series A, B, C, D, E and F ranged from 4.10% to 5.40%, from 4.13% 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 from November 1, 2007 to July 3, 2008.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 9</FONT></B><BR>
<B><FONT face=sans-serif size=2>Committed facility agreement</FONT></B></P>
<P align=left><FONT face=serif size=2>Effective May 7, 2008, the Fund entered into the CFA with a third party commercial bank that allows it to borrow up to an initial limit of $284 million and to invest the borrowings in accordance with its investment practices. Borrowings under the CFA are secured by the assets of the Fund as disclosed in the Schedule of Investments. Interest is charged at the overnight LIBOR rate plus 0.70% and is payable monthly. Under the terms of the CFA, the Fund also pays an arrangement fee of 0.25% in the first year of the agreement on the committed financing and commitment fees of 0.60% per annum on the unused portion of the facility. Prior to July 1, 2008, the commitment fee was 0.55% per annum on the unused portion of the facility. Arrangement and commitment fees for the year ended October 31, 2008 totaled $129,621 and $462,815, respectively, and are included in interest expense in the Statement of Operations. As of July 31, 2008, the Fund had borrowings of $238,500,000 at an int
erest rate of 0.40625% and is reflected in the revolving credit agreement payable on the Statement of Asset and Liabilities. For the period from May 7, 2008 to October 31, 2008, the average borrowings under the CFA and the average interest rate (annualized) were $192,107,345 and 3.747%, respectively. The Fund may reduce or terminate the amount of the CFA with 270 days notice to </FONT><FONT face=serif size=2>the lender. Also, the CFA may be in default and result in termination if certain asset coverage and collateral requirements or minimum net asset amounts are not met. Finally, the Fund may terminate the agreement with 60 days notice if the Board of Trustees has determined that the elimination of all indebtedness leveraging the Fund&#146;s investments are in the best interests of the Fund&#146;s shareholders. Effective January 1, 2009, the CFA has been amended. The required asset coverage has been reduced to 200% and the effective interest rate will be one month LIBOR plus 0.85% .</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 10</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 year ended October 31, 2008, aggregated $138,644,488 and $279,756,686, respectively.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 11</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</FONT></P>
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<P align=left><FONT face=serif size=2>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 </FONT><FONT face=serif size=2>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. 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. 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 cl
ose 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>
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<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 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>
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<P align=left><FONT face=sans-serif size=4>Auditors&#146; report</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Report of Independent Registered Public Accounting Firm</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>To the Board of Trustees and Shareholders of John Hancock Patriot Premium Dividend Fund II:</FONT></B></P>
<P align=left><FONT face=serif size=2>In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of John Hancock Patriot Premium Dividend Fund II (the Fund) at October 31, 2008, and the results of its operations, the changes in its net assets, its cash flows and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#147;financial statements&#148;) are the responsibility of the Fund&#146;s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Overs
ight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. </FONT><FONT face=serif size=2>We believe that our audits, which included confirmation of securities as of October 31, 2008 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion. The financial highlights for each of the periods ended on or before October 31, 2005 were audited by another independent registered public accounting firm, whose report expressed an unqualified opinion thereon.</FONT></P>
<P align=left><FONT face=serif size=2>PricewaterhouseCoopers LLP</FONT><BR>
<FONT face=serif size=2>Boston, Massachusetts</FONT><BR>
<FONT face=serif size=2>December 22, 2008</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
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<P align=left><FONT face=sans-serif size=4>Tax information</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Unaudited</FONT></B></P>
<P align=left><FONT face=serif size=2>For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended October 31, 2008.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund has designated distributions to shareholders of $1,048,827 as a long-term capital gain dividend.</FONT></P>
<P align=left><FONT face=serif size=2>With respect to the ordinary dividends paid by the Fund for the fiscal year ended October 31, 2008, 100.00% of the dividends qualifies for the corporate dividends-received deduction.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund hereby designates the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount will be reflected on Form 1099-DIV for the calendar year 2008.</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders will be mailed a 2008 U.S. Treasury Department Form 1099-DIV in January 2009. This will reflect the total of all distributions that are taxable for calendar year 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><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 </FONT><FONT face=serif size=2>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 special meeting of shareholders. Please contact the Secretary of the Fund for additional information about the advance notice requirements or the other amendments to the bylaws.</FONT></P>
<P align=left><FONT face=serif size=2>On December 16, 2003, the Trustees approved the following change to the Fund&#146;s bylaws. The auction preferred section of the Fund&#146;s bylaws was changed to update the rating agency requirements, in keeping with recent changes to the agencies&#146; basic maintenance reporting requirements for leveraged closed-end funds. Bylaws now require an independent accountant&#146;s confirmation only once per year, at the Fund&#146;s fiscal year end, and changes to the agencies&#146; basic maintenance reporting requirements that include modifications to the eligible assets and their respective discount factors. These revisions bring the Fund&#146;s bylaws in line with current rating agency requirements.</FONT></P>
<P align=left><FONT face=serif size=2>On September 14, 2004, the Trustees approved an amendment to the Fund&#146;s bylaws increasing the maximum applicable dividend rate ceiling on the preferred shares to conform with the modern calculation methodology used by the industry and other John Hancock funds.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Dividends and distributions</FONT></B></P>
<P align=left><FONT face=serif size=2>During the year ended October 30, 2008, dividends from net investment income totaling $0.576 per share and distributions from special dividend 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=right><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INCOME</FONT>&nbsp; </TD>
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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>
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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>0.048</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
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     <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>
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     <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>
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     <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>
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     <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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>May 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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>June 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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>July 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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>August 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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>September 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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>October 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>
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     <TD colSpan=2>&nbsp; </TD>
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     <TD noWrap align=right><FONT face=sans-serif size=1>SPECIAL</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>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><FONT face=sans-serif size=1>*Special dividend was a distribution from capital gains.</FONT></P>
<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 </FONT><FONT face=serif size=2>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 necessary to comply with federal securities laws. If, before the Plan Agent has completed its purchases, the market price exceeds the net asset value of the common shares, the average per share purchase price paid by the Plan Agent may exceed the net asset value of the common shares, resulting in the acquisition of fewer shares than if the dividend had been paid in shares issued by the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>Each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent&#146;s open market purchases in connection with the reinvestment of dividends and distributions. In each case, the cost per share of the shares purchased for each participant&#146;s account will be the average cost, including brokerage commissions, of any shares purchased on the open market plus the cost of any shares issued by the Fund. There will be no brokerage charges with respect to common shares issued directly by the Fund. There are no other charges to participants for reinvesting dividends or capital gain distributions.</FONT></P>
<P align=left><FONT face=serif size=2>Participants in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#146;s Web site at www.melloninvestor.com. Such withdrawal will be effective immediately if received not less than ten days prior to a dividend record date; otherwise, it will be effective for all subsequent dividend record dates. When</FONT></P>
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<P align=left><FONT face=serif size=2>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, .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><B>Mellon Investor Services</B></FONT><BR>
<FONT face=sans-serif size=1><B>Newport Office Center VII</B></FONT><BR>
<FONT face=sans-serif size=1><B>480 Washington Boulevard</B></FONT><BR>
<FONT face=sans-serif size=1><B>Jersey City, NJ 07310</B></FONT><BR>
<FONT face=sans-serif size=1><B>Telephone: 1-800-852-0218</B></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=right><B><FONT face=sans-serif size=1>Annual 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>31</FONT>&nbsp; </TD></TR></TABLE><BR>
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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>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
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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</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>(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</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>(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 width="33%"></TD>
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<TR vAlign=bottom>
     <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>
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     <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>
<P align=left><FONT face=serif size=2>On September 3, 2008, a Special Meeting of the Fund was held to approve amendments to the investment and sub-investment management contracts. Proxies covering 32,522,740 shares of beneficial interest were voted at the meeting.</FONT></P>
<P align=left><FONT face=serif size=2>The proposal to approve amendments to the investment management contract to reflect the inclusion of bank debt and other traditional investment leverage in the calculation of the investment management fees, and to remove an expense limitation previously required under state law was voted as follows: FOR 27,602,342, AGAINST 4,289,440 and ABSTAIN 630,958.</FONT></P>
<P align=left><FONT face=serif size=2>The proposal to approve an amendment to the sub-investment management contract to reflect the inclusion of bank debt and other traditional investment leverage in the calculation of the sub-investment management fees was voted as follows: FOR 27,616,145, AGAINST 4,263,176 and ABSTAIN 643,419.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>32</FONT>&nbsp; </TD>
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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</FONT></B><BR>
