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<SEC-DOCUMENT>0000928816-09-000020.txt : 20090109
<SEC-HEADER>0000928816-09-000020.hdr.sgml : 20090109
<ACCEPTANCE-DATETIME>20090109131450
ACCESSION NUMBER:		0000928816-09-000020
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20081031
FILED AS OF DATE:		20090109
DATE AS OF CHANGE:		20090109
EFFECTIVENESS DATE:		20090109

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08568
		FILM NUMBER:		09517887

	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-CSR
<SEQUENCE>1
<FILENAME>a_bankthriftopps.htm
<DESCRIPTION>JOHN HANCOCK BANK AND THRIFT OPPORTUNITY FUND
<TEXT>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif>UNITED STATES</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center colSpan=3><FONT face=sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif>Washington, D.C. 20549</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif>FORM N-CSR</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><B><FONT face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif>Investment Company Act file number </FONT><U><FONT face=sans-serif>811- 8568</FONT></U>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><U><FONT face=sans-serif>John Hancock Bank and Thrift Opportunity Fund</FONT></U>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif>(Exact name of registrant as specified in charter)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><U><FONT face=sans-serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp; </TD></TR>
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     <TD align=center colSpan=3><FONT face=sans-serif>Alfred P. Ouellette</FONT> </TD></TR>
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     <TD align=center colSpan=3><FONT face=sans-serif>Senior Counsel and Assistant Secretary</FONT> </TD></TR>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif>601 Congress Street</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><U><FONT face=sans-serif>Boston, Massachusetts 02210</FONT></U>&nbsp; </TD></TR>
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     <TD noWrap align=center colSpan=3><FONT face=sans-serif>(Name and address of agent for service)</FONT>&nbsp; </TD></TR>
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     <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></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif>Date of fiscal year end:</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif>October 31</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>Date of reporting period:</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif>October 31, 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>Discussion of Fund performance</FONT></P>
<P align=left><FONT face=sans-serif size=2>By MFC Global Investment Management (U.S.), LLC</FONT></P>
<P align=left><FONT face=serif size=2>In the 12 months ended October 31, 2008, only cash investments and select government bonds produced positive results in the U.S. financial markets. Damage from the U.S. sub-prime mortgage meltdown spread rapidly through the domestic financial sector, propelled by a crisis of confidence and massive deleveraging. Incredibly, Fannie Mae, Freddie Mac, AIG, Washington Mutual, Wachovia, National City, and all the major independent investment banks either failed, were seized by the government, merged out of existence, or fundamentally altered their corporate structure.</FONT></P>
<P align=left><FONT face=serif size=2>For the year, John Hancock Bank and Thrift Opportunity Fund posted total returns of &#150;24.38% at net asset value and &#150;26.67% at market value. The difference in the Fund&#146;s NAV performance and its market performance stems from the fact that the market share price is subject to the dynamics of secondary market trading, which would cause it to trade at a discount or a premium to the Fund&#146;s NAV share price at any time. By comparison, returns for the Fund&#146;s benchmark, the S&amp;P 1500 Supercomposite Bank Index, and the average open-end specialty-financial fund tracked by Morningstar, Inc., were &#150;44.24% and &#150;43.49%, respectively. The Fund&#146;s relative performance benefited from our conservative positioning. First, we favored stocks of companies that derive a greater portion of their revenues from fee-based services, rather than traditional spread lending. Second, we generally avoided the less-regulated companies that originated and securitize
d troubled real estate loans. Third, we were underrepresented in firms with large exposure to construction loans, which significantly underperformed. Many of our stock selection decisions contributed to relative results. It was beneficial that the Fund was underweight in Fannie Mae, Freddie Mac and Washington Mutual. Rather, we favored high-quality, safe-haven regional banks with limited mortgage exposure, such as Hancock Holding Co., Glacier Bancorp, which we sold, Prosperity Bancshares, Inc. and SVB Financial. The key detractors from absolute and relative results tended to be companies with outsized mortgage- or construction-related exposure, including Wachovia, Colonial Bancgroup, and East West Bancorp, which we sold. The other key detractor was Bank of America Corp.</FONT></P>
<P align=left><FONT face=sans-serif size=1>This commentary reflects the views of the portfolio managers through the end of the Fund&#146;s period discussed in this report. The managers&#146; statements reflect their own opinions. As such, they are in no way guarantees of future events, and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Past performance is no guarantee of future results.</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>Sector investing is subject to greater risks than the market as a whole.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>6</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=7>Portfolio summary</FONT></P>
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     <TD width="9%"></TD>
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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>
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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>4.7%</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>People&#146;s United Financial, Inc.</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>Cullen/Frost Bankers, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.4%</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>3.5%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>SVB Financial Group</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.0%</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <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>3.4%</FONT>&nbsp; </TD></TR>
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     <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>3.9%</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>3.3%</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>3.8%</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>2.7%</FONT>&nbsp; </TD></TR>
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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>1,2</FONT></SUP></B>&nbsp; </TD>
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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>Asset management &amp; custody banks</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7%</FONT>&nbsp; </TD></TR>
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     <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>12%</FONT>&nbsp; </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>7%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>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><FONT face=sans-serif size=1>Short-term investments &amp; other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7%</FONT>&nbsp; </TD></TR>
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</P>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>As a percentage of the Fund&#146;s net assets on October 31, 2008.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Sector investing is subject to greater risks than the market as a whole.</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>7</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&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 10-31-08</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This schedule is divided into five main categories: bonds, common stocks, convertible bonds, capital preferred securities, and short-term investments. Bonds, common stocks, convertible bonds 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>
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     <TD width="12%"></TD>
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     <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</FONT></B>&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=left>&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=left><B><FONT face=sans-serif size=1>rating (A)</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>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Bonds 0.22%</FONT></B>&nbsp; </TD>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>$947,682</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $1,975,863)</FONT>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks 0.22%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>947,682</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>CBG Florida REIT Corp. (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>7.11%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>5-29-49</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>429,444</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Webster Capital Trust IV (P)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>7.65</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>6-15-37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,725</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>518,238</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp;&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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Common stocks 91.90%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$403,483,863</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $345,304,631)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Asset Management &amp; Custody Banks 7.08%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>31,076,169</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of New York Mellon Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>14,720,497</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Northern Trust Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>77,580</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,368,530</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>State Street Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>276,520</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,987,142</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Diversified Banks 7.00%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>30,753,466</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Comerica, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>248,691</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,861,385</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Bancorp</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>282,138</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,410,534</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wells Fargo &amp; Co. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>454,671</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,481,547</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Diversified Financial Services 7.69%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>33,762,139</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of America Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>602,908</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,572,286</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Citigroup, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>166,286</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,269,804</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>JPMorgan Chase &amp; Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>16,920,049</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Regional Banks 58.47%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>256,706,820</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Avenue Bank (B)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>1,251,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>BancorpSouth, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>339,780</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of the Ozarks, Inc. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23,683</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>719,963</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&amp;T Corp. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>299,215</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,726,858</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beverly National Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>1,813,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bridge Capital Holdings</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>1,430,358</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Camden National Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>3,773,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Capital City Bank Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>60,743</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700,804</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>City Holding Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>1,734,645</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CoBiz Financial, Inc. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>342,791</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,990,087</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Colonial BancGroup, Inc. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>911,777</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,701,815</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cullen/Frost Bankers, Inc. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>341,622</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,120,583</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%">&nbsp;</TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>8</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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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="75%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></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>Regional Banks (continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>78,515</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$824,408</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,049,000</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>27,504</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>522,576</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>502,729</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,585,750</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 Bancorp Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>146,499</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,636,982</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. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>144,337</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,719,054</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>151,440</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,363,482</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. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>232,176</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,252,892</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. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>151,897</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,106,811</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>96,750</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,181,318</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</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,950</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>110,922</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>577,809</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,460,295</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>70,045</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,568,092</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>220,370</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,723,009</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>Investors Bancorp, Inc. (I)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>45,534</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>653,868</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</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>348,544</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,262,693</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>144,802</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,250,805</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>203,170</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,477,087</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>156,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,637,731</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>National City Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,487,895</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,017,317</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>77,232</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,018,690</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>Pacific Continental Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>42,120</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600,210</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. (I)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50,917</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,489,831</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>309,823</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,655,899</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. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>318,695</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,583,861</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. