--------------------------------------------------------------------------------

                                  John Hancock

                                  Patriot
                                    Premium
                                  DIVIDEND FUND II




 SEMI
ANNUAL
REPORT


4.30.03



[LOGO]     John Hancock
        ------------------
        JOHN HANCOCK FUNDS

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--------------------------------------------------------------------------------
[A photo of Maureen R. Ford,  Chairman and Chief Executive  Officer,  flush left
next to first paragraph.]
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Table of contents
-----------------------------
Your fund at a glance
page 1
-----------------------------
Managers' report
page 2
-----------------------------
Fund's investments
page 6
-----------------------------
Financial statements
page 9
-----------------------------
For your information
page 21
-----------------------------

Dear Fellow Shareholders,

After a strong start to 2003, the stock market succumbed to the pressures of a
weak economy, rising oil prices, concerns about corporate earnings and
uncertainties about the war in Iraq. The tide turned in April, when the war
ended and first-quarter corporate earnings came in better than expected. As a
result, the major indexes all gained some ground year to date through April 30,
2003, with the Dow Jones Industrial Average returning 2.50%, the Standard &
Poor's 500 Index returning 4.82% and the tech-heavy Nasdaq Composite Index up
9.64%. Bonds, which have outperformed stocks for the last three years, continued
their upward trend this year, as investors still sought their relative safety.

After the jarring stock market losses of the last three years, it's a relief for
investors to be reminded that the market is indeed cyclical, and does eventually
move up - not just down. But while the stock market has been clawing its way
back, the ride has been extremely volatile. Uncertainty still abounds about the
strength of the economy, geopolitical issues, corporate governance problems,
rising unemployment and the sustainability of corporate earnings growth. And
despite rallies late last year and in April, many investors are still so bruised
and skeptical that they have remained on the sidelines. Even though the
statistics suggest we might be emerging from this long, difficult bear market,
we're not quite ready to call it history.

While no one can predict when this bear market cycle will turn, investors can
take charge of how they maneuver through such uncertain times. First, take a
look at how your portfolio is allocated among stocks, bonds and cash to make
sure it's in the proper balance. Work with your investment professional, who
knows your long-term goals and can help keep you on the right track, rather than
being lured by today's stars, which could wind up tomorrow's laggards. And as
always, keep a long-term investment horizon. We believe this offers the best way
for you to survive the tough times and reach your investment objectives.

Sincerely,


/s/Maureen R. Ford
------------------
Maureen R. Ford,
Chairman and Chief Executive Officer


This  commentary  reflects the chairman's  views as of April 30, 2003.  They are
subject to change at any time.



-----------
YOUR FUND
AT A GLANCE
-----------

The Fund seeks to provide high current income,  consistent with modest growth of
capital,  for  holders  of its  common  shares  by  investing  in a  diversified
portfolio of dividend-paying preferred and common equity securities.

Over the last six months

[ ] Preferred stocks performed relatively well as interest rates fell.
[ ] The Fund benefited from its oil- and natural gas-related holdings.
[ ] Utility common stocks stumbled early, but showed strength in spring 2003.

--------------------------------------------------------------------------------
[Bar chart with heading "John Hancock Patriot  Premium  Dividend Fund II". Under
the  heading is a note that reads  "Fund  performance  for the six months  ended
April 30,  2003." The chart is scaled in  increments of 4% with 0% at the bottom
and 8% at the top.  The first bar  represents  the 7.74%  total  return for John
Hancock  Patriot  Premium  Dividend  Fund II. A note below the chart  reads "The
total  return  for  the  Fund  is at net  asset  value  with  all  distributions
reinvested."]
--------------------------------------------------------------------------------

Top 10 issuers

5.1%     Puget Energy, Inc.
4.5%     Bear Stearns Cos., Inc.
4.0%     Citigroup, Inc.
3.5%     Lehman Brothers Holdings, Inc.
3.1%     CH Energy Group, Inc.
2.5%     TXU US Holdings Co.
2.4%     DTE Energy Co.
2.4%     Energy East Corp.
2.3%     NSTAR
2.3%     Alabama Power Co.

As a percentage of net assets plus value of preferred shares on April 30, 2003.


                                                                               1



BY GREGORY K. PHELPS AND MARK T. MALONEY, FOR THE PORTFOLIO MANAGEMENT TEAM

John Hancock Patriot Premium Dividend Fund II

MANAGERS' REPORT

Preferred  stocks  - which  make up the  bulk of John  Hancock  Patriot  Premium
Dividend Fund II - performed  reasonably  well during the six months ended April
30, 2003. Falling interest rates, punctuated by a surprise half-percentage-point
rate cut by the Federal  Reserve  Board in November  2002,  provided some of the
fuel powering  preferred  stocks'  gains.  Because they pay dividends at a fixed
rate, like the interest on a bond,  preferred stocks tend to rally when interest
rates drop,  just as bonds do.  Another  factor that helped was stronger  demand
from income-seeking  investors looking for significantly higher yields than what
companies paid on their bonds and common stocks. Many preferred stocks continued
to yield  between 7% and 9%,  outstripping  by a fairly  wide  margin the yields
available on Treasury and  corporate  bonds,  as well as the  dividends  paid on
common stocks. Demand also strengthened in response to President Bush's proposed
dividend tax-cut package,  which is designed to eliminate taxes that individuals
pay on most stock  dividends.  Even though the proposal had not been approved by
Congress by the end of April 2003, the  anticipation  that at least some form of
dividend tax relief  ultimately would be adopted was enough for investors to bid
preferred  stock prices  higher.  And even though the types of preferred  stocks
that are the Fund's focus - those that pay  dividends in pretax  dollars - won't
benefit from tax relief,  their prices tended to be lifted by the development as
well.