<B><FONT face=sans-serif size=2>Patriot 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 5&#150;6 and June 9&#150;10, 2008, 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 its Independent Trustees, reviewed a broad range of information requested for this purpose. This information included:</FONT></P>
<P align=left><FONT face=serif size=2>(i) the investment performance of the Fund and a peer group of comparable funds (the Peer Group). The funds within the Peer Group were selected by Morningstar Inc. (Morningstar), an independent provider of investment company data. </FONT><FONT face=serif size=2>Data covered a range of periods ended December 31, 2007,</FONT><SUP><FONT face=serif size=2>1</FONT></SUP></P>
<P align=left><FONT face=serif size=2>(ii) advisory and other fees incurred by, and the expense ratios of, the Fund relative to a Peer Group,</FONT></P>
<P align=left><FONT face=serif size=2>(iii) the Adviser&#146;s financial results and condition, including its and certain of its affiliates&#146; profitability from services performed for the Fund,</FONT></P>
<P align=left><FONT face=serif size=2>(iv) breakpoints in the Fund&#146;s and the Peer Group&#146;s fees and information about economies of scale,</FONT></P>
<P align=left><FONT face=serif size=2>(v) the Adviser&#146;s and Subadviser&#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,</FONT></P>
<P align=left><FONT face=serif size=2>(vi) the background and experience of senior management and investment professionals, and</FONT></P>
<P align=left><FONT face=serif size=2>(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. The Board principally considered data on performance and other information provided by Morningstar as of December 31, 2007. The Board also considered updated performance information provided to it by the Adviser or Subadviser at its May and June 2008 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>
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<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 considered the Adviser&#146;s execution of its oversight responsibilities. 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 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, 2007. The Board also considered these results in comparison to the performance of the Peer Group, as well as the Fund&#146;s benchmark indices. The Board reviewed with representatives 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 for the 1-year period was lower than the performance of its benchmark index, the Lehman Brothers Aggregate Bond Index and, for the 10-year period, was generally in line with the performance of this benchmark index. The Board viewed favorably that the Fund&#146;s performance for the 3- and 5-year periods was higher than the performance of the Lehman </FONT><FONT face=serif size=2>Brothers Aggregate Bond Index. The Board also viewed favorably that the Fund&#146;s performance was higher than the performance of its Peer Group median and its other benchmark index, the Merrill Lynch Preferred Stock DRD Eligible Index for all periods under review.</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 lower than 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 Gross and Net Expense Ratios were higher than the median of the Peer Group. The Board also noted the differences in the funds included in the Peer Group, including differences in the employment of fee waivers and reimbursements. The Adviser noted that the Fund recently acquired the assets of several other funds through merger transactions, and discussed its expectation that</FONT></P>
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<P align=left><FONT face=serif size=2>the Expense Ratio should decrease as a result of the merger transactions.</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 expense results and performance 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 profit-ability 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, including the Subadviser, as a result of their relationship with the Fund. Such benefits could include, among others, benefits directly attributable to the relationship of the Adviser and Subadviser with the Fund and benefits potentially derived from an increase in business as a result of their 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</FONT></P>
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<P align=left><FONT face=serif size=2>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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<P align=left><B><FONT face=sans-serif size=2>Information about the portfolio managers</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>Management biographies and Fund ownership</FONT></B></P>
<P align=left><FONT face=serif size=2>Below is a list of the portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Gregory K. Phelps</FONT></B><BR>
<FONT face=serif size=2>Senior Vice President, MFC Global Investment Management (U.S.), LLC since 2005</FONT><BR>
<FONT face=serif size=2>Senior Vice President, John Hancock Advisers, LLC (1995&#150;2005)</FONT><BR>
<FONT face=serif size=2>Began business career in 1981</FONT><BR>
<FONT face=serif size=2>Joined fund team in 1995</FONT><BR>
<FONT face=serif size=2>Fund ownership &#151; None</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Mark T. Maloney</FONT></B><BR>
<FONT face=serif size=2>Vice President, MFC Global Investment Management (U.S.), LLC since 2005</FONT><BR>
<FONT face=serif size=2>Vice President, John Hancock Advisers, LLC (1982&#150;2005)</FONT><BR>
<FONT face=serif size=2>Began business career in 1976</FONT><BR>
<FONT face=serif size=2>Joined fund team in 1997</FONT><BR>
<FONT face=serif size=2>Fund ownership &#151; None</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other accounts the portfolio managers are managing</FONT></B></P>
<P align=left><FONT face=serif size=2>The table below indicates, for each portfolio manager, information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2008. For purposes of the table, &#147;Other Pooled Investment Vehicles&#148; may include investment partnerships and group trusts, and &#147;Other Accounts&#148; may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>P O R T F O L I O&nbsp; M A N A G E R</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>O T H E R&nbsp;&nbsp; A C C O U N T S&nbsp; M A N A G E D&nbsp; B Y &nbsp;T H E&nbsp; P O R T F O L I O &nbsp;M A N A G E R S</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Gregory K. Phelps</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Registered Investment Companies: 4 (four) accounts</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>with total assets of approximately $2.3 billion</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Pooled Investment Vehicles: None</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Other Accounts: None</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Mark T. Maloney</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Registered Investment Companies: 4 (four) accounts</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>with total assets of approximately $2.3 billion</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Pooled Investment Vehicles: None</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Accounts: None</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Neither the Adviser nor Subadviser receives a fee based upon the investment performance of any of the accounts included under &#147;Other Accounts Managed by the Portfolio Managers&#148; in the table above.</FONT></P>
<P align=left><FONT face=serif size=2>When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager&#146;s responsibility for the management of the Fund as well as one or more other accounts. The Adviser and the Subadviser have adopted procedures, overseen by the Chief Compliance Officer, that are intended to monitor compliance with the policies referred to in the following paragraphs.</FONT></P>
<P align=left><FONT face=serif size=2>&#149;The Subadviser has policies that require a portfolio manager to allocate investment opportuni</FONT><FONT face=serif size=2>ties in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.</FONT></P>
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<P align=left><FONT face=serif size=2>&#149; When a portfolio manager intends to trade the same security for more than one account,the </FONT><FONT face=serif size=2>policies of the Subadviser generally require that such trades for the individual accounts are aggregated so that each account receives the same price. When not possible or when it may not result in the best possible price, the Subadviser will place the order in a manner intended to result in as favorable a price as possible for such client.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The investment performance on specific accounts is not a factor in determining the portfolio </FONT><FONT face=serif size=2>manager&#146;s compensation. See &#147;Compensation of Portfolio Managers&#148; below. Neither the Adviser nor the Subadviser receives a performance-based fee with respect to other accounts managed by the Fund&#146;s portfolio managers.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The&nbsp; Subadviser imposes certain trading restrictions and reporting requirements for accounts </FONT><FONT face=serif size=2>in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The Subadviser seeks to avoid portfolio manager assignments with potentially conflicting situa</FONT><FONT face=serif size=2>tions. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Compensation of portfolio managers</FONT></B></P>
<P align=left><FONT face=serif size=2>The Subadviser has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied consistently among investment professionals. At the Subadviser, the structure of compensation of investment professionals is currently composed of the following basic components: fixed base salary, and an annual investment bonus plan, as well as customary benefits that are offered generally to all full-time employees of the Subadviser. </FONT><FONT face=serif size=2>A limited number of senior portfolio managers, who serve as officers of both the Subadviser and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial Corporation.</FONT></P>
<P align=left><FONT face=serif size=2>Only investment professionals are eligible to participate in the Investment Bonus Plan on an annual basis. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses: 1) The investment performance of all accounts managed by the investment professional over one- and three-year periods are considered. The pre-tax performance of each account is measured relative to an appropriate peer group benchmark. 2) The profitability of the Subadviser and its parent company are also considered in determining bonus awards, with greater emphasis placed upon the profitability of the Adviser. 3) The more intangible contributions of an investment professional to the Subadviser&#146;s business, including the investment professional&#146;s support of sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are evaluated in determining the amount of any bonus award.</FONT></P
>
<P align=left><FONT face=serif size=2>While the profitability of the Subadviser and the investment performance of the accounts that the investment professionals maintain are factors in determining an investment professional&#146;s overall compensation, the investment professional&#146;s compensation is not linked directly to the net asset value of any fund.</FONT></P>
