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<SEC-DOCUMENT>0000928816-10-000695.txt : 20100701
<SEC-HEADER>0000928816-10-000695.hdr.sgml : 20100701
<ACCEPTANCE-DATETIME>20100701132613
ACCESSION NUMBER:		0000928816-10-000695
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20100430
FILED AS OF DATE:		20100701
DATE AS OF CHANGE:		20100701
EFFECTIVENESS DATE:		20100701

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:		10930013

	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_patriotprem.htm
<DESCRIPTION>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II
<TEXT>
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     <TD colSpan=2 noWrap align=center><FONT face=sans-serif>UNITED STATES</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><FONT face=sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><FONT face=sans-serif>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT face=sans-serif>FORM N-CSR</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><B><FONT face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><B><FONT face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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=2 noWrap align=center>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><U><FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund II</FONT></U>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 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=2 noWrap align=center>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><U><FONT face=sans-serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><FONT face=sans-serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=center><FONT face=sans-serif>Salvatore Schiavone</FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=center><FONT face=sans-serif>Treasurer</FONT></TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><FONT face=sans-serif>601 Congress Street</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><U><FONT face=sans-serif>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><FONT face=sans-serif>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif>Date of fiscal year end:</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><FONT face=sans-serif>October 31</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif>Date of reporting period:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif>April 30, 2010</FONT>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>Item 1. Schedule of Investments.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Portfolio summary</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="36%"></TD>
     <TD width="12%"></TD>
     <TD width="3%"></TD>
     <TD width="36%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Top 10 Holdings</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Alabama Power Company, 5.200%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.3%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CH Energy Group, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.9%</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD>
     <TD noWrap align=left></TD>
     <TD colSpan=2 noWrap align=left>
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</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>MetLife, Inc., 6.500%, Series B</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.0%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., 6.375%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.8%</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD>
     <TD noWrap align=left></TD>
     <TD colSpan=2 noWrap align=left>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo &amp; Company, 8.000%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.0%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>HSBC USA, Inc., 2.858%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.5%</FONT>&nbsp;</TD></TR>
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</TD>
     <TD noWrap align=left></TD>
     <TD colSpan=2 noWrap align=left>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Duquesne Light Company, 6.500%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.0%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Nexen, Inc., 7.350%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.5%</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>PPL Electric Utilities Corp., 6.250%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.5%</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD vAlign=top noWrap align=left><FONT size=1 face=sans-serif>Depositary Shares</FONT>&nbsp;</TD>
     <TD vAlign=top noWrap align=right><FONT size=1 face=sans-serif>2.9%</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
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     <TD colSpan=2 noWrap align=left>
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</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Sector Composition</FONT></B><SUP><FONT size=1 face=sans-serif>2,3</FONT></SUP>&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>
<TR height=20>
     <TD colSpan=5 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>54%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Consumer Staples</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2%</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD>
     <TD noWrap align=left></TD>
     <TD colSpan=2 noWrap align=left>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Financials</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>31%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Industrials</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1%</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD>
     <TD noWrap align=left></TD>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Telecommunication Services</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Consumer Discretionary</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1%</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD>
     <TD noWrap align=left></TD>
     <TD colSpan=2 noWrap align=left>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Energy</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Short-Term Investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1%</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD>
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<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>As a percentage of the Fund&#146;s total investments on April 30, 2010. Excludes cash and cash equivalents. </FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>As a percentage of the Fund&#146;s total investments on April 30, 2010.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP><FONT size=1 face=sans-serif>The Fund normally will invest at least 25% of its managed assets in securities of companies in the utilities industry. Such an investment focus makes the Fund more susceptible to factors adversely affecting the utilities industry than a more broadly diversified fund. Sector investing is subject to greater risks than the market as a whole.</FONT></P>
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<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><FONT size=2 face=sans-serif>6</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Fund&#146;s investments</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>As of 4-30-10 </FONT><FONT size=2 face=sans-serif>(unaudited)</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<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 size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Preferred Stocks 100.94%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$578,228,780</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $616,138,279)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Discretionary 1.19%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>6,818,684</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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 size=1 face=sans-serif>Media 1.19%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Comcast Corp., 7.000% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>42,530</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,075,584</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Viacom, Inc., 6.850% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>230,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,743,100</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Staples 2.84%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>16,251,128</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Food &amp; Staples Retailing 2.84%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Ocean Spray Cranberries, Inc. 6.250% , Series A, (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>224,250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>16,251,128</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Energy 4.92%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>28,200,825</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 4.92%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Nexen, Inc., 7.350% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>860,700</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>21,302,325</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Southern Union Company, 7.550% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>270,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,898,500</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Financials 46.56%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>266,724,351</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Capital Markets 1.70%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Credit Suisse Guernsey, 7.900% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>172,200</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,442,760</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Goldman Sachs Group, Inc., 6.200%, Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>137,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,275,250</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Lehman Brothers Holdings, Inc., 5.670%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp; Depositary Shares, Series D (I)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>553,600</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>44,842</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Lehman Brothers Holdings, Inc., 5.940%,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp; Depositary Shares, Series C (I)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>43,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,150</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Capital Trust III, 6.250% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>90,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,977,300</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 7.59%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>HSBC Holdings PLC, 6.200%, Series A (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>564,500</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Santander Finance Preferred SA Unipersonal, 10.500%, Series 10 (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>230,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,249,100</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Santander Holdings USA, Inc., 7.300% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>456,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11,327,040</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo &amp; Company, 8.000% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>925,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25,345,000</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Finance 6.96%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>HSBC Finance Corp., 6.360%, Depositary Shares, Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>35,600</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>797,440</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>HSBC USA, Inc., 2.858% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>499,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>21,581,750</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>SLM Corp., 6.970%, Series A (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>445,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>17,463,600</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 21.75%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., 8.625% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>102,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,685,660</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., 6.375% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,160,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>24,081,600</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., 6.625% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,981,200</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., 8.200% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>35,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>893,200</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="72%"></TD>
