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:  July 31,  2007 

ITEM 1. SCHEDULE OF INVESTMENTS


John Hancock
Patriot Premium Dividend Fund II
Securities owned by the Fund on
July 31, 2007 (unaudited)

 
Issuer    Shares  Value 
Common stocks 46.51%      $253,936,460 
(Cost $231,203,207)       
 
Electric Utilities 5.34%      29,160,750 
Duke Energy Corp.    474,850  8,086,695 
Great Plains Energy, Inc.    79,070  2,194,983 
Pinnacle West Capital Corp.    205,000  7,683,400 
Progress Energy, Inc.    219,500  9,583,370 
Progress Energy, Inc. (Contingent Value     
Obligation) (B)(I)    317,750  98,502 
Southern Co.    45,000  1,513,800 
 
Gas Utilities 1.04%      5,678,850 
National Fuel Gas Co.    131,000  5,678,850 
 
Industrial Conglomerates 0.92%      5,038,800 
General Electric Co.    130,000  5,038,800 
 
Integrated Oil & Gas 1.81%      9,891,837 
BP Plc, ADR (United Kingdom) (F)    133,472  9,262,957 
Total SA, ADR (France) (F)    8,000  628,880 
 
Integrated Telecommunication Services 2.96%    16,181,093 
AT&T, Inc.    304,750  11,934,010 
Verizon Communications, Inc.    99,650  4,247,083 
 
Multi-Utilities 32.55%      177,694,849 
Alliant Energy Corp.    469,900  17,362,805 
Ameren Corp.    80,000  3,838,400 
CH Energy Group, Inc.    463,500  20,556,225 
Consolidated Edison, Inc.    140,000  6,115,200 
Dominion Resources, Inc.    196,200  16,523,964 
DTE Energy Co.    396,000  18,366,480 
Energy East Corp.    746,150  18,885,056 
Integrys Energy Group, Inc.    298,995  14,797,263 
NiSource, Inc.    374,300  7,137,901 
NSTAR    711,000  22,360,950 
OGE Energy Corp.    187,632  6,220,001 
SCANA Corp.    98,600  3,685,668 
TECO Energy, Inc.    484,750  7,823,865 
Vectren Corp.    84,300  2,104,971 
Xcel Energy, Inc.    587,000  11,916,100 
 
Oil & Gas Storage & Transportation  0.90%    4,891,514 
Spectra Energy Corp.    192,050  4,891,514 
 
Other Diversified Financial Services  0.99%    5,398,767 
Bank of America Corp.    113,850  5,398,767 

Page 1

John Hancock
Patriot Premium Dividend Fund II
Securities owned by the Fund on
July 31, 2007 (unaudited)

   
    Credit     
Issuer, description    rating (A)  Shares  Value 
Preferred stocks  104.26%      $569,236,864 
(Cost $565,901,498)         
 
Agricultural Products  2.90%      15,839,751 
Ocean Spray Cranberries, Inc., 6.25%, Ser A (S)  BB+  184,250  15,839,751 
 
Broadcasting & Cable TV 0.19%      1,049,037 
Comcast Corp., 7.00%    BBB+  42,130  1,049,037 
 
Consumer Finance 3.18%      17,394,534 
HSBC Finance Corp., 6.36%, Depositary Shares, Ser B  A  35,600  886,084 
SLM Corp., 6.97%, Ser A  BBB-  353,500  16,508,450 
 
Diversified Banks 4.28%      23,350,505 
HSBC Holdings Plc, 6.20%, Ser A (United Kingdom) (F)  A  25,000  581,000 
HSBC USA, Inc., $2.8575 (G)  AA-  386,950  19,154,025 
Royal Bank of Scotland Group Plc, 5.75%, Ser L (United       
Kingdom) (F)    A  166,000  3,615,480 
 