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<P align=left><FONT face=serif size=7>Trustees and Officers</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.</FONT></B></P>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Independent Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Number of</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>John Hancock</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>funds overseen</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>since</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>by Trustee</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>James F. Carlin, </FONT></B><FONT face=sans-serif size=1>Born: 1940</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1989</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chairman (since December 2007); Director and Treasurer, Alpha Analytical Laboratories, Inc. (chemical</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance Agency, Inc. (since 1995);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Part Owner and Vice President, Mone Lawrence Carlin Insurance Agency, Inc. (until 2005); Chairman</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>and Chief Executive Officer, Carlin Consolidated, Inc. (management/investments) (since 1987); Trustee,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Massachusetts Health and Education Tax Exempt Trust (1993&#150;2003).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>William H. Cunningham, </FONT></B><FONT face=sans-serif size=1>Born: 1944</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1995</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Professor, University of Texas at Austin (since 1971); former Chancellor, University of Texas System and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>former President, University of Texas at Austin (until 2001); Chairman and Chief Executive Officer, IBT</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Technologies (until 2001); Director of the following: Hicks Acquisition Company I, Inc. (since 2007);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Hire.com (until 2004), STC Broadcasting, Inc. and Sunrise Television Corp. (until 2001), Symtx, Inc.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(electronic manufacturing) (since 2001), Adorno/Rogers Technology, Inc. (until 2004), Pinnacle Foods</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Corporation (until 2003), rateGenius (until 2003), Lincoln National Corporation (insurance) (since</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>2006), Jefferson-Pilot Corporation (diversified life insurance company) (until 2006), New Century</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Equity Holdings (formerly Billing Concepts) (until 2001), eCertain (until 2001), ClassMap.com (until</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>2001), Agile Ventures (until 2001), AskRed.com (until 2001), Southwest Airlines (since 2000), Introgen</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(manufacturer of biopharmaceuticals) (since 2000) and Viasystems Group, Inc. (electronic manufacturer)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(until 2003); Advisory Director, Interactive Bridge, Inc. (college fundraising) (until 2001); Advisory</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Director, Q Investments (until 2003); Advisory Director, JPMorgan Chase Bank (formerly Texas Commerce</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Bank&#150;Austin), LIN Television (until 2008), WilTel Communications (until 2003) and Hayes Lemmerz</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>International, Inc. (diversified automotive parts supply company) (since 2003).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Deborah C. Jackson,</FONT></B><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>Born: 1952</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); Board of Directors of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>2001); Board of Directors of American Student Association Corp. (since 1996); Board of Directors of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Boston Stock Exchange (2002&#150;2008); Board of Directors of Harvard Pilgrim Healthcare (since 2007).</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Charles L. Ladner,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1938</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1992</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chairman and Trustee, Dunwoody Village, Inc. (retirement services) (until 2003); Senior Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998); Vice</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>President and Director, AmeriGas, Inc. (retired 1998); Director, AmeriGas Partners, L.P. (gas distribution)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(until 1997); Director, EnergyNorth, Inc. (until 1997); Director, Parks and History Association (until 2005).</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Stanley Martin,</FONT></B><SUP><FONT face=sans-serif size=1>2,4 </FONT></SUP><FONT face=sans-serif size=1>Born: 1947</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004&#150;2006);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Executive Vice President/Consultant, HSBC Bank USA (2000&#150;2003); Chief Financial Officer/Executive</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Vice President, Republic New York Corporation and Republic National Bank of New York (1998&#150;2000);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Partner, KPMG LLP (1971&#150;1998).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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>39</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR>
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     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Independent Trustees </FONT></B><FONT face=sans-serif size=1>(continued)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Number of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>John Hancock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>funds overseen</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>since</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>by Trustee</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>Dr. John A. Moore,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1939</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2002</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>President and Chief Executive Officer, Institute for Evaluating Health Risks (nonprofit institution)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former Assistant</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Administrator and Deputy Administrator, Environmental Protection Agency; Principal, Hollyhouse</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit research)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(until 2007).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Patti McGill Peterson,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1943</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2002</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Affairs, Cornell University (until 1998); Former President Wells College, St. Lawrence University and the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Association of Colleges and Universities of the State of New York. Director of the following: Niagara</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational Exchange</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(since 2003).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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>Steven R. Pruchansky, </FONT></B><FONT face=sans-serif size=1>Born: 1944</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1992</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>American Bank (since 2008); Managing Director, JonJames, LLC (real estate) (since 2000); Director, First</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Signature Bank &amp; Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Building Corp. (until 1991).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Gregory A. Russo,</FONT></B><SUP><FONT face=sans-serif size=1>2,4 </FONT></SUP><FONT face=sans-serif size=1>Born: 1949</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>22</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Vice Chairman, Risk &amp; Regulatory Matters, KPMG LLP (KPMG) (2002&#150;2006); Vice Chairman, Industrial</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Markets, KPMG (1998&#150;2002).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Non-Independent Trustees</FONT></B><SUP><FONT face=sans-serif size=1>3</FONT></SUP>&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>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Number of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>John Hancock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>funds overseen</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>since</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>by Trustee</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>James R. Boyle, </FONT></B><FONT face=sans-serif size=1>Born: 1959</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>267</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Executive Vice President, Manulife Financial Corporation (since 1999); Director and President, John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Hancock Variable Life Insurance Company (since 2007); Director and Executive Vice President, John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Hancock Life Insurance Company (since 2004); Chairman and Director, John Hancock Advisers, LLC (the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Adviser), John Hancock Funds, LLC (John Hancock Funds) and The Berkeley Financial Group, LLC (The</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Berkeley Group) (holding company) (since 2005); Chairman and Director, John Hancock Investment</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Management Services, LLC (since 2006); Senior Vice President, The Manufacturers Life Insurance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Company (U.S.A.) (until 2004).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%">&nbsp;</TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>40</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>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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     <TD width="6%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal officers who are not Trustees</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>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Officer</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>since</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>Keith F. Hartstein, </FONT></B><FONT face=sans-serif size=1>Born: 1956</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>President and Chief Executive Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Senior Vice President, Manulife Financial Corporation (since 2004); Director, President and Chief</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Executive Officer, the Adviser, The Berkeley Group and John Hancock Funds, LLC (since 2005); Director,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MFC Global Investment Management (U.S.), LLC (MFC Global (U.S.)) (since 2005); Chairman and</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Director, John Hancock Signature Services, Inc. (since 2005); Director, President and Chief Executive</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Officer, John Hancock Investment Management Services, LLC (since 2006); President and Chief Executive</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III and John Hancock Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>(since 2005); Director, Chairman and President, NM Capital Management, Inc. (since 2005); Member</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>and former Chairman, Investment Company Institute Sales Force Marketing Committee (since 2003);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Director, President and Chief Executive Officer, MFC Global (U.S.) (2005&#150;2006); Executive Vice President,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>John Hancock Funds, LLC (until 2005).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Thomas M. Kinzler, </FONT></B><FONT face=sans-serif size=1>Born: 1955</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Secretary and Chief Legal Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Vice President and Counsel, John Hancock Life Insurance Company (U.S.A.) (since 2006); Secretary and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Chief Legal Officer, John Hancock Funds, John Hancock Funds II and John Hancock Trust (since 2006);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Vice President and Associate General Counsel, Massachusetts Mutual Life Insurance Company (1999&#150;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>2006); Secretary and Chief Legal Counsel, MML Series Investment Fund (2000&#150;2006); Secretary and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Chief Legal Counsel, MassMutual Institutional Funds (2000&#150;2004); Secretary and Chief Legal Counsel,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MassMutual Select Funds and MassMutual Premier Funds (2004&#150;2006).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Francis V. Knox, Jr., </FONT></B><FONT face=sans-serif size=1>Born: 1947</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Chief Compliance Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Vice President and Chief Compliance Officer, John Hancock Investment Management Services, LLC,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>the Adviser and MFC Global (U.S.) (since 2005); Chief Compliance Officer, John Hancock Funds, John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hancock Funds II, John Hancock Funds III and John Hancock Trust (since 2005); Vice President and</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Assistant Treasurer, Fidelity Group of Funds (until 2004); Vice President and Ethics &amp; Compliance Officer,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Fidelity Investments (until 2001).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Charles A. Rizzo, </FONT></B><FONT face=sans-serif size=1>Born: 1957</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2007</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Chief Financial Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Chief Financial Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III and John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hancock Trust (since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (registered</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>investment companies) (2005&#150;2007); Vice President, Goldman Sachs (2005&#150;2007); Managing Director</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>and Treasurer of Scudder Funds, Deutsche Asset Management (2003&#150;2005); Director, Tax and Financial</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Reporting, Deutsche Asset Management (2002&#150;2003); Vice President and Treasurer, Deutsche Global</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Fund Services (1999&#150;2002).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Gordon M. Shone, </FONT></B><FONT face=sans-serif size=1>Born: 1956</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Treasurer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Senior Vice President, John Hancock Life Insurance Company (U.S.A.) (since 2001); Treasurer, John</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Hancock Funds (since 2006), John Hancock Funds II, John Hancock Funds III and John Hancock Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>(since 2005); Vice President and Chief Financial Officer, John Hancock Trust (2003&#150;2005); Vice President,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>John Hancock Investment Management Services, LLC, John Hancock Advisers, LLC (since 2006) and The</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Manufacturers Life Insurance Company (U.S.A.) (1998&#150;2000).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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>41</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="93%"></TD>