"Preferred  stocks...performed reasonably well during the six months ended April
30, 2003."

Utility  common  stocks - the Fund's other primary area of emphasis - were still
mired in the  remnants  of the Enron  debacle  when the  period  began and their
performance was quite  disappointing.  But conditions  began to improve in early
2003, and by mid-February,  utility stocks staged a heartening rally through the
end of the period. Some of the improvement was


2



--------------------------------------------------------------------------------
[Photos of Greg Phelps and Mark Maloney flush right next to first paragraph.]
--------------------------------------------------------------------------------

due to investors' recognition that the sector had become undervalued relative to
the market as a whole and relative to its historic value.  Also aiding the group
was the dividend tax-relief proposal.  Through the years, utilities have offered
consistently  high dividends and are poised to benefit if tax relief is enacted.
Finally, the utility companies did their part to boost confidence. They began to
face  reality,  cleaning up their balance  sheets and ridding  themselves of the
types of  unregulated  subsidiaries  - such as energy trading - that caused them
the most pain in the post-Enron environment.

FUND PERFORMANCE

For the six months ended April 30, 2003, John Hancock  Patriot Premium  Dividend
Fund II returned 7.74% at net asset value. By comparison, the average income and
preferred stock  closed-end fund returned 13.01%,  according to Lipper,  Inc. We
believe  the Fund's  relative  underperformance  versus its peers was due to the
fact that we are unable to buy the below-investment-grade, or junk, credits that
had a big rally off of very low bases. In the same period, the Dow Jones Utility
Average,  which tracks the performance of 15 electric and natural gas utilities,
returned  16.19%,  surpassing  the  Fund's  result  because it  includes  deeply
distressed  energy  merchants,  which  rebounded off of low bases. We own few to
none of these companies.

"...the run-up in oil prices... helped boost our preferred- stock holdings whose
issuers are involved in the production and distribution of oil and natural gas."

LEADERS AND LAGGARDS

The run-up in oil prices - which also helped pump up natural gas prices - helped
boost our preferred-stock holdings whose issuers are involved in the production
and distribution of oil and natural gas. Energy prices climbed steadily in
response to concerns about disrupted oil supplies stemming from the oil strike


                                                                               3



--------------------------------------------------------------------------------
[Table at top left-hand  side of page  entitled "Top five industry  groups." The
first listing is Utilities 66%, the second is Broker  services 9%, the third Oil
& gas 6%, the fourth Banks-United States 6%, and the fifth Finance 6%.]
--------------------------------------------------------------------------------

in Venezuela, the escalation of tensions in the Middle East and, ultimately, the
U.S.-led war on Iraq. Some standout holdings included Anadarko Petroleum, Apache
Corp. and Devon Energy.

Despite the utility common stock sector's overall  disappointing returns for the
period,  we did benefit from our continued  emphasis on companies  that transmit
and  distribute   electricity  located  in  states  with  favorable   regulatory
environments,  and from our  avoidance  of companies  with large energy  trading
operations.  Two  good  examples  were  NSTAR  and  CH  Energy,  both  of  which
outperformed the overall utility group during the period.

--------------------------------------------------------------------------------
[Pie chart in middle of page with heading "Portfolio diversification 1." The
chart is divided into three sections (from top to left): Preferred stocks 71%,
Common stocks 26%, and Short-term investments & other 3%.]
--------------------------------------------------------------------------------

Our single biggest disappointment during the period was El Paso Tennessee
Pipeline Co. That stock came under pressure when a judge ruled that the company
had manipulated pipeline capacity during the 2001 California power crisis. In
late March, the company settled those allegations out of court. In our view,
this was a positive, albeit costly, development because it allows the company to
put some lingering problems behind it and move ahead with its business plan. We
also like the fact that the company has made a series of other positive moves,
including selling assets, securing new bank financings and exiting energy
trading.


4



--------------------------------------------------------------------------------
[Table at top of page  entitled  "SCORECARD".  The header for the left column is
"INVESTMENT" and the header for the right column is "PERIOD'S  PERFORMANCE...AND
WHAT'S BEHIND THE NUMBERS." The first listing is Anadarko  Petroleum followed by
an up arrow with the phrase "Oil prices  spike amid fears of war with Iraq." The
second  listing is Energy East  followed by an up arrow with the phrase  "Demand
for  high-yielding  stocks boosts price." The third listing is El Paso Tennessee
Pipeline  Co.  followed  by a down  arrow  with  the  phrase  "Uncertainty  dogs
company."]
--------------------------------------------------------------------------------

OUTLOOK

Our outlook calls for continued  lackluster  economic  growth,  which we believe
will preclude the need for interest-rate  hikes for the foreseeable  future. Low
interest rates should continue to prompt strong demand for preferred  stocks. If
some form of dividend tax relief is enacted by Congress,  we believe that,  too,
could help preferreds.  As for utility common stocks, we're encouraged that many
companies  spent the last year  reducing  debt,  which could  foster more stable
rating-agency  outlooks  and,  potentially,  a continued  rebound in their stock
prices.  Furthermore,  utility common stocks remain attractively valued relative
to the stock market overall. And given the  colder-than-normal  winter, there is
reason to believe utilities'  year-over-year earnings comparisons could improve.
Further positives for the group include the potential  enactment of dividend tax
relief and the possible  elimination of an  anachronistic  law limiting  utility
mergers.

