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<SEC-DOCUMENT>0000928816-09-000631.txt : 20090702
<SEC-HEADER>0000928816-09-000631.hdr.sgml : 20090702
<ACCEPTANCE-DATETIME>20090702145534
ACCESSION NUMBER:		0000928816-09-000631
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20090430
FILED AS OF DATE:		20090702
DATE AS OF CHANGE:		20090702
EFFECTIVENESS DATE:		20090702

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05908
		FILM NUMBER:		09926797

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a_patriotpremiumdividendii.htm
<DESCRIPTION>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II
<TEXT>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>UNITED STATES</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><B><FONT face=sans-serif>FORM N-CSR</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><B><FONT face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><B><FONT face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><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 colSpan=3 noWrap align=center>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><U><FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund II</FONT></U>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>(Exact name of registrant as specified in charter)</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><U><FONT face=sans-serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>Salvatore Schiavone</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>Treasurer</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>601 Congress Street</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><U><FONT face=sans-serif>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT face=sans-serif>Registrant's telephone number, including area code: </FONT><U><FONT face=sans-serif>617-663-4497</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>
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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>April 30, 2009</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>ITEM 1. REPORT TO SHAREHOLDERS.</FONT>&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 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>
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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>4.2%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <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>2.9%</FONT>&nbsp;</TD></TR>
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&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>4.1%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Entergy Mississippi, Inc., 6.250%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.8%</FONT>&nbsp;</TD></TR>
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&nbsp;</TD>
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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>3.3%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>NSTAR</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.6%</FONT>&nbsp;</TD></TR>
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&nbsp;</TD>
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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>3.2%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Southern California</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>3.2%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Edison Co., 6.125%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.5%</FONT>&nbsp;</TD></TR>
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&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Ocean Spray Cranberries, Inc.,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>6.250%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.9%</FONT>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Industry composition</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>30%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <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>4%</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>26%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Diversified banks</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3%</FONT>&nbsp;</TD></TR>
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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>14%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <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></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>
     <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>2%</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>4%</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>9%</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 April 30, 2009.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Investments concentrated in one industry may fluctuate more widely than investments diversified across industries. Because the Fund may focus on particular industries, its performance may depend on the performance of those&nbsp;industries.</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>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=serif size=7>Fund&#146;s investments</FONT></P>
<P align=left><FONT face=sans-serif size=4>Securities owned by the Fund on 4-30-09 </FONT><FONT face=sans-serif size=2>(unaudited)</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
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     <TD width="61%"></TD>
     <TD width="8%"></TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp;</TD>
     <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>Value</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Common stocks 36.53%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$140,822,621</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $189,238,095)</FONT>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Electric Utilities 3.43%</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>13,228,878</FONT></B>&nbsp;</TD></TR>
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     <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>2,762,000</FONT>&nbsp;</TD></TR>
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     <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>10,355,420</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Progress Energy, Inc. CVO (B)(I)(Z)</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>111,458</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Industrial Conglomerates 0.43%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,644,500</FONT></B>&nbsp;</TD></TR>
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     <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>1,644,500</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <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>8,416,804</FONT></B>&nbsp;</TD></TR>
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</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>210,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,380,200</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. (Z)</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>2,604</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>3,034,000</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 30.49%</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>117,532,439</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>430,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,614,800</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>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>3,807,508</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>560,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>24,886,400</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>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>2,413,450</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>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>2,563,600</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>DTE Energy Co. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>435,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,862,950</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>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>6,338,400</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>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>5,385,100</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>NSTAR (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>510,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,019,100</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>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>6,556,050</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>4,260,000</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>6,036,300</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>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>2,866,581</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>755,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,922,200</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 vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Preferred stocks 119.91%</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>$462,272,582</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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 $650,819,509)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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 4.58%</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>17,673,703</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>17,673,703</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>Cable &amp; Satellite 0.25%</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>954,798</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>954,798</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 width="80%" border=0>
<TR>
     <TD width="53%"></TD>
     <TD width="42%"></TD>
     <TD width="3%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_4"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></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 vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Consumer Finance 6.72%</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>$25,904,406</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%, 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 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>35,600</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>462,800</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>HSBC Holdings PLC , 6.200%, Ser A (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>25,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>406,000</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 USA, Inc. , 2.858% (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>494,950</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,789,106</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&#150;</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>10,246,500</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 5.15%</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>19,837,052</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sovereign Bancorp, Inc. , 7.300%, 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 C (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>449,800</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,192,302</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>Wells Fargo &amp; Co. , 8.000% (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>683,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,644,750</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 21.93%</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>84,532,290</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%, 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 D (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</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>12,057,600</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>Bank of America Corp. , 6.375% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,160,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,305,200</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>Bank of America Corp. , 6.625% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</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>4,474,800</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>Bank of America Corp. , 8.200% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</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>528,500</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>Bank of America Corp. , 8.625% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</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>1,429,020</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Citigroup Capital VII , 7.125%</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CC</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>366,000</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>Citigroup, Inc , 8.125% (Z)</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>450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,001,000</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>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>C</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>1,557,900</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Deutsche