a_patpremdivfundtwo.htm
  UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
  Washington, D.C. 20549 
 
  FORM N-Q 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED 
MANAGEMENT INVESTMENT COMPANIES 
 
Investment Company Act file number 811- 05908 
 
John Hancock Patriot Premium Dividend Fund II 
(Exact name of registrant as specified in charter) 
 
601 Congress Street, Boston, Massachusetts 02210 
(Address of principal executive offices) (Zip code) 
 
Alfred P. Ouellette, Senior Counsel & Assistant Secretary 
   
  601 Congress Street 
   
  Boston, Massachusetts 02210 
  
(Name and address of agent for service) 
 
Registrant's telephone number, including area code: 617-663-4324 
 
Date of fiscal year end:  October 31 
 
 
Date of reporting period:  January 31, 2008 


ITEM 1. SCHEDULE OF INVESTMENTS


John Hancock
Patriot Premium Dividend Fund II
Securities owned by the Fund on
January 31, 2008 (unaudited)

 
Issuer  Shares  Value 
Common stocks 47.12%    $312,418,331 
(Cost $292,854,522)     
 
Electric Utilities 5.44%    36,063,656 
Duke Energy Corp.  528,260  9,857,332 
Great Plains Energy, Inc.  79,070  2,204,472 
Pinnacle West Capital Corp.  265,000  10,181,300 
Progress Energy, Inc.  303,500  13,709,094 
Progress Energy, Inc. (Contingent Value Obligation) (B)(I)  337,750  111,458 
 
Gas Utilities 1.22%    8,068,037 
National Fuel Gas Co.  187,150  8,068,037 
 
Industrial Conglomerates 0.69%    4,603,300 
General Electric Co.  130,000  4,603,300 
 
Integrated Telecommunication Services 2.98%    19,784,152 
AT&T, Inc.  380,000  14,626,200 
Verizon Communications, Inc.  132,800  5,157,952 
 
Multi-Utilities 35.13%    232,913,355 
Alliant Energy Corp.  617,900  22,800,510 
Ameren Corp.  165,400  7,411,574 
CH Energy Group, Inc.  619,750  23,916,152 
Consolidated Edison, Inc.  185,000  8,062,300 
Dominion Resources, Inc.  494,400  21,259,200 
DTE Energy Co.  535,000  22,817,750 
Energy East Corp.  870,000  21,967,500 
Integrys Energy Group, Inc.  385,000  18,718,700 
NiSource, Inc.  519,500  9,865,305 
NSTAR  899,000  29,154,570 
OGE Energy Corp.  313,724  10,268,187 
SCANA Corp.  120,300  4,485,987 
TECO Energy, Inc.  661,500  11,027,205 
Vectren Corp.  129,300  3,549,285 
Xcel Energy, Inc.  847,000  17,609,130 
 
Oil & Gas Storage & Transportation  0.75%    4,996,364 
Spectra Energy Corp.  218,755  4,996,364 
 
Other Diversified Financial Services  0.90%    5,989,467 
Bank of America Corp.  135,050  5,989,467 

Page 1 

John Hancock
Patriot Premium Dividend Fund II
Securities owned by the Fund on
January 31, 2008 (unaudited)

 
  Credit     
Issuer, description  rating (A)  Shares  Value 
Preferred stocks  105.04%      $696,420,281 
(Cost $713,805,823)       
 
Agricultural Products  3.18%      21,072,503 
Ocean Spray Cranberries, Inc., 6.25%, Ser A (S)  BB+  224,250  21,072,503 
 
Broadcasting & Cable TV 0.16%      1,029,226 
Comcast Corp., 7.00%  BBB+  42,530  1,029,226 
 
Consumer Finance 3.14%      20,790,199 
HSBC Finance Corp., 6.36%, Depositary Shares, Ser B  A  35,600  827,344 
SLM Corp., 6.97%, Ser A  BB  445,500  19,962,855 
 
Diversified Banks 4.03%      26,741,056 
HSBC Holdings Plc, 6.20%, Ser A (United Kingdom) (F)  A  25,000  597,500 
HSBC USA, Inc., $2.8575 (G)  AA-  494,950  22,458,356 
Royal Bank of Scotland Group Plc, 5.75%, Ser L       
(United Kingdom) (F)  A  166,000  3,685,200 
 