     <TD width="24%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=right><FONT size=2 face=sans-serif>7</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_4"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<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 size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services (continued)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., 6.204%, Depositary Shares,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Series D (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>960,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$19,401,600</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Citigroup Capital VII, 7.125%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>35,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>804,650</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Citigroup Capital VIII, 6.950%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>27,100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>599,723</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Citigroup Capital XII, (8.500% to 03-30-15,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>then 3 month LIBOR + 5.870%)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>275,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,177,500</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Deutsche Bank Contingent Capital Trust II, 6.550% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>285,275</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,324,547</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Deutsche Bank Contingent Capital Trust III, 7.600% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>597,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>14,823,510</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>JPMorgan Chase &amp; Company, 5.490%, Series G (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>278,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>13,441,300</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>JPMorgan Chase &amp; Company, 5.720%, Series F (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>328,760</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>16,007,324</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>JPMorgan Chase &amp; Company, 6.150%, Series E (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>209,100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,394,361</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Insurance 5.85%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>MetLife, Inc., 6.500%, Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,055,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25,562,650</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Principal Financial Group, (6.518% to 6-30-35,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>then higher of 10 year Constant Maturity Treasury (CMT),</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>or 30 year CMT or 3 month LIBOR + 2.100%) Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>160,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,713,600</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Prudential PLC, 6.750% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>176,100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,242,249</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 2.65%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Kimco Realty Company, 6.650%, Depositary Shares, Series F (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,656,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Public Storage, Inc., 6.750% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>60,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,488,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Public Storage, Inc., 6.950% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>190,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,742,400</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Public Storage, Inc., 6.125% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>50,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,152,500</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Public Storage, Inc., 6.450%, Depositary Shares, Series X (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>48,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,128,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Wachovia Preferred Funding Corp., 7.250%, Series A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>85,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,030,625</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Thrifts &amp; Mortgage Finance 0.06%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Federal Home Loan Mortgage Corp., (8.375%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>to 12-31-12, then higher of 7.875% or 3 month LIBOR +</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>4.160%) Series Z (I)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>55,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>88,550</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Federal National Mortgage Association, (8.250%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>to 12-13-10, then higher of 7.750% or 3 month LIBOR +</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>4.230%) Series S (I)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>159,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>232,870</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Industrials 1.71%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>9,789,000</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Road &amp; Rail 1.71%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AMERCO, Inc., 8.500%, Series A (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,789,000</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Telecommunication Services 3.99%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>22,877,120</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services 0.00%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Touch America Holdings, Inc., 6.875% (I)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>161,778</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Wireless Telecommunication Services 3.99%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Telephone &amp; Data Systems, Inc., 6.625% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>280,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,664,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>United States Cellular Corp., 7.500% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>652,177</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>16,213,120</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Utilities 39.73%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>227,567,672</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 29.11%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Alabama Power Company, 5.200% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,172,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>28,116,550</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Carolina Power &amp; Light Company, 5.440% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11,382</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,096,229</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Duquesne Light Company, 6.500% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>519,900</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25,280,138</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Entergy Arkansas, Inc., 6.450% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,301,580</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Entergy Mississippi, Inc., 6.250%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>667,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>16,695,877</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="4%"></TD>
     <TD width="48%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><FONT size=2 face=sans-serif>8</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities (continued)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FPC Capital I, 7.100%, Series A (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>242,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$6,161,925</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Georgia Power Company, 6.000%, Series R (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>76,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,927,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>HECO Capital Trust III, 6.500% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>181,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,606,450</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NSTAR Electric Company, 4.780% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,215,630</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>PPL Electric Utilities Corp., 6.250%, Depositary Shares (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>24,843,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>PPL Energy Supply, LLC, 7.000% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>272,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,935,125</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Southern California Edison Company, 6.000%, Series C (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>80,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,552,504</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Southern California Edison Company, 6.125% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>195,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>18,622,500</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Westar Energy, Inc., 6.100% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>333,700</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,412,577</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Independent Power Producers &amp; Energy Traders 1.47%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Constellation Energy Group, Inc., 8.625%, Series A (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>320,900</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,391,535</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Multi-Utilities 9.15%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baltimore Gas &amp; Electric Company, 6.990%, Series 1995 (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>134,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>13,291,125</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Baltimore Gas &amp; Electric Company, 6.700%, Series 1993 (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>20,250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,990,828</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BGE Capital Trust II, 6.200% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>616,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>14,414,400</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Central Illinois Light Company, 4.640% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,460</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>767,914</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interstate Power &amp; Light Company, 7.100%, Series C (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>176,600</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,515,662</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interstate Power &amp; Light Company, 8.375%, Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>132,800</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,881,744</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Sempra Energy Corp., 4.360% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>38,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,195,500</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Sempra Energy Corp., 4.750% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12,610</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,141,204</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Union Electric Company, 3.700% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12,262</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>792,432</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Virginia Electric &amp; Power Company, 6.980% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>45,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,490,281</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Xcel Energy, Inc., 4.080%, Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,610</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>645,750</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Xcel Energy, Inc., 4.110%, Series D (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>33,691</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,518,402</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Xcel Energy, Inc., 4.160%, Series E (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,410</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>762,210</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks 45.73%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$261,936,135</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $266,372,730)</FONT>&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=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Energy 2.16%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>12,380,800</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 2.16%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BP PLC, SADR (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,215,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Chevron Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>45,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,664,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Spectra Energy Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>150,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,501,000</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Industrials 0.43%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,451,800</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Industrial Conglomerates 0.43%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>General Electric Company (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>130,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,451,800</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Telecommunication Services 3.41%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>19,508,725</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services 3.41%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AT&amp;T, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>380,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,902,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Verizon Communications, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>332,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,605,925</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Utilities 39.73%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>227,594,810</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 10.40%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>American Electric Power Company, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>215,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,374,500</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Duke Energy Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>355,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,956,900</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Entergy Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>113,250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,206,093</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FirstEnergy Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>187,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,100,625</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="72%"></TD>