Bank Contingent Capital Trust II ,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>6.550% (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>275,275</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,707,954</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 Trust III ,</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>7.600% (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>542,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,536,500</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>JPMorgan Chase &amp; Co. , 5.490%, Ser G (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>278,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,208,160</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>BBB+</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>328,760</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,183,846</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>BBB+</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>8,175,810</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 44.29%</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>170,754,587</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>1,171,475</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>25,303,860</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>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>893,487</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>577,684</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>19,350,054</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>8,542,205</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Entergy Mississippi, Inc. , 6.250% (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>16,862,627</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>5,432,000</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>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>80,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,990,400</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>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>7,085</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>547,316</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>3,809,931</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% (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>4,415,000</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>Interstate Power &amp; Light Co. , 8.375% (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>3,462,096</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>2,191,808</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>265,743</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>20,031,300</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>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>6,918,775</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. , 4.180%,</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>3,758,464</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></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>8</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_5"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></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 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>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>$13,487,491</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% (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>5,957,504</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>14,917,500</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>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>4,214,437</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>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>7,224,605</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 0.41%</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>1,584,816</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>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>1,584,816</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>Independent Power Producers &amp; Energy Traders 1.55%</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>5,985,000</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Constellation Energy Group, Inc. , 8.625%,</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>Series 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>300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,985,000</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 0.00%</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>0</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>Touch America Holdings, Inc. , 6.875% (B)(I)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>NR</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>161,778</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 1.02%</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>3,938,229</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>BBB</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>2,689,715</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 (H)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>NR</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>38,752</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 (H)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>NR</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>6,012</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>BBB</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>1,203,750</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 6.23%</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>24,003,175</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&#150;</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>19,306,500</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>Principal Financial Group , 6.518%, Ser B (P)(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>160,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,099,200</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>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>176,100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,597,475</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 0.92%</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>3,539,605</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>3,539,605</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 9.66%</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>37,261,676</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. , 6.700%,</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>1,707,962</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. , 6.990%,</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>10,477,125</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>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>10,164,000</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>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>100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,859,380</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%</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>2,695,385</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%</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>983,187</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>770,973</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>611,310</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>2,301,095</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>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>691,259</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 8.13%</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>31,342,564</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>17,452,864</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>13,889,700</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 Storage &amp; Transportation 1.49%</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>5,747,700</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% (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>255,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,747,700</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>&nbsp;</FONT><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="53%"></TD>
     <TD width="42%"></TD>
     <TD width="3%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>9</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<A name="page_6"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="8%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></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 vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Real Estate Investment Trusts 3.31%</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>$12,767,931</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. , 6.650%, 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>BBB&#150;</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>3,150,000</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, Inc. , 6.125% (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>92,700</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,773,351</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%, 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 X (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>48,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>888,000</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, Inc. , 6.625% (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>64,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,210,240</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. , 6.750% (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>60,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,143,600</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. , 6.950% (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>190,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,765,800</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>Public Storage, Inc. , 7.500%, 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 V (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>39,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>836,940</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 0.68%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,613,950</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>B+</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>2,613,950</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 1.96%</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>7,538,700</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, Inc. , 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>7,538,700</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 0.04%</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>160,435</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>Federal Home Loan Mortgage 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>&nbsp;<FONT face=sans-serif size=1>(8.375% to 12-31-12, then variable), Ser Z</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>28,050</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Federal National Mortgage Assn.</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>(8.250% to 12-31-10 then variable), Ser S</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>132,385</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 1.59%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>6,131,965</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>3,774,280</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>2,357,685</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>Interest</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</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rate</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>
<HR noShade SIZE=1>
</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>$2,800,000</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $2,800,000)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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>Commercial Paper 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>2,800,000</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Chevron Funding Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>0.060%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,800,000</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></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 $842,857,604)</FONT></B><FONT face=sans-serif size=1>&#134; </FONT><B><FONT face=sans-serif size=1>157.16%</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>$605,895,203</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>Liabilities in excess of other assets (57.16%)</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>($220,373,515)</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>$385,521,688</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.</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>NR No rating</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.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(B) These securities are 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. Unaudited.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(H) Non-income-producing issuer filed for protection under the Federal Bankruptcy Code or is in default of interest payment.</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>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>10</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<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; </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 (continued)</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>(S) These securities are 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 (see Note 8). Total collateral value at April 30, 2009 was $516,326,899.</FONT></P>