     <TD width="6%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal officers who are not Trustees </FONT></B><FONT face=sans-serif size=1>(continued)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Officer</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>since</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>John G. Vrysen, </FONT></B><FONT face=sans-serif size=1>Born: 1955</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Chief Operating Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Senior Vice President, Manulife Financial Corporation (since 2006); Senior Vice President, John Hancock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Life Insurance Company (since 2004); Director, Executive Vice President and Chief Operating Officer,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>the Adviser, The Berkeley Group and John Hancock Funds, LLC (since 2007); Director, Executive Vice</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>President and Chief Operating Officer, John Hancock Investment Management Services, LLC (since</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>2007); Chief Operating Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>and John Hancock Trust (since 2007); Director, Executive Vice President and Chief Financial Officer,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>the Adviser, The Berkeley Group and John Hancock Funds, LLC (2005&#150;2007); Director, Executive Vice</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>President and Chief Financial Officer, John Hancock Investment Management Services, LLC (2005&#150;2007);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Executive Vice President and Chief Financial Officer, MFC Global (U.S.) (2005&#150;2007); Director, John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Hancock Signature Services, Inc. (since 2005); Chief Financial Officer, John Hancock Funds, John Hancock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Funds II, John Hancock Funds III and John Hancock Trust (2005&#150;2007); Vice President and General</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Manager, John Hancock Fixed Annuities, U.S. Wealth Management (2004&#150;2005); Vice President,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Operations, Manulife Wood Logan (2000&#150;2004).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Each Trustee serves until resignation, retirement age or until his or her successor is elected. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Member of Audit and Compliance Committee.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><FONT face=sans-serif size=1>Non-Independent Trustee holds positions with the Fund&#146;s investment adviser, underwriter and certain other affiliates. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>Mr. Martin and Mr. Russo were appointed by the Board as Trustees on September 8, 2008 and Ms. Jackson was appointed effective October 1, 2008.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="10%"></TD>
     <TD width="89%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>42</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>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<A name="page_39"></A>
<P align=left><FONT face=serif size=7>More information</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="47%"></TD>
     <TD width="52%"></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><B><FONT face=sans-serif size=1>Investment adviser</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><FONT face=serif size=2>John Hancock Advisers, LLC</FONT>&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; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>William H. Cunningham</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Subadviser</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Deborah C. Jackson</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>MFC Global Investment</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><FONT face=serif size=2>&nbsp; Management (U.S.), LLC</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Stanley Martin*</FONT>&nbsp; </TD>
     <TD noWrap align=left></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><STRONG><FONT face=sans-serif size=1>Custodian</FONT></STRONG><FONT face=sans-serif size=1>&nbsp; </FONT></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>The Bank of New York Mellon</FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Steven R. Pruchansky</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Gregory A. Russo*</FONT>&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=sans-serif size=1>Transfer agent</FONT></STRONG><FONT face=sans-serif size=1>&nbsp; </FONT></TD></TR>
<TR>
     <TD noWrap align=left><FONT face=Arial size=1>*Members of the Audit Committee</FONT><FONT face=Arial size=1>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT face=serif size=2>Mellon Investor Services</FONT><FONT face=serif size=2>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Arial size=1>&#134;Non-Independent Trustee</FONT><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><STRONG><FONT face=sans-serif size=1>Legal counsel</FONT></STRONG><FONT face=sans-serif size=1>&nbsp; </FONT></TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>K&amp;L Gates LLP</FONT><FONT face=serif size=2>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Officers</FONT></B>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Keith F. Hartstein</FONT>&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=sans-serif size=1>Independent registered</FONT></STRONG><FONT face=sans-serif size=1>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>President and Chief Executive Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=sans-serif size=1>public accounting firm</FONT></STRONG><FONT face=sans-serif size=1>&nbsp; </FONT></TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>PricewaterhouseCoopers LLP</FONT><FONT face=serif size=2>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Thomas M. Kinzler</FONT>&nbsp; </TD>
     <TD noWrap align=left></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><FONT face=Arial size=1><STRONG><FONT face=sans-serif size=1>Stock symbol</FONT></STRONG><FONT face=sans-serif size=1>&nbsp;</FONT></FONT><FONT face=sans-serif size=1>&nbsp; </FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT size=2><FONT face=serif>Listed New York Stock Exchange: PDT</FONT><FONT face=serif>&nbsp;&nbsp;&nbsp;</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Francis V. Knox, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1></FONT></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><FONT face=sans-serif size=1><STRONG>For shareholde<FONT face=sans-serif>r assistance</FONT></STRONG><FONT face=sans-serif size=1>&nbsp;&nbsp;&nbsp; </FONT></FONT></TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=Arial size=1><STRONG><FONT face=sans-serif size=1>refer to page 31</FONT></STRONG><FONT face=sans-serif size=1>&nbsp; </FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Charles A. Rizzo</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><I><FONT face=serif size=2>Chief Financial Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=serif size=2>Gordon M. Shone</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><I><FONT face=serif size=2>Treasurer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=serif size=2>John G. Vrysen</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Chief Operating Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Additional information about your fund is available without charge in several ways. As required by the SEC, you can access proxy voting information and quarterly portfolio information on your fund. The </FONT><B><FONT face=sans-serif size=1>proxy voting information </FONT></B><FONT face=sans-serif size=1>includes a description of proxy voting policies, procedures and information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30. The </FONT><B><FONT face=sans-serif size=1>quarterly portfolio information </FONT></B><FONT face=sans-serif size=1>that includes a complete list of the fund&#146;s holdings for the first and third quarters of the fund&#146;s fiscal period is filed on Form N-Q. You have access to this information:</FONT></P>
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     <TD width="35%"></TD>
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     <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 Website</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>At the SEC</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-852-0218</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>www.jhfunds.com</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>www.sec.gov</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-SEC-0330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>SEC Public Reference Room</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>You can also contact us:</FONT>&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>Regular mail:</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>Mellon Investor Services</FONT>&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>Newport Office Center VII</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>480 Washington Boulevard</FONT>&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>Jersey City, NJ 07310</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Month-end portfolio holdings are available at www.jhfunds.com.</FONT></P>
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     <TD width="4%">&nbsp;</TD></TR>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual 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>43</FONT>&nbsp; </TD></TR></TABLE><BR>
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<BR>
<P align=left><FONT face=sans-serif size=1>1-800-852-0218</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 face=sans-serif size=1></FONT></P>
<P align=left><FONT face=sans-serif size=2>&nbsp;PRESORTED</FONT><BR>
<FONT face=sans-serif size=2>&nbsp; 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAID</FONT><BR>
<FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIS</FONT></P>
<P align=left><FONT face=sans-serif size=1>P200A 10/08</FONT><BR>
<FONT face=sans-serif size=1>12/08</FONT></P>
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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, October 31, 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>Charles L. Ladner is the audit committee financial expert and is &#147;independent&#148;, pursuant to general instructions on Form N-CSR Item 3.</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>(a) Audit Fees<BR>
</FONT><FONT face=sans-serif size=2>The aggregate fees billed for professional services rendered by the principal accountant(s) for the audit of the registrant&#146;s annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $52,756 for the fiscal year ended October 31, 2008 and $24,650 for the fiscal year ended October 31, 2007. These fees were billed to the registrant and were approved by the registrant&#146;s audit committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) Audit-Related Services<BR>
</FONT><FONT face=sans-serif size=2>Audit-related fees amounted to $43,700 for the fiscal year ended October 31, 2008 and $0 for the fiscal year ended October 31, 2007 billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates").</FONT></P>
<P align=left><FONT face=sans-serif size=2>(c) Tax Fees<BR>
</FONT><FONT face=sans-serif size=2>The aggregate fees billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning (&#147;tax fees&#148;) amounted to $3,500 for the fiscal year ended October 31, 2008 and $3,500 for the fiscal year ended October 31, 2007. The nature of the services comprising the tax fees was the review of the registrant&#146;s income tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant&#146;s audit committee. There were no tax fees billed to the control affiliates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(d) All Other Fees<BR>
</FONT><FONT face=sans-serif size=2>The all other fees billed to the registrant for products and services provided by the principal accountant were $0 for the fiscal year ended October 31, 2008 and $3,000 for the fiscal year ended October 31, 2007. There were no other fees during the fiscal year ended October 31, 2008 and October 31, 2007 billed to control affiliates for products and services provided by the principal accountant. The nature of the services comprising the all other fees was related to the principal accountant&#146;s report on the registrant&#146;s Eligible Asset Coverage. These fees were approved by the registrant&#146;s audit committee.</FONT></P>