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>154,700</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,275,270</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.Y. Bancorp, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,543</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>428,054</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>SCBT Financial Corp. (B)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>117,079</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,549,600</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 (I)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>354,832</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,560,427</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. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>49,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>973,665</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>64,413</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>331,727</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. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>188,771</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,577,268</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 (I)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>338,489</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,415,259</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>517,302</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,343,730</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>TCF Financial Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>393,166</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,974,765</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>Texas Capital Bancshares, Inc. (I)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>334,213</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,965,702</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>TriCo Bancshares</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>38,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>818,520</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. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>276,564</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,460,258</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.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>168,906</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,225,952</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>Valley National Bancorp. (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>110,530</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,100,070</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>Washington Trust Bancorp, Inc. (B)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>198,110</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,223,705</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>WestAmerica Bancorp.</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>46,133</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,641,114</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>Zions Bancorp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>309,276</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,786,508</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>9</FONT>&nbsp; </TD></TR></TABLE><BR>
<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><FONT face=sans-serif size=2>F I N A N C I A L</FONT>&nbsp; <FONT face=sans-serif size=2>S T A T E M E N T S</FONT> </FONT></P>
<P align=left><FONT face=sans-serif size=2></FONT>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="51%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></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>&nbsp; </TD>
     <TD noWrap align=left>&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=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Thrifts &amp; Mortgage Finance 11.66%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$51,185,269</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>Abington Bancorp, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>137,223</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,420,258</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>Astoria Financial Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>75,865</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,442,952</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>Beneficial Mutual Bancorp, Inc. (I)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,497</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>88,840</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.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>15,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>194,850</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>Berkshire Hills Bancorp, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>348,903</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,081,945</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>Danvers Bancorp, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,290</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>224,601</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 Bancshares, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>169,738</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,834,625</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>ESSA Bancorp, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>86,295</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,196,049</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.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>144,922</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,253,537</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 Institution for Savings</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,312,000</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.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>292,810</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,507,756</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.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>685,750</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.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>153,708</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,407,067</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>Parkvale Financial Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>43,020</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>644,440</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.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>926,048</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,205,840</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>Sovereign Bancorp, Inc. (I)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>184,233</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>534,276</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.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,960,000</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.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>45,759</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,190,483</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Convertible preferred stocks 0.62%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$2,744,800</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $3,431,000)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks 0.62%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,744,800</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>South Financial Group, Inc., 10.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,431</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,744,800</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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=left>&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=left>&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 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>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Capital preferred securities 0.48%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$2,100,000</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $5,733,189)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Diversified Financial Services 0.48%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,100,000</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., Zero</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Coupon, 6-22-37</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>None</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$3,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>900,000</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., Zero</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Coupon, 3-22-38</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>None</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,200,000</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</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=Arial size=1>date</FONT></STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Short-term investments 17.71%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$77,751,429</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $77,751,429)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></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=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>65,778</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>First Bank Richmond</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3.69%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Arial size=1>12-05-10</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$17</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT 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 face=sans-serif size=1>2.86</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Arial size=1>05-01-09</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4,455</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>First Federal Savings Bank of Louisiana</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2.98</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>12-07-09</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT 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 face=sans-serif size=1>4.50</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>09-10-09</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,401</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%">&nbsp;</TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_7"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&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="51%"></TD>
     <TD align=left width="12%"></TD>
     <TD align=left width="12%"></TD>
     <TD align=right width="12%"></TD>
     <TD width="12%"></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</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</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 face=sans-serif size=1>(000)</FONT></B></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></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>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&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 face=sans-serif size=1>4.15%</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-04-10</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$16</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT 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 Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>4.80</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-20-09</FONT>&nbsp; </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>1,785</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 face=sans-serif size=1>3.54</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-24-09</FONT>&nbsp; </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>1,672</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>Midstate Federal Savings &amp; Loan</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3.20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-27-09</FONT>&nbsp; </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>1,811</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>Milford Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3.40</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-27-09</FONT>&nbsp; </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=5>
<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><FONT face=sans-serif size=1>3.15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-28-10</FONT>&nbsp; </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=5>
<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><FONT face=sans-serif size=1>4.03</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-03-09</FONT>&nbsp; </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=5>
<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><FONT face=sans-serif size=1>3.04</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-31-09</FONT>&nbsp; </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>1,881</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>Newtown Savings Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3.75</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-30-09</FONT>&nbsp; </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=5>
<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><FONT face=sans-serif size=1>4.60</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-09</FONT>&nbsp; </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=5>
<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><FONT face=sans-serif size=1>3.59</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-21-09</FONT>&nbsp; </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=5>
<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><FONT face=sans-serif size=1>4.00</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-13-09</FONT>&nbsp; </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=5>
<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><FONT face=sans-serif size=1>3.06</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-17-08</FONT>&nbsp; </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=5>
<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><FONT face=sans-serif size=1>5.00</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-10-09</FONT>&nbsp; </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=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&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=left>&nbsp; </TD>
     <TD noWrap align=left>&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 6.23%</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 face=sans-serif size=1>$27,344,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Joint Repurchase Agreement with Barclays PLC dated 10-31-08</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>&nbsp; at 0.15% to be repurchased at $27,344,342 on 11-03-08,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=1>collateralized by $33,147,457 U.S. Treasury Inflation Indexed Note</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>&nbsp;<FONT face=sans-serif size=1>1.875% on 7-15-13 (valued at $27,890,880 including interest).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$27,344</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>27,344,000</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>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&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>&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>Cash Equivalents 11.47%</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 face=sans-serif size=1>$50,341,651</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>John Hancock Cash Investment Trust (T)(W)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2.1118% (Y)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50,341,651</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50,341,651</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Total investments (Cost $434,196,112)</FONT></B><FONT face=sans-serif size=1>&#134; </FONT><B><FONT face=sans-serif size=1>110.93%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$487,027,774</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Other assets and liabilities, net (10.93%)</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 face=sans-serif size=1>($47,976,918)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5></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=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$439,050,856</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=5>
<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 the category as a percentage of the net assets of the Fund.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>11</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><B><FONT face=sans-serif size=1>Notes to Schedule of Investments</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>REIT Real Estate Investment Trust</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) These securities are fair valued in good faith under procedures established by the Board of Trustees. These securities amounted to $9,024,305 or 2.06% of the Fund&#146;s net assets as of October 31, 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 October 31, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(P) Variable rate obligation. The coupon rate shown represents the rate at period end.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.</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 October 31, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>&#134; At October 31, 2008, the aggregate cost of investment securities for federal income tax purposes was $434,217,688. Net unrealized appreciation aggregated $52,810,086, of which $102,212,250 related to appreciated investment securities and $49,402,164 related to depreciated investment securities.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Written options on securities for the period ended October 31, 2008 were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="41%"></TD>
     <TD width="34%"></TD>