<P align=left><FONT face=sans-serif size=1>&#134; At April 30, 2009, the aggregate cost of investment securities for federal income tax purposes was $845,684,371. Net unrealized depreciation aggregated $239,789,168, of which $8,796,454 related to appreciated investment securities and $248,585,622 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 width="80%" border=0>
<TR>
     <TD width="53%"></TD>
     <TD width="41%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11</FONT>&nbsp;</TD></TR></TABLE><BR>
<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; </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>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="78%"></TD>
     <TD width="21%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=4>Statement of assets and liabilities </FONT><FONT face=sans-serif size=2>4-30-09 (unaudited)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><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</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>what the Fund owns, is due and owes.</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</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 height=20>
     <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 $842,857,604)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$605,895,203</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>81,238</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dividends receivable</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,049,052</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other receivables and prepaid assets</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>160,788</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>608,186,281</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Liabilities</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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>Committed facility agreement payable (Note 8)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>221,500,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest payable (Note 8)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>386,785</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>Transfer agent fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>104,209</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Trustees&#146; fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>109,831</FONT>&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>457,073</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>106,695</FONT>&nbsp;</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>222,664,593</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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>$616,489,220</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>197,825</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized depreciation on investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(236,962,401)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Undistributed net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,797,044</FONT>&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=right><B><FONT face=sans-serif size=1>$385,521,688</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value per share</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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 49,969,927 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>$7.72</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 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>12</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_9"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of operations </FONT><FONT face=sans-serif size=2>For the period ended 4-30-09 (unaudited)</FONT><SUP><FONT face=sans-serif size=2>1</FONT></SUP></P>
<P align=left><B><FONT face=sans-serif size=1>This Statement of Operations summarizes the Fund&#146;s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) and distributions paid to shareholders for the period stated.</FONT></B></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="76%"></TD>
     <TD width="23%"></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 height=20>
     <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</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25,655,587</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>3,813</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Less foreign taxes withheld</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(863)</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>25,658,537</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 height=20>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
&nbsp;</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>2,874,344</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accounting and legal services fees (Note 5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>316,003</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest expense (Note 8)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,828,901</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>232,103</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>127,665</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>149,297</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>69,105</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>56,105</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>28,611</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>154,845</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5,836,979</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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>19,821,558</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>3,026,793</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>(51,757,098)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>(48,730,305)</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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>Decrease in net assets from operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($28,908,747)</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Semiannual period from 11-1-08 to 4-30-09.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="53%"></TD>
     <TD width="41%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>13</FONT>&nbsp;</TD></TR></TABLE><BR>
<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; </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 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Period</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>4-30-09</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>10-31-08</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 height=20>
     <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>$19,821,558</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>3,026,793</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>(51,757,098)</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>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(11,177,829)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>Decrease in net assets resulting from operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(28,908,747)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(188,656,784)</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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>Distributions to shareholders</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(16,845,132)</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>(6,527,650)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(784,872)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total distributions</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(23,372,782)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(32,838,381)</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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>From Fund share transactions (Note 6)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(18,353,858)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(31,565,136)</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total decrease</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(70,635,387)</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>&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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beginning of period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>456,157,075</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>709,217,376</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>End of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$385,521,688</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$456,157,075</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Undistributed net investment income</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$5,797,044</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$2,820,618</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Semiannual period from 11-1-08 to 4-30-09. Unaudited.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>14</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_11"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of cash flows </FONT><FONT face=sans-serif size=2>4-30-09 </FONT><FONT face=sans-serif size=2>(unaudited)</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 width="80%" border=0>
<TR>
     <TD width="78%"></TD>
     <TD width="21%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>For the period</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4-30-09</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 height=20>
     <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>($28,908,747)</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; 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>(633,845,892)</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>667,231,517</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>4,961,580</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>563,048</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>160,136</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>(120,287)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Decrease in prepaid CFA administration fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>86,397</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>(48,035)</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>347,997</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>(351,162)</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>51,757,098</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>(3,026,793)</FONT>&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>$58,806,857</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>Cash flows from financing activities</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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>Borrowings from committed facility agreement payable</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>221,500,000</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>(238,500,000)</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>(18,353,858)</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>(23,372,782)</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>($58,726,640)</FONT></B>&nbsp;</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>$80,217</FONT></B>&nbsp;</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>$1,021</FONT></B>&nbsp;</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>$81,238</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>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>
&nbsp;</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>$1,790,113</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 width="80%" border=0>
<TR>
     <TD width="53%"></TD>
     <TD width="41%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>15</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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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; </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>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>COMMON SHARES </FONT></B><B><FONT face=sans-serif size=1>Period&nbsp;ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4-30-09</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>10-31-08</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>10-31-06</FONT></B>&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>2 </FONT></SUP></TD>