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<P align=left><FONT face=sans-serif size=2>(e)(1) Audit Committee Pre-Approval Policies and Procedures:</FONT></P>
<P align=left><FONT face=sans-serif size=2>The trust&#146;s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the &#147;Auditor&#148;) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The trust&#146;s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee&#146;s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:</FONT></P>
<P align=left><FONT face=sans-serif size=2>Audit-Related Fees, Tax Fees and All Other Fees:<BR>
</FONT><FONT face=sans-serif size=2>There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(f) According to the registrant&#146;s principal accountant, for the fiscal year ended October 31, 2008, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(g) The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for each of the last two fiscal years of the registrant were $4,591,272 for the fiscal year ended October 31, 2008, and $1,406,669 for the fiscal year ended October 31, 2007.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(h) The audit committee of the registrant has considered the non-audit services provided by the registrant&#146;s principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.</FONT></P>
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<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>The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:</FONT></P>
<P align=left><FONT face=sans-serif size=2>Dr. John A. Moore - Chairman <BR>
Charles L. Ladner <BR>
Patti McGill Peterson</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>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>See attached exhibit "Proxy Voting and Procedures".</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><B><FONT face=sans-serif size=2>Information about the portfolio managers</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Management biographies and Fund ownership<BR>
</FONT></B><FONT face=sans-serif size=2>Below is a list of the portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years and their range of beneficial share ownership in the Fund as of October 31, 2008.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Gregory K. Phelps</FONT></B><BR>
<FONT face=sans-serif size=2>Senior Vice President, MFC Global Investment Management (U.S.), LLC since 2005</FONT><BR>
<FONT face=sans-serif size=2>Senior Vice President, John Hancock Advisers, LLC (1995&#150;2005)</FONT><BR>
<FONT face=sans-serif size=2>Began business career in 1981</FONT><BR>
<FONT face=sans-serif size=2>Joined fund team in 1995</FONT><BR>
<FONT face=sans-serif size=2>Fund ownership &#151; None</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Mark T. Maloney</FONT></B><BR>
<FONT face=sans-serif size=2>Vice President, MFC Global Investment Management (U.S.), LLC since 2005</FONT><BR>
<FONT face=sans-serif size=2>Vice President, John Hancock Advisers, LLC (1982&#150;2005)</FONT><BR>
<FONT face=sans-serif size=2>Began business career in 1976</FONT><BR>
<FONT face=sans-serif size=2>Joined fund team in 1997</FONT><BR>
<FONT face=sans-serif size=2>Fund ownership &#151; None</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Other accounts the portfolio managers are managing<BR>
</FONT></B><FONT face=sans-serif size=2>The table below indicates, for each portfolio manager, information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2008. For purposes of the table, &#147;Other</FONT></P>
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<P align=left><FONT face=sans-serif size=2>Pooled Investment Vehicles&#148; may include investment partnerships and group trusts, and &#147;Other Accounts&#148; may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS</FONT> </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Gregory K. Phelps</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Registered Investment Companies: 4 (four) accounts</FONT> </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>with total assets of approximately $2.3 billion</FONT> </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Pooled Investment Vehicles: None</FONT> </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Accounts: None</FONT> </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Mark T. Maloney</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Registered Investment Companies: 4 (four) accounts</FONT> </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>with total assets of approximately $2.3 billion</FONT> </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Other Pooled Investment Vehicles: None</FONT> </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Other Accounts: None</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Neither the Adviser nor Subadviser receives a fee based upon the investment performance of any of the accounts included under &#147;Other Accounts Managed by the Portfolio Managers&#148; in the table above.</FONT></P>
<P align=left><FONT face=sans-serif size=2>When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager&#146;s responsibility for the management of the Fund as well as one or more other accounts. The Adviser and the Subadviser have adopted procedures, overseen by the Chief Compliance Officer, that are intended to monitor compliance with the policies referred to in the following paragraphs.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; The Subadviser has policies that require a portfolio manager to allocate investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadviser generally require that such trades for the individual accounts are aggregated so that each account receives the same price. When not possible or when it may not result in the best possible price, the Subadviser will place the order in a manner intended to result in as favorable a price as possible for such client.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; The investment performance on specific accounts is not a factor in determining the portfolio manager&#146;s compensation. See &#147;Compensation of Portfolio Managers&#148; below. Neither the Adviser nor the Subadviser receives a performance-based fee with respect to other accounts managed by the Fund&#146;s portfolio managers.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; The Subadviser imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.</FONT></P>
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<P align=left><FONT face=sans-serif size=2>&#149; The Subadviser seeks to avoid portfolio manager assignments with potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Compensation of portfolio managers<BR>
</FONT></B><FONT face=sans-serif size=2>The Subadviser has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied consistently among investment professionals. At the Subadviser, the structure of compensation of investment professionals is currently composed of the following basic components: fixed base salary, and an annual investment bonus plan, as well as customary benefits that are offered generally to all full-time employees of the Subadviser. A limited number of senior portfolio managers, who serve as officers of both the Subadviser and its Parent company, may also receive options or restricted stock grants of common shares of Manulife Financial Corporation.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Only investment professionals are eligible to participate in the Investment Bonus Plan on an annual basis. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses: 1) The investment performance of all accounts managed by the investment professional over one- and three-year periods are considered. The pre-tax performance of each account is measured relative to an appropriate peer group benchmark. 2) The profitability of the Subadviser and its parent company are also considered in determining bonus awards, with greater emphasis placed upon the profitability of the Adviser. 3) The more intangible contributions of an investment professional to the Subadviser&#146;s business, including the investment professional&#146;s support of sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are evaluated in determining the amount of any bonus award.</FON
T></P>
<P align=left><FONT face=sans-serif size=2>While the profitability of the Subadviser and the investment performance of the accounts that the investment professionals maintain are factors in determining an investment professional&#146;s overall compensation, the investment professional&#146;s compensation is not linked directly to the net asset value of any fund.</FONT></P>
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<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) </FONT><FONT face=sans-serif size=2>Not applicable.</FONT></P>


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     <TD noWrap align=left><FONT face=sans-serif size=2>(b)</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=3><B><FONT face=sans-serif size=2>REGISTRANT PURCHASES OF EQUITY SECURITIES</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Total Number of</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Maximum</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=right><B><FONT face=sans-serif size=2>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Number</FONT></B>&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=2>Purchased</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>of Shares that</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Total Number</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>as Part of</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>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=2>of</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Average</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Publicly</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Yet Be</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; <B><FONT face=sans-serif size=2>Price</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Announced</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Purchased</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Purchased *</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>per Share</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=2>Plan**</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; <B><FONT face=sans-serif size=2>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=2>November 1, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>November 30,2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>n/a</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>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=2>December 1, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>December 31,2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>n/a</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>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=2>January 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>January 31,2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>195,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$10.0718</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>n/a</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>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=2>February 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>February 29, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>350,200</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$10.0114</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>n/a</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>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=2>March 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>March 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>309,300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$9.3291</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,768,417</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>April 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>April 30, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,768,417</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>May 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>May 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,768,417</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>June 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>June 30, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,768,417</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>July 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>July 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,768,417</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>August 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>August 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,768,417</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>September 1, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>to September 30,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,768,417</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>October 1, 2008 to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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><FONT face=sans-serif size=2>October 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,768,417</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>8.38</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,768,417</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>2,629,996</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=2>Total</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>3,623,017</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>$8.7124</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD colSpan=2>&nbsp; </TD></TR></TABLE><BR>