"Low  interest  rates  should  continue to prompt  strong  demand for  preferred
stocks."

This commentary reflects the views of the portfolio  management team through the
end of the Fund's period discussed in this report. The team's statements reflect
its own opinions.  As such, they are in no way guarantees of future events,  and
are not intended to be used as investment  advice or a recommendation  regarding
any specific security. They are also subject to change at any time as market and
other conditions warrant.

1 As a percentage of the Fund's portfolio on April 30, 2003.


                                                                               5



FINANCIAL STATEMENTS

FUND'S
INVESTMENTS

Securities owned
by the Fund on
April 30, 2003
(unaudited)

This schedule is divided into three main categories:  preferred  stocks,  common
stocks and short-term  investments.  The preferred and common stocks are further
broken down by industry  group.  Short-term  investments,  which  represent  the
Fund's cash position, are listed last.




                                                                                                                 

SHARES                                        ISSUER, DESCRIPTION                                                      VALUE

----------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS 118.45%                                                                                        $180,205,458
----------------------------------------------------------------------------------------------------------------------------
(Cost $183,246,415)

Agricultural Operations 2.43%                                                                                      3,690,000
45,000                                        Ocean Spray Cranberries, Inc., 6.25% (R)                             3,690,000

Banks - United States 9.98%                                                                                       15,179,755
97,000                                        FleetBoston Financial Corp., 6.75%, Depositary Shrs, Ser VI          5,092,500
93,900                                        HSBC USA, Inc., $2.8575                                              4,737,255
100,000                                       J.P. Morgan Chase & Co., 6.625%, Depositary Shares, Ser H            5,350,000

Broker Services 14.66%                                                                                            22,320,018
50,650                                        Bear Stearns Cos., Inc., 5.49%, Ser G                                2,393,213
95,300                                        Bear Stearns Cos., Inc., 5.72%, Ser F                                4,745,940
84,000                                        Bear Stearns Cos., Inc., 6.15%, Ser E                                4,275,600
125,000                                       Lehman Brothers Holdings, Inc., 5.67%,
                                                Depositary Shares, Ser D                                           6,187,500
53,000                                        Lehman Brothers Holdings, Inc., 5.94%, Ser C                         2,689,750
72,300                                        Merrill Lynch & Co., Inc., 9.00%, Depositary Shares, Ser A           2,028,015

Diversified Operations 0.75%                                                                                       1,140,300
42,000                                        Grand Metropolitan Delaware, L.P., 9.42%, Ser A                      1,140,300

Finance 9.86%                                                                                                     14,996,600
96,000                                        Citigroup, Inc., 6.213%, Ser G                                       5,136,000
64,500                                        Citigroup, Inc., 6.231%, Depositary Shares, Ser H                    3,386,250
28,500                                        Citigroup, Inc., 6.365%, Depositary Shares, Ser F                    1,524,750
92,000                                        SLM Corp., 6.97%, Ser A                                              4,949,600


See notes to
financial statements


6





                                                                                                                

SHARES                                        ISSUER, DESCRIPTION                                                      VALUE

Leasing Companies 0.97%                                                                                           $1,472,250
90,600                                        AMERCO, 8.50%, Ser A                                                 1,472,250

Media 2.95%                                                                                                        4,488,236
199,300                                       Shaw Communications, Inc., 8.50% (Canada)                            4,488,236

Oil & Gas 10.15%                                                                                                  15,438,206
47,450                                        Anadarko Petroleum Corp., 5.46%, Depositary Shares                   4,602,650
51,500                                        Apache Corp., 5.68%, Depositary Shares, Ser B                        5,201,500
55,645                                        Devon Energy Corp., 6.49%, Ser A                                     5,634,056

Telecommunications 1.64%                                                                                           2,500,000
50,000                                        Touch America Holdings, Inc., $6.875*                                2,500,000

Utilities 65.06%                                                                                                  98,980,093
229,475                                       Alabama Power Co., 5.20%                                             5,716,222
19,450                                        Baltimore Gas & Electric Co., 6.70%, Ser 1993                        2,013,075
30,000                                        Baltimore Gas & Electric Co., 6.99%, Ser 1995                        3,112,500
67,342                                        Boston Edison Co., 4.78%                                             5,454,702
220,000                                       Coastal Finance I, 8.375%                                            4,371,400
186,000                                       El Paso Tennessee Pipeline Co., 8.25%, Ser A                         4,873,200
180,700                                       Energy East Capital Trust I, 8.25%                                   4,803,006
33,000                                        Florida Power & Light Co., 6.75%, Ser U                              3,432,000
52,000                                        Hawaiian Electric Industries Capital Trust I, 8.36%                  1,367,600
14,000                                        Idaho Power Co., 7.07%                                               1,435,000
16,500                                        Massachusetts Electric Co., 6.99%                                    1,707,750
20,411                                        Monongahela Power Co., $6.28, Ser D                                  1,255,277
55,500                                        Monongahela Power Co., 7.73%, Ser L                                  4,231,875
49,260                                        PSI Energy, Inc., 6.875%                                             5,120,577
47,998                                        Public Service Electric & Gas Co., 6.92%                             4,763,801
381,511                                       Puget Energy, Inc., 7.45%, Ser II                                   10,148,193
220,986                                       Sierra Pacific Power Co., 7.80%, Ser 1 (Class A)                     4,088,241
55,000                                        South Carolina Electric & Gas Co., 6.52%                             5,610,000
184,215                                       TDS Capital I, 8.50%                                                 4,633,007
122,700                                       TDS Capital II, 8.04%                                                3,080,997
53,200                                        TXU US Holdings Co., $7.98                                           5,506,200
123,180                                       TXU US Holdings Co., $1.875, Depositary Shares, Ser A                3,104,136
34,000                                        TXU US Holdings Co., $1.805, Depositary Shares, Ser B                  843,200
35,000                                        Virginia Electric & Power Co., $6.98                                 3,613,750
10,000                                        Virginia Electric & Power Co., $7.05                                 1,035,000
35,528                                        Wisconsin Public Service Corp., 6.76%                                3,659,384