Electric Utilities 33.10%      180,707,915 
Alabama Power Co., 5.20%  BBB+  973,875  21,766,106 
Carolina Power & Light Co., $4.20  Baa2  41,151  3,198,206 
Carolina Power & Light Co., $5.44  BBB-  11,382  1,047,144 
Central Illinois Light Co., 4.64%  Ba1  7,460  608,923 
Central Maine Power Co., 4.75% (G)  Baa2  11,015  936,275 
Connecticut Light & Power Co., 3.90%, Ser 1949  Baa3  27,255  971,812 
Duquesne Light Co., 6.50%  BB  412,900  20,838,567 
Entergy Arkansas, Inc., 6.45%  BB+  250,000  6,343,750 
Entergy Mississippi, Inc., 6.25%  BB+  563,000  13,881,497 
FPC Capital I, 7.10%, Ser A  BBB-  164,400  4,123,152 
FPL Group Capital Trust I, 5.875%  BBB+  10,000  218,000 
Georgia Power Co., 6.00%, Ser R  A  268,700  6,314,450 
Great Plains Energy, Inc., 4.50%  BB+  12,510  1,041,458 
HECO Capital Trust III, 6.50%  BB+  173,300  4,245,850 
Interstate Power & Light Co., 7.10%, Ser C  BBB-  158,500  4,155,680 
Interstate Power & Light Co., 8.375%, Ser B  Baa2  86,800  2,721,180 
Massachusetts Electric Co., 4.76%  BBB+  6,166  541,066 
Monongahela Power Co., $6.28, Ser D  BB  24,931  2,402,725 
NSTAR Electric Co., 4.25%  A-  58,152  4,535,856 
NSTAR Electric Co., 4.78%  A-  112,280  9,880,640 
PPL Electric Utilities Corp., 4.40%  BBB  29,790  2,472,570 
PPL Electric Utilities Corp., 4.60%  BBB  3,917  349,960 
PPL Electric Utilities Corp., 6.25%, Depositary Shares  BBB  800,000  20,175,040 
PPL Energy Supply, LLC, 7.00%  BBB  220,000  5,515,400 
Public Service Electric & Gas Co., 4.30%, Ser C  BB+  8,280  658,260 
Southern California Edison Co., 6.00%, Ser C  BBB-  62,000  6,089,566 
Southern California Edison Co., 6.125%  BBB-  160,000  16,365,008 
Union Electric Co., $3.70    BB  12,262  820,788 
Virginia Electric & Power Co., $6.98  BB+  35,000  3,587,500 
Virginia Electric & Power Co., $7.05  BB+  20,200  2,056,612 
Westar Energy, Inc., 6.10%  AAA  360,000  8,550,000 
Wisconsin Public Service Corp., 6.76%  BBB+  41,978  4,294,874 

Page 2

John Hancock
Patriot Premium Dividend Fund II
Securities owned by the Fund on
July 31, 2007 (unaudited)

     
Gas Utilities 3.91%      21,331,044 
Southern Union Co., 7.55%, Ser A  BB  770,900  19,472,934 
Southwest Gas Capital II, 7.70%  BB  72,300  1,858,110 
 
Integrated Telecommunication Services 1.09%      5,967,080 
AT&T, Inc., 6.375%  A  100,000  2,325,000 
Telephone & Data Systems, Inc., 6.625%  BB+  175,100  3,642,080 
 
Investment Banking & Brokerage 14.23%      77,716,084 
Bear Stearns Cos., Inc. (The), 5.49%, Depositary       
Shares, Ser G  BBB+  131,850  6,262,875 
Bear Stearns Cos., Inc. (The), 5.72%, Depositary       
Shares, Ser F  BBB+  328,760  16,273,620 
Bear Stearns Cos., Inc. (The), 6.15%, Depositary       
Shares, Ser E  BBB+  184,600  8,945,716 
Goldman Sachs Group, Inc., 6.20%, Ser B  A  109,500  2,682,750 
Lehman Brothers Holdings, Inc., 5.67%, Depositary       
Shares, Ser D  A-  420,500  20,436,300 
Lehman Brothers Holdings, Inc., 5.94%, Depositary       
Shares, Ser C  A-  274,000  13,700,000 
Merrill Lynch & Co., Inc., 6.375%, Depositary Shares,       
Ser 3  A  317,050  7,821,623 
Morgan Stanley Capital Trust III, 6.25%  A  70,000  1,593,200 
 
Life & Health Insurance 4.28%      23,347,866 
MetLife, Inc., 6.50%, Ser B  BBB  820,000  20,483,600 
Prudential Plc, 6.75% (United Kingdom) (F)  A-  117,100  2,864,266 
 
Movies & Entertainment 0.47%      2,558,866 
Viacom, Inc., 6.85%  BBB  109,400  2,558,866 
 