     <TD width="24%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="46%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Northeast Utilities (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>192,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$5,349,575</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>PNM Resources, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,795,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Progress Energy, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>380,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>15,169,600</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Progress Energy, Inc. (I)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>337,750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>50,663</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Southern Company</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>75,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,592,000</FONT>&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>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Gas Utilities 0.71%</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></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Atmos Energy Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>95,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,810,100</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>ONEOK, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,228,500</FONT>&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>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Multi-Utilities 28.62%</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></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Alliant Energy Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>447,520</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>15,305,184</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ameren Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>80,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,076,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Black Hills Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>95,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,124,550</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CH Energy Group, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>596,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>24,686,320</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Consolidated Edison, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>85,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,842,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Dominion Resources, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>195,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,151,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>435,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>20,953,950</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Integrys Energy Group, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>240,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11,906,400</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NiSource, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>490,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,987,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NSTAR (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>545,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>19,947,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>OGE Energy Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>255,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,551,900</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Public Service Enterprise Group, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>120,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,855,600</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>TECO Energy, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>570,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,650,100</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Vectren Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>220,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,502,200</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Xcel Energy, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>755,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>16,421,250</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&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 size=1 face=sans-serif>Yield*</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp; &nbsp;<B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments 1.90%</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=right><B><FONT size=1 face=sans-serif>$10,899,927</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=5 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $10,899,927)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Commerical Paper 1.90%</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=right><B><FONT size=1 face=sans-serif>10,899,927</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Chevron Funding Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>0.120%</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-03-10</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$10,900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,899,927</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (Cost $893,410,936)</FONT></B><FONT size=1 face=sans-serif>&#134; </FONT><B><FONT size=1 face=sans-serif>148.57%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$851,064,842</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Other assets and liabilities, net (48.57%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>($278,216,629)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total net assets 100.00%</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=right><B><FONT size=1 face=sans-serif>$572,848,213</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=5 noWrap align=left>
<HR SIZE=1 noShade>
&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>SADR Sponsored American Depositary Receipts </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(I) Non-income producing security.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(Z) All or a portion of this security is segregated as collateral pursuant to the Committed Facility Agreement (see Note 7). Total collateral value at April 30, 2010 was $679,190,714.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#134; At April 30, 2010, the aggregate cost of investment securities for federal income tax purposes was $896,226,631. Net unrealized depreciation aggregated $45,161,789, of which $40,027,203 related to appreciated investment securities and $85,188,992 related to depreciated investment securities.</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="4%"></TD>
     <TD width="48%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<A name="page_7"></A><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp; S T A T E M E N T S</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Financial statements</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of assets and liabilities </FONT><FONT size=2 face=sans-serif>4-30-10 (unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This Statement of Assets and Liabilities is the Fund&#146;s balance sheet. It shows the value of what the Fund owns, is due and owes. You&#146;ll also find the net asset value for each common share.</FONT></B></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="60%"></TD>
     <TD width="40%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investments, at value (Cost $893,410,936)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$851,064,842</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cash</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>79,772</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Receivable for investments&nbsp;sold</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,514,761</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Dividends&nbsp;receivable</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,770,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Other assets</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>94,444</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>856,524,019</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Liabilities</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for investments&nbsp;purchased</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,249,176</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Committed facility agreement payable (Note&nbsp;7)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>281,200,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interest payable (Note&nbsp;7)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>17,728</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable to&nbsp;affiliates</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Accounting and legal services&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>61,997</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Trustees&#146;&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>67,913</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Other liabilities and accrued&nbsp;expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>78,992</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;liabilities</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>283,675,806</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Capital paid-in</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$616,329,826</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Undistributed net investment&nbsp;income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,380,094</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Accumulated net realized loss on&nbsp;investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(6,515,613)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation (depreciation) on&nbsp;investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(42,346,094)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$572,848,213</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value per&nbsp;share</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>number of shares authorized with no par&nbsp;value</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$11.46</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="72%"></TD>
     <TD width="24%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_8"></A><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp;S T A T E M E N T S</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of operations </FONT><FONT size=2 face=sans-serif>For the six-month period ended 4-30-10</FONT><BR>
<FONT size=2 face=sans-serif>(unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>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) for the period stated.</FONT></B></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="60%"></TD>
     <TD width="40%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Investment&nbsp;income</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Dividends</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$26,403,161</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interest</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,367</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 size=1 face=sans-serif>Total investment&nbsp;income</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>26,407,528</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investment management fees (Note&nbsp;4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,324,953</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Accounting and legal services fees (Note&nbsp;4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>400,106</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Transfer agent fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>66,234</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Trustees&#146; fees (Note&nbsp;4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>29,038</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Printing and postage&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>102,659</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Professional&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>174,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Custodian&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>45,725</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interest expense (Note&nbsp;7)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,516,411</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Tax expense</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>246,672</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Stock exchange listing&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>22,074</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Other</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>16,812</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 size=1 face=sans-serif>Total&nbsp;expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>5,945,434</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 size=1 face=sans-serif>Net investment&nbsp;income</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>20,462,094</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Realized and unrealized gain&nbsp;(loss)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net realized loss&nbsp;on</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(3,584,402)</FONT>&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><B><FONT size=1 face=sans-serif>Change in net unrealized appreciation (depreciation)&nbsp;of</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>89,214,073</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 size=1 face=sans-serif>Net realized and unrealized&nbsp;gain</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>85,629,671</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 size=1 face=sans-serif>Increase in net assets from&nbsp;operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$106,091,765</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="4%"></TD>
     <TD width="48%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_9"></A><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp; S T A T E M E N T S</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statements of changes in net assets</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>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 border=0 cellSpacing=0 width="80%">
