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<SEC-DOCUMENT>0000928816-08-000773.txt : 20080701
<SEC-HEADER>0000928816-08-000773.hdr.sgml : 20080701
<ACCEPTANCE-DATETIME>20080701170022
ACCESSION NUMBER:		0000928816-08-000773
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20080430
FILED AS OF DATE:		20080701
DATE AS OF CHANGE:		20080701
EFFECTIVENESS DATE:		20080701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN BANK & THRIFT OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0000925683
		IRS NUMBER:				043241844
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08568
		FILM NUMBER:		08930401

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN REGIONAL BANK & THRIFT FUND
		DATE OF NAME CHANGE:	19940620
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a_bankthriftopps.htm
<DESCRIPTION>JOHN HANCOCK BANK & THRIFT OPPORTUNITY FUND
<TEXT>

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     <TD noWrap align=center colSpan=2><FONT face=sans-serif>UNITED STATES</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif>Washington, D.C. 20549</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=center colSpan=2><B><FONT face=sans-serif>FORM N-CSR</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=center colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><B><FONT face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><B><FONT face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif>Investment Company Act file number </FONT><U><FONT face=sans-serif>811- 8568</FONT></U>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=center colSpan=2><U><FONT face=sans-serif>John Hancock Bank and Thrift Opportunity Fund</FONT></U>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif>(Exact name of registrant as specified in charter)</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=center colSpan=2><U><FONT face=sans-serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=center colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=2><FONT face=sans-serif>Alfred P. Ouellette</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD align=center colSpan=2><FONT face=sans-serif>Senior Counsel and Assistant Secretary</FONT> </TD></TR>
<TR>
     <TD noWrap align=center colSpan=2>&nbsp;</TD></TR>
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     <TD noWrap align=center colSpan=2><FONT face=sans-serif>601 Congress Street</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=2><U><FONT face=sans-serif>Boston, Massachusetts 02210</FONT></U>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif>(Name and address of agent for service)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif>Registrant's telephone number, including area code: </FONT><U><FONT face=sans-serif>617-663-4324</FONT></U>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>Date of fiscal year end:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>October 31</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>Date of reporting period:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>April 30, 2008</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>ITEM 1. REPORT TO SHAREHOLDERS.</FONT></P>
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<P align=left><FONT face=serif size=7>Portfolio summary</FONT></P>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Top 10 holdings</FONT></B><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Cullen/Frost Bankers, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.8%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>JPMorgan Chase &amp; Co.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.7%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>M&amp;T Bank Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.7%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of America Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.4%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left colSpan=2>
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</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>PNC Financial Services Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.7%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wells Fargo &amp; Co.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.3%</FONT>&nbsp; </TD></TR>
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</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of New York Mellon Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.7%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Zions Bancorp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.0%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Bancorp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.7%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>State Street Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.9%</FONT>&nbsp; </TD></TR>
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&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Industry distribution</FONT></B><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Regional banks</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>59%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Thrifts &amp; mortgage finance</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left colSpan=2>
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</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Diversified banks</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Data processing &amp; outsourced services</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Asset management &amp; custody banks</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Other diversified financial services</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD></TD>
     <TD colSpan=2>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>As a percentage of net assets on April 30, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Bank and Thrif</FONT><FONT face=sans-serif size=1>t Opportunity Fund </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>6</FONT></P>
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<P align=left><FONT face=sans-serif size=2>F I N A N C I A L &nbsp;</FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=serif size=7>Fund&#146;s investments</FONT></P>
<P align=left><FONT face=sans-serif size=4>Securities owned by the Fund on 4-30-08 </FONT><FONT face=sans-serif size=2>(unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This schedule is divided into three main categories: common stocks, capital preferred securities and short-term investments. Common stocks and capital preferred securities are further broken down by industry group. Short-term investments, which represent the Fund&#146;s cash position, are listed last.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD align=right width="15%">&nbsp;</TD>
     <TD align=right width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Common stocks 95.08%</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$504,550,896</FONT></B>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $393,684,185)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Asset Management &amp; Custody Banks 7.54%</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>39,992,307</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of New York Mellon Corp. (NY)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>451,549</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,655,928</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Northern Trust Corp. (IL)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,187,700</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>State Street Corp. (MA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>209,990</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,148,679</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Data Processing &amp; Outsourced Services 1.29%</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>6,838,493</FONT></B>&nbsp; </TD></TR>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Metavante Technologies, Inc. (WI)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>45,672</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,076,489</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Total Systems Services Inc. (GA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>242,101</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,762,004</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Diversified Banks 11.49%</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>60,988,898</FONT></B>&nbsp; </TD></TR>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Bancorp, Inc. (The) (DE)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>67,479</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>746,318</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Comerica, Inc. (MI)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>297,865</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,344,851</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Bancorp. (MN)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>578,660</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,610,787</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Wachovia Corp. (NC)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>435,765</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,702,550</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Wells Fargo &amp; Co. (CA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>591,072</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,584,392</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Other Diversified Financial Services 8.02%</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>42,558,786</FONT></B>&nbsp; </TD></TR>
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     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of America Corp. (NC)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>478,260</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,953,880</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Citigroup, Inc. (NY)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200,225</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,059,686</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>JPMorgan Chase &amp; Co. (NY)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>410,183</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,545,220</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks 58.48%</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>310,355,826</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AmericanWest Bancorp. (WA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>115,302</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>420,852</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ameris Bancorp. (GA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>98,337</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,473,088</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Avenue Bank (TN) (B)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,932,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>BancorpSouth, Inc. (MS)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,802,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of the Ozarks, Inc. (AR)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>136,697</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,410,590</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&amp;T Corp. (NC)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>344,846</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,824,769</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beverly National Corp. (MA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>97,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,952,925</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Boston Private Financial Holdings, Inc. (MA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>142,664</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,326,775</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bridge Capital Holdings (CA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>150,564</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,183,178</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Camden National Corp. (ME)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>129,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,280,220</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Capital City Bank Group, Inc. (FL) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>74,543</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,956,754</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cascade Bancorp. (OR) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>28,794</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>262,601</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>City Holding Co. (WV)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>41,459</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,723,865</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CoBiz, Inc. (CO) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>361,404</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,015,198</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Colonial BancGroup, Inc. (The) (AL) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>945,036</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,692,593</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Semiannu</FONT></B><B><FONT face=sans-serif size=1>al report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT></P>
<P align=left><FONT face=sans-serif size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_4"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD align=right width="15%"></TD>
     <TD align=right width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks (continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cullen/Frost Bankers, Inc. (TX)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>363,270</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>$20,277,731</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>DNB Financial Corp. (PA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>78,515</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,162,022</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>East West Bancorp, Inc. (CA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>129,191</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,839,680</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Eastern Virginia Bankshares, Inc. (VA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,880,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ECB Bancorp., Inc. (NC)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>56,385</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,415,827</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>F.N.B. Corp. (PA) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>265,049</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>4,097,658</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>First Horizon National Corp. (TN)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>140,050</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,512,540</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>First Midwest Bancorp., Inc. (IL)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>143,800</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>3,671,214</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>First National Lincoln Corp. (ME)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>146,499</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2,471,438</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>First Regional Bancorp. (CA) (I)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>419,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>6,222,150</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Glacier Bancorp., Inc. (MT) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right>
<P><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>426,250</FONT>&nbsp; </P>
</TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>8,772,225</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hancock Holding Co. (MS) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>248,750</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>10,265,913</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Harleysville National Corp. (PA) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>151,897</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2,196,431</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Heritage Financial Corp. (WA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,876,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Heritage Oaks Bancorp (CA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>19,950</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>243,191</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Huntington Bancshares, Inc. (OH)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>625,215</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>5,870,769</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Iberiabank Corp. (LA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>72,650</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>3,501,730</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Independent Bank Corp. (MI) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>329,935</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2,632,881</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>International Bancshares Corp. (TX)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>220,370</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>5,507,046</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>KeyCorp (OH)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>262,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>6,322,060</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Lakeland Financial Corp. (IN)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>144,802</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>3,372,439</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>M&amp;T Bank Corp. (NY)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>211,157</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>19,686,167</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Marshall &amp; Ilsley Corp. (WI)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>401,894</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>10,039,312</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MB Financial, Inc. (IL)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>156,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>4,480,070</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>National City Corp. (OH)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>633,884</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>3,993,469</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>North Valley Bancorp (CA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,435,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Northrim Bancorp., Inc. (AK)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>77,232</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,444,238</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pinnacle Financial Partners, Inc. (TN) (I)(L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>65,007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,761,690</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PNC Financial Services Group, Inc. (PA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>283,863</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>19,685,899</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Prosperity Bancshares, Inc. (TX)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>278,476</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>8,624,402</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Provident Bankshares Corp. (MD)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>168,558</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2,159,228</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Regions Financial Corp. (AL)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>203,921</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>4,469,948</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>S&amp;T Bancorp., Inc. (PA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>154,700</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>5,270,629</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Signature Bank (NY)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>302,188</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>7,971,719</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Smithtown Bancorp., Inc. (NY) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>49,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>996,930</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Southcoast Financial Corp. (SC) (I)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>68,789</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,076,548</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sterling Bancshares, Inc. (TX)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>55,444</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>576,063</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SunTrust Banks, Inc. (GA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>255,976</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>14,270,662</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SVB Financial Group (CA) (I)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>304,700</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>14,826,702</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Synovus Financial Corp. (GA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>582,950</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>6,902,128</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>TCF Financial Corp. (MN)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>393,166</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>6,841,088</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>TriCo Bancshares (CA) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>53,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>901,530</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>UCBH Holdings, Inc. (CA)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>163,074</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,187,179</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Univest Corp. (PA) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>168,906</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>4,327,372</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Bank and Thrif</FONT><FONT face=sans-serif size=1>t Opportunity Fund </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>8</FONT></P>
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<A name="page_5"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="38%"></TD>
     <TD align=right width="15%"></TD>
     <TD align=right width="16%"></TD>
     <TD align=right width="15%">&nbsp;</TD>
     <TD align=right width="15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks (continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Valley National Bancorp. (NJ) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>105,267</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>$2,020,074</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Westamerica Bancorp. (CA)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2,045,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wilmington Trust Corp. (DE)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>177,550</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>5,837,844</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Zions Bancorp. (UT) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>348,553</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>16,155,432</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Thrifts &amp; Mortgage Finance 8.26%</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>43,816,586</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Astoria Financial Corp. (NY)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>75,865</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,798,003</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Benjamin Franklin Bancorp., Inc. (MA)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>15,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>202,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Berkshire Hills Bancorp., Inc. (MA)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>348,903</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>8,928,428</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dime Community Bancorp, Inc. (NY)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>61,045</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,139,710</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FirstFed Financial Corp. (CA) (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>92,560</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,414,317</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Flushing Financial Corp. (NY)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>390,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hingham Institute for Savings (MA)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2,406,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hudson City Bancorp., Inc. (NJ)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>292,810</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>5,601,455</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>LSB Corp. (MA)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,032,850</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>New York Community Bancorp., Inc. (NY)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>44,432</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>829,545</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>People&#146;s United Financial, Inc. (CT)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>878,576</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>14,909,435</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>United Financial Bancorp, Inc. (MA)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,671,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Washington Mutual, Inc. (WA)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>105,037</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,290,905</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>WSFS Financial Corp. (DE)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>43,319</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2,201,038</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description, maturity date</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Capital preferred securities 0.99%</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>$5,229,900</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $5,860,912)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Other Diversified Financial Services 0.99%</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>5,229,900</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred Term Securities XXV, Ltd.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Zero Coupon, 6-22-37</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>None</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>$3,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2,351,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Preferred Term Securities XXVII, Ltd.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Zero Coupon, 3-22-38</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>None</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2,878,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity&nbsp;</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><STRONG><FONT face=Arial size=1>Par value</FONT></STRONG>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Short-term investments 10.35%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>$54,935,309</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $54,935,309)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Certificates of Deposit 0.01%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>72,016</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Country Bank for Savings</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=sans-serif size=1>5.640%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 33pt; TEXT-ALIGN: right" face=sans-serif size=1>08-30-08</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>$2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,610</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>First Bank Richmond</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=sans-serif size=1>3.690</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 33pt; TEXT-ALIGN: right" face=sans-serif size=1>12-05-10</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>17</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>17,016</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>First Bank System, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=sans-serif size=1>2.862</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 33pt; TEXT-ALIGN: right" face=sans-serif size=1>05-02-08</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>4</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>4,260</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>First Federal Savings Bank of Louisiana</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=sans-serif size=1>2.980</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 33pt; TEXT-ALIGN: right" face=sans-serif size=1>12-07-09</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2,847</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Framingham Cooperative Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=sans-serif size=1>4.500</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 33pt; TEXT-ALIGN: right" face=sans-serif size=1>09-10-09</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>3,401</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Home Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=sans-serif size=1>4.150</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 33pt; TEXT-ALIGN: right" face=sans-serif size=1>12-04-10</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>16</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>16,275</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hudson Savings</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=sans-serif size=1>4.800</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 33pt; TEXT-ALIGN: right" face=sans-serif size=1>04-20-09</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,785</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Machias Savings Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 28pt; TEXT-ALIGN: right" face=sans-serif size=1>3.540</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT style="WIDTH: 33pt; TEXT-ALIGN: right" face=sans-serif size=1>05-24-09</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 29pt; TEXT-ALIGN: right" face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1,672</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Semiannu</FONT></B><B><FONT face=sans-serif size=1>al report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT></P>
<P align=left><FONT face=sans-serif size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_6"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="39%"></TD>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="7%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR>
     <TD></TD>
     <TD colSpan=2></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR>
     <TD></TD>
     <TD align=left colSpan=3></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Interest</FONT></B></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B></TD>
     <TD noWrap align=right>&nbsp;&nbsp;<STRONG><FONT face=Arial size=1>Par value</FONT></STRONG>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp; </TD>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>rate</FONT></B></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Certificates of Deposit (continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left colSpan=3></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Middlesex Savings Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>5.120%</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-17-08</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,652</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Midstate Federal Savings &amp; Loan</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>4.250</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-27-08</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,737</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Milford Bank Savings and Loan Assn.</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>3.400</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-27-08</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,666</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Milford Federal Savings and Loan Assn.</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>3.150</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-28-08</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,836</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mount McKinley Savings Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>4.030</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-03-09</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,564</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mt. Washington Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>5.000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-31-08</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,666</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Natick Federal Savings Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Savings and Loan Assn.</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>4.590</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-31-08</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,683</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Newburyport Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>3.400</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-20-08</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,777</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Newtown Savings Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>3.750</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-30-09</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,674</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>OBA Federal Savings and Loan</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>4.600</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-09</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,145</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Plymouth Savings Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>3.590</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-21-09</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,730</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Randolph Savings Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>4.000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-13-09</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,714</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Salem Five Cents Savings Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>3.060</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-17-08</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,614</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sunshine Federal Savings and Loan Assn.</FONT>&nbsp; </TD>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>5.000</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-10-09</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,692</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=3>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description, maturity date</FONT></B>&nbsp; </TD>