----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS 43.66%      $66,422,912
----------------------------------------------------------------------------------------------------------------------------
(Cost $82,505,704)

Telecommunications 0.00%                                                                                               8,265
57,000                                        Touch America Holdings, Inc.                                             8,265

Utilities 43.66%                                                                                                  66,414,647
199,900                                       Alliant Energy Corp.                                                 3,510,244
247,500                                       Aquila, Inc.                                                           688,050
182,700                                       CH Energy Group, Inc.                                                7,682,535
79,700                                        Dominion Resources, Inc.                                             4,716,646
107,000                                       DPL, Inc.                                                            1,480,880



                                                                                                        See notes to
                                                                                                        financial statements

                                                                                                                           7





                                                                                                                 

SHARES                                        ISSUER, DESCRIPTION                                                      VALUE

Utilities (continued)
148,500                                       DTE Energy Co.                                                      $5,987,520
90,000                                        Duke Energy Corp.                                                    1,583,100
325,000                                       Energy East Corp.                                                    5,921,500
166,000                                       KeySpan Corp.                                                        5,622,420
44,000                                        NiSource, Inc.                                                         831,600
255,100                                       Northeast Utilities                                                  3,806,092
135,000                                       NSTAR                                                                5,832,000
134,632                                       OGE Energy Corp.                                                     2,416,644
44,500                                        Peoples Energy Corp.                                                 1,728,825
69,000                                        Progress Energy, Inc.                                                2,882,820
176,250                                       Progress Energy, Inc. (Contingent Value Obligation) *                   21,150
130,400                                       Puget Energy, Inc.                                                   2,754,048
369,000                                       Sierra Pacific Resources *                                           1,361,610
221,750                                       TECO Energy, Inc.                                                    2,392,683
52,400                                        WPS Resources Corp.                                                  2,111,720
228,000                                       Xcel Energy, Inc.                                                    3,082,560

                                                               INTEREST     CREDIT           PAR VALUE
ISSUER, MATURITY DATE                                          RATE         RATING**       (000S OMITTED)              VALUE

----------------------------------------------------------------------------------------------------------------------------
 SHORT-TERM INVESTMENTS 3.84%                                                                                     $5,839,000
----------------------------------------------------------------------------------------------------------------------------
(Cost $5,839,000)

Commercial Paper (3.84%)
ChevronTexaco Corp., 05-01-03                                  1.15%        A-1+           $5,839                  5,839,000

----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS 165.95%                                                                                       $252,467,370
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET (65.95%)                                                                     ($100,335,162)
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS 100.00%                                                                                        $152,132,208
----------------------------------------------------------------------------------------------------------------------------

  * Non-income-producing security.

 ** Credit ratings are unaudited and rated by Standard & Poor's.

(R) 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.  Rule 144A
    securities amounted to $3,690,000 or 2.43% of net assets as of April 30, 2003.

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

    The  percentage  shown for each  investment  category is the total value of that
    category as a percentage of the net assets of the Fund.


See notes to
financial statements

8




FINANCIAL STATEMENTS


ASSETS AND
LIABILITIES

April 30, 2003
(unaudited)

--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
Investments at value (cost $271,591,119)                            $252,467,370
Cash                                                                         372
Dividends receivable                                                     976,700
Other assets                                                              58,754
Total assets                                                         253,503,196

--------------------------------------------------------------------------------
LIABILITIES
--------------------------------------------------------------------------------
Common shares dividends payable                                          977,128
Payable to affiliates                                                    237,129
Other payables and accrued expenses                                       78,856
Total liabilities                                                      1,293,113
Dutch Auction Rate Transferrable Securities preferred
 shares (DARTS) Series A, at value, unlimited number
 of shares of beneficial interest authorized with no
 par value, 500 shares issued, liquidation preference
 of $100,000 per share                                                50,044,334
DARTS Series B, at value, unlimited number of shares of
 beneficial interest authorized with no par value, 500
 shares issued, liquidation preference of $100,000
 per share                                                            50,033,541

--------------------------------------------------------------------------------
NET ASSETS
--------------------------------------------------------------------------------
Common shares capital paid-in                                        168,373,225
Accumulated net realized loss on investments                            (147,765)
Net unrealized depreciation of investments                           (19,123,749)
Accumulated net investment income                                      3,030,497
Net assets applicable to common shares                              $152,132,208

--------------------------------------------------------------------------------
NET ASSET VALUE PER COMMON SHARE
--------------------------------------------------------------------------------
Based on 15,032,734 shares of beneficial interest
 outstanding - unlimited number of shares
 authorized with no par value                                             $10.12





                                                            See notes to
                                                            financial statements

                                                                               9




FINANCIAL STATEMENTS

OPERATIONS

For the period ended
April 30, 2003
(unaudited)1

This Statement of Operations  summarizes the Fund's investment income earned and
expenses  incurred in operating the Fund.  It also shows net gains  (losses) for
the period stated.