     <TD noWrap align=right><FONT size=1><FONT face=Arial><STRONG>10-31-04</STRONG><SUP>2</SUP></FONT></FONT>&nbsp;&nbsp;</TD></TR>
<TR>
     <TD colSpan=7></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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=7>
<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&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<B><FONT face=sans-serif size=1>$8.67</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>$12.87</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>$11.73</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.99</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income</FONT><SUP><FONT face=sans-serif size=1>3</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp;<FONT face=sans-serif size=1>0.39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.82</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>0.88</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>0.84</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized and&nbsp;unrealized gain (loss)</FONT>&nbsp;</TD>
     <TD noWrap align=right>&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>on&nbsp;investments</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<FONT face=sans-serif size=1>(0.90)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3.98)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.24)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.11</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>0.80</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distribution to&nbsp;DARTS</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>(0.20)</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>(0.25)</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>(0.09)</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>&nbsp;<B><FONT face=sans-serif size=1>(0.51)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(3.36)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>0.34</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1.74</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>1.55</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Less distributions to&nbsp;common</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&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;<B><FONT face=sans-serif size=1>shareholders</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&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&nbsp;investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<FONT face=sans-serif size=1>(0.33)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.58)</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>(0.65)</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>(0.81)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net&nbsp;realized gain</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<FONT face=sans-serif size=1>(0.12)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.01)</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></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>&nbsp;<B><FONT face=sans-serif size=1>(0.45)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(0.59)</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>(0.65)</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>(.081)</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>&nbsp; &nbsp;<FONT face=sans-serif size=1>0.01</FONT><SUP><FONT face=sans-serif size=1>4</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.01</FONT><SUP><FONT face=sans-serif size=1>5</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, end of&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<B><FONT face=sans-serif size=1>$7.72</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$8.67</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>$12.87</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>$11.73</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 peri</FONT></B><B><FONT face=sans-serif size=1>od</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<B><FONT face=sans-serif size=1>$6.60</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$7.00</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>$11.26</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>$11.19</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at net&nbsp;asset value (%)</FONT></B><SUP><FONT face=sans-serif size=1>6,7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<B><FONT face=sans-serif size=1>(4.93)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(26.60)</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>15.91</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>7.14</FONT></B><SUP><FONT face=sans-serif size=1>8</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>8</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at market value (%)</FONT></B><SUP><FONT face=sans-serif size=1>6,7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;&nbsp;&nbsp;<B><FONT face=sans-serif size=1>0.67</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(29.43)</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>8.11</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>8.06</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Ratios and&nbsp;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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net assets applicable to&nbsp;common shares,</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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>end of&nbsp;period (in&nbsp;millions)</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<FONT face=sans-serif size=1>$386</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$456</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>$194</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratios (as a percentage of&nbsp;average</FONT>&nbsp;</TD>
     <TD noWrap align=right>&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>net&nbsp;assets):</FONT>&nbsp;</TD>
     <TD noWrap align=right>&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 (excluding interest expense)</FONT><SUP><FONT face=sans-serif size=1>9</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp;<FONT face=sans-serif size=1>2.00</FONT><SUP><FONT face=sans-serif size=1>10</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.64</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>1.67</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>1.78</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>&nbsp; &nbsp;<FONT face=sans-serif size=1>0.91</FONT><SUP><FONT face=sans-serif size=1>10</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.58</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Expenses (including interest expense)</FONT><SUP><FONT face=sans-serif size=1>9</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp;<FONT face=sans-serif size=1>2.91</FONT><SUP><FONT face=sans-serif size=1>10</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.22</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>1.67</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>1.78</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>11</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp;<FONT face=sans-serif size=1>9.89</FONT><SUP><FONT face=sans-serif size=1>10</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.59</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>7.36</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>7.38</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>&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=sans-serif size=1>&#151;</FONT><SUP><FONT face=sans-serif size=1>12</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14</FONT><SUP><FONT face=sans-serif size=1>13</FONT></SUP>&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>11</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9</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 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>16</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<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>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Period&nbsp;ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4-30-09</FONT></B><SUP><FONT face=sans-serif size=1>1 </FONT></SUP></TD>
     <TD noWrap align=right>&nbsp;<STRONG><FONT face=Arial size=1>10-31-08</FONT></STRONG>&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>10-31-06</FONT></B>&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>2</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-04</FONT></B><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Senior securities</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>Total value of&nbsp;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>
     <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&nbsp;millions)</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>$351</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>per unit (in&nbsp;thousands)</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>$100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Average market value per unit</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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&nbsp;thousands)</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>$100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Asset coverage per unit</FONT><SUP><FONT face=sans-serif size=1>14</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><SUP><FONT face=sans-serif size=1>15 </FONT></SUP></TD>
     <TD noWrap align=right>&nbsp;<FONT face=Arial size=1>$300,814</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$292,301</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$276,340</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$272,034</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total debt outstanding end of&nbsp;period</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>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>(in&nbsp;millions) (Note 8)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$222</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$239</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Asset coverage per $1,000</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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>of&nbsp;DARTS</FONT><SUP><FONT face=sans-serif size=1>16</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>$3,016</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>$2,772</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,762</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Asset coverage per $1,000 of&nbsp;debt</FONT><SUP><FONT face=sans-serif size=1>17</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,741</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,913</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></TR>
<TR>
     <TD></TD>
     <TD colSpan=6>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Semiannual period from 11-1-08 to 4-30-09. Unaudited.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </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>3 </FONT></SUP><FONT face=sans-serif size=1>Based on the average of the shares outstanding.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>The tender offer was completed at a repurchase price of $6.98 for 2,629,996 shares, which equals $18,353,856 in redemptons. The tender offer had a $0.01 NAV impact.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>5 </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>6 </FONT></SUP><FONT face=sans-serif size=1>Assumes dividend reinvestment.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>7 </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>8 </FONT></SUP><FONT face=sans-serif size=1>Unaudited.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>9 </FONT></SUP><FONT face=sans-serif size=1>Ratios calculated on the basis of expenses relative to the average net assets of common shares. Without the exclusion of preferred shares, the annualized ratio of expenses would have been 1.12%, 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>10 </FONT></SUP><FONT face=sans-serif size=1>Annualized.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>11 </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>12 </FONT></SUP><FONT face=sans-serif size=1>Less than 1%.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>13 </FONT></SUP><FONT face=sans-serif size=1>Excludes merger activity.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>14 </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>15 </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>16 </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. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>17 </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 8).</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=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>17</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=4>Notes to financial statements </FONT><FONT face=sans-serif size=2>(unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 1 Organization</FONT></B></P>
<P align=left><FONT face=serif size=2>John Hancock Patriot Premium Dividend Fund II (the Fund) is a diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 2</FONT></B></P>