     <TD noWrap align=center colSpan=3>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Joint Repurchase Agreement 3.34%</FONT></B>&nbsp; </TD>
     <TD noWrap align=center colSpan=3>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>17,738,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=1>Joint Repurchase Agreement with Bank of America Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>dated 4-30-08 at 1.910% to be repurchased at</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=3>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=1>$17,738,941 on 5-1-08, collateralized by $13,930,950</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Treasury Inflation Indexed Bond, 3.00% due</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=3>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=sans-serif size=1>7-15-12 (valued at $18,092,760, including interest)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>1.910%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$17,738</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,738,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=3>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Cash Equivalents 7.00%</FONT></B>&nbsp; </TD>
     <TD noWrap align=center colSpan=3>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>37,125,293</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>John Hancock Cash Investment Trust (T)(W)</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=3>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 45pt; TEXT-ALIGN: right" face=sans-serif size=1>2.7260% (Y)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>37,125,293</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>37,125,293</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><B><FONT face=sans-serif size=1>Total investments (Cost $454,480,406)</FONT></B><FONT face=sans-serif size=1>&#134; </FONT><B><FONT face=sans-serif size=1>106.42%</FONT></B>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$564,716,105</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Other assets and liabilities, net (6.42%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center colSpan=3>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($34,049,314)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total net assets 100.00%</FONT></B>&nbsp; </TD>
     <TD noWrap align=center colSpan=3>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$530,666,791</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The percentage shown for each investment category is the total value of that category, as a percentage of the net assets of the Fund.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(A) Credit ratings are unaudited and are rated by Moody&#146;s Investors Service where Standard &amp; Poor&#146;s ratings are not available unless indicated otherwise.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(B) This security is fair valued in good faith under procedures established by the Board of Trustees. This security amounted to $1,932,000 or 0.36% of the Fund&#146;s net assets as of April 30, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(I) Non-income-producing security.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(L) All or a portion of this security is on loan as of April 30, 2008. </FONT></P>
<P align=left><FONT face=sans-serif size=1>(T) Represents investment of securities lending collateral. </FONT></P>
<P align=left><FONT face=sans-serif size=1>(W)Issuer is an affiliate of John Hancock Advisers, LLC.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(Y) Represents current yield as of April 30, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>&#134; The cost of investments owned on April 30, 2008, including short-term investments, for Federal income tax purposes, was $454,498,388. Gross unrealized appreciation and depreciation of investments aggregated $143,680,811 and $33,463,094, respectively, resulting in net unrealized appreciation of $110,217,717.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Bank and Thrif</FONT><FONT face=sans-serif size=1>t Opportunity Fund </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>10</FONT></P>
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<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=serif size=7>Financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=2></FONT>&nbsp;</P>
<P align=left><FONT face=sans-serif size=4>Statement of assets and liabilities </FONT><FONT face=sans-serif size=2>4-30-08 (unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This Statement of Assets and Liabilities is the Fund&#146;s balance sheet. It shows the value of what the Fund owns, is due and owes.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="50%"></TD>
     <TD align=right width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments in unaffiliated issuers, at value (Cost $417,355,113) including</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>$36,397,346 of securities loaned (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$527,590,812</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments in affiliated issuers, at value (Cost $37,125,293)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>37,125,293</FONT></TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total investments, at value (Cost $454,480,406)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>564,716,105</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cash</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>688</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable for investments sold</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,958,896</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dividends and interest receivable</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>799,768</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable from affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>125,281</FONT></TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>568,600,738</FONT></B></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable upon return of securities loaned (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>37,125,293</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable to affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Management fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>419,383</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>72,892</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other payables and accrued expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>316,379</FONT></TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>37,933,947</FONT></B></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Capital paid-in</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>396,955,009</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accumulated net realized gain on investments and options written</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>21,309,854</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized appreciation of investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>110,235,699</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accumulated net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,166,229</FONT></TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$530,666,791</FONT></B></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value per share</FONT></B>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Based on 84,400,000 shares of beneficial interest outstanding &#151; unlimited</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>number of shares authorized with no par value</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$6.29</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Semiannu</FONT></B><B><FONT face=sans-serif size=1>al report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT></P>
<P align=left><FONT face=sans-serif size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_8"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S </FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of operations </FONT><FONT face=sans-serif size=2>For the period ended 4-30-08 (unaudited)</FONT><SUP><FONT face=sans-serif size=2>1</FONT></SUP></P>
<P align=left><B><FONT face=sans-serif size=1>This Statement of Operations summarizes the Fund&#146;s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="71%"></TD>
     <TD align=right width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dividends</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$10,391,997</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>495,638</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Securities lending</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>195,038</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Income from affiliated issuers</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>61,596</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>11,144,269</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Expenses</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investment management fees (Note 3)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,346,652</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Administration fees (Note 3)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>727,533</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Printing fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>113,135</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Custodian fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>76,081</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Registration and filing fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>40,453</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Professional fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>31,586</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Transfer agent fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>27,027</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trustees&#146; fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,444</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Miscellaneous</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>22,785</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total expenses</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4,403,696</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Less expense reductions (Note 3)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(436,520)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net expenses</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>3,967,176</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>7,177,093</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Realized and unrealized gain (loss)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net realized gain on</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>33,645,492</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Options written</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>77,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>33,722,632</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Change in net unrealized appreciation (depreciation) of</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(154,300,004)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Options written</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(492)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(154,300,496)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net realized and unrealized loss</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(120,577,864)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Decrease in net assets from operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($113,400,771)</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Semiannual period from 11-1-07 to 4-30-08.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Bank and Thrif</FONT><FONT face=sans-serif size=1>t Opportunity Fund </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_9"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of changes in net assets</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>These Statements of Changes in Net Assets show how the value of the Fund&#146;s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="68%"></TD>
     <TD align=right width="15%"></TD>
     <TD align=right width="15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Period</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-07</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4-30-08</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Increase (decrease) in net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>From operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$13,648,428</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$7,177,093</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>135,240,280</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>33,722,632</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Change in net unrealized appreciation (depreciation)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(209,289,837)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(154,300,496)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Decrease in net assets resulting from operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(60,401,129)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(113,400,771)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Distributions to common shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(12,793,351)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,230,408)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net realized gain</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(78,865,048)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(90,126,540)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(91,658,399)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(96,356,948)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total decrease</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(152,059,528)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(209,757,719)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>892,484,038</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>740,424,510</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>End of period</FONT></B><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$740,424,510</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$530,666,791</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Semiannual period from 11-1-07 to 4-30-08. Unaudited.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Includes accumulated net investment income of $1,219,544 and $2,166,229, respectively.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Semiannu</FONT></B><B><FONT face=sans-serif size=1>al report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT></P>
<P align=left><FONT face=Arial size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_10"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=sans-serif size=4>Financial highlights</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>The Financial Highlights show how the Fund&#146;s net asset value for a share has changed since the end of the previous period.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD align=left width="39%"></TD>
     <TD align=right width="9%"></TD>
     <TD align=right width="11%"></TD>
     <TD align=right width="10%"></TD>
     <TD align=right width="11%"></TD>
     <TD align=right width="10%"></TD>