--------------------------------------------------------------------------------
INVESTMENT INCOME
--------------------------------------------------------------------------------
Dividends                                                             $8,355,062
Interest                                                                  18,764

Total investment income                                                8,373,826

--------------------------------------------------------------------------------
EXPENSES
--------------------------------------------------------------------------------
Investment management fee                                              1,032,252
DARTS auction fee                                                        133,581
Administration fee                                                       122,966
Federal excise tax                                                        93,891
Auditing fee                                                              29,753
Custodian fee                                                             27,470
Printing                                                                  23,813
Transfer agent fee                                                        18,631
Registration and filing fee                                               17,463
Miscellaneous                                                             11,310
Trustees' fee                                                              8,562
Legal fee                                                                  1,423
Interest expense                                                             675

Total expenses                                                         1,521,790

Net investment income                                                  6,852,036

--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
--------------------------------------------------------------------------------
Net realized gain on investments                                         395,598
Change in net unrealized appreciation (depreciation)
 of investments                                                        4,516,681
Net realized and unrealized gain                                       4,912,279

Distributions to DARTS Series A                                         (363,813)
Distributions to DARTS Series B                                         (354,753)
                                                                        (718,566)

Net increase in net assets from operations                           $11,045,749

1 Semiannual period from 11-01-02 through 4-30-03.


See notes to
financial statements

10




FINANCIAL STATEMENTS

CHANGES IN
NET ASSETS

This  Statement  of Changes in Net Assets  shows how the value of the Fund's net
assets has changed since the end of the previous period. The difference reflects
earnings less expenses,  any investment gains and losses,  distributions paid to
shareholders, if any, and any increase due to the sale of common shares.



                                              YEAR                     PERIOD
                                              ENDED                     ENDED
                                              10-31-02               4-30-031

--------------------------------------------------------------------------------
INCREASE IN NET ASSETS
--------------------------------------------------------------------------------
From operations
Net investment income                         $14,788,081          $6,852,036
Net realized gain (loss)                         (535,880)            395,598
Change in net unrealized
 appreciation (depreciation)                  (31,436,761)          4,516,681
Distributions to DARTS Series A and B          (1,765,801)           (718,566)
Increase (decrease) in net assets
 resulting from operations                    (18,950,361)         11,045,749
Distributions to common shareholders
From net investment income                    (11,701,834)         (9,457,951)

From Fund share transactions                            -             294,824

--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES
--------------------------------------------------------------------------------
Beginning of period                           180,901,781         150,249,586

End of period2                               $150,249,586        $152,132,208



1 Semiannual period from 11-1-02 through 4-30-03. Unaudited.

2 Includes  accumulated  net  investment  income of $6,354,978  and  $3,030,947,
  respectively.


                                                           See notes to
                                                           financial statements.

                                                                              11



FINANCIAL
HIGHLIGHTS


COMMON SHARES

The Financial Highlights show how the Fund's net asset value for a share has
changed since the end of the previous period.



                                                                                                  

PERIOD ENDED                               10-31-98        10-31-99     10-31-00      10-31-01        10-31-02      4-30-03 1

------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period         $12.34          $13.23       $12.09        $12.24          $12.06         $10.01
Net investment income2                         1.09            1.07         1.06          1.05            0.99           0.46
Net realized and unrealized
 gain (loss) on investments                    0.97           (1.10)        0.21         (0.20)          (2.14)          0.33
Distributions to DARTS                        (0.27)          (0.26)       (0.31)        (0.25)          (0.12)         (0.05)
Total from investment operations               1.79           (0.29)        0.96          0.60           (1.27)          0.74
Less distributions to
 common shareholders
From net investment income                    (0.90)          (0.84)       (0.81)        (0.78)          (0.78)         (0.63)
In excess of net investment income                -           (0.01)           -             -               -              -
                                              (0.90)          (0.85)       (0.81)        (0.78)          (0.78)         (0.63)
Net asset value, end of period                $13.23         $12.09       $12.24        $12.06          $10.01         $10.12
Per share market value,
 end of period                               $12.13           $9.75       $10.13        $10.93           $9.40         $10.20
Total return at market value3 (%)             13.51          (13.16)       12.56         15.22           (7.55)         15.61

------------------------------------------------------------------------------------------------------------------------------------
RATIOS AND SUPPLEMENTAL DATA
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to common
 shares, end of period (in millions)           $199            $181         $184          $181            $150           $152
Ratio of expenses to average
 net assets4 (%)                               1.72            1.74         1.85          1.78            1.91           2.07
Ratio of net investment income
 to average net assets5 (%)                    8.24            8.29         9.13          8.46            8.66           9.34
Portfolio turnover (%)                           27              26           18            27              10              0