<P align=left><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>Investments are stated at value as of the close of the regular trading on 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. Equity securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated price if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade. Debt obligations 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 groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Foreign securities and currenc
ies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. 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. Equity and debt obligations, for which there are no prices available from an independent pricing service, are valued based on broker quotes or fair </FONT><FONT face=serif size=2>valued as described below. 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.</FONT></P>
<P align=left><FONT face=serif size=2>Other portfolio securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Fund&#146;s Pricing Committee in accordance with procedures adopted by 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 and market conditions, interest rates, investor perceptions and market liquidity.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund adopted Statement of Financial Accounting Standards No. 157 (FAS 157), </FONT><I><FONT face=serif size=2>Fair Value Measurements</FONT></I><FONT face=serif size=2>, effective with the beginning of the Fund&#146;s fiscal year. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:</FONT></P>
<P align=left><FONT face=serif size=2>Level 1 &#150; Quoted prices in active markets for identical securities.</FONT></P>
<P align=left><FONT face=serif size=2>Level 2 &#150; Prices determined using other significant observable inputs. Observable</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>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=2>inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.</FONT></P>
<P align=left><FONT face=serif size=2>Level 3 &#150; Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, such as when there is little or no </FONT><FONT face=serif size=2>market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available.</FONT></P>
<P align=left><FONT face=serif size=2>The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</FONT></P>
<P align=left><FONT face=serif size=2>The following is a summary of the inputs used to value the Fund&#146;s net assets as of April 30, 2009:</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INVESTMENTS IN</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>OTHER FINANCIAL</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>VALUATION INPUTS</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>SECURITIES</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INSTRUMENTS*</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Level 1 &#151; Quoted Prices</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$441,958,519</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Level 2 &#151; Other Significant Observable Inputs</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>163,825,226</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Level 3 &#151; Significant Unobservable Inputs</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>111,458</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><B><FONT face=sans-serif size=1>Total</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$605,895,203</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>&#151;</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards, options and swap contracts, which are stated at value based upon futures&#146; settlement prices, foreign currency exchange forward rates, option prices and swap prices.</FONT></P>
<P align=left><FONT face=serif size=2>The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:</FONT></P>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INVESTMENTS IN</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>OTHER FINANCIAL</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>SECURITIES</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INSTRUMENTS</FONT>&nbsp;</TD></TR>
<TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Balance as of November 1, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$19,733,333</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
<TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Accrued discounts/premiums</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
<TR>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Realized gain (loss)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
<TR>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Change in unrealized appreciation (depreciation)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Net purchases (sales)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Transfers in and/or out of Level 3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(19,621,875)</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><B><FONT face=sans-serif size=1>Balance as of April 30, 2009</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$111,458</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>&#151;</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>Security transactions and related</FONT></B><BR>
<B><FONT face=sans-serif size=1>investment income</FONT></B></P>
<P align=left><FONT face=serif size=2>Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income and distributions to shareholders are recorded on the ex-dividend date Foreign dividends are recorded on the ex-date or when the Fund becomes aware of the dividends from cash collections. Discounts/premiums are accreted/ amortized for financial reporting purposes. Non-cash dividends are recorded at the fair market value of the securities received. Debt </FONT><FONT face=serif size=2>obligations may be placed in a non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful. The Fund uses identified cost method for determining realized gain or loss on investments for bot
h financial statement and federal income tax reporting purposes.</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, State Street Corporation (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</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>19</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=2>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>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>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>As of April 30, 2009, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Fund&#146;s federal tax returns filed in the 3-year period ended October 31, 2008 remains subject to examination by the Internal Revenue Service.</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 generally declares and pays dividends monthly. Capital gains distributions, if any, are distributed annually. 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><FONT face=serif size=2>$1,048,827. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.</FONT></P>
<P align=left><FONT face=serif size=2>Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund&#146;s financial statements as a return of capital.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 3</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Risk and uncertainties </FONT></B></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>Interest-rate risk</FONT></B></P>
<P align=left><FONT face=serif size=2>Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of the fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest rate risk.</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=1>Mortgage security risk</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may invest a portion of its assets in issuers and/or securities of issuers that hold mortgage securities, including subprime mortgage securities. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market&#146;s perception of the issuers and changes in interest rates. Decreases in interest rates may cause prepayments on underlying mortgages to an IO security to accelerate resulting in a lower than anticipated yield</FONT></P>
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<P align=left><FONT face=serif size=2>and increases the risk of loss on the IO investment.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Sector risk &#151; utilities industry</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may concentrate investments in a particular industry, sector of the economy or invest in a limited number of companies. The concentration is closely tied to a single sector of the economy which may cause the Fund to underperform other sectors. Specifically, utilities can be hurt by higher interest costs in connection with capital construction programs, costs associated with environmental and other regulations and the effects of economic declines, surplus capacity and increased competition. Accordingly, the concentration may make the Fund&#146;s value more volatile and investment values may rise and fall more rapidly.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 4</FONT></B></P>
<P align=left><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</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Management fee and transactions with <BR>
affiliates and others</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund has an investment management contract with John Hancock Advisers, LLC (the Adviser), a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation (MFC). Under the investment management contract, the Fund pays a monthly management fee to the Adviser at an annual rate of 0.50% of the Fund&#146;s average weekly net asset value and the value attributable to the committed facility agreement, plus 5.00% of the Fund&#146;s weekly gross income which amounted to $2,874,344 for the period ended April 30, 2009. The Adviser&#146;s total fee is limited to a maximum amount equal to 1.00% annually of the Fund&#146;s average weekly managed assets. For the period ended April 30, 2008, </FONT><FONT face=serif size=2>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, an indirectly owned subsidiary of MFC and an affili
ate of the Adviser. The Fund is not responsible for payment of subadvisory fees.</FONT></P>
<P align=left><FONT face=serif size=2>The investment management fees incurred for the period ended April 30, 2009, were equivalent to an annual effective rate of 0.91% of the Fund&#146;s average weekly net asset value.</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 $316,003.</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. Mr. John G. Vrysen is a Board member of the Adviser, as well as affiliated Trustee of the Fund, and is compensated by the Adviser and/or its affiliates. The compensation of unaffiliated Trustees is borne by the Fund. The unaffiliated Trustees may elect to defer, for tax purposes, their receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan. The Fund makes investments into other John Hancock funds, as applicable, to cover its liability for the deferred compensation. Investments to cover the Fund&#146;s deferred compensation liability are recorded on the Fund&#146;s books as an other asset. The deferred compensation liability and the related other asset are always equal and are marked to market on a periodic basis to reflect any income earned by the investments, as well as any unrealized ga
ins 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</FONT></P>
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<P align=left><FONT face=serif size=2>with the NYSE&#146;s listing standards. The Fund also files with the Securities and Exchange Commission (SEC) the certification of its </FONT><FONT face=serif size=2>chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.</FONT></P>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>Note 6</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>Fund share transactions</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<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 repurchased during the period ended April 30, 2009 and the year ended October 31, 2008 along with the corresponding dollar value.</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Period ended 4-30-09</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Year ended 10-31-08</FONT></B>&nbsp;</TD></TR>
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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>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>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Repurchased</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(2,629,996)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>($18,353,858)</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 met, with the Board of Trustees to review the program annually. On March 27, 2009, the Fund completed the second tender offer. The Fund accepted 2,629,996 shares for payment which represented 5.00% of the Fund&#146;s then outstanding shares. Final payment was made on March 27, 2009 at $6.98 per share, representing 98% of the NAV per share on March 27, 2009.</FONT></P>
<P align=left><FONT face=serif size=2>On October 23, 2008, the Fund completed the first 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>