<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 size=1 face=sans-serif>For the</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>six-month</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>period ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Year</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4-30-10</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(unaudited)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-09</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Increase (decrease) in net&nbsp;assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>From&nbsp;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 size=1 face=sans-serif>Net investment&nbsp;income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$20,462,094</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$39,560,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized&nbsp;loss</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(3,584,402)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(104,443)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Change in net unrealized appreciation&nbsp;(depreciation)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>89,214,073</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>53,645,136</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 size=1 face=sans-serif>Increase in net assets resulting from&nbsp;operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>106,091,765</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>93,101,473</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Distributions to&nbsp;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 size=1 face=sans-serif>From net investment&nbsp;income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(21,137,279)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(36,483,314)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From net realized&nbsp;gain</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(6,527,650)</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 size=1 face=sans-serif>Total&nbsp;distributions</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(21,137,279)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(43,010,964)</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 size=1 face=sans-serif>From Fund share transactions (Note&nbsp;5)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>&#151;</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(18,353,857)</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 size=1 face=sans-serif>Total&nbsp;increase</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>84,954,486</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>31,736,652</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Beginning of&nbsp;period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>487,893,727</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>456,157,075</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 size=1 face=sans-serif>End of&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$572,848,213</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$487,893,727</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 size=1 face=sans-serif>Undistributed net investment&nbsp;income</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$5,380,094</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$6,055,279</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="72%"></TD>
     <TD width="24%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<A name="page_10"></A><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp; S T A T E M E N T S</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of cash flows</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This Statement of Cash Flows shows cash flow from operating and financing activities for the period stated.</FONT></B></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="60%"></TD>
     <TD width="40%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>For the</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>six-month</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>period ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4-30-10</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(unaudited)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash flows from operating activities</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net increase in net assets from operations</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$106,091,765</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Adjustments to reconcile net increase 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 size=1 face=sans-serif>&nbsp; cash used in operating activities:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Long-term investments purchased</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(131,511,254)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Long-term investments sold</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>92,340,685</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in short-term investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,600,045</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net amortization of premium (discount)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>43</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in dividends receivable</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>502,904</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in payable for investments purchased</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>180,330</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in receivable for investments sold</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(1,878,344)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in other receivables and prepaid expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(14,155)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in payable to affiliates</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(4,054)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in interest payable</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(6,736)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in other liabilities and accrued expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(69,905)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net change in unrealized (appreciation) depreciation on investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(89,214,073)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized loss on investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,584,402</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net cash used in operating activities</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>($10,398,347)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash flows from financing activities</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Borrowings from committed facility agreement payable</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>31,600,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions to common shareholders</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(21,137,279)</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 size=1 face=sans-serif>Net cash provided by financing activities</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$10,462,721</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 size=1 face=sans-serif>Net increase in cash</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$64,374</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 size=1 face=sans-serif>Cash at beginning of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$15,398</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 size=1 face=sans-serif>Cash at end of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$79,772</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Supplemental disclosure of cash flow information</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash paid for interest</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$1,523,147</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="4%"></TD>
     <TD width="48%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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<A name="page_11"></A><BR>
<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Financial highlights</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>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 border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="40%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>COMMON SHARES</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><B><FONT size=1 face=sans-serif>Period&nbsp;ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4-30-10</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-09</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-08</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-07</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-06</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-05</FONT></B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Per share operating&nbsp;performance</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=7 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value,</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>&nbsp;<B><FONT size=1 face=sans-serif>beginning of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$9.76</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$8.67</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$12.61</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$12.87</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$11.78</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$11.73</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.41</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.77</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.82</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.87</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.88</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.85</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized gain</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 size=1 face=sans-serif>(loss) on&nbsp;investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.71</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(3.98)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.24)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.11</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.14</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions to DARTS*</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.20)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.29)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.25)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.17)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total from</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>&nbsp;<B><FONT size=1 face=sans-serif>investment&nbsp;operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>2.12</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1.92</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(3.36)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>0.34</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1.74</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>0.82</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Less distributions to</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>&nbsp;<B><FONT size=1 face=sans-serif>common&nbsp;shareholders</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From net investment&nbsp;income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.42)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.72)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.58)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.60)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.65)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.77)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From net realized&nbsp;gain</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.12)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.01)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;distributions</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(0.42)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(0.84)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(0.59)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(0.60)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(0.65)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(0.77)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Anti-dilutive impact of tender</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 size=1 face=sans-serif>offer and shares&nbsp;repurchase</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.01</FONT><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.01</FONT><SUP><FONT size=1 face=sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end of&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$11.46</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$9.76</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$8.67</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$12.61</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$12.87</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$11.78</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Per share market value, end</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>&nbsp;<B><FONT size=1 face=sans-serif>of&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$10.81</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$9.14</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$7.00</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$10.59</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$11.26</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$11.05</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total return at net asset</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>&nbsp;<B><FONT size=1 face=sans-serif>value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>22.35</FONT></B><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>25.73</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(26.60)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>3.32</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>15.91</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>7.14</FONT></B><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market</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>&nbsp;<B><FONT size=1 face=sans-serif>value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>6</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>23.24</FONT></B><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>45.84</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(29.43)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(0.83)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>8.11</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>5.35</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Ratios and supplemental&nbsp;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 colSpan=7 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net assets applicable to</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>common shares, end of 