     <TD width="23%"></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 face=sans-serif size=1>3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$492</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>Options written</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>450</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>105,798</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>Option closed</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(200)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(39,799)</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>Options exercised</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</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>Options expired</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(253)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT 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 face=sans-serif size=1>&#151;</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>&#151;</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The Fund had no outstanding written options on October 31, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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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=4>Statement of assets and liabilities </FONT><FONT face=sans-serif size=2>10-31-08</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="78%"></TD>
     <TD width="21%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&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>Investments in unaffiliated issuers, at value (Cost $383,854,461) including</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>$49,354,560 of securities loaned (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$436,686,123</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments in affiliated issuers, at value (Cost $50,341,651)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50,341,651</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 investments, at value (Cost $434,196,112)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>487,027,774</FONT></B>&nbsp; </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>209,403</FONT>&nbsp; </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>2,052,659</FONT>&nbsp; </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>751,678</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other assets</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>112,790</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 assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>490,154,304</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>Liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&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>Payable for investments purchased</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>82,012</FONT>&nbsp; </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>50,341,651</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable to affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Management fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>335,335</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>172,691</FONT>&nbsp; </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>171,759</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 liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>51,103,448</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</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=left>&nbsp; </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>386,305,878</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accumulated net realized loss on investments and options written</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(41,526)</FONT>&nbsp; </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>52,831,662</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accumulated net investment loss</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(45,158)</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 assets applicable to common shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$439,050,856</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>Net asset value per share</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&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>Based on 21,100,000 shares of beneficial interest outstanding &#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>unlimited number of shares authorized with no par value.</FONT><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$20.81</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>On December 9, 2008, the Board of Trustees approved a 1-for-4 reverse stock split, that became effective on December 29, 2008.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="89%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>13</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&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 year ended 10-31-08</FONT></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 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=left>&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>$18,469,885</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>1,107,493</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>491,094</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>143,058</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>20,211,530</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>Expenses</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&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 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,023,794</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Administration fees (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,309,520</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>48,936</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>125,470</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>103,149</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>86,685</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>53,747</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>38,680</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>39,367</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>7,829,348</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Less expense reductions (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(785,712)</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>7,043,636</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 investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>13,167,894</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=left>&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 (loss) on</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&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>22,645,193</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>22,722,333</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=left>&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>(211,704,041)</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 vAlign=bottom>
     <TD noWrap align=left>&nbsp;&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(211,704,533)</FONT></B>&nbsp; </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>(188,982,200)</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>($175,814,306)</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%">&nbsp;</TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_11"></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>Statements 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="75%"></TD>
     <TD width="12%"></TD>
     <TD width="12%"></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>Year</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>10-31-08</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>Increase (decrease) in net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</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=left>&nbsp; </TD>
     <TD noWrap align=left>&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>$13,167,894</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>22,722,333</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>(211,704,533)</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>(175,814,306)</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=left>&nbsp; </TD>
     <TD noWrap align=left>&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>(14,432,596)</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>(100,477,621)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From tax return of capital</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(10,649,131)</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>(125,559,348)</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>(301,373,654)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&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=left>&nbsp; </TD>
     <TD noWrap align=left>&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 year</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 vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>End of year</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>$740,424,510</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$439,050,856</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>Includes accumulated net investment income (loss) of $1,219,544 and ($45,158), respectively.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>15</FONT>&nbsp; </TD></TR></TABLE><BR>
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<A name="page_12"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&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>
<P align=left><B><FONT face=sans-serif size=1>COMMON SHARES</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="48%"></TD>
     <TD width="11%"></TD>
     <TD width="11%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="9%"></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>10-31-04</FONT></B><SUP><FONT face=sans-serif size=1>1,2&nbsp;</FONT></SUP><SUP><FONT face=sans-serif size=1>&nbsp;</FONT></SUP><FONT face=sans-serif size=1>&nbsp; </FONT></TD>
     <TD noWrap align=right><FONT face=Arial size=1><STRONG><FONT face=sans-serif size=1>10-31-05</FONT></STRONG><SUP><FONT face=sans-serif size=1>1,2</FONT></SUP></FONT><FONT face=sans-serif size=1>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT face=Arial size=1><STRONG><FONT face=sans-serif size=1>10-31-06</FONT></STRONG><SUP><FONT face=sans-serif size=1>2</FONT></SUP></FONT><FONT face=sans-serif size=1>&nbsp;</FONT></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-07</FONT></B><SUP><FONT face=sans-serif size=1>2</FONT></SUP><FONT face=sans-serif size=1>&nbsp; </FONT></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-08</FONT></B><SUP><FONT face=sans-serif size=1>2</FONT></SUP><FONT face=sans-serif size=1>&nbsp; </FONT></TD></TR>
<TR>
     <TD colSpan=6></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=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=6>
<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 year</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$43.76</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$44.68</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$42.08</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$42.28</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$35.08</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>0.52</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.56</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.64</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.64</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.62</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=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>6.20</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.36</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.84</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3.52)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(8.94)</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>6.72</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1.92</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4.48</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(2.88)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(8.32)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Less distributions to common shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>(0.48)</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>(0.68)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.60)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.68)</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>(5.32)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3.56)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3.60)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3.72)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(4.76)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From tax return of capital</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.51)</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>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total distributions</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(5.80)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(4.52)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(4.28)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(4.32)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(5.95)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, end of year</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$44.68</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$42.08</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$42.28</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$35.08</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$20.81</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 year</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$40.56</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$37.56</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$39.20</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$30.96</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$17.80</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at net asset value (%)</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>17.93</FONT></B><SUP><FONT face=sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5.44</FONT></B><SUP><FONT face=sans-serif size=1>7</FONT></SUP>&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>(24.38)</FONT></B>&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>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>(26.67)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp;&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=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net assets applicable to common</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>shares, end of year (in millions)</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>$439</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratios (as a percentage of average net assets):</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&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>1.47</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>1.49</FONT>&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><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>1.34</FONT>&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=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>&nbsp;&nbsp; and credits</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>1.34</FONT>&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>1.17</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>2.51</FONT>&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>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>27</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>Per share data has been restated to reflect the effects of a 1-for-4 reverse stock split effective on December 29, 2008. </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>Unaudited.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=4>Notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 1 <BR>
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 registered under the Investment Company Act of 1940, as amended (the 1940 Act).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 2<BR>
</FONT></B><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 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. Listed options if no closing price is available are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by management using an independent source at the mean between the last bid and ask prices. 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 of the close of </FONT><FONT face=serif size=2>business on the principal securities exchange (domestic or foreign) on which they trade or, lacking any sales, at the closing bid price. Securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Securities for which there are no such quotations, principally debt securities, are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issu
e, trading characteristics and other market data. In periods of decreasing liquidity such securities may also be fair valued.</FONT></P>
<P align=left><FONT face=serif size=2>Other portfolio securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Trust&#146;s Pricing Committee in accordance with procedures adopted by 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><FONT face=serif size=2>Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor perceptions and market liquidity.</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>17</FONT>&nbsp; </TD></TR></TABLE><BR>
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<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 delivery of the underlying securities for the joint account on the Fund&#146;s behalf. When a Fund enters into a repurchase agreement, it receives delivery of collateral, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is generally 102% of the repurchase amount.</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>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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Overdrafts</FONT></B></P>
<P align=left><FONT face=serif size=2>Pursuant to the custodian agreement, the Custodian may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay the Custodian for any overdraft together with interest due thereon. The Custodian has a lien, security interest or security entitlement in any Fund property, to the </FONT><FONT face=serif size=2>maximum extent permitted by law to the extent of any overdraft.</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 its 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 in an agency relationship) is that should Morgan Stanley fail financially, all securities lent may be affected by the failure and by any delays in recovery of the securities (or loss of rights in the collateral).</FONT></P>
<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</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>18</FONT>&nbsp; </TD>