Electric Utilities 32.72%      216,913,070 
Alabama Power Co., 5.20%  BBB+  1,218,875  26,388,644 
Carolina Power & Light Co., $4.20  Baa2  41,151  3,585,281 
Carolina Power & Light Co., $5.44  BBB-  11,382  1,001,616 
Central Illinois Light Co., 4.64%  Ba1  7,460  677,695 
Central Maine Power Co., 4.75% (G)  Baa2  11,015  859,170 
Connecticut Light & Power Co., 3.90%, Ser 1949  Baa3  27,255  1,024,619 
Duquesne Light Co., 6.50%  BB  519,900  26,872,331 
Entergy Arkansas, Inc., 6.45%  BB+  350,000  8,782,830 
Entergy Mississippi, Inc., 6.25%  BB+  667,000  17,425,375 
FPC Capital I, 7.10%, Ser A  BBB-  211,300  5,290,952 
Georgia Power Co., 6.00%, Ser R  A  268,700  6,717,500 
Great Plains Energy, Inc., 4.50%  BB+  12,510  1,025,820 
HECO Capital Trust III, 6.50%  BB+  173,300  4,072,550 
Interstate Power & Light Co., 7.10%, Ser C  BBB-  184,600  4,874,603 
Interstate Power & Light Co., 8.375%, Ser B  Baa2  132,800  3,950,800 
NSTAR Electric Co., 4.25%  A-  122,309  8,928,557 
NSTAR Electric Co., 4.78%  A-  112,280  9,206,960 
PPL Electric Utilities Corp., 4.40%  BBB  29,790  2,375,752 
PPL Electric Utilities Corp., 4.60%  BBB  3,917  394,516 
PPL Electric Utilities Corp., 6.25%, Depositary Shares  BBB  1,000,000  24,062,500 
PPL Energy Supply, LLC, 7.00%  BBB  277,500  7,084,575 
Public Service Electric & Gas Co., 4.30%, Ser C  BB+  8,280  654,120 
Southern California Edison Co., 6.00%, Ser C  BBB-  80,000  7,787,504 
Southern California Edison Co., 6.125%  BBB-  195,000  19,067,354 
Union Electric Co., $3.70  BB  12,262  849,910 
Virginia Electric & Power Co., $6.98  BBB  45,500  4,567,062 
Virginia Electric & Power Co., $7.05  BBB  30,200  3,086,062 
Westar Energy, Inc., 6.10%  AA  439,400  11,222,276 
Wisconsin Public Service Corp., 6.76%  BBB+  49,478  5,076,136 

Page 2 

John Hancock
Patriot Premium Dividend Fund II
Securities owned by the Fund on
January 31, 2008 (unaudited)

Gas Utilities 4.06%      26,900,094 
Southern Union Co., 7.55%, Ser A  BB  997,200  25,079,580 
Southwest Gas Capital II, 7.70%  BB  72,300  1,820,514 
 
Integrated Telecommunication Services 1.10%      7,302,000 
AT&T, Inc., 6.375%  A  100,000  2,494,000 
Telephone & Data Systems, Inc., 6.625%  BB+  240,400  4,808,000 
 
Investment Banking & Brokerage 15.49%      102,717,605 
Bear Stearns Cos., Inc. (The), 5.49%, Depositary       
Shares, Ser G  BBB+  278,000  11,064,400 
Bear Stearns Cos., Inc. (The), 5.72%, Depositary       
Shares, Ser F  BBB+  328,760  14,054,490 
Bear Stearns Cos., Inc. (The), 6.15%, Depositary       
Shares, Ser E  BBB+  207,600  9,134,400 
Goldman Sachs Group, Inc., 6.20%, Ser B  A  129,500  3,198,650 
Lehman Brothers Holdings, Inc., 5.67%, Depositary       
Shares, Ser D  A-  546,100  24,383,365 
Lehman Brothers Holdings, Inc., 5.94%, Depositary       
Shares, Ser C  A-  287,000  12,369,700 
Merrill Lynch & Co., Inc., 6.375%, Depositary       
Shares, Ser 3  A-  1,160,000  26,923,600 
Morgan Stanley Capital Trust III, 6.25%  A  70,000  1,589,000 
 
Life & Health Insurance 4.35%      28,826,640 
MetLife, Inc., 6.50%, Ser B  BBB  1,035,000  25,398,900 
Prudential Plc, 6.75% (United Kingdom) (F)  A-  139,000  3,427,740 
 
Movies & Entertainment 0.66%      4,382,620 
Viacom, Inc., 6.85%  BBB  181,100  4,382,620 
 
Multi-Utilities 13.61%      90,226,483 
Baltimore Gas & Electric Co., 6.70%, Ser 1993  BBB-  20,250  2,075,625 
Baltimore Gas & Electric Co., 6.99%, Ser 1995  Ba1  134,000  13,760,125 
BGE Capital Trust II, 6.20%  BBB-  615,300  14,422,632 
PNM Resources, Inc., 6.75%, Conv  BB+  282,361  10,416,297 
Public Service Electric & Gas Co., 4.08%, Ser A  BB+  5,000  378,750 
Public Service Electric & Gas Co., 4.18%, Ser B  BB+  53,677  4,133,129 
Public Service Electric & Gas Co., 6.92%  BB+  131,425  14,764,784 
SEMPRA Energy, $4.36  BBB+  38,500  3,099,250 
SEMPRA Energy, $4.75, Ser 53  BBB+  12,610  1,097,070 
South Carolina Electric & Gas Co., 6.52%  Baa2  220,000  21,848,750 
Xcel Energy, Inc., $4.08, Ser B  BBB-  8,610  718,935 
Xcel Energy, Inc., $4.11, Ser D  BBB-  33,691  2,779,508 
Xcel Energy, Inc., $4.16, Ser E  BBB-  9,410  731,628 