     <TD align=right width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>COMMON SHARES</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD align=left colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Period ended</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-03</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-04</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-05</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-07</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4-30-08</FONT></B><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD align=left colSpan=7></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Per share operating performance</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, beginning of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$9.54</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.94</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$11.17</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.52</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10.57</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$8.77</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income</FONT><SUP><FONT face=sans-serif size=1>3</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.12</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.13</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.14</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.16</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.16</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.09</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized and unrealized gain</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>(loss) on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.14</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.55</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.34</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.96</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.88)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.43)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total from investment operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2.26</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1.68</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>0.48</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1.12</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(0.72)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.34)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Less distributions</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.12)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.12)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.24)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.17)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.15)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.07)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net realized gain</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.74)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.33)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.89)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.90)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.93)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.07)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(0.86)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.45)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.13)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.07)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.08)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.14)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, end of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.94</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$11.17</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.52</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.57</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$8.77</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$6.29</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Per share market value, end of period </FONT></B></TD>
     <TD noWrap align=right>&nbsp;&nbsp;<STRONG><FONT face=Arial size=1>$9.65</FONT></STRONG>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10.14</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$9.39</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$9.80</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$7.74</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$5.91</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at NAV (%)</FONT></B><SUP><FONT face=sans-serif size=1>4,5,6</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>27.57</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>17.93</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5.44</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>12.07</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(6.93)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(14.70)</FONT></B><SUP><FONT face=sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at market value (%)</FONT></B><SUP><FONT face=sans-serif size=1>4,6</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>35.54</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>21.37</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>3.68</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>16.41</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(11.41)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(9.18)</FONT></B><SUP><FONT face=sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD align=left colSpan=7>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Ratios and supplemental data</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net assets, end of period</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>(in millions)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$923</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$943</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$888</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$892</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$740</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$531</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratios (as a percentage of</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>average net assets):</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Expenses before reductions</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.48</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.47</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.47</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.46</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.44</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.51</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Expenses net of fee waivers, if any</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.39</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.32</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.29</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.29</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.36</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Expenses net of all fee waivers</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; &nbsp; <FONT face=sans-serif size=1>and credits</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.39</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.32</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.29</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.29</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.36</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.28</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.17</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.34</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.49</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.61</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.47</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Portfolio turnover (%)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>21</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Audited by previous Independent Registered Public Accounting Firm. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Semiannual period from 11-1-07 to 4-30-08. Unaudited.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><FONT face=sans-serif size=1>Based on the average of the shares outstanding. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>Assumes dividend reinvestment.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>5 </FONT></SUP><FONT face=sans-serif size=1>Total returns would have been lower had certain expenses not been reduced during the periods shown.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>6 </FONT></SUP><FONT face=sans-serif size=1>Total return based on net asset value reflects changes in the Fund&#146;s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund&#146;s shares traded during the period.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>7 </FONT></SUP><FONT face=sans-serif size=1>Not annualized. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>8 </FONT></SUP><FONT face=sans-serif size=1>Annualized.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Bank and Thrif</FONT><FONT face=sans-serif size=1>t Opportunity Fund </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>14</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Notes to financial statements </FONT><FONT face=sans-serif size=2>(unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 1 Organization</FONT></B></P>
<P align=left><FONT face=serif size=2>John Hancock Bank and Thrift Opportunity Fund (the Fund) is a diversified closed-end management investment company, shares of which were initially offered to the public on August 23, 1994, and are publicly traded on the New York Stock Exchange (NYSE).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 2</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Significant accounting policies</FONT></B></P>
<P align=left><FONT face=serif size=2>The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Security valuation</FONT></B></P>
<P align=left><FONT face=serif size=2>The net asset value of the common shares of the Fund is determined daily as of the close of the NYSE, normally at 4:00 </FONT><FONT face=serif size=1>P</FONT><FONT face=serif size=2>.</FONT><FONT face=serif size=1>M</FONT><FONT face=serif size=2>.</FONT><FONT face=serif size=2>, 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. Investments in John Hancock Cash Investment Trust (JHCIT), an affiliate of John Hancock Advisers, LLC (the Adviser), a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation (MFC), are valued at their net asset value each business day. 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 o
f 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 </FONT><FONT face=serif size=2>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.</FONT></P>
<P align=left><FONT face=serif size=2>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&#146;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.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Joint repurchase agreement</FONT></B></P>
<P align=left><FONT face=serif size=2>Pursuant to an exemptive order issued by the Securities and Exchange Commission (SEC), the Fund, along with other registered investment companies having a management contract with the Adviser, may participate in a joint repurchase agreement transaction. Aggregate cash balances are invested in one or more large repurchase agreements, whose underlying securities are obligations of the U.S. government and/or its agencies. The Fund&#146;s custodian bank receives</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Semiannu</FONT></B><B><FONT face=sans-serif size=1>al report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT></P>
<P align=left><FONT face=sans-serif size=2>15</FONT></P>
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<P align=left><FONT face=serif size=2>delivery of the underlying securities for the joint account on the Fund&#146;s behalf.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Foreign currency translation</FONT></B></P>
<P align=left><FONT face=serif size=2>The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.</FONT></P>
<P align=left><FONT face=serif size=2>Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the disposition of forward foreign currency exchange contracts and foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Investment transactions</FONT></B></P>
<P align=left><FONT face=serif size=2>Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment security transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Guarantees and indemnifications</FONT></B></P>
<P align=left><FONT face=serif size=2>Under the Fund&#146;s organizational documents, its Officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund&#146;s maximum exposure under these arrangements is unknown, as this would </FONT><FONT face=serif size=2>involve future claims that may be made against the Fund that have not yet occurred.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Expenses</FONT></B></P>
<P align=left><FONT face=serif size=2>The majority of expenses are directly identifiable to an individual fund. Fund expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative size of the funds.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Securities lending</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may lend portfolio securities from time to time in order to earn additional income. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their value. On the settlement date of the loan, the Fund receives cash collateral against the loaned securities and maintains the cash collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required cash collateral is delivered to the Fund on the next business day. Cash collateral received is invested in the JHCIT. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining acce
ss to the collateral. The Fund may receive compensation for lending their securities either in the form of fees, guarantees, and/or by retaining a portion of interest on the investment of any cash received as collateral.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund has entered into an agreement with Morgan Stanley &amp; Co., Inc. and MS Securities Services, Inc. (collectively, Morgan Stanley) which permits the Fund to lend securities to Morgan Stanley on a principal basis. Morgan Stanley is the primary borrower of securities of the Fund. The risk of having one primary borrower of Fund securities (as opposed to several borrowers) is that should Morgan Stanley fail financially, all securities lent will be affected by the failure and by any delays in recovery of the securities (or in the rare event, loss of rights in the collateral).</FONT></P>
<P align=left><FONT face=sans-serif size=1>Bank and Thrif</FONT><FONT face=sans-serif size=1>t Opportunity Fund </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>16</FONT></P>
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<P align=left><B><FONT face=sans-serif size=1>Options</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may purchase and sell put and call options on securities (whether or not it holds the securities in its portfolio).</FONT></P>
<P align=left><FONT face=serif size=2>When the Fund writes a put or call option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently &#147;marked-to-market&#148; to reflect the current market value of the option written. If an option expires or if the Fund enters into an offsetting purchase option, the Fund realizes a gain (or loss if the cost of an offsetting purchase option exceeds the premium received when the option was written). If a written call option is exercised, the Fund realizes a gain or loss from the sale of the underlying security with the proceeds of the sale increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security that the Fund purchases upon exercise of the option.</FONT></P>
<P align=left><FONT face=serif size=2>When the Fund purchases a put or call option, the premium paid by the Fund is included in the Portfolio of Investments and subsequently </FONT><FONT face=serif size=2>&#147;marked-to-market&#148; to reflect the current market value of the option. If the purchased option expires, the Fund realizes a loss for the cost of the option. If the Fund enters into a closing sale transaction, the Fund realizes a gain or loss, depending on whether proceeds from the closing sale transaction are greater or less than the original cost of the option. If the Fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium originally paid.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund may use options to manage exposure to fluctuations in currency values. Writing puts and buying calls may increase the Fund&#146;s exposure to the underlying instrument. Buying puts and writing calls may decrease the Fund&#146;s exposure to the underlying instrument. Losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts or if the counterparties do not perform under the terms of the contract.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD align=right width="15%"></TD>