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<P align=left><FONT face=serif size=2>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>A Fund, as a writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased and, as a result, bears the market risk of an unfavorable change in the price of the securities underlying the written 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 &#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>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>
<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 is subject to 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 FASB Statement 109 (FIN 48). 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>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 or interim periods 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 October 31, 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 and interim reporting periods 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</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>19</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=2>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. The Fund declares and pays dividends and capital gain distributions, if any, quarterly. 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. During the year ended October 31, 2008, the tax character of distributions paid was as follows: ordinary income $21,313,843, long-term capital gain $93,596,374 and return of capital $10,649,131.</FONT></P>
<P align=left><FONT face=serif size=2>As of October 31, 2008, there were no distributable earnings on a tax basis.</FONT></P>
<P align=left><FONT face=serif size=2>Such distributions and distributable earnings, 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><FONT face=serif size=2>Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 3</FONT></B><BR>
<B><FONT face=sans-serif size=2>Risks and uncertainties</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>Small and medium-size company risk</FONT></B></P>
<P align=left><FONT face=serif size=2>Stocks of small and medium-size companies tend to be more volatile than those of large companies, and may underperform stocks of large companies. Small and medium-size companies may have limited product lines or markets, less access to financial resources or less operating experience, or may depend on a few </FONT><FONT face=serif size=2>key employees. Given this, small and medium-size stocks may be thinly traded, leading to additional liquidity risk due to the inabilities to trade in large volume.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Sector risk &#151; financial industry</FONT></B></P>
<P align=left><FONT face=serif size=2>Fund performance will be closely tied to a single sector of the economy, which may under-perform other sectors over any given period of time. Financial services companies can be hurt by economic declines, changes in interest rates, regulatory and market impacts. Accordingly, the concentration may make the Fund&#146;s value more volatile and investment values may rise and fall more rapidly.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 4</FONT></B><BR>
<B><FONT face=sans-serif size=2>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 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=2>Note 5</FONT></B><BR>
<B><FONT face=sans-serif size=2>Management fee and transactions with</FONT></B><BR>
<B><FONT face=sans-serif size=2>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 and legal services for the Fund. The compensation for the year was at an annual rate of 0.25% of the average weekly net asset value of the Fund. The Adviser agreed to limit the administration fee to 0.10% of the Fund&#146;s average weekly net asset value. Accordingly,</FONT></P>
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<P align=left><FONT face=serif size=2>the expense reductions related to the administration fee amounted to $785,712 for the year ended October 31, 2008. The Adviser reserves the right to terminate this limitation in the future with Trustees&#146; approval. The net administrative fee compensation for the period amounted to $523,808.</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 unaffiliated Trustees may elect to defer, for tax purposes, their receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan. The Fund makes investments into other John Hancock funds, as applicable, to cover its liability for the deferred compensation. Investments to cover the Fund&#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=serif size=2>The Fund is listed for trading on the NYSE and has filed with the NYSE its chief executive officer certification regarding compliance with the NYSE&#146;s listing standards. The Fund also files with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 6</FONT></B><BR>
<B><FONT face=sans-serif size=2>Fund share transactions</FONT></B></P>
<P align=left><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 year ended October 31, 2008.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 7</FONT></B><BR>
<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 year ended October 31, 2008, aggregated $141,823,113 and $267,603,148, respectively.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 8</FONT></B><BR>
<B><FONT face=sans-serif size=2>Managed distribution</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund continued its managed distribution plan in effect since January 2004, which requires the Fund to make quarterly distributions of at least 2.5% of the preceding calendar year end&#146;s net asset value. During this period, the Fund announced quarterly distributions of $3.8748, $0.6920, $0.6920 and $0.6920 per share to shareholders of record as of December 12, 2007, and March 12, June 11, and September 16, 2008, respectively. Per share amounts are restated to reflect the effects of a 1-for-4 reverse stock split effective December 29, 2008.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 9</FONT></B><BR>
<B><FONT face=sans-serif size=2>Reverse stock split</FONT></B></P>
<P align=left><FONT face=serif size=2>On December 9, 2008, the Board of Trustees approved a 1-for-4 reverse stock split for common shares, effective December 29, 2008. The reverse stock split had no impact on the overall value of a shareholder&#146;s investment in the Fund.</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Auditors&#146; report</FONT><BR>
<BR>
<B><FONT face=sans-serif size=1>Report of Independent Registered Public Accounting Firm</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>To the Board of Trustees and Shareholders of John Hancock Bank and Thrift Opportunity Fund:</FONT></B></P>
<P align=left><FONT face=serif size=2>In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Bank and Thrift Opportunity Fund (the Fund) at October 31, 2008, and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#147;financial statements&#148;) are the responsibility of the Fund&#146;s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Tho
se standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2008 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion. The financial highlights for each of the periods ended on or before October 31, 2005 were audited by another independent registered public accounting firm, whose report expressed an unqualified opinion thereon.</FONT></P>
<P align=left><FONT face=serif size=2>PricewaterhouseCoopers LLP</FONT><BR>
<FONT face=serif size=2>Boston, Massachusetts</FONT><BR>
<FONT face=serif size=2>December 30, 2008</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Tax information</FONT><BR>
<BR>
<B><FONT face=sans-serif size=1>Unaudited</FONT></B></P>
<P align=left><FONT face=serif size=2>For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended October 31, 2008.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund has designated distributions to shareholders of $93,596,374 as a long-term capital gain dividend.</FONT></P>
<P align=left><FONT face=serif size=2>With respect to the ordinary dividends paid by the Fund for the fiscal year ended October 31, 2008, 100.00% of the dividends qualifies for the corporate dividends-received deduction.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund hereby designates the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount will be reflected on Form 1099-DIV for the calendar year 2008.</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders will be mailed a 2008 U.S. Treasury Department Form 1099-DIV in January 2009. This will reflect the total of all distributions that are taxable for calendar year 2008.</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 (</FONT><I><FONT face=serif size=2>i.e.</FONT></I><FONT face=serif size=2>, savings accounts, checking accounts, commercial lending and real estate lending) 
and whose assets are primarily of domestic origin. The Fund will notify 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 year ended October 31, 2008, distributions totaling $5.9508 per share including capital gain and tax return of capital were paid to shareholders. The dates of payments and the amounts per share are as follows (restated for 1-for-4 reverse stock split):</FONT></P>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INCOME</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>PAYMENT DATE</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>DIVIDEND</FONT>&nbsp; </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>$3.8748</FONT>&nbsp; </TD>
     <TD noWrap align=right></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>0.6920</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>June 30, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.6920</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>September 30, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.6920</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$5.9508*</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Includes $4.76 and $0.51 capital gains and tax return of capital, respectively.</FONT></P>
<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 telephone or by visiting the Plan Agent&#146;s Web</FONT></P>
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<P align=left><FONT face=serif size=2>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 Plan Agent maintains each shareholder&#146;s account </FONT><FONT face=serif size=2>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>
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     <TD noWrap align=right><FONT face=sans-serif size=2>25</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><B><FONT face=sans-serif size=2>Shareholder communication</FONT></B><BR>
<B><FONT face=sans-serif size=2>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>
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     <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=left><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>
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     <TD noWrap align=left><FONT face=serif size=2>James F. Carlin</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT 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 vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>William H. Cunningham</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT 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>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>26</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><B><FONT face=sans-serif size=2>Board Consideration of and</FONT></B><BR>
<B><FONT face=sans-serif size=2>Continuation of Investment Advisory</FONT></B><BR>
<B><FONT face=sans-serif size=2>Agreement and Subadvisory</FONT></B><BR>
<B><FONT face=sans-serif size=2>Agreement: John Hancock Bank and</FONT></B><BR>
<B><FONT face=sans-serif size=2>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 5&#150;6 and June 9&#150;10, 2008, 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 its Independent Trustees, reviewed a broad range of information requested for this purpose. This information included:</FONT></P>
<P align=left><FONT face=serif size=2>(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). The funds within each Category and Peer Group were selected by Morningstar Inc. (Morningstar), an independent provider of investment company data. </FONT><FONT face=serif size=2>Data covered a range of periods ended December 31, 2007,</FONT></P>
<P align=left><FONT face=serif size=2>(ii) advisory and other fees incurred by, and the expense ratios of, the Fund relative to a Category and a Peer Group,</FONT></P>
<P align=left><FONT face=serif size=2>(iii) the Adviser&#146;s financial results and condition, including its and certain of its affiliates&#146; profitability from services performed for the Fund,</FONT></P>
<P align=left><FONT face=serif size=2>(iv) breakpoints in the Fund&#146;s and the Peer Group&#146;s fees, and information about economies of scale,</FONT></P>
<P align=left><FONT face=serif size=2>(v) the Adviser&#146;s and Subadviser&#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,</FONT></P>
<P align=left><FONT face=serif size=2>(vi) the background and experience of senior management and investment professionals, and</FONT></P>
<P align=left><FONT face=serif size=2>(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. The Board principally considered data on performance and other information provided by Morningstar, as of December 31, 2007. The Board also considered updated performance information provided to it by the Adviser or Subadviser at its May and June 2008 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>
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<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 considered the Adviser&#146;s execution of its oversight responsibilities. 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 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, 2007. 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. The Board reviewed with representatives 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 that the Fund&#146;s performance for the 1-, 3- and 5-year periods was lower than the performance of the Category median and its benchmark index, the Standard &amp; Poor&#146;s 500 Financials Index. The Board also noted that the Fund&#146;s performance for the 10-year period was lower than the Category and Peer Group medians, and higher than the performance of its benchmark index. The Board viewed favorably that the Fund&#146;s performance for the 1-year period was higher than the performance of its Peer Group median, and </FONT><FONT face=serif size=2>was in line with the Peer Group median for the 3- and 5-year periods.</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 the advisory fees for the Category and Peer Group. The Board noted that the Advisory Agreement Rate was higher than the Category and Peer Group median rates.</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>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 Ratio was higher than the Peer Group and
 Category medians. The Board also noted that the Fund&#146;s Net Expense Ratio was lower than 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 overall expense results and performance supported the re-approval of the Advisory Agreements.</FONT></P>
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<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 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 </FONT><FONT face=serif size=2>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&#147; or ancillary benefits received by the Adviser and its affiliates, including the Subadviser, as a result of their relationship with the Fund. Such benefits could include, among others, benefits directly attributable to the relationship of the Adviser and Subadviser with the Fund and benefits potentially derived from an increase in business as a result of their 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>
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<P align=left><B><FONT face=sans-serif size=2>Information about the portfolio managers</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>Management biographies and Fund ownership</FONT></B></P>
<P align=left><FONT face=serif size=2>Below is a list of the portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years and their range of beneficial share ownership in the Fund as of October 31, 2008.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Lisa A. Welch</FONT></B><BR>
<FONT face=serif size=2>Vice President, MFC Global Investment Management (U.S.), LLC since 2005</FONT><BR>
<FONT face=serif size=2>Former Vice President and Portfolio Manager, John Hancock Advisers, LLC (2002&#150;2005)</FONT><BR>
<FONT face=serif size=2>Former analyst, John Hancock Advisers, LLC (1998&#150;2002)</FONT><BR>
<FONT face=serif size=2>Began business career in 1986</FONT><BR>
<FONT face=serif size=2>Joined Fund team in 1998</FONT><BR>
<FONT face=serif size=2>Fund ownership &#151; $1&#150;$10,000</FONT><BR>
<BR>
<B><FONT face=sans-serif size=1>Susan A. Curry</FONT></B><BR>
<FONT face=serif size=2>Portfolio manager, MFC Global Investment Management (U.S.), LLC since 2006</FONT><BR>
<FONT face=serif size=2>Former research officer, John Hancock Advisers, LLC (2004&#150;2006)</FONT><BR>
<FONT face=serif size=2>Former portfolio officer, private client group, John Hancock Advisers, LLC (2001&#150;2004)</FONT><BR>
<FONT face=serif size=2>Began business career in 1993</FONT><BR>
<FONT face=serif size=2>Joined Fund team in 2004</FONT><BR>
<FONT face=serif size=2>Fund ownership &#151; None</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other accounts the portfolio managers are managing</FONT></B></P>
<P align=left><FONT face=serif size=2>The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2008. For purposes of the table, &#147;Other Pooled Investment Vehicles&#148; may include investment partnerships and group trusts, and &#147;Other Accounts&#148; may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>P O R T F O L I O&nbsp; M A N A G E R</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>O T H E R&nbsp; A C C O U N T&nbsp;S&nbsp; M A N A G E D&nbsp; B Y&nbsp; T H E&nbsp; P O R T F O L I O M A N A G E R S</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Lisa A. Welch</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Investment Companies:</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>3 accounts with assets of approximately $1.9 billion</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Pooled Investment Vehicles: None</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Accounts: None</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Susan A. Curry</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Investment Companies:</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>1 account with assets of approximately $905 million</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Pooled Investment Vehicles: None</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Other Accounts: None</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Neither the Adviser nor Subadviser receives a fee based upon the investment performance of any of the accounts included under &#147;Other Accounts Managed by the Portfolio Managers&#148; in the table above.</FONT></P>