------------------------------------------------------------------------------------------------------------------------------------
SENIOR SECURITIES
------------------------------------------------------------------------------------------------------------------------------------
Total DARTS Series A Outstanding
 (in millions)                                  $50             $50          $50           $50             $50            $50
Total DARTS Series B Outstanding
( in millions)                                  $50             $50          $50           $50             $50            $50
Involuntary liquidation preference
 DARTS A per unit (in thousands)               $100            $100         $100          $100            $100           $100
Involuntary liquidation preference
 DARTS B per unit (in thousands)               $100            $100         $100          $100            $100           $100
Approximate market value per unit
 (in thousands)                                $100            $100         $100          $100            $100           $100
Asset coverage per unit6                   $302,763        $286,177     $283,629      $283,166        $247,689       $247,168


1  Semiannual period from 11-01-02 through 4-30-03. Unaudited.
2  Based on the average of the shares outstanding.
3  Assumes dividend reinvestment.
4  Ratios calculated on the basis of expenses relative to the average net assets
   for common shares. Without the exclusion of preferred shares, the annualized
   ratio of expenses would have been 1.14%, 1.14%, 1.17%, 1.16%, 1.20% and 1.24%,
   respectively.
5  Ratios calculated on the basis of net investment income relative to the average
   net assets for common shares. Without the exclusion of preferred shares, the
   annualized ratio of net investment income would have been 5.48%, 5.46%, 5.80%,
   5.50%, 5.46% and 5.57%, respectively.
6  Calculated by subtracting the Fund's total liabilities from the Fund's total
   assets and dividing such amount by the number of DARTS outstanding as of the
   applicable 1940 Act Evaluation Date, which may differ from the financial
   reporting date.


See notes to
financial statements.

12



NOTES TO
STATEMENTS

Unaudited


NOTE A
Accounting policies

John Hancock Patriot Premium Dividend Fund II (the "Fund") is a diversified
closed-end management investment company registered under the Investment Company
Act of 1940.

Significant accounting policies of the Fund are as follows:

Valuation of investments
Securities in the Fund's portfolio are valued on the basis of market quotations,
valuations  provided  by  independent  pricing  services  or at  fair  value  as
determined in good faith in accordance with procedures approved by the Trustees.
Short-term  debt  investments  maturing  within 60 days are valued at  amortized
cost, which  approximates  market value. The Fund determines the net asset value
of the common shares each business day.

Investment transactions
Investment  transactions  are  recorded  as of the  date  of  purchase,  sale or
maturity.  Net realized gains and losses on sales of investments  are determined
on the identified cost basis.

Expenses
The majority of the expenses are directly identifiable to an individual fund.
Expenses that are not readily identifiable to a specific fund will be allocated
in such a manner as deemed equitable, taking into consideration, among other
things, the nature and type of expense and the relative sizes of the funds.

Federal income taxes
The Fund qualifies as a "regulated investment company" by complying with the
applicable provisions of the Internal Revenue Code and will not be subject to
federal income tax on taxable income that is distributed to shareholders.
Therefore, no federal income tax provision is required. For federal income tax
purposes, the Fund has $533,811 of a capital loss carryforward available, to the
extent provided by regulations, to offset future net realized capital gains. To
the extent that such carryforward is used by the Fund, no capital gain
distributions will be made. The entire loss carryforward expires October 31,
2010.



                                                                              13



Dividends, interest and distributions
Dividend income on investment securities is recorded on the ex-dividend date or,
in the case of some foreign securities, on the date thereafter when the Fund
identifies the dividend. Interest income on investment securities is recorded on
the accrual basis. Foreign income may be subject to foreign withholding taxes,
which are accrued as applicable.

The Fund records distributions to common and preferred shareholders from net
investment income and realized gains on the ex-dividend date. Distributions to
common shareholders, on a tax basis, are determined in conformity with income
tax regulations, which may differ from accounting principles generally accepted
in the United States of America. Distributions in excess of tax basis earnings
and profits, if any, are reported in the Fund's financial statements as a return
of capital.

Use of estimates
The preparation of these financial statements, in accordance with accounting
principles generally accepted in the United States of America, incorporates
estimates made by management in determining the reported amount of assets,
liabilities, revenues and expenses of the Fund. Actual results could differ from
these estimates.

NOTE B
Management fee and transactions with affiliates and others
The Fund has an investment management contract with John Hancock Advisers, LLC
(the "Adviser"), a wholly owned subsidiary of The Berkeley Financial Group, LLC.
Under the investment management contract, the Fund pays a monthly management fee
to the Adviser at an annual rate of 0.50% of the Fund's average weekly net
assets and the value attributable to the DARTS, plus 5.00% of the Fund's weekly
gross income. The Adviser's total fee is limited to a maximum amount equal to
1.00% annually of the Fund's average weekly net assets and the value
attributable to the DARTS. For the period ended April 30, 2003, the advisory fee
incurred did not exceed the maximum advisory fee allowed.

The Fund has an administrative agreement with the Adviser under which the
Adviser oversees the custodial, auditing, valuation, accounting, legal, stock
transfer and dividend disbursing services and maintains Fund communications with
the shareholders. The Fund pays the Adviser a monthly administration fee at an
annual rate of 0.10% of the Fund's average weekly net assets and the value
attributable to the DARTS.