     <TD align=right width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>Written options for the period ended April 30, 2008 were as follows:</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>NUMBER OF CONTRACTS</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>PREMIUMS RECEIVED</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Outstanding, beginning of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 19pt; TEXT-ALIGN: right" face=sans-serif size=1>3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 34pt; TEXT-ALIGN: right" face=sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Options written</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 19pt; TEXT-ALIGN: right" face=sans-serif size=1>450</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 34pt; TEXT-ALIGN: right" face=sans-serif size=1>$105,798</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Options closed</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 19pt; TEXT-ALIGN: right" face=sans-serif size=1>(200)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 34pt; TEXT-ALIGN: right" face=sans-serif size=1>(39,799)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Options exercised</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 19pt; TEXT-ALIGN: right" face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 34pt; TEXT-ALIGN: right" face=sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; <FONT face=sans-serif size=1>Options expired</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 19pt; TEXT-ALIGN: right" face=sans-serif size=1>(253)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 34pt; TEXT-ALIGN: right" face=sans-serif size=1>(66,491)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Outstanding, end of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT style="WIDTH: 19pt; TEXT-ALIGN: right" face=sans-serif size=1>0</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT style="WIDTH: 34pt; TEXT-ALIGN: right" face=sans-serif size=1>($492)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=serif size=2>The Fund had no outstanding written options on April 30, 2008.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>Federal income taxes</FONT></B></P>
<P align=left><FONT face=serif size=2>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.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund has adopted the provisions of Financial Accounting Standards Board (FASB) Interpretation No. 48, </FONT><I><FONT face=serif size=2>Accounting for Uncertainty in Income Taxes</FONT></I><FONT face=serif size=2>, an interpretation of </FONT><FONT face=serif size=2>FASB Statement 109 (FIN 48), at the beginning of the Fund&#146;s fiscal year. FIN 48 prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not have a material impact on the Fund&#146;s financial statements. Each of the Fund&#146;s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Semiannu</FONT></B><B><FONT face=sans-serif size=1>al report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT></P>
<P align=left><FONT face=sans-serif size=2>17</FONT></P>
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<P align=left><B><FONT face=sans-serif size=1>New accounting pronouncements</FONT></B></P>
<P align=left><FONT face=serif size=2>In September 2006, FASB Standard No. 157, </FONT><I><FONT face=serif size=2>Fair Value Measurements </FONT></I><FONT face=serif size=2>(FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements. As of April 30, 2008, management does not believe the adoption of FAS 157 will have a material impact on the amounts reported in the financial statements.</FONT></P>
<P align=left><FONT face=serif size=2>In March 2008, FASB No. 161 (FAS 161), </FONT><I><FONT face=serif size=2>Disclosures about Derivative Instruments and Hedging Activities</FONT></I><FONT face=serif size=2>, an amendment of FASB Statement No. 133 (FAS 133), was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 amends and expands the disclosure requirements of FAS 133 in order to provide financial statement users an understanding of a company&#146;s use of derivative instruments, how derivative instruments are accounted for under FAS 133 and related interpretations and how these instruments affect a company&#146;s financial position, performance, and cash flows. FAS 161 requires companies to disclose information detailing the objectives and strategies for using derivative instruments, the level of derivative activity entered into by the company, and any credit risk-related contingent features of the agreements. Management is currently evaluating the adoption of FAS 161 on 
the Fund&#146;s financial statement disclosures.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Distribution of income and gains</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. During the year ended October 31, 2007, the tax character of distributions paid was as follows: ordinary income $15,531,287 and long-term capital gain $76,127,112.</FONT></P>
<P align=left><FONT face=serif size=2>Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund&#146;s financial statements as a return of capital.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 3</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Management fee and transactions with affiliates and others</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund has an investment management contract with the Adviser. Under the investment management contract, the Fund pays a monthly management fee to the Adviser at an annual rate of 1.15% of the Fund&#146;s average weekly net asset value. The Fund has a subadvisory agreement with MFC Global Investment Management (U.S.), LLC, a subsidiary of John Hancock Financial Services, Inc. The Fund is not responsible for payment of subadvisory fees.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund has an agreement with the Adviser and affiliates to perform necessary tax, accounting, compliance, legal and other administrative services for the Fund. The compensation for the period amounted to $727,533 with an effective rate of 0.25% of the Fund&#146;s average daily net asset value. The Adviser agreed to limit the administration fee to 0.10% of the Fund&#146;s average weekly net asset value. Accordingly, the expense reductions related to the administration fee amounted to $436,520 for the period ended April 30, 2008. The Adviser reserves the right to terminate this limitation in the future with Trustees&#146; approval.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. James R. Boyle is Chairman of the Adviser, as well as affiliated Trustee of the Fund, and is compensated by the Adviser and/or its affiliates. The compensation of unaffiliated Trustees is borne by the Fund. The unaf-filiated 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&#146;s deferred compensation liability are recorded on the Fund&#146;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.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Bank and Thrif</FONT><FONT face=sans-serif size=1>t Opportunity Fund </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>18</FONT></P>
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<P align=left><FONT face=sans-serif size=1></FONT>&nbsp;</P>
<P align=left><B><FONT face=sans-serif size=2>Note 4</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Fund share transactions </FONT></B><B><FONT face=sans-serif size=1>Common shares</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund had no common share transactions during the year ended October 31, 2007, and the period ended April 30, 2008.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 5</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Purchase and sale of securities</FONT></B></P>
<P align=left><FONT face=serif size=2>Purchases and proceeds from sales or maturities of securities, other than short-term securities and obligations of the U.S. government, during the period ended April 30, 2008, aggregated $64,182,421 and $157,854,681, respectively.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT size=1><STRONG>Semiannu<FONT face=sans-serif>al report </FONT></STRONG><FONT face=sans-serif>| Bank and Thrift Opportunity Fund</FONT></FONT></FONT></P>
<P align=left><FONT face=sans-serif size=2>19</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Investment objective and policy</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund is a closed-end diversified management investment company, shares of which were initially offered to the public on August 23, 1994, and are publicly traded on the New York Stock Exchange. Its investment objective is long-term capital appreciation.</FONT></P>
<P align=left><FONT face=serif size=2>On November 20, 2001, the Fund&#146;s Trustees approved the following investment policy changes effective December 15, 2001: Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities of U.S. regional banks and thrifts and holding companies that primarily own or receive a substantial portion of their income from regional banks or thrifts. &#147;Net assets&#148; is defined as net assets plus borrowings for investment purposes. &#147;Primarily owned&#148; means that the bank or financial holding company derives a substantial portion of its business from U.S. regional banks or thrifts as determined by the Adviser, based upon generally accepted measures such as revenues, asset size and number of employees. U.S. regional banks or thrifts are ones that provide full-service banking (i.e., savings accounts, checking accounts, commercial lending and real estate lending) and whose assets are primarily of domestic origin. The Fund will noti
fy shareholders at least 60 days prior to any change in this 80% investment policy.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund may invest in investment-grade debt securities as well as debt securities rated BB or below by Standard &amp; Poor&#146;s Ratings group (Standard &amp; Poor&#146;s) or Ba or below by Moody&#146;s Investors Service, Inc. (Moody&#146;s) or, if unrated by such rating organizations, determined by the Adviser to be of comparable quality.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Bylaws</FONT></B></P>
<P align=left><FONT face=serif size=2>On November 19, 2002, the Board of Trustees adopted several amendments to the Fund&#146;s bylaws, including provisions relating to the calling of a special meeting and requiring advance notice of shareholder proposals or nominees for Trustee. The advance notice provisions in the bylaws require shareholders to notify the Fund in writing of any proposal that they intend to present at an annual meeting of shareholders, including any nominations for Trustee, between 90 and 120 days prior to </FONT><FONT face=serif size=2>the first anniversary of the mailing date of the notice from the prior year&#146;s annual meeting of shareholders. The notification must be in the form prescribed by the bylaws. The advance notice provisions provide the Fund and its Trustees with the opportunity to thoughtfully consider and address the matters proposed before the Fund prepares and mails its proxy statement to shareholders. Other amendments set forth the procedures that must be followed in or
der 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 bylaws.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Dividends and distributions</FONT></B></P>
<P align=left><FONT face=serif size=2>During the period ended April 30, 2008, dividends from net investment income totaling $0.0738 per share and capital gain distributions totaling $1.0679 per share were paid to shareholders. The dates of payments and the amounts per share are as follows:</FONT></P>
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     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INCOME</FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PAYMENT DATE</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>DIVIDEND</FONT></TD>
     <TD noWrap align=center></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>December 28, 2007</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.0477</FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>March 31, 2008</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.0261</FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD></TR>
<TR>
     <TD align=left colSpan=2>&nbsp; </TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>CAPITAL</FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>GAIN</FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PAYMENT DATE</FONT></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>DISTRIBUTION</FONT></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD></TR>
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     <TD align=center colSpan=2>
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     <TD></TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>December 28, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.9210</FONT>&nbsp; </TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>March 31, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.1469</FONT>&nbsp; </TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Dividend reinvestment plan</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund offers its shareholders a Dividend Reinvestment Plan (the Plan), which offers the opportunity to earn compounded yields. Each holder of common shares will automatically have all distributions of dividends and capital gains reinvested by Mellon Investor Services as Plan agent for the shareholders (the Plan Agent), unless an election is made to receive cash. Each registered shareholder will receive from the Plan Agent an authorization card to be signed and returned if the shareholder elects to receive distributions from net investment income in cash or elects not to receive capital gains distributions in the form of a shares dividend. Shareholders may also make their election by notifying the Plan Agent by</FONT></P>
<P align=left><FONT face=sans-serif size=1>Bank and Thrif</FONT><FONT face=sans-serif size=1>t Opportunity Fund </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>20</FONT></P>
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<P align=left><FONT face=serif size=2>telephone or by visiting the Plan Agent&#146;s Web site at www.melloninvestor.com. Holders of common shares who elect not to participate in the Plan will receive all distributions in cash paid by check mailed directly to the shareholder of record (or if the common shares are held in street or other nominee name, then to the nominee) by the Plan Agent, as dividend disbursing agent. Shareholders whose shares are held in the name of a broker or nominee or shareholders transferring such an account to a new broker or nominee should contact the broker or nominee, to determine whether and how they may participate in the Plan.</FONT></P>
<P align=left><FONT face=serif size=2>The Plan Agent serves as agent for the holders of common shares in administering the Plan. After the Fund declares a dividend or makes a capital gains distribution, the Plan Agent will, as agent for the participants, receive the cash payment and use it to buy common shares in the open market, on the New York Stock Exchange or elsewhere, for the participants&#146; accounts. The Fund will not issue any new shares in connection with the Plan. The Plan Agent&#146;s fees for the handling of reinvestment of dividends and other distributions will be paid by the Fund. Each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent&#146;s open market purchases in connection with the reinvestment of distributions. There are no other charges to participants for reinvesting dividends or capital gain distributions.</FONT></P>
<P align=left><FONT face=serif size=2>Participants in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#146;s Web site at www.melloninvestor.com. Such withdrawal will be effective immediately if received prior to a dividend record date; otherwise, it will be effective for all subsequent dividend record dates. When a participant withdraws from the Plan or upon termination of the Plan, as provided below, either a cash payment will be made to the participant for the full value of the common shares credited to the account upon instruction by the participant, or 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 common share credited to such account. The </FONT><FONT face=serif size=2>Plan Agent maintains each shareholder&#146;s account in the Plan and furnishes monthly written confirmations of all transactions in the accounts, incl
uding 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 non-certificated form in the name of the participant. Proxy material relating to shareholders&#146; meetings of the Fund will include those shares purchased as well as shares held pursuant to the Plan. In the case of shareholders such as banks, brokers or nominees, which hold common shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of common shares certified from time to time by the record shareholders as representing the total amount registered in the record shareholder&#146;s name and held for the account of beneficial owners who are participants in the Plan. Shares may be purchased through broker-dealers.</FONT></P>
<P align=left><FONT face=serif size=2>Dividends and capital gains distributions are taxable whether received in cash or reinvested in additional common shares, and the automatic reinvestment of dividends and capital gain distributions will not relieve participants of any U.S. federal income tax that may be payable or required to be withheld on such dividends or distributions. The amount of dividends to be reported on 1099-DIV should be 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 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 by at least 90 days&#146; wri
tten 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, .O. Box 3338, South Hackensack, NJ 07606-1938 (Telephone: 1-800-852-0218).</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Semiannu</FONT></B><B><FONT face=sans-serif size=1>al report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT></P>
<P align=left><FONT face=sans-serif size=2>21</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Shareholder communication and assistance</FONT></B></P>