Page 3 

John Hancock
Patriot Premium Dividend Fund II
Securities owned by the Fund on
January 31, 2008 (unaudited)

 
Oil & Gas Exploration & Production 11.34%      75,214,633 
Anadarko Petroleum Corp., 5.46%, Depositary Shares,       
Ser B  BB  94,567  9,424,197 
Apache Corp., 5.68%, Depositary Shares, Ser B  BBB  236,649  20,447,964 
Devon Energy Corp., 6.49%, Ser A  BB+  267,645  27,274,712 
Nexen, Inc., 7.35% (Canada) (F)  BB+  718,400  18,067,760 
 
Other Diversified Financial Services 6.35%      42,093,012 
Bank of America Corp., 6.204%, Depositary Shares,       
Ser D  A+  960,000  22,598,400 
Bank of America Corp., 6.625%  A+  360,000  8,762,400 
Citigroup Capital IX, 6.00%  A  50,000  1,105,000 
Citigroup Capital VII, 7.125% (G)  A  30,000  745,500 
Citigroup Capital XI, 6.00%  A  5,000  110,050 
Citigroup Inc., 8.125%  A  240,000  6,292,800 
DB Capital Trust II, 6.55%  A+  45,275  1,107,427 
General Electric Capital Corp., 6.625%  AAA  54,100  1,371,435 
 
Specialized Finance 1.41%      9,367,956 
CIT Group, Inc., 6.35%, Ser A  BBB+  432,900  9,367,956 
 
Thrifts & Mortgage Finance 1.63%      10,790,702 
Sovereign Bancorp, Inc., 7.30%, Depositary Shares,       
Ser C  BB+  449,800  10,790,702 
 
Trucking 1.34%      8,911,500 
AMERCO, 8.50%, Ser A  B  390,000  8,911,500 
 
Wireless Telecommunication Services 0.47%      3,140,982 
United States Cellular Corp., 7.50%  BB+  129,900  3,140,982 
  Interest  Par Value   
Issuer, description, maturity date  rate  (000)  Value 
Short-term investments 0.70%      $4,647,628 
(Cost $4,648,000)       
 
Commercial Paper 0.70%      4,647,628 
Chevron Funding Corp., 02-01-08  2.900%  $4,648,000  4,647,628 
 
Total investments (Cost $1,011,308,345) 152.86%    $1,013,486,240 
Other assets and liabilities, net  0.28%    $1,801,448 
Fund preferred shares, at liquidation value (53.14%)    ($352,305,933) 
Total net assets applicable to common shareholders  100.00%  $662,981,755 
The percentage shown for each investment category is     
the total value of that category, at liquidation value, as a     
percentage of the net assets applicable to common     
shareholders.       

Page 4 

John Hancock
Patriot Premium Dividend Fund II
Notes to Schedule of Investments
January 31, 2008 (unaudited)

(B) This security is fair valued in good faith under procedures established by the Board of Trustees. This security amounted to $111,458 or 0.02% of the Fund's net assets as of January 31, 2008.

(F) Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer.

(G) Security rated internally by John Hancock Advisers, LLC.

(I) Non-income-producing security.

(S) This security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $21,072,503 or 3.18% of the net assets applicable to common shareholders as of January 31, 2008.

The cost of investments owned on January 31, 2008, including short-term investments, was $1,011,308,345. Gross unrealized appreciation and depreciation of investments aggregated $45,671,985 and $43,494,090, respectively, resulting in net unrealized appreciation of $2,177,895.

Notes to Schedule of Investments - Page 1 

Notes to portfolio of investments

Security valuation

The net asset value of the common shares of the Fund is determined daily as of the close of the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or premium, which approximates market value. All other securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade or, lacking any sales, at the closing bid price. Securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Securities for which there are no such quotations, principally debt securities, are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Other assets and securities for which no such quotations are readily available are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are generally determined as of such times. Occasionally, significant events that affect the values of such securities may occur between the times at which such values are generally determined and the close of the NYSE. Upon such an occurrence, these securities will be valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees.

Notes to Schedule of Investments - Page 2 


ITEM 2. CONTROLS AND PROCEDURES.

(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-Q, the registrant's principal executive officer and principal accounting 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.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 3. EXHIBITS.

Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

SIGNATURES

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.

John Hancock Patriot Premium Dividend Fund II

By: /s/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and Chief Executive Officer

Date: March 31, 2008

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.

By: /s/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and Chief Executive Officer

Date: March 31, 2008

By: /s/ Charles A. Rizzo
-------------------------------------
Charles A. Rizzo
Chief Financial Officer

Date: March 31, 2008