<P align=left><FONT face=serif size=2>When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager&#146;s responsibility for the management of the Fund as well as one or more other accounts. The Adviser and the Subadviser have adopted procedures, overseen by the Chief Compliance Officer, that are intended to monitor compliance with the policies referred to in the following paragraphs:</FONT></P>
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<UL>
<LI>
<P align=left><FONT face=serif size=2>The Subadviser has policies that require a portfolio manager to allocate investment opportuni</FONT><FONT face=serif size=2>ties in an equitable manner and generally to allocate such investments proportionately among all</FONT> <FONT face=serif size=2>accounts with similar investment objectives.</FONT></P>
<LI>
<P align=left><FONT face=serif size=2>When a portfolio manager intends to trade the same security for more than one account, the</FONT> <FONT face=serif size=2>policies of the Subadviser generally require that such trades for the individual accounts are</FONT> <FONT face=serif size=2>aggregated so each account receives the same price. Where not possible or may not result in</FONT> <FONT face=serif size=2>the best possible price, the Subadviser will place the order in a manner intended to result in as</FONT> <FONT face=serif size=2>favorable a price as possible for such client.</FONT></P>
<LI>
<P align=left><FONT face=serif size=2>The investment performance on specific accounts is not a factor in determining the portfolio</FONT> <FONT face=serif size=2>manager&#146;s compensation. See &#147;Compensation of Portfolio Managers&#148; below. Neither the Adviser</FONT> <FONT face=serif size=2>nor the Subadviser receives a performance-based fee with respect any accounts managed by the</FONT> <FONT face=serif size=2>Fund&#146;s portfolio manager.</FONT></P>
<LI>
<P align=left><FONT face=serif size=2>The Subadviser imposes certain trading restrictions and reporting requirements for accounts</FONT> <FONT face=serif size=2>in which a portfolio manager or certain family members have a personal interest in order to</FONT> <FONT face=serif size=2>confirm that such accounts are not favored over other accounts.</FONT></P>
<LI>
<P align=left><FONT face=serif size=2>The Subadviser seeks to avoid portfolio manager assignments with potentially conflicting situa</FONT><FONT face=serif size=2>tions. However, where a portfolio manager is responsible for accounts with differing investment</FONT> <FONT face=serif size=2>objectives and policies, it is possible that the portfolio manager will conclude that it is in the best</FONT> <FONT face=serif size=2>interest of one account to sell a portfolio security while another account continues to hold or</FONT> <FONT face=serif size=2>increase the holding in such security.</FONT></P>
</LI></UL>
<P align=left><B><FONT face=sans-serif size=1>Compensation of portfolio managers</FONT></B></P>
<P align=left><FONT face=serif size=2>The Subadviser has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied consistently among investment professionals. At the Subadviser, the structure of compensation of investment professionals is currently comprised of the following basic components: fixed base salary, and an annual investment bonus plan, as well as customary benefits that are offered generally to all full-time employees of the Subadviser. A limited number of senior investment professionals, who serve as officers of both the Subadviser and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial.</FONT></P>
<P align=left><FONT face=serif size=2>Only investment professionals are eligible to participate in the Investment Bonus Plan on an annual basis. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses: 1) The investment performance of all accounts managed by the investment professional over one-, three- and five-year periods are considered. The pre-tax performance of each account is measured relative to an appropriate peer group benchmark. 2) The profitability of the Subadviser and its parent company are also considered in determining bonus awards, with greater emphasis placed upon the profitability of the Subadviser. 3) The more intangible contributions of an investment professional to the Subadviser&#146;s business, including the investment professional&#146;s support of sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are evaluating in determining the amount of any bonus award
.</FONT></P>
<P align=left><FONT face=serif size=2>While the profitability of the Subadviser and the investment performance of the accounts that the investment professionals maintain are factors in determining an investment professional&#146;s overall compensation, the investment professional&#146;s compensation is not linked directly to the net asset value of any fund.</FONT></P>
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<P align=left><FONT face=serif size=7>Trustees and Officers</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.</FONT></B></P>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Independent Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Number of</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>John Hancock</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>funds overseen</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>since</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>by Trustee</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>James F. Carlin, </FONT></B><FONT face=sans-serif size=1>Born: 1940</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1994</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left colSpan=3>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chairman (since December 2007); Director and Treasurer, Alpha Analytical Laboratories, Inc. (chemical</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance Agency, Inc. (since 1995);</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Part Owner and Vice President, Mone Lawrence Carlin Insurance Agency, Inc. (until 2005); Chairman</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>and Chief Executive Officer, Carlin Consolidated, Inc. (management/investments) (since 1987); Trustee,</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Massachusetts Health and Education Tax Exempt Trust (1993&#150;2003).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>William H. Cunningham, </FONT></B><FONT face=sans-serif size=1>Born: 1944</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1995</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Professor, University of Texas at Austin (since 1971); former Chancellor, University of Texas System and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>former President, University of Texas at Austin (until 2001); Chairman and Chief Executive Officer, IBT</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Technologies (until 2001); Director of the following: Hicks Acquisition Company I, Inc. (since 2007);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Hire.com (until 2004), STC Broadcasting, Inc. and Sunrise Television Corp. (until 2001), Symtx, Inc.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(electronic manufacturing) (since 2001), Adorno/Rogers Technology, Inc. (until 2004), Pinnacle Foods</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Corporation (until 2003), rateGenius (until 2003), Lincoln National Corporation (insurance) (since</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>2006), Jefferson-Pilot Corporation (diversified life insurance company) (until 2006), New Century</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Equity Holdings (formerly Billing Concepts) (until 2001), eCertain (until 2001), ClassMap.com (until</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>2001), Agile Ventures (until 2001), AskRed.com (until 2001), Southwest Airlines (since 2000), Introgen</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(manufacturer of biopharmaceuticals) (since 2000) and Viasystems Group, Inc. (electronic manufacturer)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(until 2003); Advisory Director, Interactive Bridge, Inc. (college fundraising) (until 2001); Advisory</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Director, Q Investments (until 2003); Advisory Director, JPMorgan Chase Bank (formerly Texas Commerce</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Bank&#150;Austin), LIN Television (until 2008), WilTel Communications (until 2003) and Hayes Lemmerz</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>International, Inc. (diversified automotive parts supply company) (since 2003).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Deborah C. Jackson,</FONT></B><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>Born: 1952</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chief Executive Officer, American Red Cross of Massachusetts Bay (since 2002); Board of Directors of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>2001); Board of Directors of American Student Association Corp. (since 1996); Board of Directors of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Boston Stock Exchange (2002&#150;2008); Board of Directors of Harvard Pilgrim Healthcare (since 2007).</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Charles L. Ladner,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1938</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1994</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chairman and Trustee, Dunwoody Village, Inc. (retirement services) (until 2003); Senior Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998); Vice</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>President and Director, AmeriGas, Inc. (retired 1998); Director, AmeriGas Partners, L.P. (gas distribution)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(until 1997); Director, EnergyNorth, Inc. (until 1997); Director, Parks and History Association (until 2005).</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Stanley Martin,</FONT></B><SUP><FONT face=sans-serif size=1>2,4 </FONT></SUP><FONT face=sans-serif size=1>Born: 1947</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Senior Vice President/Audit Executive, Federal Home Loan Mortgage Corporation (2004&#150;2006);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Executive Vice President/Consultant, HSBC Bank USA (2000&#150;2003); Chief Financial Officer/Executive</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Vice President, Republic New York Corporation and Republic National Bank of New York (1998&#150;2000);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Partner, KPMG LLP (1971&#150;1998).</FONT>&nbsp; </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="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>32</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<TR>
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     <TD width="12%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Independent Trustees </FONT></B><FONT face=sans-serif size=1>(continued)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Number of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>John Hancock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>funds overseen</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>since</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>by Trustee</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>Dr. John A. Moore,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1939</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2002</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>President and Chief Executive Officer, Institute for Evaluating Health Risks (nonprofit institution)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former Assistant</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Administrator and Deputy Administrator, Environmental Protection Agency; Principal, Hollyhouse</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit research)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(until 2007).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Patti McGill Peterson,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1943</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2002</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Principal, PMP Globalinc (consulting) (since 2007); Senior Associate, Institute for Higher Education Policy</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(since 2007); Executive Director, CIES (international education agency) (until 2007); Vice President,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Institute of International Education (until 2007); Senior Fellow, Cornell University Institute of Public</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Affairs, Cornell University (until 1998); Former President Wells College, St. Lawrence University and the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Association of Colleges and Universities of the State of New York. Director of the following: Niagara</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); ONBANK (until</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison (since 2007);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Ford Foundation, International Fellowships Program (until 2007); UNCF, International Development</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Partnerships (until 2005); Roth Endowment (since 2002); Council for International Educational Exchange</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(since 2003).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Steven R. Pruchansky, </FONT></B><FONT face=sans-serif size=1>Born: 1944</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1994</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>American Bank (since 2008); Managing Director, JonJames, LLC (real estate) (since 2000); Director, First</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Signature Bank &amp; Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Building Corp. (until 1991).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Gregory A. Russo,</FONT></B><SUP><FONT face=sans-serif size=1>2,4 </FONT></SUP><FONT face=sans-serif size=1>Born: 1949</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>22</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Vice Chairman, Risk &amp; Regulatory Matters, KPMG LLP (KPMG) (2002&#150;2006); Vice Chairman, Industrial</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Markets, KPMG (1998&#150;2002).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Non-Independent Trustees</FONT></B><SUP><FONT face=sans-serif size=1>3</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Number of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>John Hancock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>funds overseen</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>since</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>by Trustee</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>James R. Boyle, </FONT></B><FONT face=sans-serif size=1>Born: 1959</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>267</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=3>
<HR noShade SIZE=1>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Executive Vice President, Manulife Financial Corporation (since 1999); Director and President, John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Hancock Variable Life Insurance Company (since 2007); Director and Executive Vice President, John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Hancock Life Insurance Company (since 2004); Chairman and Director, John Hancock Advisers, LLC (the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Adviser), John Hancock Funds, LLC (John Hancock Funds) and The Berkeley Financial Group, LLC (The</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Berkeley Group) (holding company) (since 2005); Chairman and Director, John Hancock Investment</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Management Services, LLC (since 2006); Senior Vice President, The Manufacturers Life Insurance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Company (U.S.A.) (until 2004).</FONT>&nbsp; </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="95%"></TD>
     <TD width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>33</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR>
     <TD width="93%"></TD>