<P align=left><FONT face=serif size=2>If you have any questions concerning the Fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the Fund to the transfer agent at:</FONT></P>
<P align=left><FONT face=sans-serif size=1><B>Mellon Investor Services</B></FONT><BR>
<FONT face=sans-serif size=1><B>Newport Office Center VII</B></FONT><BR>
<FONT face=sans-serif size=1><B>480 Washington Boulevard</B></FONT><BR>
<FONT face=sans-serif size=1><B>Jersey City, NJ 07310</B></FONT><BR>
<FONT face=sans-serif size=1><B>Telephone: 1-800-852-0218</B></FONT></P>
<P align=left><FONT face=serif size=2>If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Shareholder meeting</FONT></B></P>
<P align=left><FONT face=serif size=2>On March 31, 2008, the Annual Meeting of the Fund was held to elect two Trustees.</FONT></P>
<P align=left><FONT face=serif size=2>Proxies covering 80,144,916 shares were voted at the meeting. The shareholders elected the following Trustees to serve until successors are duly elected and qualified. The votes were tabulated as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="32%"></TD>
     <TD width="26%"></TD>
     <TD width="40%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>WITHHELD</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif size=1>FOR</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AUTHORITY</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>James F. Carlin</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT style="WIDTH: 51pt; TEXT-ALIGN: right" face=serif size=2>73,640,980</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>6,503,935 (common shares)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>William H. Cunningham</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT style="WIDTH: 51pt; TEXT-ALIGN: right" face=serif size=2>73,494,272</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>6,650,643 (common shares)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Bank and Thrif</FONT><FONT face=sans-serif size=1>t Opportunity Fund </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>22</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement: John Hancock Bank and Thrift Opportunity Fund</FONT></B></P>
<P align=left><FONT face=serif size=2>The Investment Company Act of 1940 (the 1940 Act) requires the Board of Trustees (the Board) of John Hancock Bank and Thrift Opportunity Fund (the Fund), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and are not &#147;interested persons&#148; of the Fund, as defined in the 1940 Act (the Independent Trustees), annually to meet in person to review and consider the continuation of: (i) the investment advisory agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Adviser) and (ii) the investment subadvisory agreement (the Subadvisory Agreement) with MFC Global Investment Management (U.S.), LLC (the Subadviser). The Advisory Agreement and the Subadvisory Agreement are collectively referred to as the Advisory Agreements.</FONT></P>
<P align=left><FONT face=serif size=2>At meetings held on May 7 and June 4&#150;5, 2007, the Board considered the factors and reached the conclusions described below relating to the selection of the Adviser and Subadviser and the continuation of the Advisory Agreements. During such meetings, the Board&#146;s Contracts/ Operations Committee and the Independent Trustees also met in executive sessions with their independent legal counsel.</FONT></P>
<P align=left><FONT face=serif size=2>In evaluating the Advisory Agreements, the Board, including the Contracts/Operations Committee and the Independent Trustees, reviewed a broad range of information requested for this purpose by the Independent Trustees, including: (i) the investment performance of the Fund relative to a category of relevant funds (the Category) and a peer group of comparable funds (the Peer Group) each selected by Morningstar, Inc. (Morningstar), an independent provider of investment company data, for a range of periods ended December 31, 2006; (ii) advisory and other fees incurred by, and the expense ratios of, the Fund relative to a Category and a Peer Group; (iii) the Adviser&#146;s financial results and condition, including its and certain of its affiliates&#146; profitability from </FONT><FONT face=serif size=2>services performed for the Fund; (iv) breakpoints in the Fund&#146;s and the Peer Group&#146;s fees, and information about economies of scale; (v) the Adviser&#146;s and Subad
viser&#146;s record of compliance with applicable laws and regulations, with the Fund&#146;s investment policies and restrictions, and with the applicable Code of Ethics, and the structure and responsibilities of the Adviser&#146;s and Subadviser&#146;s compliance department; (vi) the background and experience of senior management and investment professionals; and (vii) the nature, cost and character of advisory and non-investment management services provided by the Adviser and its affiliates and by the Subadviser.</FONT></P>
<P align=left><FONT face=serif size=2>The Independent Trustees considered the legal advice of independent legal counsel and relied on their own business judgment in determining the factors to be considered in evaluating the materials that were presented to them and the weight to be given to each such factor. The Board&#146;s review and conclusions were based on a comprehensive consideration of all information presented to the Board and not the result of any single controlling factor. They principally considered performance and other information from Morningstar as of December 31, 2006. The Board also considered updated performance information provided to it by the Adviser or Subadviser at the May and June 2007 meetings. Performance and other information may be quite different as of the date of this shareholders report. The key factors considered by the Board and the conclusions reached are described below.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Nature, extent and quality of services</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board considered the investment philosophy, research and investment decision-making processes of the Adviser and Subadviser. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs and compliance records of the Adviser and Subadviser. In addition, the Board took into account the administrative and other non-advisory services</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Semiannu</FONT></B><B><FONT face=sans-serif size=1>al report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund </FONT></P>
<P align=left><FONT face=sans-serif size=2>23</FONT></P>
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<P align=left><FONT face=serif size=2>provided to the Fund by the Adviser and its affiliates.</FONT></P>
<P align=left><FONT face=serif size=2>Based on the above factors, together with those referenced below, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser and Subadviser supported renewal of the Advisory Agreements.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Fund performance</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board considered the performance results for the Fund over various time periods ended December 31, 2006. The Board also considered these results in comparison to the performance of the Category, as well as the Fund&#146;s Peer Group and benchmark index. Morningstar determined the Category and Peer Group for the Fund. The Board reviewed with a representative of Morningstar the methodology used by Morningstar to select the funds in the Category and the Peer Group. The Board noted the imperfect comparability of the Peer Group.</FONT></P>
<P align=left><FONT face=serif size=2>The Board noted the Fund&#146;s performance during the 5- and 10-year periods under review was higher than the performance of the Category and Peer Group medians and its benchmark index, the Standard &amp; Poor&#146;s 500 Financials Index. The Board also noted that during the 3-year period, the Fund&#146;s performance was lower than the Peer Group and Category medians, and its benchmark index. The Board noted that the Fund&#146;s performance for the more recent 1-year period was lower than the median performance of its Category and its benchmark index, but higher than the performance of the Peer Group median. The Adviser discussed planned changes designed to improve the Fund&#146;s performance. The Board indicated its intent to continue to monitor the Fund&#146;s performance trends to assess whether other remedial changes are warranted.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Investment advisory fee and subadvisory fee rates and expenses</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board reviewed and considered the contractual investment advisory fee rate payable by the Fund to the Adviser for investment advisory services (the Advisory Agreement Rate). The Board received and considered information comparing the Advisory Agreement Rate with </FONT><FONT face=serif size=2>the advisory fees for the Category and Peer Group. The Board noted that the Advisory Agreement Rate was appreciably higher than the median rate of the Peer Group and Category. The Adviser discussed with the Board factors contributing to the higher Advisory Agreement Rate.</FONT></P>
<P align=left><FONT face=serif size=2>The Board received and considered expense information regarding the Fund&#146;s various components, including advisory fees and other non-advisory fees, including administrative fees, transfer agent fees, custodian fees and other miscellaneous fees </FONT><I><FONT face=serif size=2>(</FONT></I><I><FONT face=serif size=2>e.g.</FONT></I><FONT face=serif size=2>, fees for accounting and legal services). The Board considered comparisons of these expenses to the Peer Group median. The Board also received and considered expense information regarding the Fund&#146;s total operating expense ratio (Gross Expense Ratio) and total operating expense ratio after taking the fee waiver arrangement applicable to the Advisory Agreement Rate into account (Net Expense Ratio). The Board received and considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Peer Group and Category medians. The Board noted that the Fund&#146;s Gross Expense Rati
o was higher than the Peer Group and Category medians. The Board also noted that the Fund&#146;s Net Expense Ratio was equal to the Category median and not appreciably higher than the Peer Group median. The Board noted differences in the Fund&#146;s Peer Group, including that most of the funds in the Peer Group were open-end funds, where as the Fund is organized as a closed-end fund.</FONT></P>
<P align=left><FONT face=serif size=2>The Adviser also discussed the Morningstar data and rankings, and other relevant information, for the Fund. Based on the above-referenced considerations and other factors, the Board concluded that the Fund&#146;s plans for lowering the Advisory Agreement Rate and improving performance supported the re-approval of the Advisory Agreements.</FONT></P>
<P align=left><FONT face=serif size=2>The Board also received information about the investment subadvisory fee rate (the Subadvisory Agreement Rate) payable by the Adviser to the Subadviser for investment sub-advisory services. The Board concluded that the Subadvisory Agreement Rate was fair and</FONT></P>
<P align=left><FONT face=sans-serif size=2>&nbsp;</FONT><FONT face=sans-serif size=1>Bank and Thrif</FONT><FONT face=sans-serif size=1>t Opportunity Fund </FONT><B><FONT face=sans-serif size=1>| Semiannual report</FONT></B></P>
<FONT face=Arial size=2>24</FONT>
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<P align=left><FONT face=serif size=2>equitable, based on its consideration of the factors described here.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Profitability</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received and considered a detailed profitability analysis of the Adviser based on the Advisory Agreements, as well as on other relationships between the Fund and the Adviser and its affiliates, including the Subadviser. The Board also considered a comparison of the Adviser&#146;s profitability to that of other similar investment advisers whose profitability information is publicly available. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, the profits and other ancillary benefits reported by the Adviser were not unreasonable.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Economies of scale</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received and considered general information regarding economies of scale with respect to the management of the Fund, including the Fund&#146;s ability to appropriately benefit from economies of scale under the Fund&#146;s fee structure. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board&#146;s understanding that most of the Adviser&#146;s and Subadviser&#146;s costs are not specific to individual Funds, but rather are incurred across a variety of products and services.</FONT></P>
<P align=left><FONT face=serif size=2>The Board observed that the Advisory Agreements did not offer breakpoints. However, the Board considered the limited relevance of economies of scale in the context of a closed-end fund that, unlike an open-end fund, does not continuously offer its shares. The Board noted that the Fund, as a closed-end investment company, was not expected to increase materially in size and that its assets would grow (if at all) through the investment performance of the Fund. Therefore, the Board did not consider potential economies of scale as a principal factor in assessing the fees payable under the Advisory Agreements, but concluded that the fees were fair and equitable based on relevant factors.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other benefits to the Adviser</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received information regarding potential &#147;fall-out&#148; or ancillary benefits received </FONT><FONT face=serif size=2>by the Adviser and its affiliates as a result of the Adviser&#146;s relationship with the Fund. Such benefits could include, among others, benefits directly attributable to the relationship of the Adviser with the Fund and benefits potentially derived from an increase in the business of the Adviser as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by the Adviser and its affiliates).</FONT></P>
<P align=left><FONT face=serif size=2>The Board also considered the effectiveness of the Adviser&#146;s, Subadviser&#146;s and Fund&#146;s policies and procedures for complying with the requirements of the federal securities laws, including those relating to best execution of portfolio transactions and brokerage allocation.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other factors and broader review</FONT></B></P>
<P align=left><FONT face=serif size=2>As discussed above, the Board reviewed detailed materials received from the Adviser and Subadviser as part of the annual re-approval process. The Board also regularly reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of the Adviser and Subadviser at least quarterly, which include, among other things, fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year.</FONT></P>
<P align=left><FONT face=serif size=2>After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Fund was in the best interest of the Fund and its shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Semiannu</FONT></B><B><FONT face=sans-serif size=1>al report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT></P>
<P align=left><FONT face=sans-serif size=2>25</FONT></P>
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<P align=left><FONT face=serif size=7>For more information</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>The Fund&#146;s proxy voting policies, procedures and records are available without charge, upon request:</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="33%"></TD>
     <TD width="34%"></TD>
     <TD width="32%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>By phone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>On the Fund&#146;s Web site</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>On the SEC&#146;s Web site</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>1-800-225-5291</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>www.jhfunds.com/proxy</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>www.sec.gov</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Charles A. Rizzo</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Transfer agent and dividend</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>James F. Carlin, </FONT><I><FONT face=serif size=2>Chairman</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=serif size=2>Chief Financial Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>disburser</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>James R. Boyle&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Mellon Investor Services</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>William H. Cunningham</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT size=2>Gordon M. Shone</FONT></TD>
     <TD noWrap align=left><FONT face=serif size=2>Newport Office Center VII</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Charles L. Ladner*</FONT>&nbsp; </TD>
