John Hancock Patriot Premium Dividend Fund II (the Fund) is a diversified closed-end management investment company. The Fund's investment objective is to provide high current income together with capital growth. The Fund invests in a diversified portfolio of dividend-paying preferred stocks and common equity securities. It invests at least 80% of its net assets in dividend-paying securities. The Fund will normally invest more than 65% of its total assets in securities of companies in the utilities industry. Preferred stocks and debt obligations in which the Fund invests are rated investment grade by Moody’s or Standard & Poor’s at the time of investment, or will be preferred stock of issuers of investment-grade senior debt. During the fiscal year ended October 31, 2007, the Fund acquired John Hancock Patriot Preferred Dividend Fund, John Hancock Patriot Premium Dividend Fund I and John Hancock Patriot Select Dividend Trust. The Fund’s investment advisor is John Hancock Advisers, LLC.