Ms.  Maureen R. Ford and Mr. John M. DeCiccio are directors  and/or  officers of
the  Adviser  and/or  its  affiliates,  as well as  Trustees  of the  Fund.  The
compensation  of  unaffiliated  Trustees is borne by the Fund. The  unaffiliated
Trustees may elect to defer for tax purposes their receipt of this  compensation
under the John Hancock Group of Funds Deferred Compensation Plan. The Fund makes
investments into other John Hancock funds, as applicable, to cover its liability
for  the  deferred  compensation.  Investments  to  cover  the  Fund's  deferred
compensation  liability are recorded on the Fund's books as an other asset.  The
deferred compensation liability and the related other asset are always equal and
are marked to market on a periodic  basis to  reflect  any income  earned by the
investments as well as any unrealized gains or losses. The Deferred Compensation
Plan investments had no impact on the operations of the Fund.


14



NOTE C
Fund share transactions

Common shares
This listing  illustrates  the Fund's  common shares  distributions  reinvested,
reclassification  of the Fund's capital accounts and the number of common shares
outstanding  at the  beginning  and end of the last two periods,  along with the
corresponding dollar value.

                                           YEAR ENDED 10-31-02                 PERIOD ENDED 4-30-031
                                  SHARES                AMOUNT            SHARES              AMOUNT

Beginning of period           15,002,724          $168,272,712        15,002,724        $168,078,401
Distributions reinvested               -                     -            30,010             294,824
Reclassification of
 capital accounts                      -              (194,311)                -                   -
End of period                 15,002,724          $168,078,401        15,032,734        $168,373,225



1 Semiannual period from 11-1-02 through 4-30-03. Unaudited.


Dutch Auction Rate Transferable  Securities preferred shares Series A and Series
B

The Fund issued Dutch Auction Rate Transferable Securities preferred shares
("DARTS"), 598 shares of Series A and 598 shares of Series B, in a public
offering. The underwriting discount was recorded as a reduction of the capital
of common shares. During the year ended October 31, 1990, the Fund retired 98
shares of DARTS from both Series A and Series B.

Dividends on the DARTS,  which accrue daily,  are  cumulative at a rate that was
established  at the  offering  of the  DARTS  and has been  reset  every 49 days
thereafter by an auction.  Dividend rates on DARTS Series A ranged from 1.14% to
1.76% and on Series B from 1.15% to 1.85%,  during the  period  ended  April 30,
2003.  Accrued  dividends  on DARTS  are  included  in the value of DARTS on the
Fund's statement of assets and liabilities.

The DARTS are redeemable at the option of the Fund, at a redemption price equal
to $100,000 per share, plus accumulated and unpaid dividends on any dividend
payment date. The DARTS are also subject to mandatory redemption at a redemption
price equal to $100,000 per share, plus accumulated and unpaid dividends, if the
Fund is in default on its asset coverage requirements with respect to the DARTS,
as defined in the Funds' by-laws. If the dividends on the DARTS shall remain
unpaid in an amount equal to two full years' dividends, the holders of the
DARTS, as a class, have the right to elect a majority of the Board of Trustees.
In general, the holders of the DARTS and the common shareholders have equal
voting rights of one vote per share, except that the holders of the DARTS, as a
class, vote to elect two members of the Board of Trustees, and separate class
votes are required on certain matters that affect the respective interests of
the DARTS and common shares.

NOTE D
Investment
transactions

Purchases and proceeds from sales and maturities of securities, other than
short-term securities and obligations of the U.S. government, during the period
ended April 30, 2003, aggregated none and $6,581,098, respectively.

The  cost  of  investments  owned  on  April  30,  2003,   including  short-term
investments, for federal income tax purposes was $271,600,675.  Gross unrealized
appreciation  and  depreciation  of  investments   aggregated   $15,950,454  and
$35,083,759, respectively, resulting in net


                                                                              15




unrealized  depreciation of $19,133,305.  The difference  between book basis and
tax basis net unrealized  depreciation of investments is attributable  primarily
to the tax deferral of losses on wash sales.



16



INVESTMENT
OBJECTIVE
AND POLICY

The Fund's investment objective is to provide 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.

The Fund's  non-fundamental  investment  policy,  with respect to the quality of
ratings  of its  portfolio  investments,  was  changed  by a vote of the  Fund's
Trustees on September 13, 1994. The new 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&P or "Baa"
by Moody'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.  This policy supersedes the requirement that at least 80% of
the Fund's total assets consist of preferred stocks and debt  obligations  rated
"A" or higher and dividend  paying  common stocks whose issuers have senior debt
rated "A" or higher.

On November 20, 2001,  the Fund'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 "Assets" are defined as net assets  including  the  liquidation
preference amount of the DARTS plus borrowings for investment purposes. The Fund
will  notify  shareholders  at least 60 days  prior  to any  change  in this 80%
investment policy.

In November 2002, the Board of Trustees adopted several amendments to the Fund's
by-laws,  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 by-laws require shareholders to notify the Fund
in writing of any proposal  which 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's annual  meeting of  shareholders.  The  notification  must be in the form
prescribed by the by-laws.  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, which must be followed
in order for a shareholder  to call a special  meeting of  shareholders.  Please
contact the Secretary of the Fund for additional  information  about the advance
notice requirements or the other amendments to the by-laws.

DIVIDEND
REINVESTMENT PLAN
The Fund offers its shareholders a Dividend Reinvestment Plan (the "Plan"),
which offers the opportunity to earn compounded yields. Each holder of common
shares may elect to have all distributions of dividends and capital gains
reinvested by Mellon Investor Services, as plan agent for the common
shareholders (the "Plan Agent"). Holders of common shares who do not elect to
participate in the Plan will receive all distributions in cash, paid by check
mailed directly to the shareholder of record (or, if the common shares are held


                                                                              17




in street or other nominee name, then to the nominee) by the Plan Agent, as
dividend disbursing agent.