<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. 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><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. Until May 7, 2008, 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 reduce </FONT><FONT face=serif size=2>the Fund&#146;s total return to the holders of common shares</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the potential for a decline in the value of an </FONT><FONT face=serif size=2>investment acquired through leverage, while the Fund&#146;s obligations under such leverage remains fixed</FONT></P>
<P align=left><FONT face=serif size=2>&#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</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><FONT face=serif size=2>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>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 </FONT><FONT face=serif size=2>addition, the Fund added additional series of DARTS as a result of reorganization.</FONT></P>
<P align=left><FONT face=serif size=2>In May 2008, the Fund&#146;s Trustees approved a plan whereby the Fund&#146;s form of leverage has changed from DARTS to a Committed Facility Agreement (the CFA). A third party commercial bank has agreed to provide this credit facility that enabled the refinancing of the Fund&#146;s APS 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 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>&nbsp;</TD>
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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>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Amount</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD>
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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%)*</FONT>&nbsp;</TD></TR>
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     <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>
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     <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>
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     <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>
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     <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>* 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</FONT></P>
<P align=left><FONT face=serif size=2>Interest expense, arrangement fees and commitment fees are included in the Statement of Operations. See Note 8 for further details of the CFA.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 8</FONT></B></P>
<P align=left><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 a Committed Facility Agreement (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. Prior to January 1, 2009, interest was charged at the one month LIBOR rate plus 0.85% payable monthly. Effective January 1, 2009, the interest was changed to one month LIBOR plus 0.85% </FONT><FONT face=serif size=2>to an amendment to the CFA. 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. Arrangement and commitment fees for the period ended April 30, 2009 totaled $153,258 and $247,185, respectively, and are included in interest expense in the St
atement of Operations. As of April 30, 2009, the Fund had borrowings of $221,500,000 at an interest rate of one month LIBOR + 0.85% and is reflected in the committed facility agreement payable on the Statement of Asset and Liabilities. For the period from October 31, 2008 to April 30, 2009, the average borrowings under the CFA and the average interest rate (annualized) were $232,298,851 and 0.86%, respectively. The Fund may reduce or terminate the amount of</FONT></P>
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<P align=left><FONT face=serif size=2>the CFA with 270 days notice to 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.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 9</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Purchase and sale of securities</FONT></B></P>
<P align=left><FONT face=serif size=2>Purchases and proceeds from sales or maturities of securities, other than short-term securities and obligations of the U.S. government, during the period ended April 30, 2009, aggregated $2,215,777 and $35,124,513, respectively.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 10 </FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Subsequent event</FONT></B></P>
<P align=left><FONT face=serif size=2>On May 1, 2009, the Fund increased its monthly distribution to $0.0605 per share which is effective with the Fund&#146;s distribution payment on May 29, 2009.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>24</FONT>&nbsp;</TD>
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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 diversi-fied portfolio of dividend paying preferred and common stocks.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund&#146;s nonfundamental investment policy, with respect to the quality of ratings of its portfolio investments, was changed by a vote of the Fund&#146;s Trustees on September 13, 1994. The policy, which became effective October 15, 1994, stipulates that preferred stocks and debt obligations in which the Fund will invest will be rated investment grade (at least BBB by S&amp;P or Baa by Moody&#146;s) at the time of investment or will be preferred stocks of issuers of investment grade senior debt, some of which may have speculative characteristics, or, if not rated, will be of comparable quality as determined by the Adviser. The Fund will invest in common stocks of issuers whose senior debt is rated investment grade or, in the case of issuers that have no rated senior debt outstanding, whose senior debt is considered by the Adviser to be of comparable quality.</FONT></P>
<P align=left><FONT face=serif size=2>On November 20, 2001, the Fund&#146;s Trustees approved the following investment policy investment restriction change, effective December 15, 2001. Under normal circumstances, the Fund will invest at least 80% of its assets in dividend-paying securities. The &#147;Assets&#148; are defined as net assets including the liquidation preference amount of the DARTS plus borrowings for investment purposes. The Fund will notify shareholders at least 60 days prior to any change in this 80% investment policy.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Bylaws</FONT></B></P>
<P align=left><FONT face=serif size=2>In November 2002, the Board of Trustees adopted several amendments to the Fund&#146;s bylaws, including provisions relating to the calling of a special meeting and requiring advance notice of shareholder proposals or nominees for Trustee. The advance notice provisions in the bylaws require shareholders to notify the Fund in writing of any proposal that they intend to present at an annual meeting of shareholders, including any nominations for Trustee, between 90 and 120 days prior to the first anniversary </FONT><FONT face=serif size=2>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=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INCOME</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PAYMENT DATE</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>DIVIDEND</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
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</TD>
     <TD></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>November 28, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$0.048</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>December 31, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.055</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>January 30, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.055</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>February 27, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.055</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>March 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.055</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>April 30, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.055</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
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     <TD width="41%"></TD>
     <TD width="4%"></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<FONT face=Arial size=2>25</FONT></TD></TR></TABLE><BR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>CAPITAL GAIN</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PAYMENT DATE</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>DISTRIBUTION</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
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     <TD colSpan=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>December 31, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$0.1241</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Dividend reinvestment plan</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund offers its shareholders a Dividend Reinvestment Plan (the Plan), which offers the opportunity to earn compounded yields. Each holder of common shares may elect to have all distributions of dividends and capital gains reinvested by Mellon Investor Services, as plan agent for the common shareholders (the Plan Agent). Holders of common shares who do not elect to participate in the Plan will receive all distributions in cash, paid by check mailed directly to the shareholder of record (or if the common shares are held in street or other nominee name, then to the nominee) by the Plan Agent, as dividend disbursing agent.</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders may join the Plan by filling out and mailing an authorization card, by notifying the Plan Agent by telephone or by visiting the Plan Agent&#146;s Web site at www.melloninvestor. com. Shareholders must indicate an election to reinvest all or a portion of dividend payments. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. Shareholders whose shares are held in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan.</FONT></P>
<P align=left><FONT face=serif size=2>If the Fund declares a dividend payable either in common shares or in cash, nonparticipants will receive cash, and participants in the Plan will receive the equivalent in common shares. If the market price of the common shares on 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 </FONT><FONT face=serif size=2>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 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>
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     <TD width="95%"></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=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 </FONT><FONT face=serif size=2>notice to all shareholders of the Fund. All correspondence or additional information concerning the Plan should be directed to the Plan Agent, Mellon Bank, N.A., c/o Mellon Investor Services, P.O. Box 3338, South Hackensack, NJ 07606-1938 (Telephone: 1-800-852-0218).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Shareholder communication and assistance</FONT></B></P>
<P align=left><FONT face=serif size=2>If you have any questions concerning the Fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the Fund to the transfer agent at:</FONT></P>
<P align=left><FONT face=sans-serif size=1><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>
<P align=left><B><FONT face=sans-serif size=2>Shareholder meeting (unaudited)</FONT></B></P>
<P align=left><FONT face=serif size=2>On April 28, 2009, an adjourned session of the Annual Meeting of the Shareholders of John Hancock Patriot Premium Dividend Fund II was held at 601 Congress Street, Boston, Massachusetts, for the purpose of considering and voting upon the proposals listed below.</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders of the fund approved Proposal 1 and Proposal 2 and the votes cast were as follows:</FONT></P>
<P align=left><B><FONT face=serif size=2>Proposal 1: </FONT></B><FONT face=serif size=2>To elect six Trustees to serve until their respective successors have been duly elected and qualified.</FONT></P>
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<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></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>WITHHELD</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>FOR</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AUTHORITY</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Deborah C. Jackson</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>44,496,905</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>2,855,466</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=center><FONT face=serif size=2>44,530,808</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>2,821,563</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Stanley Martin</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>44,579,729</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>2,772,642</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>John A. Moore</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>44,527,296</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>2,825,075</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Gregory A. Russo</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>44,587,241</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>2,865,130</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>John G. Vrysen</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>44,573,388</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>2,778,983</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>Proposal 2: </FONT></B><FONT face=serif size=2>To adopt a new form of investment advisory agreement.</FONT></P>