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<FONT size=2 face="sans-serif">*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 year ended October 31, 2008, the Fund repurchased 854,600 common shares or 1.52% of the outstanding common shares.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">**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. On October 23, 2008, the Fund completed the tender offer. The Fund accepted 2,768,417 shares for payment which represented 5.00% of the Fund&#146;s then
outstanding shares. Final payment was made on October 23, 2008 at &#36;8.38 per share, representing 98% of the NAV per share on October 23, 2008.</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>(a) The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds - 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>
<P align=left><FONT face=sans-serif size=2>ITEM 12. EXHIBITS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(a)(1) Code of Ethics for Senior Financial Officers is attached.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(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>
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<P align="left">
<FONT size=2 face="sans-serif">(b)(1) 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) Proxy Voting Policies and Procedures are attached.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds - Governance Committee Charter".</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c)(3) Contact person at the registrant.</FONT></P>

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<P align=center><FONT face=sans-serif size=2>SIGNATURES</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, 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><BR>
<BR>
<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: December 16, 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: December 16, 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: December 16, 2008</FONT></P>
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<FILENAME>b_patrpremdivfundiixnn.htm
<DESCRIPTION>CERTIFICATION
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<P align="left">
<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Keith F. Hartsein, 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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<P align="left">
<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/ Keith F. Hartstein</FONT><BR>
<FONT size=2 face="sans-serif">-------------------------------------</FONT><BR>
<FONT size=2 face="sans-serif">Keith F. Hartstein</FONT><BR>
<FONT size=2 face="sans-serif">President and Chief Executive Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: December 16, 2008</FONT></P>

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<P align="left">
<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: December 16, 2008</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_patpremdivfundiixnos.htm
<DESCRIPTION>CERTIFICATION 906
<TEXT>

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<P align=center><B><FONT face=sans-serif size=2>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of</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: December 16, 2008</FONT><BR>
<BR>
<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: December 16, 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_codeofethics110508.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>

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     <TD align=center><B><FONT face=sans-serif>J</FONT></B><B><FONT face=sans-serif size=2>OHN </FONT></B><B><FONT face=sans-serif>H</FONT></B><B><FONT face=sans-serif size=2>ANCOCK </FONT></B><B><FONT face=sans-serif>T</FONT></B><B><FONT face=sans-serif size=2>RUST</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=sans-serif>J</FONT></B><B><FONT face=sans-serif size=2>OHN </FONT></B><B><FONT face=sans-serif>H</FONT></B><B><FONT face=sans-serif size=2>ANCOCK </FONT></B><B><FONT face=sans-serif>F</FONT></B><B><FONT face=sans-serif size=2>UNDS</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=sans-serif>J</FONT></B><B><FONT face=sans-serif size=2>OHN </FONT></B><B><FONT face=sans-serif>H</FONT></B><B><FONT face=sans-serif size=2>ANCOCK </FONT></B><B><FONT face=sans-serif>F</FONT></B><B><FONT face=sans-serif size=2>UNDS </FONT></B><B><FONT face=sans-serif>II</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=sans-serif>J</FONT></B><B><FONT face=sans-serif size=2>OHN </FONT></B><B><FONT face=sans-serif>H</FONT></B><B><FONT face=sans-serif size=2>ANCOCK </FONT></B><B><FONT face=sans-serif>F</FONT></B><B><FONT face=sans-serif size=2>UNDS </FONT></B><B><FONT face=sans-serif>III</FONT></B> </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=center><B><U><FONT face=sans-serif>S</FONT></U></B><B><U><FONT face=sans-serif size=2>ARBANES</FONT></U></B><B><U><FONT face=sans-serif>-O</FONT></U></B><B><U><FONT face=sans-serif size=2>XLEY </FONT></U></B><B><U><FONT face=sans-serif>C</FONT></U></B><B><U><FONT face=sans-serif size=2>ODE OF </FONT></U></B><B><U><FONT face=sans-serif>E</FONT></U></B><B><U><FONT face=sans-serif size=2>THICS</FONT></U></B> </TD></TR>
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     <TD align=center><B><U><FONT face=sans-serif size=2>FOR</FONT></U></B> </TD></TR>
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     <TD noWrap align=center><B><U><FONT face=sans-serif>P</FONT></U></B><B><U><FONT face=sans-serif size=2>RINCIPAL </FONT></U></B><B><U><FONT face=sans-serif>E</FONT></U></B><B><U><FONT face=sans-serif size=2>XECUTIVE </FONT></U></B><B><U><FONT face=sans-serif>&amp; P</FONT></U></B><B><U><FONT face=sans-serif size=2>RINCIPAL </FONT></U></B><B><U><FONT face=sans-serif>F</FONT></U></B><B><U><FONT face=sans-serif size=2>INANCIAL </FONT></U></B><B><U><FONT face=sans-serif>O</FONT></U></B><B><U><FONT face=sans-serif size=2>FFICERS</FONT></U></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif>I. Covered Officers/Purpose of the Code</FONT></B></P>
<P align=left><FONT face=sans-serif>This code of ethics (this &#147;Code&#148;) for John Hancock Trust, John Hancock Funds</FONT><SUP><FONT face=sans-serif>1 </FONT></SUP><FONT face=sans-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=sans-serif>Exhibit A</FONT></U><FONT face=sans-serif>) for the purpose of promoting:</FONT></P>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>honest and ethical conduct, including the ethical handling of actual or apparent conflicts</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>of interest between personal and professional relationships;</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>full, fair, accurate, timely and understandable disclosure in reports and documents that</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT face=sans-serif>the Fund files with, or submits to, the Securities and Exchange Commission (&#147;SEC&#148;)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>and in other public communications made by the Fund;</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>compliance with applicable laws and governmental rules and regulations;</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>the prompt internal reporting of violations of the Code to an appropriate person or</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>persons identified in the Code; and</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>accountability for adherence to the Code.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=2>1 </FONT></SUP><FONT face=sans-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=sans-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=sans-serif>II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest Overview</FONT></B></P>
<P align=left><FONT face=sans-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 a
n officer 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=sans-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 confor
mity 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=sans-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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     <TD noWrap align=center><FONT face=sans-serif>*</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif>*</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif>*</FONT>&nbsp; </TD>
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<P align=left><FONT face=sans-serif>Each Covered Officer must:</FONT></P>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>not use his/her personal influence or personal relationships improperly to influence</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>investment decisions or financial reporting by the Fund whereby the Executive Officer</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>would benefit personally to the detriment of the Fund;</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>not cause the Fund to take action, or fail to take action, for the individual personal</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>benefit of the Executive Officer rather than for the benefit of the Fund; and</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>not use material non-public knowledge of portfolio transactions made or contemplated</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>for the Fund to trade personally or cause others to trade personally in contemplation of</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>the market effect of such transactions.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-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>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>service as a director/trustee on the board of any public or private company;</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>the receipt of any non-nominal gifts;</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>the receipt of any entertainment from any company with which the Fund has current or</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT face=sans-serif>prospective business dealings unless such entertainment is business-related, reasonable</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>in cost, appropriate as to time and place, and not so frequent as to raise any question of</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>impropriety (or other formulation as the Fund already uses in another code of conduct);</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>any ownership interest in, or any consulting or employment relationship with, any of</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>the Fund&#146;s service providers, other than its investment adviser, any sub-adviser,</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>principal underwriter, administrator or any affiliated person thereof; and</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>a direct or indirect financial interest in commissions, transaction charges or spreads paid</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>by the Fund for effecting portfolio transactions or for selling or redeeming shares other</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>than an interest arising from the Executive Officer&#146;s employment, such as compensation</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>or equity ownership.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif>III. Disclosure &amp; Compliance</FONT></B></P>
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     <TD noWrap align=left><FONT face=sans-serif>Each Executive Officer should familiarize himself or herself with the disclosure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>requirements generally applicable to the Fund;</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>Each Executive Officer should not knowingly misrepresent, or cause others to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>misrepresent, facts about the Fund to others, whether within or outside the Fund,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>including to the Fund&#146;s directors and auditors, and to governmental regulators and self-</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>regulatory organizations;</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>Each Executive Officer should, to the extent appropriate within his/her area of</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>responsibility, consult with other officers and employees of the Fund and the Fund&#146;s</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT face=sans-serif>understandable disclosure in the reports and documents the Fund files with, or submits</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>to, the SEC and in other public communications made by the Fund; and</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>It is the responsibility of each Executive Officer to promote compliance with the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>standards and restrictions imposed by applicable laws, rules and regulations.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif>IV. Reporting &amp; Accountability</FONT></B></P>