Multi-Utilities 13.26%      72,408,242 
Baltimore Gas & Electric Co., 6.70%, Ser 1993  BBB-  20,250  2,080,056 
Baltimore Gas & Electric Co., 6.99%, Ser 1995  Ba1  94,000  9,676,125 
BGE Capital Trust II, 6.20%  BBB-  415,300  9,514,523 
PNM Resources, Inc., 6.75%, Conv  BBB-  216,306  10,192,339 
PSEG Funding Trust II, 8.75%  BB+  101,400  2,567,448 
Public Service Electric & Gas Co., 4.08%, Ser A  BB+  5,000  390,000 
Public Service Electric & Gas Co., 4.18%, Ser B  BB+  53,677  4,267,321 
Public Service Electric & Gas Co., 6.92%  BB+  100,798  10,350,695 
SEMPRA Energy, $4.36  BBB+  19,250  1,549,625 
SEMPRA Energy, $4.75, Ser 53  BBB+  6,305  529,620 
South Carolina Electric & Gas Co., 6.52%  Baa1  165,000  16,659,852 
Xcel Energy, Inc., $4.08, Ser B  BB+  8,610  753,375 
Xcel Energy, Inc., $4.11, Ser D  BB+  33,691  3,107,995 
Xcel Energy, Inc., $4.16, Ser E  BB+  9,410  769,268 

Page 3

John Hancock
Patriot Premium Dividend Fund II
Securities owned by the Fund on
July 31, 2007 (unaudited)

       
Oil & Gas Exploration & Production 11.56%        63,123,014 
Anadarko Petroleum Corp., 5.46%, Depositary Shares,         
Ser B    BB  74,567  7,128,143 
Apache Corp., 5.68%, Depositary Shares, Ser B    BBB  188,475  18,829,840 
Devon Energy Corp., 6.49%, Ser A    BB+  214,145  21,642,029 
Nexen, Inc., 7.35% (Canada) (F)    BB+  618,200  15,523,002 
Other Diversified Financial Services 5.99%        32,698,623 
Bank of America Corp., 6.204%, Depositary Shares, Ser D    A+  740,000  18,500,000 
Citigroup Capital IX, 6.00%    A+  50,000  1,129,500 
Citigroup Capital XI, 6.00%    A+  5,000  111,550 
Citigroup, Inc., 6.231%, Depositary Shares, Ser H    A+  230,900  11,614,270 
General Electric Capital Corp., 6.625%    AAA  54,100  1,343,303 
Specialized Finance 1.70%        9,264,894 
CIT Group, Inc., 6.35%, Ser A    BBB+  381,900  9,264,894 
Thrifts & Mortgage Finance 1.71%        9,344,080 
Sovereign Bancorp, Inc., 7.30%, Depositary Shares,         
Ser C    BB+  344,800  9,344,080 
Trucking 1.82%        9,925,500 
AMERCO, 8.50%, Ser A    B  390,000  9,925,500 
Wireless Telecommunication Services 0.59%        3,209,829 
United States Cellular Corp., 7.50%    BB+  129,900  3,209,829 
   Interest    Par value   
Issuer, description, maturity date  rate    (000)  Value 
Short-term investments 0.51%        $2,808,000 
(Cost $2,808,000)         
 
Commercial Paper 0.51%        2,808,000 
Chevron Funding Corp., 8-1-07  5.200%    $2,808  2,808,000 
 
Total investments (Cost $799,912,705)  151.28%      $825,981,324 
 
Other assets and liabilities, net 0.29%        $1,591,785 
 
Fund preferred shares, at liquidation        ($281,578,146) 
value (51.57%)         
 
Total net assets applicable to common        $545,994,963 
shareholders 100.00%         

The percentage shown for each investment category is the total
value of that category as a percentage of the net assets applicable
to common shareholders.

Page 4

John Hancock
Patriot Premium Dividend Fund II
Notes to Schedule of Investments
July 31, 2007 (unaudited)

ADR American Depositary Receipt.

(A) Credit ratings are unaudited and are rated by Moody's Investors Service where Standard & Poor's ratings are not available, unless indicated otherwise.

(B) This security is fair valued in good faith under procedures established by the Board of Trustees. This security amounted to $98,502 or 0.02% of the net assets as of applicable to common shareholders as of July 31, 2007.

(F) Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer; however, security is U.S. dollar-denominated.

(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 $15,839,751 or 2.90% of the net assets applicable to common shareholders as of July 31, 2007.

The cost of investments owned on July 31, 2007, including short-term investments, was $799,912,705. Gross unrealized appreciation and depreciation of investments aggregated $50,584,203 and $24,515,584, respectively, resulting in net unrealized appreciation of $26,068,619.

Notes to Schedule of Investments - Page 1

Notes to Schedule 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 valuation 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 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.

(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 financial 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: September 14, 2007

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: September 14, 2007

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

Date: September 14, 2007