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>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>(in&nbsp;millions)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$573</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$488</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$456</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$709</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$194</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$177</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ratios (as a percentage of</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 size=1 face=sans-serif>average net assets):</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Expenses (excluding</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><FONT size=1 face=sans-serif>&nbsp;&nbsp; interest&nbsp;expense)</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp;<FONT size=1 face=sans-serif>1.65</FONT><SUP><FONT size=1 face=sans-serif>9,17</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.73</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.64</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.71</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.67</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.67</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Interest expense (Note&nbsp;7)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.57</FONT><SUP><FONT size=1 face=sans-serif>9</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.77</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.58</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Expenses (including</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><FONT size=1 face=sans-serif>&nbsp;&nbsp; interest&nbsp;expense)</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp;<FONT size=1 face=sans-serif>2.22</FONT><SUP><FONT size=1 face=sans-serif>9,17</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.50</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.22</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp; &nbsp;<FONT size=1 face=sans-serif>1.71</FONT><SUP><FONT size=1 face=sans-serif>10</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp; &nbsp;<FONT size=1 face=sans-serif>1.67</FONT><SUP><FONT size=1 face=sans-serif>10</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp; &nbsp;<FONT size=1 face=sans-serif>1.67</FONT><SUP><FONT size=1 face=sans-serif>10</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.64</FONT><SUP><FONT size=1 face=sans-serif>9</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.59</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp; &nbsp;<FONT size=1 face=sans-serif>6.86</FONT><SUP><FONT size=1 face=sans-serif>11</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp; &nbsp;<FONT size=1 face=sans-serif>7.36</FONT><SUP><FONT size=1 face=sans-serif>11</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp; &nbsp;<FONT size=1 face=sans-serif>6.96</FONT><SUP><FONT size=1 face=sans-serif>11</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>14</FONT><SUP><FONT size=1 face=sans-serif>12</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="72%"></TD>
     <TD width="24%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=right><FONT size=2 face=sans-serif>15</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>COMMON SHARES</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><B><FONT size=1 face=sans-serif>Period&nbsp;ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4-30-10</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-09</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-08</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-07</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-06</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-05</FONT></B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Senior&nbsp;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>
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<TR height=20>
     <TD colSpan=7 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Total value of DARTS outstanding</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>(in&nbsp;millions)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$351</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>per unit (in&nbsp;thousands)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>(in&nbsp;thousands)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per&nbsp;unit</FONT><SUP><FONT size=1 face=sans-serif>13</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT><SUP><FONT size=1 face=sans-serif>14 </FONT></SUP></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$300,814</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$292,301</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$276,340</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Total debt outstanding end of</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 size=1 face=sans-serif>year (in millions) (Note&nbsp;7)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$281</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$239</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>of&nbsp;DARTS</FONT><SUP><FONT size=1 face=sans-serif>15</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,016</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,930</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,772</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>of&nbsp;debt</FONT><SUP><FONT size=1 face=sans-serif>16</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,037</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,954</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,913</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD colSpan=6>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Dutch Auction Rate Transferable Securities</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>Semiannual period from 11-1-09 to 4-30-10.&nbsp;Unaudited.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Audited by previous independent registered public accounting&nbsp;firm. </FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP><FONT size=1 face=sans-serif>Based on the average daily shares&nbsp;outstanding.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>4 </FONT></SUP><FONT size=1 face=sans-serif>The tender offer was completed at a repurchase price of $6.98 for 2,629,996 shares, which equals $18,353,857 in redemptions. The tender offer had a $0.01 NAV&nbsp;impact.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>5 </FONT></SUP><FONT size=1 face=sans-serif>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&nbsp;impact.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>6 </FONT></SUP><FONT size=1 face=sans-serif>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&nbsp;period.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>7 </FONT></SUP><FONT size=1 face=sans-serif>Not&nbsp;annualized. </FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>8 </FONT></SUP><FONT size=1 face=sans-serif>Unaudited.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>9 </FONT></SUP><FONT size=1 face=sans-serif>Annualized.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>10 </FONT></SUP><FONT size=1 face=sans-serif>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 1.13%, 1.07% and 1.08% for the years ended 10-31-07, 10-31-06 and 10-31-05,&nbsp;respectively.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>11 </FONT></SUP><FONT size=1 face=sans-serif>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 4.54%, 4.74% and 4.50% for the years ended 10-31-07, 10-31-06 and 10-31-05,&nbsp;respectively.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>12 </FONT></SUP><FONT size=1 face=sans-serif>Excludes merger&nbsp;activity.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>13 </FONT></SUP><FONT size=1 face=sans-serif>Calculated by subtracting the Fund&#146;s total liabilities from the Fund&#146;s total assets and dividing that amount by the number of DARTS outstanding, as of the applicable 1940 Act Evaluation Date, which may differ from the financial reporting&nbsp;date.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>14 </FONT></SUP><FONT size=1 face=sans-serif>In May 2008, the Fund entered into a Revolving Credit Agreement with a third-party commercial bank in order to redeem the DARTS. The redemption of all DARTS was completed on July 3,&nbsp;2008.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>15 </FONT></SUP><FONT size=1 face=sans-serif>Asset coverage equals the total net assets plus DARTS divided by the DARTS of the Fund outstanding at period end. </FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>16 </FONT></SUP><FONT size=1 face=sans-serif>Asset coverage equals the total net assets plus borrowings divided by the borrowing of the Fund outstanding at period end (Note&nbsp;7).</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>17 </FONT></SUP><FONT size=1 face=sans-serif>Includes the impact of fund tax expense, which amounted to 0.05% of average net assets.</FONT></P>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Notes to financial statements</FONT><BR>
<B><FONT size=2 face=sans-serif>(unaudited)</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 1 &#151; Organization</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>John Hancock Patriot Premium Dividend Income Fund II (the Fund) is a closed-end diversified management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 2 &#151; Significant accounting policies</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security valuation. </FONT></B><FONT size=2 face=serif>Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 </FONT><FONT size=1 face=serif>P</FONT><FONT size=2 face=serif>.</FONT><FONT size=1 face=serif>M</FONT><FONT size=2 face=serif>.</FONT><FONT size=2 face=serif>, Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these techniques are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes significant unobservable inputs wh
en market prices are not readily available or reliable, including the Fund&#146;s own assumptions in determining the fair value of investments. 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 style="TEXT-ALIGN: left"><FONT size=2 face=serif>The following is a summary of the values by input classification of the Fund&#146;s investments as of April 30, 2010, by major security category or type:</FONT></P>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>LEVEL 2</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>LEVEL 3</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=right><B><FONT size=1 face=sans-serif>TOTAL MARKET</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>SIGNIFICANT</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>SIGNIFICANT</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>VALUE AT</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>LEVEL 1</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>OBSERVABLE</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>UNOBSERVABLE</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4-30-10</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>QUOTED PRICE</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>INPUTS</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>INPUTS</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks</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></TR>
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     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Energy</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$12,380,800</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$12,380,800</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Industrials</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,451,800</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,451,800</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Telecommunication</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;&nbsp; Services</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>19,508,725</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>19,508,725</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>227,594,810</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>227,594,810</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Preferred Stocks</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></TR>
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     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Consumer Discretionary</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>6,818,684</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,818,684</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Consumer Staples</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>16,251,128</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$16,251,128</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Energy</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>28,200,825</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>28,200,825</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Financials</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>266,724,351</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>259,544,701</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,179,650</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Industrials</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>9,789,000</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,789,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Telecommunication</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;&nbsp; Services</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>22,877,120</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>22,877,120</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>227,567,672</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>94,485,630</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>133,082,042</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10,899,927</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,899,927</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
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     <TD>&nbsp;</TD>