<P align=left><FONT face=sans-serif>Each Executive Officer must:</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif>upon adoption of the Code (or thereafter as applicable, upon becoming an Executive</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>Officer), affirm in writing to the Fund&#146;s CCO that he/she has received, read, and</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>understands the Code;</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>annually thereafter affirm to the Fund&#146;s CCO that he/she has complied with the</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>requirements of the Code;</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>not retaliate against any employee or Executive Officer or their affiliated persons for</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT face=sans-serif>reports of potential violations that are made in good faith;</FONT>&nbsp; </TD></TR>
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     <TD></TD>
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     <TD noWrap align=left><FONT face=sans-serif>notify the Fund&#146;s CCO promptly if he/she knows of any violation of this Code (Note:</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>failure to do so is itself a violation of this Code); and</FONT>&nbsp; </TD></TR>
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     <TD></TD>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>report at least annually any change in his/her affiliations from the prior year.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-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=sans-serif>The Fund will follow these procedures in investigating and enforcing this Code:</FONT></P>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>the Fund&#146;s CCO will take all appropriate action to investigate any potential violations</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>reported to him/her;</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>if, after such investigation, the CCO believes that no violation has occurred, the CCO is</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>not required to take any further action;</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>any matter that the CCO believes is a violation will be reported to the Board or, if</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT face=sans-serif>applicable, Compliance Committee;</FONT>&nbsp; </TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>if the Board or, if applicable, Compliance Committee concurs that a violation has</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT face=sans-serif>occurred, the Board, either upon its determination of a violation or upon</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>recommendation of the Compliance Committee, if applicable, will consider appropriate</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT face=sans-serif>action, which may include review of, and appropriate modifications to, applicable</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>policies and procedures; notification to appropriate personnel of the Service Provider or</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>the investment adviser or its board; or a recommendation to dismiss the Registrant&#146;s</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>Executive Officer;</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT face=sans-serif>the Board, or if applicable the Compliance Committee, will be responsible for granting</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT face=sans-serif>waivers, as appropriate; and</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>any changes to or waivers of this Code will, to the extent required, be disclosed as</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>provided by SEC rules.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif>V. Other Policies &amp; Procedures</FONT></B></P>
<P align=left><FONT face=sans-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=sans-serif>VI. Amendments</FONT></B></P>
<P align=left><FONT face=sans-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=sans-serif>VII. Confidentiality</FONT></B></P>
<P align=left><FONT face=sans-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=sans-serif>VIII. Internal Use</FONT></B></P>
<P align=left><FONT face=sans-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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     <TD align=center><B><U><FONT face=sans-serif>Exhibit A</FONT></U></B> </TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif>Persons Covered by this Code of Ethics</FONT></B>&nbsp; </TD></TR>
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     <TD align=center><B><FONT face=sans-serif>(As of June 2007)</FONT></B> </TD></TR></TABLE><BR>
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     <TD noWrap align=left><B><FONT face=sans-serif>John Hancock Trust</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Executive Officer and President &#150; Keith Hartstein</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=Arial><FONT size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif>John Hancock Funds</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Executive Officer and President &#150; Keith Hartstein</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif>John Hancock Funds II</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Executive Officer and President &#150; Keith Hartstein</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658; </FONT><FONT face=sans-serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif>John Hancock Funds III</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Executive Officer and President &#150; Keith Hartstein</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo</FONT>&nbsp; </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>e_govcommcharter120908.htm
<DESCRIPTION>GOVERNANCE COMMITTEE CHARTER
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     <TD align=center><B><FONT face=sans-serif size=2>JOHN HANCOCK FUNDS</FONT></B> </TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif size=2>NOMINATING, GOVERNANCE AND ADMINISTRATION COMMITTEE CHARTER</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>A. </FONT><U><FONT face=sans-serif size=2>Composition</FONT></U><FONT face=sans-serif size=2>. The Nominating, Governance and Administration Committee (the &#147;Committee&#148;) shall be composed entirely of Trustees who are &#147;independent&#148; as defined in the rules of the New York Stock Exchange (&#147;NYSE&#148;) or any other exchange, as applicable, and are not &#147;interested persons&#148; as defined in the Investment Company Act of 1940 of any of the funds, or of any fund&#146;s investment adviser or principal underwriter (the &#147;Independent Trustees&#148;) 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 Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B. </FONT><U><FONT face=sans-serif size=2>Overview</FONT></U><FONT face=sans-serif size=2>. The overall charter of the Committee is to make determinations and recommendations to the Board on issues related to the composition and operation of the Board and corporate governance matters applicable to the Independent Trustees, as well as issues related to complex-wide matters and practices designed to facilitate uniformity and administration of the Board's oversight of the funds, and to discharge 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. </FONT><U><FONT face=sans-serif size=2>Specific Responsibilities</FONT></U><FONT face=sans-serif size=2>. The 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. To consider and determine nominations of individuals 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 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 determine 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. The Chairman of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the funds required of them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>4. To consider and determine 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>
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<P align=left><FONT face=sans-serif size=2>6. To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>7. To develop and recommend to the Board, if deemed desirable, guidelines for corporate governance (&#147;Corporate Governance Guidelines&#148;) 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 and practices 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: D&amp;O insurance and fidelity bond coverage and costs; association dues, including Investment Company Institute membership dues; meeting expenditures and policies relating to reimbursement of travel expenses and expenses associated with offsite meetings; expenses and policies associated with Trustee attendance at educational or informational conferences; and publication expenses.</FONT></P>
<P align=left><FONT face=sans-serif size=2>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 &#147;interested persons&#148; as defined in the Investment Company Act of 1940 of any of the funds or any fund&#146;s investment adviser or principal underwriter, or by the Committee, from time to time, other than as may be engaged directly by another Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>10. To periodically review the Board&#146;s committee structure and the charters of the Board&#146;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 face=sans-serif size=2>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 face=sans-serif size=2>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 Committee may deem necessary or appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D. </FONT><U><FONT face=sans-serif size=2>Additional Responsibilities</FONT></U><FONT face=sans-serif size=2>. 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 face=sans-serif size=2>E. </FONT><U><FONT face=sans-serif size=2>Governance</FONT></U><FONT face=sans-serif size=2>. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or</FONT></P>
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<P align=left><FONT face=sans-serif size=2>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 face=sans-serif size=2>F. </FONT><U><FONT face=sans-serif size=2>Miscellaneous</FONT></U><FONT face=sans-serif size=2>. 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&#146; 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 face=sans-serif size=2>G. </FONT><U><FONT face=sans-serif size=2>Evaluation</FONT></U><FONT face=sans-serif size=2>. At least annually, the Committee shall evaluate its own performance, including whether the Committee is meeting frequently enough to discharge its responsibilities appropriately.</FONT></P>
<P align=left><FONT face=sans-serif size=2>H. </FONT><U><FONT face=sans-serif size=2>Review</FONT></U><FONT face=sans-serif size=2>. 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><FONT face=sans-serif size=2>Last revised: December 9, 2008</FONT></P>
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<P align=left><FONT face=sans-serif size=2>ANNEX A</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>General Criteria</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.</FONT></P>
<P align=left><FONT face=sans-serif size=2>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>
<P align=left><FONT face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>Application of Criteria to Existing Trustees</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>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 Nominating, Governance and Administration Committee (the &#147;Committee&#148;) shall consider the existing Trustee&#146;s performance on the Board and any committee.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Review of Shareholder Nominations</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>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 Committee. In evaluating a nominee recommended by a shareholder, the 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&#146;s candidate among the slate of its designated nominees, the candidate&#146;s name will be placed on the funds&#146; 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&#146;s candidate will be</FONT></P>
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<P align=left><FONT face=sans-serif size=2>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&#146; proxy statement.</FONT></P>
<P align=left><FONT face=sans-serif size=2>As long as an existing Independent Trustee continues, in the opinion of the 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 Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the 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 Committee will, in addition to any shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Committee. The Committee may retain a consultant to assist the Committee in a search for a qualified candidate.</FONT></P>
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<DESCRIPTION>PROXY VOTING POLICIES
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     <TD noWrap align=center><B><FONT face=sans-serif>PROXY VOTING POLICIES AND PROCEDURES</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif>POLICY:</FONT></B></P>
<P align=left><B><FONT face=sans-serif>General</FONT></B></P>
<P align=left><FONT face=sans-serif>The Board of Trustees (the &#147;Board&#148;) of each registered investment company in the John Hancock family of funds listed on Schedule A (collectively, the &#147;Trust&#148;), including a majority of the Trustees who are not &#147;interested persons&#148; (as defined in the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) of the Trust (the &#147;Independent Trustees&#148;), adopts these proxy voting policies and procedures.</FONT></P>