     <TD noWrap align=left><EM><FONT size=2>Treasurer</FONT></EM>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>480 Washington Boulevard</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2>Dr. John A. Moore*</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2>Jersey City, NJ 07310</FONT>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2>Patti McGill Peterson*</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT size=2>John G. Vrysen</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2>Steven R. Pruchansky</FONT></TD>
     <TD noWrap align=left><EM><FONT size=2>Chief Operating Officer</FONT></EM>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=Arial size=1>Legal counsel</FONT></STRONG>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Arial size=1>*Members of the Audit Committee</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=left><FONT size=2>Kirkpatrick &amp; Lockhart</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Arial size=1>&#134;Non-Independent Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Investment adviser</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; <FONT size=2>Preston Gates Ellis LLP</FONT>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>John Hancock Advisers, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT size=2>One Lincoln Street</FONT>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><STRONG><FONT face=Arial size=1>Officers</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>601 Congress Street</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT size=2>Boston, MA 02111-2950</FONT>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2>Keith F. Hartstein</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Boston, MA 02210-2805</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><EM><FONT size=2>President and</FONT></EM>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=Arial size=1>Stock symbol</FONT></STRONG>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><EM><FONT size=2>Chief Executive Officer</FONT></EM>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Custodian</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT size=2>Listed New York Stock</FONT>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif size=2>Bank of New York Mellon</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; <FONT size=2>Exchange: BTO</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2>Thomas M. Kinzler</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>One Wall Street</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left><EM><FONT size=2>Secretary and Chief Legal Officer</FONT></EM>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><FONT size=2>New York, NY 10286</FONT>&nbsp; </TD>
     <TD vAlign=bottom noWrap align=left><STRONG><FONT face=Arial size=1>For shareholder assistance</FONT></STRONG></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><STRONG><FONT face=Arial size=1>refer to page 22</FONT></STRONG></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2>Francis V. Knox, Jr.</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left><EM><FONT size=2>Chief Compliance Officer</FONT></EM>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="15%"></TD>
     <TD width="54%"></TD>
     <TD width="29%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>How to contact us</FONT></B>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Internet</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>www.jhfunds.com</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Mail</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regular mail:</FONT></B>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mellon Investor Services</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Newport Office Center VII</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>480 Washington Boulevard</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jersey City, NJ 07310</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD align=left colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Phone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Customer service representatives</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-852-0218</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Portfolio commentary</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-344-7054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>24-hour automated information</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-843-0090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>TDD line</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-231-5469</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>A listing of month-end portfolio holdings is available on our Web site, www.jhfunds.com. A more detailed portfolio holdings summary is available on a quarterly basis 60 days after the fiscal quarter on our Web site or upon request by calling 1-800-225-5291, or on the SEC&#146;s Web site, www.sec.gov.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Semiannual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>26</FONT></P>
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<BR>
<P align=left><FONT face=sans-serif size=1>1-800-225-0218</FONT><BR>
<FONT face=sans-serif size=1>1-800-231-5469 TDD</FONT><BR>
<FONT face=sans-serif size=1>1-800-843-0090 EASI-Line</FONT><BR>
<FONT face=sans-serif size=1>www.</FONT><FONT face=sans-serif size=1>jhfunds.</FONT><FONT face=sans-serif size=1>com</FONT><FONT face=sans-serif size=1></FONT></P>
<P align=left><FONT face=sans-serif size=2>PRESORTED</FONT><BR>
<FONT face=sans-serif size=2>STANDARD</FONT><BR>
<FONT face=sans-serif size=2>U.S. </FONT><FONT face=sans-serif size=2>POSTAGE</FONT><BR>
<FONT face=sans-serif size=2>PAID</FONT><BR>
<FONT face=sans-serif size=2>MIS</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="42%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=Arial size=1>P90SA</FONT><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=sans-serif size=1>4/08</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT style="WIDTH: 16pt; TEXT-ALIGN: right" face=sans-serif size=1>6/08</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=2>ITEM 2. CODE OF ETHICS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>As of the end of the period, April 30, 2008, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the &#147;Senior Financial Officers&#148;). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable at this time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable at this time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable at this time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; (a) Not applicable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&nbsp;&nbsp;&nbsp;&nbsp; (b) Not applicable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>There were no material changes to previously disclosed John Hancock Funds &#150; Governance Committee Charter.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 11. CONTROLS AND PROCEDURES.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.</FONT></P>
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<P align="left">
<FONT size=2 face="sans-serif">(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an
annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 12. EXHIBITS.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a)(1) Code of Ethics for Senior Financial Officers is attached.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment
Company Act of 1940, are attached.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to
the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically
incorporates them by reference.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached &#147;John Hancock Funds &#150; Governance Committee Charter&#148;.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c)(2) Contact person at the registrant.</FONT></P>

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<P align=center><FONT face=sans-serif size=2>SIGNATURES</FONT></P>
<P align=left><FONT face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>
<P align=left><FONT face=sans-serif size=2>John Hancock Bank and Thrift Opportunity Fund</FONT><BR>
<BR>
<FONT face=sans-serif size=2>By: /s/ Keith F. Hartstein</FONT><BR>
<FONT face=sans-serif size=2>-------------------------------------</FONT><BR>
<FONT face=sans-serif size=2>Keith F. Hartstein</FONT><BR>
<FONT face=sans-serif size=2>President and Chief Executive Officer</FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: June 19, 2008</FONT></P>
<P align=left><FONT face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></P>
<P align=left><FONT face=sans-serif size=2>By: /s/ Keith F. Hartstein</FONT><BR>
<FONT face=sans-serif size=2>-------------------------------------</FONT><BR>
<FONT face=sans-serif size=2>Keith F. Hartstein</FONT><BR>
<FONT face=sans-serif size=2>President and Chief Executive Officer</FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: June 19, 2008</FONT><BR>
<BR>
<FONT face=sans-serif size=2>By: /s/ Charles A. Rizzo</FONT><BR>
<FONT face=sans-serif size=2>-------------------------------------</FONT><BR>
<FONT face=sans-serif size=2>Charles A. Rizzo</FONT><BR>
<FONT face=sans-serif size=2>Chief Financial Officer</FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: June 19, 2008</FONT></P>
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<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B><BR>
<BR>
<FONT size=2 face="sans-serif">I, Keith F. Hartstein, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed this report on Form N-CSR of the John Hancock Bank and Thrift Opportunity Fund (the &#147;registrant&#148;);</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of this report based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and</FONT></P>

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<FONT size=2 face="sans-serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">By: /s/ Keith F. Hartstein</FONT><BR>
<FONT size=2 face="sans-serif">-------------------------------------</FONT><BR>
<FONT size=2 face="sans-serif">Keith F. Hartstein</FONT><BR>
<FONT size=2 face="sans-serif">President and Chief Executive Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: June 19, 2008</FONT></P>

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<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B><BR>
<BR>
<FONT size=2 face="sans-serif">I, Charles A. Rizzo, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed this report on Form N-CSR of the John Hancock Bank and Thrift Opportunity Fund (the &#147;registrant&#148;);</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of this report based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and</FONT></P>

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<FONT size=2 face="sans-serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">By: /s/ Charles A. Rizzo</FONT><BR>
<FONT size=2 face="sans-serif">-------------------------------------</FONT><BR>
<FONT size=2 face="sans-serif">Charles A. Rizzo</FONT><BR>
<FONT size=2 face="sans-serif">Chief Financial Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: June 19, 2008</FONT></P>

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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_bankthriftoppsxnnos1.htm
<DESCRIPTION>CERTIFICATION 906
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<P align=center><B><FONT face=sans-serif size=2>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of</FONT></B><BR>
<B><FONT face=sans-serif size=2>the Sarbanes-Oxley Act of 2002</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>In connection with the attached Report of John Hancock Bank and Thrift Opportunity Fund (the &#147;registrant&#148;) on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P align=left><FONT face=sans-serif size=2>2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.</FONT></P>
<P align=left><FONT face=sans-serif size=2>/s/ Keith F. Hartstein <BR>
- -------------------------------------<BR>
Keith F. Hartstein President and Chief Executive Officer</FONT></P>
<P align=left><FONT face=sans-serif size=2>Dated: June 19, 2008</FONT></P>
<P align=left><FONT face=sans-serif size=2>/s/ Charles A. Rizzo <BR>
- -------------------------------------<BR>
Charles A. Rizzo Chief Financial Officer</FONT></P>
<P align=left><FONT face=sans-serif size=2>Dated: June 19, 2008</FONT></P>
<P align=left><FONT face=sans-serif size=2>A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.</FONT></P>
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<TYPE>EX-99.CODE ETH
<SEQUENCE>4
<FILENAME>d_bankthriftcodethics.htm
<DESCRIPTION>CODE OF ETHICS
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<P align=center><B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>T</FONT></B><B><FONT face=serif size=2>RUST</FONT></B><B><FONT face=serif></FONT></B> <BR>
<B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>F</FONT></B><B><FONT face=serif size=2>UNDS</FONT></B> <B><FONT face=serif></FONT></B><BR>
<B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>F</FONT></B><B><FONT face=serif size=2>UNDS</FONT></B> <B><FONT face=serif>II</FONT></B> <BR>
<B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>F</FONT></B><B><FONT face=serif size=2>UNDS</FONT></B> <B><FONT face=serif>III</FONT></B></P>
<P align=center><B><FONT face=serif><U>SARBANES-OXLEY CODE OF ETHICS</U></FONT></B><BR>
<B><FONT face=serif><U>FOR</U></FONT></B><BR>
<B><FONT face=serif><U>PRINCIPAL EXECUTIVE &amp; PRINCIPAL FINANCIAL OFFICERS</U></FONT></B></P>
<P align=left><B><FONT face=serif>I.</FONT></B><B><FONT face=sans-serif></FONT></B> <B><FONT face=serif>Covered Officers/Purpose of the Code</FONT></B></P>
<P align=left><FONT face=serif>This code of ethics (this &#147;Code&#148;) for John Hancock Trust, John Hancock Funds</FONT><SUP><FONT face=serif>1</FONT></SUP><FONT face=serif>, John Hancock Funds II and John Hancock Funds III, each a registered management investment company under the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;), which may issue shares in separate and distinct series (each investment company and series thereunder to be hereinafter referred to as a &#147;Fund&#148;), applies to each Fund&#146;s Principal Executive Officer (&#147;President&#148;) and Principal Financial Officer (&#147;Chief Financial Officer&#148;) (the &#147;Registrant&#146;s Executive Officers&#148; or &#147;Executive Officers&#148; as set forth in</FONT> <U><FONT face=serif>Exhibit A</FONT></U><FONT face=serif>) for the purpose of promoting:</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (&#147;SEC&#148;) and in other public communications made by the Fund;</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>compliance with applicable laws and governmental rules and regulations;</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>accountability for adherence to the Code.</FONT></P>
<P align=left><SUP><FONT face=serif size=2>___________________________________________<BR>
1</FONT></SUP> <FONT face=serif size=2>John Hancock Funds includes the following trusts: John Hancock Bank and Thrift Opportunity Fund; John Hancock Bond Trust; John Hancock California Tax-Free Income Fund; John Hancock Capital Series; John Hancock Current Interest; John Hancock Equity Trust; John Hancock Income Securities Trust; John Hancock Investment Trust; John Hancock Investment Trust II; John Hancock Investment Trust III; John Hancock Investors Trust; John Hancock Municipal Securities Trust; John Hancock Patriot Premium Dividend Fund II; Trust; John Hancock Preferred Income Fund; John Hancock Preferred Income Fund II; John Hancock Preferred Income Fund III; John Hancock Series Trust; John Hancock Sovereign Bond Fund; John Hancock Strategic Series; John Hancock Tax-Exempt Series Fund; John Hancock World Fund; John Hancock Tax-Advantaged Dividend Income Fund and John Hancock Tax-Advantaged Global Shareholder Yield Fund.</FONT></P>
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<P align=left><FONT face=serif>Each of the Registrant&#146;s Executive Officers should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. </FONT></P>
<P align=left><B><FONT face=serif>II.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest </FONT></B></P>
<P align=left><B><FONT face=serif>Overview </FONT></B></P>
<P align=left><FONT face=serif>A &#147;conflict of interest&#148; occurs when an Executive Officer&#146;s private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Registrant&#146;s Executive Officers, or a member of his family, receives improper personal benefits as a result of his position with the Fund. Certain conflicts of interest arise out of the relationships between the Executive Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;) and the Investment Advisers Act of 1940, as amended (the &#147;Investment Advisers Act&#148;). For example, Executive Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as &#147;affiliated persons&#148; of the Fund. Each of the Registrant&#146;s Executive Officers is an off
icer or employee of the investment adviser or a service provider (&#147;Service Provider&#148;) to the Fund. The Fund&#146;s, the investment adviser&#146;s and the Service Provider&#146;s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. </FONT></P>
<P align=left><FONT face=serif>Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser and the Service Provider of which the Executive Officers are also officers or employees. As a result, this Code recognizes that the Registrant&#146;s Executive Officers will, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the Service Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Fund. The participation of the Executive Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and the Service Provider and is consistent with the performance by the Executive Officers of their duties as officers of the Fund. Thus, if such participation is performed in conformity 