     <TD colSpan=4>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total Investments in</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<B><FONT size=1 face=sans-serif>Securities</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$851,064,842</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$683,652,095</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$167,412,747</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>&#151;</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=right><FONT size=2 face=sans-serif>17</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six-month period ended April 30, 2010, there were no significant transfers in/out of Level 1 and Level 2 assets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain 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. Certain short-term securities are valued at amortized cost.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund&#146;s Pricing Committee, following procedures established 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 non-U.S. securities, used in computing the net asset value of the Fund&#146;s shares, are generally determined at these times. Significant market events that affect the values of non-U.S. securities may occur after the time when the valuation of the securities is generally determined and the close of the NYSE. During significant market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security transactions and related investment income. </FONT></B><FONT size=2 face=serif>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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date except for certain foreign dividends where the ex-date may have passed, which are recorded when the Fund becomes aware of the dividends.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Overdrafts. </FONT></B><FONT size=2 face=serif>Pursuant to the custodian agreement, the Fund&#146;s custodian may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian has a lien, security interest or security entitlement in any Fund property, that is not segregated, to the maximum extent permitted by law to the extent of any overdraft.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Expenses. </FONT></B><FONT size=2 face=serif>The majority of expenses are directly attributable to an individual fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund&#146;s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Federal income taxes. </FONT></B><FONT size=2 face=serif>The Fund intends to qualify 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 style="TEXT-ALIGN: left"><FONT size=2 face=serif>For federal income tax purposes, the Fund has a capital loss carryforward of $115,516 available to offset future net realized capital gains as of October 31, 2009. The loss carryforward of $115,516 expires on October 31, 2017.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>As of October 31, 2009, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund&#146;s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Distribution of income and gains. </FONT></B><FONT size=2 face=serif>Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends monthly and capital gain distributions, if any, annually.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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. Material 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 style="TEXT-ALIGN: left"><FONT size=2 face=serif>Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Statement of cash flows. </FONT></B><FONT size=2 face=serif>Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows is the amount included in the Fund&#146;s Statement of Assets&nbsp;and&nbsp;Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 3 &#151; Guarantees and indemnifications</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Under the Fund&#146;s organizational documents, its Officers and Trustees are indemnified against certain liabilities 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 style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 4 &#151; Fees and transactions with affiliates</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>John Hancock Advisers, LLC (the Adviser) serves as investment adviser for the Fund. The Adviser is an indirect wholly owned subsidiary of Manulife Financial Corporation (MFC).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Management fee. </FONT></B><FONT size=2 face=serif>The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, of 0.50% of the Fund&#146;s average daily net assets and the value attributed to the committed facility agreement (see Note 7) (collectively, managed assets). In addition, the Fund pays 5.00% of the Fund&#146;s daily gross income, which amounted to $1,320,376. The Adviser has a subadvisory agreement with MFC Global Investment Management (U.S.), LLC, an indirect owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The investment management fees incurred for the six months ended April 30, 2010 were equivalent to an annual effective rate of 0.83% of the Fund&#146;s average daily managed assets.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Accounting and legal services. </FONT></B><FONT size=2 face=serif>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.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Trustees expenses. </FONT></B><FONT size=2 face=serif>The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>with the Plan. The investment of deferred amounts and the offsetting liability are included in the accompanying Statement of Assets and Liabilities.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 5 &#151; Fund share transactions</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>On March 11, 2008, the Trustees approved a semiannual series tender offer program. Under the program, the Fund offers 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&nbsp;have traded at an average daily discount to net asset value of greater than 10% of during a twelve-week measurement period.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>On March 27, 2009, 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. There was no shares repurchased during the six months ended April 30, 2010.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 6 &#151; Leverage risk</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund utilizes a Committed Facility Agreement (CFA) to increase its assets available for investment. When the Fund leverages its assets, the common shareholders bear all fees associated with the facility and have the potential for benefit or be disadvantaged from the use of leverage. The Adviser&#146;s fee is also incurred from the use of leverage. Consequently, the Fund and the Adviser may have differing interests in determining whether to leverage the Fund&#146;s assets. Leverage creates risks that may adversely affect the return for the holders of common shares, including:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#149; the likelihood of greater volatility of net asset value and market price of common shares</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#149; fluctuations in the interest rate paid for the use of the credit facility</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#149; increased operating costs, which may reduce the Fund&#146;s total return</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#149; the potential for a decline in the value of an investment acquired through leverage, while the </FONT><FONT size=2 face=serif>Fund&#146;s obligations under such leverage remains fixed</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#149; the Fund is more likely to have to sell securities in a volatile market in order to meet asset </FONT><FONT size=2 face=serif>coverage or other debt compliance requirements</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund&#146;s return will be greater than if leverage had not been used, conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 7 &#151; Committed Facility Agreement</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund has entered into a CFA with a subsidiary of BNP Paribas (BNP) that allows it to borrow up to $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 Fund&#146;s investments. Interest charged is at the rate of one month LIBOR (reset daily) plus 0.85%. The Fund also pays a commitment fee of 0.60% per annum on the unused portion of the facility. Commitment fee for the six months ended April 30, 2010 totaled $45,614 and is included in the interest expense in the Statement of Operations. As of April 30, 2010, the Fund had borrowings of $281,200,000 </FONT><FONT size=2 face=serif>at an interest rate of 1.13% which are reflected in the committed facility agreement payable on the </FONT><FONT size=2 face=serif>Statement of Assets and Liabilities. For the six months ended April 30, 2010, the average borrowing under the CFA and the effective aver
age interest rate were $268,879,558 and 1.09%, respectively.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund may terminate the agreement with 60 days&#146; notice, if the Board of Trustees determines that the elimination of all indebtedness leveraging the Fund&#146;s investments is in the best interests of the Fund&#146;s shareholders.In certain circumstances, the CFA may automatically terminate or, it may be reduced to a 30-day facility. In addition, upon the occurrence of certain defaults, the lender may terminate the CFA, and it may modify or terminate the CFA upon 270 days&#146; notice.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>On October 30, 2009, the Fund entered into an agreement with BNP that allows BNP to borrow a portion of the pledged collateral (Lent Securities) in an amount not to exceed the lesser of: (i) outstanding borrowings owed by the Fund to BNP and (ii) thirty three and one third percent of the Fund&#146;s total assets. The Fund can designate any security within the pledged collateral as ineligible to be a Lent Security and can recall any of the Lent Securities. The Fund also has the right to apply and set-off an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the current borrowings under the CFA.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 8 &#151; Purchase and sale of securities</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Purchases and sales of securities, other than short-term securities, aggregated $131,511,254 and $92,340,685, respectively, for the six months ended April 30, 2010.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Additional information</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Unaudited</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment objective and policy</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund&#146;s investment objective is to provide a high current income, consistent with modest growth of capital for holders of its common shares of beneficial interest. The Fund will pursue its objective by investing in a diversified portfolio of dividend paying preferred and common stocks.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 Fund will notify shareholders at least 60&nbsp;days prior to any change in this 80% investment policy.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>On January 25, 2008, the Fund&#146;s Trustees approved a change to the fund&#146;s investment policy regarding investments in securities of companies in the utilities industry. The Fund&#146;s non-fundamental investment policy stating that the Fund normally will invest more than 65% of its total assets in securities of companies in the utilities industry was changed to a fundamental policy to state that the Fund normally will invest more than 25% of its total assets in securities of companies in the utilities industry.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Bylaws</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In November 2002, the Board of Trustees adopted several amendments to the Fund&#146;s bylaws, including provisions relating to the calling of a special meeting and requiring advance notice of shareholder proposals or nominees for Trustee. The advance notice provisions in the bylaws require shareholders to notify the Fund in writing of any proposal that they intend to present at an annual meeting of shareholders, including any nominations for Trustee, between 90 and 120 days prior to the first anniversary of the mailing date of the notice from the prior year&#146;s annual meeting of shareholders. The notification must be in the form prescribed by the bylaws. The advance notice provisions provide the Fund and its Trustees with the opportunity to thoughtfully consider and address the matters proposed before the Fund prepares and mails its proxy statement to shareholders. Other amendments set forth the procedures that must be followed in order for a shareholder
 to call a special meeting of shareholders.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Effective September 9, 2008, the Fund&#146;s bylaws were amended with respect to notice requirements for Trustee nominations and other proposals by the Fund&#146;s shareholders. These provisions require the disclosure of the nominating shareholder and the nominee&#146;s investment interests as they relate to the Fund, as well as the name of any other shareholder supporting the nominee for election as a Trustee or the proposal of other business. In order for notice to be proper, such notice must disclose the economic interests of the nominating shareholder and nominee, including his or her holdings of shares in the Fund, the intent upon which those shares were acquired, and any hedging arrangements (including leveraged or short positions) made with respect to the shares of the Fund. Additionally, any material interest that the shareholder has in the business to be brought before the meeting must be disclosed.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Dividends and distributions</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six-month period ended April 30, 2010, dividends from net investment income totaling $0.42 per share 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 size=1 face=sans-serif>INCOME</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>PAYMENT DATE</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>DIVIDEND</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>November 30, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$0.0705</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>December 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.0705</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>January 29, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.0705</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>February 26, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.0705</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>March 31, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.0705</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>April 30, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.0705</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Total</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.4230</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Dividend reinvestment plan</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund offers its shareholders a Dividend Reinvestment Plan (the Plan), which offers the opportunity to earn compounded yields. Each shareholder will automatically have all distributions of dividends and capital gains reinvested by Mellon Bank, N.A., as Plan Agent (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 style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 on or promptly after the payable date for such dividend and, in any event, prior to the next ex-dividend date after such 