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<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>For</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>29,147,270</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Against</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>2,394,770</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Withheld</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; 716,644</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Broker Non-Vote</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=serif size=2>15,093,690</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
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<TR>
     <TD width="53%"></TD>
     <TD width="41%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>27</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><B><FONT face=sans-serif size=2>Evaluation by the Board of New Form of <BR>
Investment Advisory Agreement</FONT></B></P>
<P align=left><FONT face=serif size=2>At its meeting on December 8&#150;9, 2008, the Board, including all the Independent Trustees, approved a new form of Advisory Agreement for the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>The Board, including the Independent Trustees, is responsible for selecting the Fund&#146;s investment adviser, approving the Adviser&#146;s selection of fund subadvisers and approving the Fund&#146;s advisory and subadvisory agreements, their periodic continuation and any amendments.</FONT></P>
<P align=left><FONT face=serif size=2>Consistent with SEC rules, the Board regularly evaluates the Fund&#146;s advisory and subadvisory arrangements, including consideration of the factors listed below. The Board may also consider other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry) and does not treat any single factor as determinative, and each Trustee may attribute different weights to different factors. The Board is furnished with an analysis of its fiduciary obligations in connection with its evaluation and, throughout the evaluation process, the Board is assisted by counsel for the Fund and the Independent Trustees are also separately assisted by independent legal counsel. The factors considered by the Board are:</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the nature, extent and quality of the services </FONT><FONT face=serif size=2>to be provided by the Adviser or subadviser, as the case may be, to the Fund;</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the investment performance of the Fund;</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the extent to which economies of scale would </FONT><FONT face=serif size=2>be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of shareholders of the Fund;</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the costs of the services to be provided and </FONT><FONT face=serif size=2>the profits to be realized by the Adviser (including any subadvisers affiliated with the Adviser) and its affiliates from the Adviser&#146;s relationship with the Fund; and</FONT></P>
<P align=left><FONT face=serif size=2>&#149; comparative services rendered and </FONT><FONT face=serif size=2>comparative advisory fee rates.</FONT></P>
<P align=left><FONT face=serif size=2>The Board believes that information relating to all these factors is relevant to its evaluation of the Fund&#146;s Advisory Agreement.</FONT></P>
<P align=left><FONT face=serif size=2>At its meeting on June 10, 2008, the Board approved the annual continuation of the Advisory Agreement with respect to the Fund and considered each of the factors listed above. A discussion of the basis of the Board&#146;s approval of the Advisory Agreement and its consideration of such factors at that meeting is included in the shareholder report dated October 31, 2008. A copy of the relevant report may be obtained by calling 1-800-225-5291 (TDD &#150; 1-800-554-6713) or by writing to the Fund at 601 Congress Street, Boston, Massachusetts 02210, Attn.: Salvatore Schiavone, and is also available on the Internet at www.jhfunds.com.</FONT></P>
<P align=left><FONT face=serif size=2>In evaluating the Advisory Agreement at its meeting on June 10, 2008, the Board 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 relative to a category of relevant funds (the Category) and a peer group of comparable funds (the Peer Group). </FONT><FONT face=serif size=2>The funds within each Category and Peer Group were selected by Morningstar Inc. (Morningstar), an independent provider of investment company data. Data typically covered the period since the Fund&#146;s inception through December 31, 2007;</FONT></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 Category and a Peer Group;</FONT></P>
<P align=left><FONT face=serif size=2>(iii) the advisory fees of comparable portfolios of other clients of the Adviser;</FONT></P>
<P align=left><FONT face=serif size=2>(iv) 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>(v) breakpoints in the Fund&#146;s and the Peer Group&#146;s fees, and information about economies of scale;</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>28</FONT>&nbsp;</TD>
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<P align=left><FONT face=serif size=2>(vi) the Adviser&#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 compliance department;</FONT></P>
<P align=left><FONT face=serif size=2>(vii) the background and experience of senior management and investment professionals; and</FONT></P>
<P align=left><FONT face=serif size=2>(viii) the nature, cost and character of advisory and non-investment management services provided by the Adviser and its affiliates. The key factors considered by the Board and the conclusions reached are described below.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Nature, extent and quality of services</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board considered the ability of the Adviser, based on its 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. 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. In addition, the Board took into account the 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 supported renewal of the Advisory Agreement.</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 Fund&#146;s performance results in comparison to the performance of the Category, as well as the Fund&#146;s Peer Group and benchmark index. The Board reviewed the methodology used by Morningstar to select the funds in the Category and the Peer Group. The Board concluded that the Fund&#146;s investment </FONT><FONT face=serif size=2>process and particular investments seemed consistent with the Fund&#146;s investment objectives, strategy and style.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Investment advisory 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 in comparison to the advisory fees for 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, distribution and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, and other miscellaneous fees (e.g., 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 and net expense ratio after waivers and reimbursements.</FONT></P>
<P align=left><FONT face=serif size=2>The Adviser also discussed the Morningstar data and rankings, and other relevant information, for the Fund. Based on the above-referenced considerations and other factors, the Board concluded that the Fund&#146;s overall expenses supported the re-approval of the Advisory Agreement.</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 Agreement, as well as on other relationships between the Fund and the Adviser and its affiliates. The Board also considered a comparison of the Adviser&#146;s profitability to that of other similar investment advisers whose profitability information is publicly available. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, the profits and other ancillary benefits reported by the Adviser were not unreasonable.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Economies of scale</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received and considered general information regarding economies of scale with respect to the management of the Fund, including the Fund&#146;s ability to appropriately</FONT></P>
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     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>29</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=2>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 costs are not specific to individual funds, but rather are incurred across a variety of products and services.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Information about services to other clients</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board also received information about the nature, extent and quality of services and fee rates offered by the Adviser to its other clients, including other registered investment companies, institutional investors and separate accounts. The Board concluded that the Fund&#146;s advisory fees were not unreasonable, taking into account fee rates offered to others by the Adviser, after giving effect to differences in services.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other benefits to the Adviser</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received information regarding potential &#147;fall-out&#148; or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. Such benefits could include, among others, benefits directly attributable to the relationship of the Adviser with the Fund and benefits potentially derived from an increase in business of the Adviser as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by the Adviser and its affiliates).</FONT></P>
<P align=left><FONT face=serif size=2>The Board also considered the effectiveness of the Adviser&#146;s and the 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 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 at least quarterly, which include, among other things, fund performance reports and compliance reports. In addition, the Board meets with portfolio </FONT><FONT face=serif size=2>managers and senior investment officers at various times throughout the year.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>December 2008 Meeting</FONT></B></P>
<P align=left><FONT face=serif size=2>In approving the proposed new form of Advisory Agreement at the December 8&#150;9, 2008 meeting, the Board determined that it was appropriate to rely upon its recent consideration at its June 10, 2008 meeting of such factors as: fund performance; the realization of economies of scale; profitability of the Advisory Agreement to the Adviser; and comparative advisory fee rates (as well as its conclusions with respect to those factors). The Board noted that it had, at the June 10, 2008 meeting, concluded that these factors, taken as a whole, supported the continuation of the Advisory Agreement. The Board, at the December 8&#150;9, 2008 meeting, revisited particular factors to the extent relevant to the proposed new form of Agreement. In particular, the Board noted the skill and competency of the Adviser in its past management of the Fund&#146;s affairs and sub-advisory relationships, the qualifications of the Adviser&#146;s personnel who perform services for the Fund, includ
ing those who served as offi-cers of the Fund, and the high level and quality of services that the Adviser may reasonably be expected to continue to provide the Fund and concluded that the Adviser may reasonably be expected to perform its services ably under the proposed new form of Advisory Agreement. The Board also took into consideration the extensive analysis and efforts undertaken by a working group comprised by a subset of the Board&#146;s Independent Trustees, which met several times, both with management representatives and separately, to evaluate the proposal to approve a new form of Agreement, prior to the Board&#146;s December 8&#150;9, 2008 meeting. The Board considered the differences between the current Advisory Agreement and proposed new form of Agreement, and agreed that the new Advisory Agreement structure would bring all advisory fee payment mechanics for the John Hancock Fund Complex into conformity and will result in greater administrative efficiencies for the Fund.</FONT></P>
<TABLE cellSpacing=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>30</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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<A name="page_27"></A>
<P align=left><FONT face=serif size=7>More information</FONT></P>
<TABLE cellSpacing=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>Patti McGill Peterson,&nbsp;</FONT><I><FONT face=serif size=2>Chairperson</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>James F. Carlin</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>William H. Cunningham*</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>MFC Global Investment Management</FONT>&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>&nbsp; (U.S.), LLC</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></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Stanley Martin*</FONT>&nbsp;</TD>