<P align=left><FONT face=sans-serif>Each fund of the Trust or any other registered investment company (or series thereof) (each, a &#147;fund&#148;) is required to disclose its proxy voting policies and procedures in its registration statement and, pursuant to Rule 30b1-4 under the 1940 Act, file annually with the Securities and Exchange Commission and make available to shareholders its actual proxy voting record. In this regard, the Trust Policy is set forth below.</FONT></P>
<P align=left><B><FONT face=sans-serif>Delegation of Proxy Voting Responsibilities</FONT></B></P>
<P align=left><FONT face=sans-serif>It is the policy of the Trust to delegate the responsibility for voting proxies relating to portfolio securities held by a fund to the fund&#146;s investment adviser (&#147;adviser&#148;) or, if the fund&#146;s adviser has delegated portfolio management responsibilities to one or more investment subadviser(s), to the fund&#146;s subadviser(s), subject to the Board&#146;s continued oversight. The subadviser for each fund shall vote all proxies relating to securities held by each fund and in that connection, and subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures adopted by each subadviser in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;).</FONT></P>
<P align=left><FONT face=sans-serif>Except as noted below under Material Conflicts of Interest, the Trust Policy with respect to a fund shall incorporate that adopted by the fund&#146;s subadviser with respect to voting proxies held by its clients (the &#147;Subadviser Policy&#148;). Each Subadviser Policy, as it may be amended from time to time, is hereby incorporated by reference into the Trust Policy. Each subadviser to a fund is directed to comply with these policies and procedures in voting proxies relating to portfolio securities held by a fund, subject to oversight by the fund&#146;s adviser and by the Board. Each adviser to a fund retains the responsibility, and is directed, to oversee each subadviser&#146;s compliance with these policies and procedures, and to adopt and implement such additional policies and procedures as it deems necessary or appropriate to discharge its oversight responsibility. Additionally, the Trust&#146;s Chief Compliance Officer (&#147;CCO&#148;) shall conduct such monitoring
 and supervisory activities as the CCO or the Board deems necessary or appropriate in order to appropriately discharge the CCO&#146;s role in overseeing the subadvisers&#146; compliance with these policies and procedures.</FONT></P>
<P align=left><FONT face=sans-serif>The delegation by the Board of the authority to vote proxies relating to portfolio securities of the funds is entirely voluntary and may be revoked by the Board, in whole or in part, at any time.</FONT></P>
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<P align=left><B><FONT face=sans-serif>Voting Proxies of Underlying Funds of a Fund of Funds</FONT></B></P>
<P align=left><FONT face=sans-serif>With respect to voting proxies relating to the securities of an underlying fund held by the Trust&#146;s fund of funds in reliance on any one of Sections 12(d)(1)(E), (F) or (G) of the Investment Company Act of 1940, as amended, or to the extent disclosed in the Trust&#146;s registration statement, the subadviser for the fund of funds, or the Trust, will vote proxies in the same proportion as the vote of all other holders of such underlying fund securities, unless the Trust elects to seek voting instructions from the shareholders of the fund of funds, in which case the subadviser, or the Trust, will vote proxies in the same proportion as the instructions timely received from shareholders of the Trust&#146;s fund of funds.</FONT></P>
<P align=left><B><FONT face=sans-serif>Material Conflicts of Interest</FONT></B></P>
<P align=left><FONT face=sans-serif>If: (1) a subadviser to a fund becomes aware that a vote presents a material conflict between the interests of: (a) shareholders of the fund; and (b) the fund&#146;s adviser, subadviser, principal underwriter, or any of their affiliated persons, and (2) the subadviser does not propose to vote on the particular issue in the manner prescribed by its Subadviser Policy or the material conflict of interest procedures set forth in its Subadviser Policy are otherwise triggered, then the subadviser will follow the material conflict of interest procedures set forth in its Subadviser Policy when voting such proxies.</FONT></P>
<P align=left><FONT face=sans-serif>If a Subadviser Policy provides that in the case of a material conflict of interest between fund shareholders and another party, the subadviser will ask the Board to provide voting instructions, the subadviser shall vote the proxies, in its discretion, as recommended by an independent third party, in the manner prescribed by its Subadviser Policy or abstain from voting the proxies.</FONT></P>
<P align=left><B><FONT face=sans-serif>Securities Lending Program</FONT></B></P>
<P align=left><FONT face=sans-serif>Certain of the funds participate in a securities lending program with the Trust through an agent lender. When a fund&#146;s securities are out on loan, they are transferred into the borrower&#146;s name and are voted by the borrower, in its discretion. Where a subadviser determines, however, that a proxy vote (or other shareholder action) is materially important to the client&#146;s account, the subadviser should request that the agent recall the security prior to the record date to allow the subadviser to vote the securities.</FONT></P>
<P align=left><B><FONT face=sans-serif>Disclosure of Proxy Voting Policies and Procedures in the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;)</FONT></B></P>
<P align=left><FONT face=sans-serif>The Trust shall include in its SAI a summary of the Trust Policy and of the Subadviser Policy included therein. (In lieu of including a summary of these policies and procedures, the Trust may include each full Trust Policy and Subadviser Policy in the SAI.)</FONT></P>
<P align=left><B><FONT face=sans-serif>Disclosure of Proxy Voting Policies and Procedures in Annual and Semi-Annual Shareholder Reports</FONT></B></P>
<P align=left><FONT face=sans-serif>The Trust shall disclose in its annual and semi-annual shareholder reports that a description of the Trust Policy, including the Subadviser Policy, and the Trust&#146;s proxy voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission&#146;s (&#147;SEC&#148;) website, and without charge, upon request, by calling a specified toll-free telephone</FONT></P>
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<P align=left><FONT face=sans-serif>number. The Trust will send these documents within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.</FONT></P>
<P align=left><B><FONT face=sans-serif>Filing of Proxy Voting Record on Form N-PX</FONT></B></P>
<P align=left><FONT face=sans-serif>The Trust will annually file its complete proxy voting record with the SEC on Form N-PX. The Form N-PX shall be filed for the twelve months ended June 30 no later than August 31 of that year.</FONT></P>
<P align=left><B><FONT face=sans-serif>PROCEDURES:</FONT></B></P>
<P align=left><B><FONT face=sans-serif>Review of Subadvisers&#146; Proxy Voting</FONT></B></P>
<P align=left><FONT face=sans-serif>The Trust has delegated proxy voting authority with respect to fund portfolio securities in accordance with the Trust Policy, as set forth above.</FONT></P>
<P align=left><FONT face=sans-serif>Consistent with this delegation, each subadviser is responsible for the following:</FONT></P>
<P align=left><FONT face=sans-serif>1) Implementing written policies and procedures, in compliance with Rule 206(4)-6 under the Advisers Act, reasonably designed to ensure that the subadviser votes portfolio securities in the best interest of shareholders of the Trust.</FONT></P>
<P align=left><FONT face=sans-serif>2) Providing the adviser with a copy and description of the Subadviser Policy prior to being approved by the Board as a subadviser, accompanied by a certification that represents that the Subadviser Policy has been adopted in conformance with Rule 206(4)-6 under the Advisers Act. Thereafter, providing the adviser with notice of any amendment or revision to that Subadviser Policy or with a description thereof. The adviser is required to report all material changes to a Subadviser Policy quarterly to the Board. The CCO&#146;s annual written compliance report to the Board will contain a summary of the material changes to each Subadviser Policy during the period covered by the report.</FONT></P>
<P align=left><FONT face=sans-serif>3) Providing the adviser with a quarterly certification indicating that the subadviser did vote proxies of the funds and that the proxy votes were executed in a manner consistent with the Subadviser Policy. If the subadviser voted any proxies in a manner inconsistent with the Subadviser Policy, the subadviser will provide the adviser with a report detailing the exceptions.</FONT></P>
<P align=left><B><FONT face=sans-serif>Adviser Responsibilities</FONT></B></P>
<P align=left><FONT face=sans-serif>The Trust has retained a proxy voting service to coordinate, collect, and maintain all proxy-related information, and to prepare and file the Trust&#146;s reports on Form N-PX with the SEC.</FONT></P>
<P align=left><FONT face=sans-serif>The adviser, in accordance with its general oversight responsibilities, will periodically review the voting records maintained by the proxy voting service in accordance with the following procedures:</FONT></P>
<P align=left><FONT face=sans-serif>1) Receive a file with the proxy voting information directly from each subadviser on a quarterly basis.</FONT></P>
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<P align=left><FONT face=sans-serif>2) Select a sample of proxy votes from the files submitted by the subadvisers and compare them against the proxy voting service files for accuracy of the votes.</FONT></P>
<P align=left><FONT face=sans-serif>3) Deliver instructions to shareholders on how to access proxy voting information via the Trust&#146;s semi-annual and annual shareholder reports.</FONT></P>
<P align=left><B><FONT face=sans-serif>Proxy Voting Service Responsibilities</FONT></B></P>
<P align=left><B><FONT face=sans-serif>Aggregation of Votes:</FONT></B></P>
<P align=left><FONT face=sans-serif>The proxy voting service</FONT><FONT face=sans-serif>&#146;s proxy disclosure system will collect fund-specific and/or account-level voting records, including votes cast by multiple subadvisers or third party voting services.</FONT></P>
<P align=left><B><FONT face=sans-serif>Reporting:</FONT></B></P>
<P align=left><FONT face=sans-serif>The proxy voting service</FONT><FONT face=sans-serif>&#146;s proxy disclosure system will provide the following reporting features:</FONT></P>
<P align=left><FONT face=sans-serif>1) multiple report export options;</FONT></P>
<P align=left><FONT face=sans-serif>2) report customization by fund-account, portfolio manager, security, etc.; and</FONT></P>
<P align=left><FONT face=sans-serif>3) account details available for vote auditing.</FONT></P>
<P align=left><B><FONT face=sans-serif>Form N-PX Preparation and Filing:</FONT></B></P>
<P align=left><FONT face=sans-serif>The adviser will be responsible for oversight and completion of the filing of the Trust&#146;s reports on Form N-PX with the SEC. The proxy voting service </FONT><FONT face=sans-serif>will prepare the EDGAR version of Form N-PX and will submit it to the adviser for review and approval prior to filing with the SEC</FONT><FONT face=sans-serif>. The proxy voting service will file Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before August 31 of each year.</FONT></P>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>Adopted:</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Amended:</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>John Hancock Trust</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=2>John Hancock Equity Trust</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=2>John Hancock Investment Trust</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=2>John Hancock Investment Trust III</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
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     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>John Hancock Sovereign Bond Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Strategic Series</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Tax-Exempt Series</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock World Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Preferred Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Preferred Income Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Preferred Income Fund III</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Bank &amp; Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Income Securities Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Investors Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Tax-Advantaged Dividend Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</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><FONT face=sans-serif size=2>John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif>-5-</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>patpremdivix3x1.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
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<DESCRIPTION>GRAPHIC
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