     <TD width="6%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal officers who are not Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Officer</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>since</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>Keith F. Hartstein, </FONT></B><FONT face=sans-serif size=1>Born: 1956</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>President and Chief Executive Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Senior Vice President, Manulife Financial Corporation (since 2004); Director, President and Chief</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Executive Officer, the Adviser, The Berkeley Group and John Hancock Funds, LLC (since 2005); Director,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MFC Global Investment Management (U.S.), LLC (MFC Global (U.S.)) (since 2005); Chairman and</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Director, John Hancock Signature Services, Inc. (since 2005); Director, President and Chief Executive</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Officer, John Hancock Investment Management Services, LLC (since 2006); President and Chief Executive</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III and John Hancock Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>(since 2005); Director, Chairman and President, NM Capital Management, Inc. (since 2005); Member</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>and former Chairman, Investment Company Institute Sales Force Marketing Committee (since 2003);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Director, President and Chief Executive Officer, MFC Global (U.S.) (2005&#150;2006); Executive Vice President,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>John Hancock Funds, LLC (until 2005).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Thomas M. Kinzler, </FONT></B><FONT face=sans-serif size=1>Born: 1955</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Secretary and Chief Legal Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Vice President and Counsel, John Hancock Life Insurance Company (U.S.A.) (since 2006); Secretary</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>and Chief Legal Officer, John Hancock Funds, John Hancock Funds II and John Hancock Trust (since</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>2006); Vice President and Associate General Counsel, Massachusetts Mutual Life Insurance Company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>(1999&#150;2006); Secretary and Chief Legal Counsel, MML Series Investment Fund (2000&#150;2006); Secretary</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>and Chief Legal Counsel, MassMutual Institutional Funds (2000&#150;2004); Secretary and Chief Legal</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Counsel, MassMutual Select Funds and MassMutual Premier Funds (2004&#150;2006).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Francis V. Knox, Jr., </FONT></B><FONT face=sans-serif size=1>Born: 1947</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Chief Compliance Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Vice President and Chief Compliance Officer, John Hancock Investment Management Services, LLC,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>the Adviser and MFC Global (U.S.) (since 2005); Chief Compliance Officer, John Hancock Funds, John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hancock Funds II, John Hancock Funds III and John Hancock Trust (since 2005); Vice President and</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Assistant Treasurer, Fidelity Group of Funds (until 2004); Vice President and Ethics &amp; Compliance Officer,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Fidelity Investments (until 2001).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Charles A. Rizzo, </FONT></B><FONT face=sans-serif size=1>Born: 1957</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2007</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Chief Financial Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Chief Financial Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III and John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hancock Trust (since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (registered</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>investment companies) (2005&#150;2007); Vice President, Goldman Sachs (2005&#150;2007); Managing Director</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>and Treasurer of Scudder Funds, Deutsche Asset Management (2003&#150;2005); Director, Tax and Financial</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Reporting, Deutsche Asset Management (2002&#150;2003); Vice President and Treasurer, Deutsche Global</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Fund Services (1999&#150;2002).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Gordon M. Shone, </FONT></B><FONT face=sans-serif size=1>Born: 1956</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Treasurer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Senior Vice President, John Hancock Life Insurance Company (U.S.A.) (since 2001); Treasurer, John</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Hancock Funds (since 2006), John Hancock Funds II, John Hancock Funds III and John Hancock Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>(since 2005); Vice President and Chief Financial Officer, John Hancock Trust (2003&#150;2005); Vice President,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>John Hancock Investment Management Services, LLC, John Hancock Advisers, LLC (since 2006) and The</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Manufacturers Life Insurance Company (U.S.A.) (1998&#150;2000).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%">&nbsp;</TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=2>34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="93%"></TD>
     <TD width="6%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal officers who are not Trustees </FONT></B><FONT face=sans-serif size=1>(continued)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Officer</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>since</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>John G. Vrysen, </FONT></B><FONT face=sans-serif size=1>Born: 1955</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Chief Operating Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Senior Vice President, Manulife Financial Corporation (since 2006); Senior Vice President, John Hancock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Life Insurance Company (since 2004); Director, Executive Vice President and Chief Operating Officer,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>the Adviser, The Berkeley Group and John Hancock Funds, LLC (since 2007); Director, Executive Vice</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>President and Chief Operating Officer, John Hancock Investment Management Services, LLC (since</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>2007); Chief Operating Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>and John Hancock Trust (since 2007); Director, Executive Vice President and Chief Financial Officer,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>the Adviser, The Berkeley Group and John Hancock Funds, LLC (2005&#150;2007); Director, Executive Vice</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>President and Chief Financial Officer, John Hancock Investment Management Services, LLC (2005&#150;2007);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Executive Vice President and Chief Financial Officer, MFC Global (U.S.) (2005&#150;2007); Director, John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Hancock Signature Services, Inc. (since 2005); Chief Financial Officer, John Hancock Funds, John Hancock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Funds II, John Hancock Funds III and John Hancock Trust (2005&#150;2007); Vice President and General</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Manager, John Hancock Fixed Annuities, U.S. Wealth Management (2004&#150;2005); Vice President,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Operations, Manulife Wood Logan (2000&#150;2004).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Each Trustee serves until resignation, retirement age or until his or her successor is elected. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Member of Audit and Compliance Committee.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><FONT face=sans-serif size=1>Non-Independent Trustee holds positions with the Fund&#146;s investment adviser, underwriter and certain other affiliates. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>Mr. Martin and Mr. Russo were appointed by the Board as Trustees on September 8, 2008 and Ms. Jackson was appointed effective October 1, 2008.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="95%"></TD>
     <TD width="4%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Annual report </FONT></B><FONT face=sans-serif size=1>| Bank and Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=2>35</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=7>More information</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="47%"></TD>
     <TD width="52%"></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><B><FONT face=sans-serif size=1>Investment adviser</FONT></B><FONT face=sans-serif size=1>&nbsp; </FONT></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><FONT face=serif size=2>John Hancock Advisers, LLC</FONT><FONT face=serif size=2>&nbsp; </FONT></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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>William H. Cunningham</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Subadviser</FONT></B><FONT face=sans-serif size=1>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Deborah C. Jackson</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>MFC Global Investment</FONT><FONT face=serif size=2>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Charles L. Ladner*</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>&nbsp; Management (U.S.), LLC</FONT><FONT face=serif size=2>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Stanley Martin*</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Dr. John A. Moore*</FONT>&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=sans-serif size=1>Custodian</FONT></STRONG><FONT face=sans-serif size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Patti McGill Peterson*</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>The Bank of New York Mellon</FONT><FONT face=serif size=2>&nbsp;&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Steven R. Pruchansky*</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Gregory A. Russo*</FONT>&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=sans-serif size=1>Transfer agent</FONT></STRONG><FONT face=sans-serif size=1>&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>*Members of the Audit Committee</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Mellon Investor Services</FONT><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>&#134;Non-Independent Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD>
     <TD><STRONG><FONT face=sans-serif size=1>Legal counsel</FONT></STRONG><FONT face=sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Officers</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>K&amp;L Gates LLP</FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Keith F. Hartstein</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>President and Chief Executive Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=sans-serif size=1>Independent registered</FONT></STRONG><FONT face=sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><STRONG><FONT face=sans-serif size=1>public accounting firm</FONT></STRONG><FONT face=sans-serif size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Thomas M. Kinzler</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>PricewaterhouseCoopers LLP</FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Secretary and Chief Legal Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=sans-serif size=1>Stock symbol</FONT></STRONG><FONT face=sans-serif size=1>&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Francis V. Knox, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT size=2><FONT face=serif>Listed New Y</FONT><FONT face=serif>ork Stock Exchange: BTO</FONT></FONT><FONT face=serif size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Chief Compliance Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><STRONG><FONT face=Arial size=1><FONT face=sans-serif>For share</FONT><FONT face=sans-serif>holder assistance</FONT></FONT></STRONG><FONT face=sans-serif size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Charles A. Rizzo</FONT>&nbsp; </TD>
     <TD noWrap align=left><STRONG><FONT face=sans-serif size=1>refer to page 27</FONT></STRONG><FONT face=sans-serif size=1>&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Chief Financial Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Gordon M. Shone</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Treasurer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>John G. Vrysen</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=serif size=2>Chief Operating Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Additional information about your fund is available without charge in several ways. As required by the SEC, you can access proxy voting information and quarterly portfolio information on your fund. The </FONT><B><FONT face=sans-serif size=1>proxy voting information </FONT></B><FONT face=sans-serif size=1>includes a description of proxy voting policies, procedures and information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30. The </FONT><B><FONT face=sans-serif size=1>quarterly portfolio information </FONT></B><FONT face=sans-serif size=1>that includes a complete list of the fund&#146;s holdings for the first and third quarters of the fund&#146;s fiscal period is filed on Form N-Q. You have access to this information:</FONT></P>
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     <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 Website</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>At the SEC</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-852-0218</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>www.jhfunds.com</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>www.sec.gov</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-SEC-0330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>SEC Public Reference Room</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>You can also contact us:</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regular mail:</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mellon Investor Services</FONT>&nbsp; </TD>
     <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 size=1>Newport Office Center VII</FONT>&nbsp; </TD>
     <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 size=1>480 Washington Boulevard</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jersey City, NJ 07310</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Month-end portfolio holdings are available at www.jhfunds.com.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank and Thrift Opportunity Fund | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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<IMG src="bankthriftoppsfundx33x1.jpg" border=0>
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<BR>
<P align=left><FONT face=sans-serif size=1>1-800-852-0218</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>
<P align=left><FONT face=sans-serif size=1>P900A 10/08</FONT><BR>
<FONT face=sans-serif size=1>12/08</FONT></P>
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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, October 31, 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>Charles L. Ladner is the audit committee financial expert and is &#147;independent&#148;, pursuant to general instructions on Form N-CSR Item 3.</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>(a) Audit Fees<BR>
</FONT><FONT face=sans-serif size=2>The aggregate fees billed for professional services rendered by the principal accountant(s) for the audit of the registrant&#146;s annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $32,352 for the fiscal year ended October 31, 2008 and $26,050 for the fiscal year ended October 31, 2007. These fees were billed to the registrant and were approved by the registrant&#146;s audit committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) Audit-Related Services<BR>
</FONT><FONT face=sans-serif size=2>There were no audit-related fees during the fiscal year ended October 31, 2008 and fiscal year ended October 31, 2007 billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates").</FONT></P>
<P align=left><FONT face=sans-serif size=2>(c) Tax Fees<BR>
</FONT><FONT face=sans-serif size=2>The aggregate fees billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning (&#147;tax fees&#148;) amounted to $3,700 for the fiscal year ended October 31, 2008 and $3,700 for the fiscal year ended October 31, 2007. The nature of the services comprising the tax fees was the review of the registrant&#146;s income tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant&#146;s audit committee. There were no tax fees billed to the control affiliates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(d) All Other Fees<BR>
</FONT><FONT face=sans-serif size=2>Other fees amounted to $0 for the fiscal year ended October 31, 2008 and $3,000 for the fiscal year ended October 31, 2007 billed to the registrant or to the control affiliates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(e)(1) Audit Committee Pre-Approval Policies and Procedures:</FONT></P>
<P align=left><FONT face=sans-serif size=2>The trust&#146;s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the &#147;Auditor&#148;) relating to the operations or financial</FONT></P>
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<P align=left><FONT face=sans-serif size=2>reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The trust&#146;s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee&#146;s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:</FONT></P>
<P align=left><FONT face=sans-serif size=2>Audit-Related Fees, Tax Fees and All Other Fees:<BR>
</FONT><FONT face=sans-serif size=2>There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(f) According to the registrant&#146;s principal accountant, for the fiscal year ended October 31, 2008, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(g) The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for each of the last two fiscal years of the registrant were $4,591,472 for the fiscal year ended October 31, 2008, and $1,406,869 for the fiscal year ended October 31, 2007.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(h) The audit committee of the registrant has considered the non-audit services provided by the registrant&#146;s principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.</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>The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:</FONT></P>
<P align=left><FONT face=sans-serif size=2>Dr. John A. Moore - Chairman</FONT></P>
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<P align=left><FONT face=sans-serif size=2>Charles L. Ladner</FONT><BR>
<FONT face=sans-serif size=2>Patti McGill Peterson</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>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>See attached exhibit "Proxy Voting and Procedures".</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><B><FONT face=sans-serif size=2>Information about the portfolio managers</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Management biographies and Fund ownership<BR>
</FONT></B><FONT face=sans-serif size=2>Below is a list of the portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years and their range of beneficial share ownership in the Fund as of October 31, 2008.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Lisa A. Welch</FONT></B><BR>
<FONT face=sans-serif size=2>Vice President, MFC Global Investment Management (U.S.), LLC since 2005</FONT><BR>
<FONT face=sans-serif size=2>Former Vice President and Portfolio Manager, John Hancock Advisers, LLC (2002&#150;2005)</FONT><BR>
<FONT face=sans-serif size=2>Former analyst, John Hancock Advisers, LLC (1998&#150;2002)</FONT><BR>
<FONT face=sans-serif size=2>Began business career in 1986</FONT><BR>
<FONT face=sans-serif size=2>Joined Fund team in 1998</FONT><BR>