date, except where necessary to comply with federal securities laws. If, before the Plan Agent has completed its purchases, the market price exceeds the net asset value of the common shares, the average per share purchase price paid by the Plan Agent may exceed the net asset value of the common shares, resulting in the acquisition of fewer shares than if the dividend had been paid in shares issued by the Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 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 style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Plan Agent maintains each shareholder&#146;s account in the Plan and furnishes monthly written confirmations of all transactions in the accounts, including information needed by the shareholders for personal and tax records. The Plan Agent will hold common shares in the account of each Plan participant in noncertificated form in the name of the participant. Proxy material relating to the shareholders&#146; meetings of the Fund will include those shares purchased as well as shares held pursuant to the Plan.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=serif>Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund reserves the right to amend or terminate the Plan as applied to any dividend or distribution paid subsequent to written notice of the change sent to all shareholders of the Fund at least 90 days before the record date for the dividend or distribution. The Plan may be amended or terminated by the Plan Agent after at least 90 days&#146; written notice to all shareholders of the Fund. All correspondence or additional information concerning the Plan should be directed to the Plan Agent, Mellon Bank, N.A., c/o Mellon Investor Services, P.O. Box 358015, Pittsburgh, PA 15252-8015 (Telephone:&nbsp;1-800-852-0218).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholder communication and assistance</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif><B>Mellon Investor Services</B></FONT><BR>
<FONT size=1 face=sans-serif><B>Newport Office Center VII</B></FONT><BR>
<FONT size=1 face=sans-serif><B>480 Washington Boulevard</B></FONT><BR>
<FONT size=1 face=sans-serif><B>Jersey City, NJ 07310</B></FONT><BR>
<FONT size=1 face=sans-serif><B>Telephone: 1-800-852-0218</B></FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholder meeting (unaudited)</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund held its Annual Meeting of Shareholders on January 22, 2010. The following action was taken by the shareholders:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>Proposal: </FONT></B><FONT size=2 face=serif>Election of four (4) Trustees to serve for a three-year term ending at the Annual Meeting of Shareholders in 2013. The votes cast with respect to each Trustee are set forth below:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>THE PROPOSAL </FONT></B><B><FONT size=2 face=serif><U>PASSED</U> </FONT></B><B><FONT size=2 face=serif>FOR </FONT></B><B><FONT size=2 face=serif><U>ALL</U> </FONT></B><B><FONT size=2 face=serif>TRUSTEES ON JANUARY 22, 2010.</FONT></B></P>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES FOR</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES WITHHELD</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>THE NOMINEE</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FROM THE NOMINEE</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=serif>James R. Boyle</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>43,805,571</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>1,299,553</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Deborah C. Jackson</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>43,737,579</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>1,367,545</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Patti McGill Peterson</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>43,748,697</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>1,356,427</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Steven R. Pruchansky</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>43,796,053</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>1,309,071</FONT>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The following seven Trustees of the Fund were not up for election and remain in office: James F. Carlin, William H. Cunningham, Charles L. Ladner, Stanley Martin, John A. Moore, Gregory A. Russo, and John G. Vrysen.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>More information</FONT></P>
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     <TD width="33%"></TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Trustees</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Officers</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Investment adviser</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Patti McGill Peterson,&nbsp; </FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Keith F. Hartstein</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>John Hancock Advisers, LLC</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT size=2 face=serif>&nbsp; Chairperson</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>President and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>James R. Boyle</FONT><FONT size=1 face=sans-serif>&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<I><FONT size=2 face=serif>Chief Executive Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Subadviser</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>James F. Carlin</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>MFC Global Investment</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>William H. Cunningham</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Andrew G. Arnott</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT size=2 face=serif>Management (U.S.), LLC</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Deborah C. Jackson*</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>Chief Operating Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Charles L. Ladner</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Custodian</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Stanley Martin*</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Thomas M. Kinzler</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>State Street Bank and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Dr. John A. Moore</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>Secretary and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT size=2 face=serif>Trust Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Steven R. Pruchansky*</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>&nbsp; Chief Legal Officer</FONT></I>&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Gregory A. Russo</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Transfer agent</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>John G. Vrysen</FONT><FONT size=1 face=sans-serif>&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Francis V. Knox, Jr.</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Mellon Investor Services</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>*Member of the Audit Committee</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>Chief Compliance Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&#134;Non-Independent Trustee</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Legal counsel</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=serif>Charles A. Rizzo</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>K&amp;<FONT size=2 face=serif>L Gates <FONT size=2 face=serif>LLP</FONT>&nbsp;</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>Chief Financial Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Stock symbol</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Salvatore Schiavone</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Listed New York Stock</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>Treasurer</FONT></I>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;<FONT size=2 face=serif>Exchange: PDT</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>For shareholder assistance refer to page 24</FONT></B></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 size=1 face=sans-serif>You can also contact us:</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>1-800-852-0218</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Regular mail:</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>jhfunds.com</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>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 size=1 face=sans-serif>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 size=1 face=sans-serif>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 size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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) Web site at www.sec.gov or on our Web site.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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 Web site and the SEC&#146;s Web site, 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 style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>We make this information on your fund, as well as </FONT><B><FONT size=1 face=sans-serif>monthly portfolio holdings</FONT></B><FONT size=1 face=sans-serif>, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-852-0218.</FONT></P>
<FONT size=1 face=Arial>
<HR SIZE=1 noShade>
</FONT><I><FONT size=2 face=serif>The report is certified under the Sarbanes-Oxley Act, which requires mutual funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.</FONT></I>
<P></P>
<P style="TEXT-ALIGN: left"><I><FONT size=2 face=serif>The Fund is listed for trading on the NYSE and has filed with the NYSE its chief executive officer certification regarding compliance with the NYSE&#146;s listing standards. The Fund also files with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.</FONT></I></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><FONT size=2 face=sans-serif>26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Patriot Premium Dividend Fund II </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<A name="page_23"></A><BR>
<IMG border=0 src="patriotpremiumdiviix23x1.jpg">
<BR>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>1-800-852-0218</FONT><BR>
<FONT size=1 face=sans-serif>1-800-231-5469 TDD</FONT><BR>
<FONT size=1 face=sans-serif>1-800-843-0090 EASI-Line</FONT><BR>
<FONT size=1 face=sans-serif>www.</FONT><FONT size=1 face=sans-serif>jhfunds.</FONT><FONT size=1 face=sans-serif>com</FONT><FONT size=1 face=sans-serif></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PRESORTED</FONT><BR>
<FONT size=2 face=sans-serif>STANDARD</FONT><BR>
<FONT size=2 face=sans-serif>U.S. </FONT><FONT size=2 face=sans-serif>POSTAGE</FONT><BR>
<FONT size=2 face=sans-serif>PAID</FONT><BR>
<FONT size=2 face=sans-serif>MIS</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT size=1 face=sans-serif>P20SA 4/10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6/10</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>









































 <!--$$/page=-->
<A name="page_1"></A><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 2. CODE OF ETHICS.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Not applicable.</FONT></P>
<P style="TEXT-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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>
<P style="TEXT-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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Not applicable.</FONT></P>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face=sans-serif>(b)</FONT> <B><FONT face=sans-serif>REGISTRANT PURCHASES OF EQUITY</FONT></B>&nbsp;<B><FONT face=sans-serif>SECURITIES</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></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;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</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=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Total Number of</FONT></B>&nbsp;</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=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Shares</FONT></B>&nbsp;</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=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Purchased</FONT></B>&nbsp;</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><B><FONT size=2 face=sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>as Part of</FONT></B>&nbsp;</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><B><FONT size=2 face=sans-serif>Number of</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Average</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Publicly</FONT></B>&nbsp;</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><B><FONT size=2 face=sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Price per</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Announced</FONT></B>&nbsp;</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><B><FONT size=2 face=sans-serif>Purchased*</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Share</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Plan*</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>Plan*</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>November 1, 2009 to</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>November 30, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,498,496</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>December 1, 2009 to</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>December 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,498,496</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<!--$$/page=-->
<A name="page_2"></A><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="20%"></TD>
     <TD width="20%" align=right></TD>
     <TD width="20%" align=right></TD>
     <TD width="20%" align=right></TD>
     <TD width="20%" align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>January 1, 2010 to</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>January 31, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,498,496</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>February 1, 2010 to</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>February 28, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,498,496</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>March 1, 2010 to</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>March 31, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,498,496</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>April 1, 2010 to</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>April 30, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,498,496</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=right>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5 align=right>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>* On March 11, 2008, the Board of Trustees approved a semiannual series tender offer program. Under the program, the Fund offers 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. There was no shares repurchased during the six months ended April 30, 2010.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></P>