with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically. In addition, it is recognized by the Fund&#146;s Board of Trustees/Directors (the &#147;Board&#148;) that the Executive Officers may also be officers or employees of one or more other investment companies covered by other Codes. </FONT></P>
<P align=left><FONT face=serif>Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Registrant&#146;s Executive Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of an Executive Officer should not be placed improperly before the interest of the Fund.</FONT></P>
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<P align=center><FONT face=serif>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </FONT></P>
<P align=left><FONT face=serif>Each Covered Officer must: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Executive Officer would benefit personally to the detriment of the Fund; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Executive Officer rather than for the benefit of the Fund; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions. </FONT></P>
<P align=left><FONT face=serif>Additionally, conflicts of interest may arise in other situations, the propriety of which may be discussed, if material, with the Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;). Examples of these include: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>service as a director/trustee on the board of any public or private company; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the receipt of any non-nominal gifts; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety (or other formulation as the Fund already uses in another code of conduct); </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>any ownership interest in, or any consulting or employment relationship with, any of the Fund&#146;s service providers, other than its investment adviser, any sub-adviser, principal underwriter, administrator or any affiliated person thereof; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Executive Officer&#146;s employment, such as compensation or equity ownership. </FONT></P>
<P align=left><B><FONT face=serif>III.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Disclosure &amp; Compliance </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Each Executive Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Each Executive Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, </FONT></P>
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<P align=left><FONT face=serif>including to the Fund&#146;s directors and auditors, and to governmental regulators and self-regulatory organizations; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Each Executive Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and the Fund&#146;s adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>It is the responsibility of each Executive Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. </FONT></P>
<P align=left><B><FONT face=serif>IV.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Reporting &amp; Accountability </FONT></B></P>
<P align=left><FONT face=serif>Each Executive Officer must: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>upon adoption of the Code (or thereafter as applicable, upon becoming an Executive Officer), affirm in writing to the Fund&#146;s CCO that he/she has received, read, and understands the Code; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>annually thereafter affirm to the Fund&#146;s CCO that he/she has complied with the requirements of the Code; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not retaliate against any employee or Executive Officer or their affiliated persons for reports of potential violations that are made in good faith; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>notify the Fund&#146;s CCO promptly if he/she knows of any violation of this Code (Note: failure to do so is itself a violation of this Code); and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>report at least annually any change in his/her affiliations from the prior year. </FONT></P>
<P align=left><FONT face=serif>The Fund&#146;s CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Fund&#146;s Board or the Compliance Committee thereof (the &#147;Committee&#148;). </FONT></P>
<P align=left><FONT face=serif>The Fund will follow these procedures in investigating and enforcing this Code: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the Fund&#146;s CCO will take all appropriate action to investigate any potential violations reported to him/her;</FONT><B><FONT face=serif> </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>any matter that the CCO believes is a violation will be reported to the Board or, if applicable, Compliance Committee; </FONT></P>
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<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>if the Board or, if applicable, Compliance Committee concurs that a violation has occurred, the Board, either upon its determination of a violation or upon recommendation of the Compliance Committee, if applicable, will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or the investment adviser or its board; or a recommendation to dismiss the Registrant&#146;s Executive Officer; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the Board, or if applicable the Compliance Committee, will be responsible for granting waivers, as appropriate; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. </FONT></P>
<P align=left><B><FONT face=serif>V.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Other Policies &amp; Procedures </FONT></B></P>
<P align=left><FONT face=serif>This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund&#146;s adviser, any sub-adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Registrant&#146;s Executive Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund&#146;s and its investment adviser&#146;s codes of ethics under Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, are separate requirements applying to the Registrant&#146;s Executive Officers and others, and are not part of this Code. </FONT></P>
<P align=left><B><FONT face=serif>VI.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Amendments </FONT></B></P>
<P align=left><FONT face=serif>Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Fund&#146;s Board, including a majority of independent directors. </FONT></P>
<P align=left><B><FONT face=serif>VII.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Confidentiality </FONT></B></P>
<P align=left><FONT face=serif>All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund&#146;s Board and its counsel, the investment adviser and the relevant Service Providers. </FONT></P>
<P align=left><B><FONT face=serif>VIII.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Internal Use </FONT></B></P>
<P align=left><FONT face=serif>The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.</FONT></P>
<P align=center><FONT face=serif>5 of 6 </FONT></P>
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<P align=center><B><U><FONT face=serif>Exhibit A</FONT></U></B><FONT face=serif> </FONT><BR>
<B><FONT face=serif>Persons Covered by this Code of Ethics </FONT></B><BR>
<B><FONT face=serif>(As of June 2007) </FONT></B></P>
<P align=left><B><FONT face=serif>John Hancock Trust</FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
<P align=left><B><FONT face=serif>John Hancock Funds </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
<P align=left><B><FONT face=serif>John Hancock Funds II </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
<P align=left><B><FONT face=serif>John Hancock Funds III </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
<P align=center><FONT face=serif>6 of 6 </FONT></P>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>e_govcomcharter.htm
<DESCRIPTION>GOVERNANCE COMMITTEE CHARTER
<TEXT>

<HTML>
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<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>JOHN HANCOCK
      FUNDS</FONT></B><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=sans-serif size=2>GOVERNANCE COMMITTEE
CHARTER</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>A. Composition. The Governance
Committee shall be composed entirely of Trustees who are "independent" as
defined in the rules of the New York Stock Exchange ("NYSE") and the NASDAQ
Stock Market, Inc. ("NASDAQ") or any other exchange, as applicable, and are not
"interested persons" as defined in the Investment Company Act of 1940 of any of
the funds, or of any fund's investment adviser or principal underwriter (the
"Independent Trustees") who are designated for membership from time to time by
the Board of Trustees. The Chairman of the Board shall be a member of the
Governance Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B. Overview. The overall charter of
the Governance Committee is to make recommendations to the Board on issues
related to corporate governance applicable to the Independent Trustees and to
the composition and operation of the Board, and to assume duties,
responsibilities and functions to recommend nominees to the Board, together with
such additional duties, responsibilities and functions as are delegated to it
from time to time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C. Specific Responsibilities. The
Governance Committee shall have the following duties and powers, to be exercised
at such times and in such manner as the Committee shall deem necessary or
appropriate:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. Except where the funds are legally
required to nominate individuals recommended by others, to recommend to the
Board of Trustees individuals for nomination to serve as Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2. To consider, as it deems necessary
or appropriate, the criteria for persons to fill existing or newly created
Trustee vacancies. The Governance Committee shall use the criteria and
principles set forth in Annex A to guide its Trustee selection
process.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3. To consider and recommend the
amount of compensation to be paid by the funds to the Independent Trustees,
including incremental amounts, if any, payable to Committee Chairmen, and to
address compensation-related matters.</FONT></P>
<P align=left><FONT face=sans-serif size=2>4. To consider and recommend the
duties and compensation of the Chairman of the Board.</FONT></P>
<P align=left><FONT face=sans-serif size=2>5. To consider and recommend changes
to the Board regarding the size, structure, and composition of the
Board.</FONT></P>
<P align=left><FONT face=sans-serif size=2>6. To evaluate, from time to time,
the retirement policies for the Independent Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>7. To develop and recommend to the
Board guidelines for corporate governance ("Corporate Governance Guidelines")
for the funds that take into account the rules of the NYSE and any applicable
law or regulation, and to periodically review and assess the Corporate
Governance Guidelines and recommend any proposed changes to the Board for
approval.</FONT></P>
<P align=left><FONT face=sans-serif size=2>8. To monitor all expenditures of the
Board or the Committees or the Independent Trustees not otherwise incurred
and/or monitored by a particular Committee, including, but not limited to:
legal, consulting, and D&amp;O insurance costs; association dues, including
Investment Company Institute membership dues; meeting expenditures and policies
relating to</FONT></P>
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<P align="left">
<FONT size=2 face="sans-serif">reimbursement of travel expenses and expenses associated with offsite meetings; expenses associated with Trustee attendance at educational or informational conferences; and publication expenses.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">9. To consider, evaluate and make recommendations and necessary findings regarding independent legal counsel and any other advisers, experts or consultants, that may be engaged by the Board of Trustees, by the Trustees
who are not "interested persons" as defined in the Investment Company Act of 1940 of any of the funds or any fund's investment adviser or principal underwriter, or by the Governance Committee, from time to time, other than as may be engaged directly
by another Committee.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">10. To periodically review the Board's committee structure and the charters of the Board's committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems
appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">11. To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of funds in the fund complex and the effectiveness of
its committee structure.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">12. To report its activities to Board of Trustees and to make such recommendations with respect to the matters described above and other matters as the Governance Committee may deem necessary or appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">D. Additional Responsibilities. The Committee will also perform other tasks assigned to it from time to time by the Chairman of the Board or by the Board of Trustees, and will report findings and recommendations to the
Board of Trustees, as appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">E. Governance. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or reviewing and approving the schedule for them,
preparing agendas or reviewing and approving them before meetings, and making reports to the Board of Trustees, as appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">F. Miscellaneous. The Committee shall meet as often as it deems appropriate, with or without management, as circumstances require. The Committee shall have the resources and authority appropriate to discharge its
responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the funds' expense, as it determines necessary to carry out its duties. The Committee shall have direct access to such officers of and
service providers to the funds as it deems desirable.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">G. Review. The Committee shall review this Charter periodically and recommend such changes to the Board of Trustees as it deems desirable.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">ANNEX A</FONT></B><BR>
<BR>
<B><FONT size=2 face="sans-serif">General Criteria</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Nominees should have demonstrated business acumen, experience and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the funds and should be willing and able to
contribute positively to the decision-making process of the funds.</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">3. Nominees should have a commitment to understand the funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its
committees.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the funds, including shareholders and the management company, and to act in the interests of all
shareholders.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a
director/trustee.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Application of Criteria to Existing Trustees</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The renomination of existing Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above. In addition, the Governance Committee shall consider the
existing Trustee's performance on the Board and any committee.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">Review of Shareholder Nominations</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Governance Committee. In
evaluating a nominee recommended by a shareholder, the Governance Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with
the interests of all shareholders. If the Board determines to include a shareholder's candidate among the slate of its designated nominees, the candidate's name will be placed on the funds' proxy card. If the Board determines not to include such
candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder's candidate will be treated as a nominee of the shareholder who originally nominated the candidate. In that case, the
candidate will not be named on the proxy card distributed with the funds' proxy statement.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">As long as an existing Independent Trustee continues, in the opinion of the Governance Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of an existing Trustee
rather than a new candidate. Consequently, while the Governance Committee will consider nominees recommended by shareholders to serve as trustees, the Governance Committee may only act upon such recommendations if there is a vacancy on the Board, or
the Governance Committee determines that the selection of a new or additional Trustee is in the best interests of the fund. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Governance Committee
will, in addition to any shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Governance Committee. The Governance Committee may retain a consultant to assist the Committee in a
search for a qualified candidate.</FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