     <TD noWrap align=left><STRONG><FONT face=Arial size=1>Custodian</FONT></STRONG>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Dr. John A. Moore</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2>State Street Bank and Trust Company</FONT>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Steven R. Pruchansky</FONT>&nbsp;</TD>
     <TD noWrap align=left></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=Arial size=1>Transfer agent</FONT></STRONG>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>John G. Vrysen&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2>Mellon Investor Services</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>*Member of the Audit Committee</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#134;Non-Independent Trustee</FONT>&nbsp;</TD>
     <TD noWrap align=left><STRONG><FONT face=Arial size=1>Legal counsel</FONT></STRONG>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2>K&amp;L Gates LLP</FONT>&nbsp;&nbsp;</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=Arial size=1>Stock symbol</FONT></STRONG>&nbsp;</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><FONT size=2>Listed New York Stock Exchange: PDT</FONT>&nbsp;&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Thomas M. Kinzler</FONT>&nbsp;</TD>
     <TD noWrap align=left><STRONG><FONT face=Arial size=1>For shareholder assistance</FONT></STRONG>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Secretary and Chief Legal Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><STRONG><FONT face=Arial size=1>refer to page 27</FONT></STRONG>&nbsp;&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Chief Compliance Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Charles A. Rizzo</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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 height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Salvatore Schiavone</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <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>The Fund&#146;s proxy voting policies and procedures, as well as the Fund&#146;s proxy voting record for the most recent twelve month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Website at sec.gov or on our Website.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The Fund&#146;s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form&nbsp;N-Q. The Fund&#146;s Form N-Q is available on our Website and the SEC&#146;s Website, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC&#146;s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to&nbsp;receive information on the operation of the SEC&#146;s Public Reference Room.</FONT></P>
<P align=left><FONT face=sans-serif size=1>We make this information on your fund, as well as </FONT><B><FONT face=sans-serif size=1>monthly portfolio holdings</FONT></B><FONT face=sans-serif size=1>, and other fund details available on our Website www.jhfunds.com or by calling 1-800-852-0218.</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="30%"></TD>
     <TD width="28%"></TD>
     <TD width="41%"></TD></TR>
<TR vAlign=bottom>
     <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>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>1-800-852-0218</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regular mail:</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>jhfunds.com</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mellon Investor Services</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>Newport Office Center VII</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>480 Washington Boulevard</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>Jersey City, NJ 07310</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="54%"></TD>
     <TD width="41%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual report | </FONT></B><FONT face=sans-serif size=1>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>31</FONT>&nbsp;</TD></TR></TABLE><BR>
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<A name="page_28"></A>
<IMG src="patriotpremiumdiviix28x1.jpg" border=0>
<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>PRESORTED</FONT><BR>
<FONT face=sans-serif size=2>STANDARD</FONT><BR>
<FONT face=sans-serif size=2>U.S. </FONT><FONT face=sans-serif size=2>POSTAGE</FONT><BR>
<FONT face=sans-serif size=2>PAID</FONT><BR>
<FONT face=sans-serif size=2>MIS</FONT></P>
<P align=left><FONT face=sans-serif size=1>P20SA 4/09</FONT><BR>
<FONT face=sans-serif size=1>6/09</FONT></P>
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<P align="left"> <FONT size=2 face="sans-serif">ITEM 2. CODE OF ETHICS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable at this time.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable at this time.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable at this time.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable at this time.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(a) Not applicable.</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">(b) Not applicable.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable.</FONT></P>
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<!--$$/page=-->
<A name="page_2"></A>
<P align=left><FONT size=2 face=sans-serif>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P>
<P align=left><FONT size=2 face=sans-serif>(a) Not applicable.</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="25%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%"></TD>
     <TD width="9%" align=center></TD>
     <TD width="9%" align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(b)</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD colSpan=5 noWrap align=center><B><FONT size=2 face=sans-serif>REGISTRANT PURCHASES OF EQUITY SECURITIES</FONT></B>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Maximum</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Total Number of</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Number</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>of Shares that</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Purchased</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>May</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>as Part of</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Yet Be</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Number of</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Average</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Publicly</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Purchased</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Price per</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Announced</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Under the</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Purchased*</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Share</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Plan*</FONT></B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Plan*</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>November 1, 2008 to</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>November 30, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>2,629,996</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>December 1, 2008 to</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>December 31, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>2,629,996</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>January 1, 2009 to</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>January 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>2,629,996</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>February 1, 2009 to</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>February 28, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>2,629,996</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>March 1, 2009 to</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><FONT size=2 face=sans-serif>March 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>2,629,996</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>$6.98</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>2,629,996</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>2,498,496</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>April 1, 2009 to</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>April 30, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>2,498,496</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=9>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>2,629,996</FONT>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>$6.98</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD>
     <TD></TD>
     <TD colSpan=3>&nbsp;</TD></TR></TABLE><BR>
<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 5.00% 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 March 27, 2009, the Fund completed the tender offer. The Fund accepted 2,629,996 shares for payment which represented 5.00% of the Fund&#146;s then outstanding shares. Final payment was made on March 27, 2009 at $6.98 per share, representing 98% of the NAV per share on March 27, 2009.</FONT></P>
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<P align="left"> <FONT size=2 face="sans-serif">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">There were no material changes to previously disclosed John Hancock Funds &#150; Governance Committee Charter.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 11. CONTROLS AND PROCEDURES.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 12. EXHIBITS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(a) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached &#147;John Hancock Funds &#150; Governance Committee Charter&#148;.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(c)(2) Contact person at the registrant.</FONT></P>
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<P align=left><FONT size=2 face=sans-serif>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 size=2 face=sans-serif>John Hancock Patriot Premium Dividend Fund II</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>By: /s/ Keith F. Hartstein</FONT><BR>
<FONT size=2 face=sans-serif>-------------------------------------</FONT><BR>
<FONT size=2 face=sans-serif>Keith F. Hartstein</FONT><BR>
<FONT size=2 face=sans-serif>President and Chief Executive Officer</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>Date: June 18, 2009</FONT></P>
<P align=left><FONT size=2 face=sans-serif>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 size=2 face=sans-serif>By: /s/ Keith F. Hartstein</FONT><BR>
<FONT size=2 face=sans-serif>-------------------------------------</FONT><BR>
<FONT size=2 face=sans-serif>Keith F. Hartstein</FONT><BR>
<FONT size=2 face=sans-serif>President and Chief Executive Officer</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>Date: June 18, 2009</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>By: /s/ Charles A. Rizzo</FONT><BR>
<FONT size=2 face=sans-serif>-------------------------------------</FONT><BR>
<FONT size=2 face=sans-serif>Charles A. Rizzo</FONT><BR>
<FONT size=2 face=sans-serif>Chief Financial Officer</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>Date: June 18, 2009</FONT></P>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_patriotpremiumdivfundiixnn.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. Hartstein, 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: June 18, 2009</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 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/ Charles A. Rizzo</FONT><BR>
<FONT size=2 face="sans-serif">-------------------------------------</FONT><BR>
<FONT size=2 face="sans-serif">Charles A. Rizzo</FONT><BR>
<FONT size=2 face="sans-serif">Chief Financial Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: June 18, 2009</FONT></P>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_patriotpremiumdivfundiixnn.htm
<DESCRIPTION>CERTIFICATION 906
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     <TD align=center nowrap> <B><FONT size=2 face="sans-serif">Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of</FONT></B>&nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=center> <B><FONT size=2 face="sans-serif">the Sarbanes-Oxley Act of 2002</FONT></B></TD> </TR> </TABLE><BR>
<P align="left"> <FONT size=2 face="sans-serif">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 size=2 face="sans-serif">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 size=2 face="sans-serif">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 size=2 face="sans-serif">/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">Dated: June 18, 2009</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">/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">Dated: June 18, 2009</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">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
<SEQUENCE>4
<FILENAME>d_governancecommcharter.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>
<TR vAlign=bottom>
     <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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