<P style="TEXT-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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 11. CONTROLS AND PROCEDURES.</FONT></P>
<P style="TEXT-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 style="TEXT-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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 12. EXHIBITS.</FONT></P>
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<P style="text-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 style="text-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 style="text-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 style="text-align: left;"> <FONT size=2 face="sans-serif">(c)(2) Contact person at the registrant.</FONT></P>
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     <TD noWrap align=center><FONT size=2 face=sans-serif>SIGNATURES</FONT>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>John Hancock Patriot Premium Dividend Fund II</FONT></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>
     <TD noWrap align=left>/s/&nbsp;<FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>------------------------------</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>President and</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Chief Executive Officer</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>June 22, 2010</FONT>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-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>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>
     <TD noWrap align=left>/s/&nbsp;<FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>-------------------------------</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>President and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Chief Executive Officer</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>June 22, 2010</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>
     <TD noWrap align=left>/s/&nbsp;<FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>---------------------------------</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>June 22, 2010</FONT>&nbsp;</TD></TR></TABLE><BR>
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<SEQUENCE>2
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<DESCRIPTION>CERTIFICATION
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<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Keith F. Hartstein, certify that:</FONT></P>
<P style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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>
<P style="TEXT-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>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><U><FONT size=2 face=sans-serif>June 22, 2010</FONT></U>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><U>/s/ </U><FONT size=2 face=sans-serif><U>Keith F. Hartstein</U></FONT><U>&nbsp;_____</U></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>President and</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Chief Executive Officer</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Charles A. Rizzo, certify that:</FONT></P>
<P style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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>
<P style="TEXT-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>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><U><FONT size=2 face=sans-serif>June 22 2010</FONT></U>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><U>/s/ </U><FONT size=2 face=sans-serif><U>Charles A. Rizzo</U></FONT><U>&nbsp;</U></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR></TABLE><BR>
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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_patpremcertnos.htm
<DESCRIPTION>CERTIFICATION 906
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     <TD noWrap align=center><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>
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     <TD align=center><B><FONT size=2 face=sans-serif>the Sarbanes-Oxley Act of 2002</FONT></B></TD></TR></TABLE><BR>
<P style="TEXT-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 style="TEXT-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 style="TEXT-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>
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     <TD width="95%"><FONT size=2 face=sans-serif>/s/ Keith F. Hartstein</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>--------------------------------</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>President and Chief Executive Officer</FONT>&nbsp;</TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Dated: June 22, 2010</FONT>&nbsp;</TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>--------------------------------</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Dated: June 22, 2010</FONT>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-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_governcommcharter.htm
<DESCRIPTION>GOVERNANCE COMMITEE CHARTER
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     <TD align=center><B><FONT face=sans-serif size=2>JOHN HANCOCK FUNDS</FONT></B> </TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif size=2>NOMINATING, GOVERNANCE AND ADMINISTRATION COMMITTEE CHARTER</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>A. </FONT><U><FONT face=sans-serif size=2>Composition</FONT></U><FONT face=sans-serif size=2>. The Nominating, Governance and Administration Committee (the &#147;Committee&#148;) shall be composed entirely of Trustees who are &#147;independent&#148; as defined in the rules of the New York Stock Exchange (&#147;NYSE&#148;) or any other exchange, as applicable, and are not &#147;interested persons&#148; as defined in the Investment Company Act of 1940 of any of the funds, or of any fund&#146;s investment adviser or principal underwriter (the &#147;Independent Trustees&#148;) who are designated for membership from time to time by the Board of Trustees. The Chairman of the Board shall be a member of the Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B. </FONT><U><FONT face=sans-serif size=2>Overview</FONT></U><FONT face=sans-serif size=2>. The overall charter of the Committee is to make determinations and recommendations to the Board on issues related to the composition and operation of the Board and corporate governance matters applicable to the Independent Trustees, as well as issues related to complex-wide matters and practices designed to facilitate uniformity and administration of the Board's oversight of the funds, and to discharge such additional duties, responsibilities and functions as are delegated to it from time to time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C. </FONT><U><FONT face=sans-serif size=2>Specific Responsibilities</FONT></U><FONT face=sans-serif size=2>. The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall deem necessary or appropriate:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. To consider and determine nominations of individuals to serve as Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2. To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3. To consider and determine the amount of compensation to be paid by the funds to the Independent Trustees, including incremental amounts, if any, payable to Committee Chairmen, and to address compensation-related matters. The Chairman of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the funds required of them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>4. To consider and determine the duties and compensation of the Chairman of the Board.</FONT></P>
<P align=left><FONT face=sans-serif size=2>5. To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.</FONT></P>
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<P align=left><FONT face=sans-serif size=2>6. To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>7. To develop and recommend to the Board, if deemed desirable, guidelines for corporate governance (&#147;Corporate Governance Guidelines&#148;) for the funds that take into account the rules of the NYSE and any applicable law or regulation, and to periodically review and assess the Corporate Governance Guidelines and recommend any proposed changes to the Board for approval.</FONT></P>
<P align=left><FONT face=sans-serif size=2>8. To monitor all expenditures and practices of the Board or the Committees or the Independent Trustees not otherwise incurred and/or monitored by a particular Committee, including, but not limited to: D&amp;O insurance and fidelity bond coverage and costs; association dues, including Investment Company Institute membership dues; meeting expenditures and policies relating to reimbursement of travel expenses and expenses associated with offsite meetings; expenses and policies associated with Trustee attendance at educational or informational conferences; and publication expenses.</FONT></P>
<P align=left><FONT face=sans-serif size=2>9. To consider, evaluate and make recommendations and necessary findings regarding independent legal counsel and any other advisers, experts or consultants, that may be engaged by the Board of Trustees, by the Trustees who are not &#147;interested persons&#148; as defined in the Investment Company Act of 1940 of any of the funds or any fund&#146;s investment adviser or principal underwriter, or by the Committee, from time to time, other than as may be engaged directly by another Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>10. To periodically review the Board&#146;s committee structure and the charters of the Board&#146;s committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>11. To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of funds in the fund complex and the effectiveness of its committee structure.</FONT></P>
<P align=left><FONT face=sans-serif size=2>12. To report its activities to Board of Trustees and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D. </FONT><U><FONT face=sans-serif size=2>Additional Responsibilities</FONT></U><FONT face=sans-serif size=2>. The Committee will also perform other tasks assigned to it from time to time by the Chairman of the Board or by the Board of Trustees, and will report findings and recommendations to the Board of Trustees, as appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>E. </FONT><U><FONT face=sans-serif size=2>Governance</FONT></U><FONT face=sans-serif size=2>. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or</FONT></P>
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<P align=left><FONT face=sans-serif size=2>reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, and making reports to the Board of Trustees, as appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>F. </FONT><U><FONT face=sans-serif size=2>Miscellaneous</FONT></U><FONT face=sans-serif size=2>. The Committee shall meet as often as it deems appropriate, with or without management, as circumstances require. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the funds&#146; expense, as it determines necessary to carry out its duties. The Committee shall have direct access to such officers of and service providers to the funds as it deems desirable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>G. </FONT><U><FONT face=sans-serif size=2>Evaluation</FONT></U><FONT face=sans-serif size=2>. At least annually, the Committee shall evaluate its own performance, including whether the Committee is meeting frequently enough to discharge its responsibilities appropriately.</FONT></P>
<P align=left><FONT face=sans-serif size=2>H. </FONT><U><FONT face=sans-serif size=2>Review</FONT></U><FONT face=sans-serif size=2>. The Committee shall review this Charter periodically and recommend such changes to the Board of Trustees as it deems desirable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Last revised: December 9, 2008</FONT></P>
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<P align=left><FONT face=sans-serif size=2>ANNEX A</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>General Criteria</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2. Nominees should have demonstrated business acumen, experience and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the funds and should be willing and able to contribute positively to the decision-making process of the funds.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3. Nominees should have a commitment to understand the funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the funds, including shareholders and the management company, and to act in the interests of all shareholders.</FONT></P>
<P align=left><FONT face=sans-serif size=2>5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a director/trustee.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Application of Criteria to Existing Trustees</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The renomination of existing Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above. In addition, the Nominating, Governance and Administration Committee (the &#147;Committee&#148;) shall consider the existing Trustee&#146;s performance on the Board and any committee.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Review of Shareholder Nominations</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Committee. In evaluating a nominee recommended by a shareholder, the Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder&#146;s candidate among the slate of its designated nominees, the candidate&#146;s name will be placed on the funds&#146; proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder&#146;s candidate will be</FONT></P>
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<P align=left><FONT face=sans-serif size=2>treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the funds&#146; proxy statement.</FONT></P>
<P align=left><FONT face=sans-serif size=2>As long as an existing Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of an existing Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the fund. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Committee will, in addition to any shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Committee. The Committee may retain a consultant to assist the Committee in a search for a qualified candidate.</FONT></P>
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B&`1(/1@>#_.M*B@""U@,"/N?>[L78A<#/L.W2BIZ*`/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