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'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.

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 participant's accounts. Such purchases will be made 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.

Each participant will pay a pro rata share of brokerage commissions incurred
with respect to the Plan Agent'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's account will be the average cost,
including brokerage commissions, of any shares purchased on the open market plus
the cost of any shares issued by the Fund. There will be no brokerage charges
with respect to common shares issued directly by the Fund. There are no other
charges to participants for reinvesting dividends or capital gain distributions.

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's Web site
at www.melloninvestor.com. Such withdrawal will be effective immediately if
received not less than ten days prior to a dividend record date; otherwise, it
will be effective for all subsequent dividend record dates. When a participant
withdraws from the Plan or upon termination of the Plan, as provided below,
certificates for whole common shares credited to his or her account under the
Plan will be issued and a cash payment will be made for any fraction of a share
credited to such account.

The Plan Agent  maintains each  shareholder'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 shareholder's meetings of the Fund will include those shares purchased as


18



well as shares held pursuant to the Plan.

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.

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' 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 3338, South Hackensack, NJ 07606-1938 (telephone 1-800-852-0218).

SHAREHOLDER COMMUNICATION AND ASSISTANCE
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:

Mellon Investor Services
85 Challenger Road
Overpeck Centre
Ridgefield Park, NJ 07660
Telephone 1-800-852-0218


                                                                              19



If your shares are held with a brokerage firm, you should contact that firm,
bank or other nominee for assistance.


SHAREHOLDER MEETING
On March 20, 2003, the Annual Meeting of the Fund was held to elect four
Trustees and to ratify the actions of the Trustees in selecting independent
auditors for the Fund. The common shareholders elected the following Trustees to
serve until their respective successors are duly elected and qualified, with the
votes tabulated as follows:

                                              WITHHELD
                        FOR                  AUTHORITY
--------------------------------------------------------------------------------
Charles L. Ladner       14,122,075             220,977

Dr. John A. Moore       14,117,897             225,155

Maureen R. Ford         14,176,535             166,517

The preferred shareholders elected Ronald R. Dion to serve until his respective
successor is duly elected and qualified, with the votes tabulated as follows:
741 FOR and 0 WITHHELD AUTHORITY.

The shareholders also ratified the Trustees' selection of Deloitte & Touche LLP
as the Fund's independent auditors for the fiscal year ending October 31, 2003,
with the votes tabulated as follows: 14,175,132 FOR, 94,861 AGAINST and 73,800
ABSTAINING.


20



FOR YOUR
INFORMATION


TRUSTEES
James F. Carlin
William H. Cunningham
John M. DeCiccio
Ronald R. Dion
Maureen R. Ford
Charles L. Ladner*
Patti McGill Peterson*
Dr. John A. Moore*
Steven R. Pruchansky
Lt. Gen. Norman H. Smith,
 USMC (Ret.)
John P. Toolan*
*Members of the Audit Committee

OFFICERS
Maureen R. Ford
Chairman, President
and Chief Executive Officer

William L. Braman
Executive Vice President
and Chief Investment Officer

Richard A. Brown
Senior Vice President
and Chief Financial Officer

Susan S. Newton
Senior Vice President
and Secretary

William H. King
Vice President and Treasurer

Thomas H. Connors
Vice President and
Compliance Officer

INVESTMENT ADVISER
John Hancock Advisers, LLC
101 Huntington Avenue
Boston, Massachusetts 02199-7603

CUSTODIAN
The Bank of New York
One Wall Street
New York, New York 10286

TRANSFER AGENT FOR
COMMON SHAREHOLDERS
Mellon Investor Services
85 Challenger Road
Overpeck Centre
Ridgefield Park, New Jersey 07660

TRANSFER AGENT
FOR DARTS
Deutsche Bank Trust
 Company Americas
280 Park Avenue
New York, New York 10017

LEGAL COUNSEL
Hale and Dorr LLP
60 State Street
Boston, Massachusetts 02109-1803

STOCK SYMBOL
Listed New York Stock Exchange:
PDT

For shareholder assistance
refer to page 19


--------------------------------------------------------------------------------
HOW TO
CONTACT US



On the Internet                       www.jhfunds.com

By regular mail                       Mellon Investor Services
                                      85 Challenger Road
                                      Overpeck Centre
                                      Ridgefield Park, NJ 07660

Customer service representatives      1-800-852-0218

Portfolio commentary                  1-800-344-7054

24-hour automated information         1-800-843-0090

TDD Line                              1-800-231-5469
--------------------------------------------------------------------------------

                                                                              21



[LOGO] John Hancock

  PRESORTED
  STANDARD
U. S. Postage
    PAID
    MIS

 1-800-852-0218
 1-800-843-0090
 1-800-231-5469 (TDD)

 www.jhfunds.com

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.


By:
      -----------------------
      Maureen R. Ford
      Chairman, President and Chief Executive Officer

Date:    June 24, 2003


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:
      -----------------------
      Maureen R. Ford
      Chairman, President and Chief Executive Officer

Date:    June 24, 2003




By:
      -----------------------
      Richard A. Brown
      Senior Vice President and Chief Financial Officer


Date:    June 24, 2003




                                                                     P20SA  4/03
                                                                            6/03