<FONT face=sans-serif size=2>Fund ownership &#151; $1&#150;$10,000</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Susan A. Curry</FONT></B><BR>
<FONT face=sans-serif size=2>Portfolio manager, MFC Global Investment Management (U.S.), LLC since 2006</FONT><BR>
<FONT face=sans-serif size=2>Former research officer, John Hancock Advisers, LLC (2004&#150;2006)</FONT><BR>
<FONT face=sans-serif size=2>Former portfolio officer, private client group, John Hancock Advisers, LLC (2001&#150;2004)</FONT><BR>
<FONT face=sans-serif size=2>Began business career in 1993</FONT><BR>
<FONT face=sans-serif size=2>Joined Fund team in 2004</FONT><BR>
<FONT face=sans-serif size=2>Fund ownership &#151; None</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Other accounts the portfolio managers are managing<BR>
</FONT></B><FONT face=sans-serif size=2>The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2008. For purposes of the table, &#147;Other Pooled Investment Vehicles&#148; may include investment partnerships and group trusts, and &#147;Other Accounts&#148; may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=1>PORTFOLIO MANAGER</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS</FONT> </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Lisa A. Welch</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Investment Companies:</FONT> </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>3 accounts with assets of approximately $1.9 billion</FONT> </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Pooled Investment Vehicles: None</FONT> </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Accounts: None</FONT> </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=2>Susan A. Curry</FONT> </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Investment Companies:</FONT> </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>1 account with assets of approximately $905 million</FONT> </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Pooled Investment Vehicles: None</FONT> </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=2>Other Accounts: None</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Neither the Adviser nor Subadviser receives a fee based upon the investment performance of any of the accounts included under &#147;Other Accounts Managed by the Portfolio Managers&#148; in the table above.</FONT></P>
<P align=left><FONT face=sans-serif size=2>When a portfolio manager is responsible for the management of more than one account, the Potential arises for the portfolio manager to favor one account over another. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager&#146;s responsibility for the management of the Fund as well as one or more other accounts. The Adviser and the Subadviser have adopted procedures, overseen by the Chief Compliance Officer, that are intended to monitor compliance with the policies referred to in the following paragraphs:</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; The Subadviser has policies that require a portfolio manager to allocate investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadviser generally require that such trades for the individual accounts are aggregated so each account receives the same price. Where not possible or may not result in the best possible price, the Subadviser will place the order in a manner intended to result in as favorable a price as possible for such client.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; The investment performance on specific accounts is not a factor in determining the portfolio manager&#146;s compensation. See &#147;Compensation of Portfolio Managers&#148; below. Neither the Adviser nor the Subadviser receives a performance-based fee with respect any accounts managed by the Fund&#146;s portfolio manager.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; The Subadviser imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; The Subadviser seeks to avoid portfolio manager assignments with potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is</FONT></P>
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<P align=left><FONT face=sans-serif size=2>in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Compensation of portfolio managers<BR>
</FONT></B><FONT face=sans-serif size=2>The Subadviser has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied consistently among investment professionals. At the Subadviser, the structure of compensation of investment professionals is currently comprised of the following basic components: fixed base salary, and an annual investment bonus plan, as well as customary benefits that are offered generally to all full-time employees of the Subadviser. A limited number of senior investment professionals, who serve as officers of both the Subadviser and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Only investment professionals are eligible to participate in the Investment Bonus Plan on an annual basis. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses: 1) The investment performance of all accounts managed by the investment professional over one-, three- and five-year periods are considered. The pre-tax performance of each account is measured relative to an appropriate peer group benchmark. 2) The profitability of the Subadviser and its parent company are also considered in determining bonus awards, with greater emphasis placed upon the profitability of the Subadviser. 3) The more intangible contributions of an investment professional to the Subadviser&#146;s business, including the investment professional&#146;s support of sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are evaluating in determining the amount of any bonus 
award.</FONT></P>
<P align=left><FONT face=sans-serif size=2>While the profitability of the Subadviser and the investment performance of the accounts that the investment professionals maintain are factors in determining an investment professional&#146;s overall compensation, the investment professional&#146;s compensation is not linked directly to the net asset value of any fund.</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>(a) The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds - 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</FONT></P>
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<P align=left><FONT face=sans-serif size=2>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>
<P align=left><FONT face=sans-serif size=2>(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 face=sans-serif size=2>ITEM 12. EXHIBITS.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(a)(1) Code of Ethics for Senior Financial Officers is attached.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(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 face=sans-serif size=2>(b)(1) 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 face=sans-serif size=2>(c)(1) Proxy Voting Policies and Procedures are attached.</FONT></P>
<P align=left><FONT face=sans-serif size=2>(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds - Governance Committee Charter".</FONT></P>
<P align=left><FONT face=sans-serif size=2>(c)(3) 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></P>
<P align=left><FONT face=sans-serif size=2>By: /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>Date: December 16, 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: December 16, 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: December 16, 2008</FONT></P>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_bankthriftoppsfundxnn1.htm
<DESCRIPTION>CERTIFICATION
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<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B></P>
<P align="left">
<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: December 16, 2008</FONT></P>

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<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B></P>
<P align="left">
<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: December 16, 2008</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_bankthriftoppsfundxnnos.htm
<DESCRIPTION>CERTIFICATION 906
<TEXT>

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<B><FONT size=2 face="sans-serif">Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of</FONT></B>&nbsp;
	</TD>
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<B><FONT size=2 face="sans-serif">the Sarbanes-Oxley Act of 2002</FONT></B>
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<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-serif">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 size=2 face="sans-serif">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 size=2 face="sans-serif">/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">Dated: December 16, 2008</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">/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">Dated: December 16, 2008</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>4
<FILENAME>d_codeofethics110508.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>

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     <TD align=center><B><FONT face=sans-serif>J</FONT></B><B><FONT face=sans-serif size=2>OHN </FONT></B><B><FONT face=sans-serif>H</FONT></B><B><FONT face=sans-serif size=2>ANCOCK </FONT></B><B><FONT face=sans-serif>T</FONT></B><B><FONT face=sans-serif size=2>RUST</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=sans-serif>J</FONT></B><B><FONT face=sans-serif size=2>OHN </FONT></B><B><FONT face=sans-serif>H</FONT></B><B><FONT face=sans-serif size=2>ANCOCK </FONT></B><B><FONT face=sans-serif>F</FONT></B><B><FONT face=sans-serif size=2>UNDS</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=sans-serif>J</FONT></B><B><FONT face=sans-serif size=2>OHN </FONT></B><B><FONT face=sans-serif>H</FONT></B><B><FONT face=sans-serif size=2>ANCOCK </FONT></B><B><FONT face=sans-serif>F</FONT></B><B><FONT face=sans-serif size=2>UNDS </FONT></B><B><FONT face=sans-serif>II</FONT></B> </TD></TR>
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     <TD align=center><B><FONT face=sans-serif>J</FONT></B><B><FONT face=sans-serif size=2>OHN </FONT></B><B><FONT face=sans-serif>H</FONT></B><B><FONT face=sans-serif size=2>ANCOCK </FONT></B><B><FONT face=sans-serif>F</FONT></B><B><FONT face=sans-serif size=2>UNDS </FONT></B><B><FONT face=sans-serif>III</FONT></B> </TD></TR>
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     <TD>&nbsp; </TD></TR>
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     <TD align=center><B><U><FONT face=sans-serif>S</FONT></U></B><B><U><FONT face=sans-serif size=2>ARBANES</FONT></U></B><B><U><FONT face=sans-serif>-O</FONT></U></B><B><U><FONT face=sans-serif size=2>XLEY </FONT></U></B><B><U><FONT face=sans-serif>C</FONT></U></B><B><U><FONT face=sans-serif size=2>ODE OF </FONT></U></B><B><U><FONT face=sans-serif>E</FONT></U></B><B><U><FONT face=sans-serif size=2>THICS</FONT></U></B> </TD></TR>
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     <TD align=center><B><U><FONT face=sans-serif size=2>FOR</FONT></U></B> </TD></TR>
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     <TD noWrap align=center><B><U><FONT face=sans-serif>P</FONT></U></B><B><U><FONT face=sans-serif size=2>RINCIPAL </FONT></U></B><B><U><FONT face=sans-serif>E</FONT></U></B><B><U><FONT face=sans-serif size=2>XECUTIVE </FONT></U></B><B><U><FONT face=sans-serif>&amp; P</FONT></U></B><B><U><FONT face=sans-serif size=2>RINCIPAL </FONT></U></B><B><U><FONT face=sans-serif>F</FONT></U></B><B><U><FONT face=sans-serif size=2>INANCIAL </FONT></U></B><B><U><FONT face=sans-serif>O</FONT></U></B><B><U><FONT face=sans-serif size=2>FFICERS</FONT></U></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif>I. Covered Officers/Purpose of the Code</FONT></B></P>
<P align=left><FONT face=sans-serif>This code of ethics (this &#147;Code&#148;) for John Hancock Trust, John Hancock Funds</FONT><SUP><FONT face=sans-serif>1 </FONT></SUP><FONT face=sans-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=sans-serif>Exhibit A</FONT></U><FONT face=sans-serif>) for the purpose of promoting:</FONT></P>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>honest and ethical conduct, including the ethical handling of actual or apparent conflicts</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT face=sans-serif>of interest between personal and professional relationships;</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>full, fair, accurate, timely and understandable disclosure in reports and documents that</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>the Fund files with, or submits to, the Securities and Exchange Commission (&#147;SEC&#148;)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>and in other public communications made by the Fund;</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>compliance with applicable laws and governmental rules and regulations;</FONT>&nbsp; </TD></TR>
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     <TD></TD>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>the prompt internal reporting of violations of the Code to an appropriate person or</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT face=sans-serif>persons identified in the Code; and</FONT>&nbsp; </TD></TR>
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     <TD></TD>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>accountability for adherence to the Code.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=2>1 </FONT></SUP><FONT face=sans-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=sans-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=sans-serif>II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest Overview</FONT></B></P>
<P align=left><FONT face=sans-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 a
n officer 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=sans-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 confor
mity 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=sans-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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     <TD noWrap align=center><FONT face=sans-serif>*</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif>*</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=sans-serif>*</FONT>&nbsp; </TD>
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<P align=left><FONT face=sans-serif>Each Covered Officer must:</FONT></P>
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     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>not use his/her personal influence or personal relationships improperly to influence</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left></TD>
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     <TD noWrap align=left><FONT face=sans-serif>investment decisions or financial reporting by the Fund whereby the Executive Officer</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>would benefit personally to the detriment of the Fund;</FONT>&nbsp; </TD></TR>
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     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>not cause the Fund to take action, or fail to take action, for the individual personal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>benefit of the Executive Officer rather than for the benefit of the Fund; and</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>not use material non-public knowledge of portfolio transactions made or contemplated</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>for the Fund to trade personally or cause others to trade personally in contemplation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>the market effect of such transactions.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-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>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="82%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>service as a director/trustee on the board of any public or private company;</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>the receipt of any non-nominal gifts;</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>the receipt of any entertainment from any company with which the Fund has current or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>prospective business dealings unless such entertainment is business-related, reasonable</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>in cost, appropriate as to time and place, and not so frequent as to raise any question of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>impropriety (or other formulation as the Fund already uses in another code of conduct);</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>any ownership interest in, or any consulting or employment relationship with, any of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>the Fund&#146;s service providers, other than its investment adviser, any sub-adviser,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>principal underwriter, administrator or any affiliated person thereof; and</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>a direct or indirect financial interest in commissions, transaction charges or spreads paid</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>by the Fund for effecting portfolio transactions or for selling or redeeming shares other</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>than an interest arising from the Executive Officer&#146;s employment, such as compensation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>or equity ownership.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif>III. Disclosure &amp; Compliance</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="82%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>Each Executive Officer should familiarize himself or herself with the disclosure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>requirements generally applicable to the Fund;</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>Each Executive Officer should not knowingly misrepresent, or cause others to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>misrepresent, facts about the Fund to others, whether within or outside the Fund,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>including to the Fund&#146;s directors and auditors, and to governmental regulators and self-</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>regulatory organizations;</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>Each Executive Officer should, to the extent appropriate within his/her area of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>responsibility, consult with other officers and employees of the Fund and the Fund&#146;s</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif>3 of 6</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="82%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>understandable disclosure in the reports and documents the Fund files with, or submits</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>to, the SEC and in other public communications made by the Fund; and</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>It is the responsibility of each Executive Officer to promote compliance with the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>standards and restrictions imposed by applicable laws, rules and regulations.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif>IV. Reporting &amp; Accountability</FONT></B></P>
<P align=left><FONT face=sans-serif>Each Executive Officer must:</FONT></P>
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<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="82%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>upon adoption of the Code (or thereafter as applicable, upon becoming an Executive</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>Officer), affirm in writing to the Fund&#146;s CCO that he/she has received, read, and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>understands the Code;</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>annually thereafter affirm to the Fund&#146;s CCO that he/she has complied with the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>requirements of the Code;</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>not retaliate against any employee or Executive Officer or their affiliated persons for</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>reports of potential violations that are made in good faith;</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>notify the Fund&#146;s CCO promptly if he/she knows of any violation of this Code (Note:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>failure to do so is itself a violation of this Code); and</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>report at least annually any change in his/her affiliations from the prior year.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-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=sans-serif>The Fund will follow these procedures in investigating and enforcing this Code:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="82%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>the Fund&#146;s CCO will take all appropriate action to investigate any potential violations</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>reported to him/her;</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>if, after such investigation, the CCO believes that no violation has occurred, the CCO is</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>not required to take any further action;</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>any matter that the CCO believes is a violation will be reported to the Board or, if</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>applicable, Compliance Committee;</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>if the Board or, if applicable, Compliance Committee concurs that a violation has</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>occurred, the Board, either upon its determination of a violation or upon</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>recommendation of the Compliance Committee, if applicable, will consider appropriate</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>action, which may include review of, and appropriate modifications to, applicable</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>policies and procedures; notification to appropriate personnel of the Service Provider or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>the investment adviser or its board; or a recommendation to dismiss the Registrant&#146;s</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>Executive Officer;</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif>4 of 6</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="82%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>the Board, or if applicable the Compliance Committee, will be responsible for granting</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>waivers, as appropriate; and</FONT>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658;</FONT></TD>
     <TD noWrap align=left><FONT face=sans-serif>any changes to or waivers of this Code will, to the extent required, be disclosed as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif>provided by SEC rules.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif>V. Other Policies &amp; Procedures</FONT></B></P>
<P align=left><FONT face=sans-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=sans-serif>VI. Amendments</FONT></B></P>
<P align=left><FONT face=sans-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=sans-serif>VII. Confidentiality</FONT></B></P>
<P align=left><FONT face=sans-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=sans-serif>VIII. Internal Use</FONT></B></P>
<P align=left><FONT face=sans-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>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD align=center width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif>5 of 6</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD align=center><B><U><FONT face=sans-serif>Exhibit A</FONT></U></B> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><B><FONT face=sans-serif>Persons Covered by this Code of Ethics</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT face=sans-serif>(As of June 2007)</FONT></B> </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif>John Hancock Trust</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Executive Officer and President &#150; Keith Hartstein</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Arial><FONT size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif>John Hancock Funds</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Executive Officer and President &#150; Keith Hartstein</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif>John Hancock Funds II</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Executive Officer and President &#150; Keith Hartstein</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Arial size=1>&#9658; </FONT><FONT face=sans-serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo</FONT>&nbsp; </TD></TR>
<TR>
     <TD>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif>John Hancock Funds III</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Executive Officer and President &#150; Keith Hartstein</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif><FONT face=Arial size=1>&#9658;</FONT> </FONT><FONT face=sans-serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="100%"></TD></TR>
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<TYPE>EX-99
<SEQUENCE>5
<FILENAME>e_govcommcharter120908.htm
<DESCRIPTION>GOVERNANCE COMMITTEE CHARTER
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     <TD align=center><B><FONT face=sans-serif size=2>JOHN HANCOCK FUNDS</FONT></B> </TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif size=2>NOMINATING, GOVERNANCE AND ADMINISTRATION COMMITTEE CHARTER</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>A. </FONT><U><FONT face=sans-serif size=2>Composition</FONT></U><FONT face=sans-serif size=2>. The Nominating, Governance and Administration Committee (the &#147;Committee&#148;) shall be composed entirely of Trustees who are &#147;independent&#148; as defined in the rules of the New York Stock Exchange (&#147;NYSE&#148;) or any other exchange, as applicable, and are not &#147;interested persons&#148; as defined in the Investment Company Act of 1940 of any of the funds, or of any fund&#146;s investment adviser or principal underwriter (the &#147;Independent Trustees&#148;) 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 Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B. </FONT><U><FONT face=sans-serif size=2>Overview</FONT></U><FONT face=sans-serif size=2>. The overall charter of the Committee is to make determinations and recommendations to the Board on issues related to the composition and operation of the Board and corporate governance matters applicable to the Independent Trustees, as well as issues related to complex-wide matters and practices designed to facilitate uniformity and administration of the Board's oversight of the funds, and to discharge 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. </FONT><U><FONT face=sans-serif size=2>Specific Responsibilities</FONT></U><FONT face=sans-serif size=2>. The 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. To consider and determine nominations of individuals 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 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 determine 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. The Chairman of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the funds required of them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>4. To consider and determine 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>
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<P align=left><FONT face=sans-serif size=2>6. To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>7. To develop and recommend to the Board, if deemed desirable, guidelines for corporate governance (&#147;Corporate Governance Guidelines&#148;) 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 and practices 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: D&amp;O insurance and fidelity bond coverage and costs; association dues, including Investment Company Institute membership dues; meeting expenditures and policies relating to reimbursement of travel expenses and expenses associated with offsite meetings; expenses and policies associated with Trustee attendance at educational or informational conferences; and publication expenses.</FONT></P>
<P align=left><FONT face=sans-serif size=2>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 &#147;interested persons&#148; as defined in the Investment Company Act of 1940 of any of the funds or any fund&#146;s investment adviser or principal underwriter, or by the Committee, from time to time, other than as may be engaged directly by another Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>10. To periodically review the Board&#146;s committee structure and the charters of the Board&#146;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 face=sans-serif size=2>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 face=sans-serif size=2>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 Committee may deem necessary or appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D. </FONT><U><FONT face=sans-serif size=2>Additional Responsibilities</FONT></U><FONT face=sans-serif size=2>. 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 face=sans-serif size=2>E. </FONT><U><FONT face=sans-serif size=2>Governance</FONT></U><FONT face=sans-serif size=2>. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or</FONT></P>
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<P align=left><FONT face=sans-serif size=2>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 face=sans-serif size=2>F. </FONT><U><FONT face=sans-serif size=2>Miscellaneous</FONT></U><FONT face=sans-serif size=2>. 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&#146; 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 face=sans-serif size=2>G. </FONT><U><FONT face=sans-serif size=2>Evaluation</FONT></U><FONT face=sans-serif size=2>. At least annually, the Committee shall evaluate its own performance, including whether the Committee is meeting frequently enough to discharge its responsibilities appropriately.</FONT></P>
<P align=left><FONT face=sans-serif size=2>H. </FONT><U><FONT face=sans-serif size=2>Review</FONT></U><FONT face=sans-serif size=2>. 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><FONT face=sans-serif size=2>Last revised: December 9, 2008</FONT></P>
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<P align=left><FONT face=sans-serif size=2>ANNEX A</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>General Criteria</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.</FONT></P>
<P align=left><FONT face=sans-serif size=2>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>
<P align=left><FONT face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>Application of Criteria to Existing Trustees</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>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 Nominating, Governance and Administration Committee (the &#147;Committee&#148;) shall consider the existing Trustee&#146;s performance on the Board and any committee.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Review of Shareholder Nominations</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>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 Committee. In evaluating a nominee recommended by a shareholder, the 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&#146;s candidate among the slate of its designated nominees, the candidate&#146;s name will be placed on the funds&#146; 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&#146;s candidate will be</FONT></P>
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<P align=left><FONT face=sans-serif size=2>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&#146; proxy statement.</FONT></P>
<P align=left><FONT face=sans-serif size=2>As long as an existing Independent Trustee continues, in the opinion of the 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 Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the 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 Committee will, in addition to any shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Committee. The Committee may retain a consultant to assist the Committee in a search for a qualified candidate.</FONT></P>
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<TYPE>EX-99
<SEQUENCE>6
<FILENAME>f_proxyvotingpolicies010809.htm
<DESCRIPTION>PROXY VOTING POLICIES
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     <TD align=center><B><FONT face=sans-serif>JOHN HANCOCK FUNDS</FONT></B> </TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif>PROXY VOTING POLICIES AND PROCEDURES</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif>POLICY:</FONT></B></P>
<P align=left><B><FONT face=sans-serif>General</FONT></B></P>
<P align=left><FONT face=sans-serif>The Board of Trustees (the &#147;Board&#148;) of each registered investment company in the John Hancock family of funds listed on Schedule A (collectively, the &#147;Trust&#148;), including a majority of the Trustees who are not &#147;interested persons&#148; (as defined in the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) of the Trust (the &#147;Independent Trustees&#148;), adopts these proxy voting policies and procedures.</FONT></P>
<P align=left><FONT face=sans-serif>Each fund of the Trust or any other registered investment company (or series thereof) (each, a &#147;fund&#148;) is required to disclose its proxy voting policies and procedures in its registration statement and, pursuant to Rule 30b1-4 under the 1940 Act, file annually with the Securities and Exchange Commission and make available to shareholders its actual proxy voting record. In this regard, the Trust Policy is set forth below.</FONT></P>
<P align=left><B><FONT face=sans-serif>Delegation of Proxy Voting Responsibilities</FONT></B></P>
<P align=left><FONT face=sans-serif>It is the policy of the Trust to delegate the responsibility for voting proxies relating to portfolio securities held by a fund to the fund&#146;s investment adviser (&#147;adviser&#148;) or, if the fund&#146;s adviser has delegated portfolio management responsibilities to one or more investment subadviser(s), to the fund&#146;s subadviser(s), subject to the Board&#146;s continued oversight. The subadviser for each fund shall vote all proxies relating to securities held by each fund and in that connection, and subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures adopted by each subadviser in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;).</FONT></P>
<P align=left><FONT face=sans-serif>Except as noted below under Material Conflicts of Interest, the Trust Policy with respect to a fund shall incorporate that adopted by the fund&#146;s subadviser with respect to voting proxies held by its clients (the &#147;Subadviser Policy&#148;). Each Subadviser Policy, as it may be amended from time to time, is hereby incorporated by reference into the Trust Policy. Each subadviser to a fund is directed to comply with these policies and procedures in voting proxies relating to portfolio securities held by a fund, subject to oversight by the fund&#146;s adviser and by the Board. Each adviser to a fund retains the responsibility, and is directed, to oversee each subadviser&#146;s compliance with these policies and procedures, and to adopt and implement such additional policies and procedures as it deems necessary or appropriate to discharge its oversight responsibility. Additionally, the Trust&#146;s Chief Compliance Officer (&#147;CCO&#148;) shall conduct such monitoring
 and supervisory activities as the CCO or the Board deems necessary or appropriate in order to appropriately discharge the CCO&#146;s role in overseeing the subadvisers&#146; compliance with these policies and procedures.</FONT></P>
<P align=left><FONT face=sans-serif>The delegation by the Board of the authority to vote proxies relating to portfolio securities of the funds is entirely voluntary and may be revoked by the Board, in whole or in part, at any time.</FONT></P>
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<P align=left><B><FONT face=sans-serif>Voting Proxies of Underlying Funds of a Fund of Funds</FONT></B></P>
<P align=left><FONT face=sans-serif>With respect to voting proxies relating to the securities of an underlying fund held by the Trust&#146;s fund of funds in reliance on any one of Sections 12(d)(1)(E), (F) or (G) of the Investment Company Act of 1940, as amended, or to the extent disclosed in the Trust&#146;s registration statement, the subadviser for the fund of funds, or the Trust, will vote proxies in the same proportion as the vote of all other holders of such underlying fund securities, unless the Trust elects to seek voting instructions from the shareholders of the fund of funds, in which case the subadviser, or the Trust, will vote proxies in the same proportion as the instructions timely received from shareholders of the Trust&#146;s fund of funds.</FONT></P>
<P align=left><B><FONT face=sans-serif>Material Conflicts of Interest</FONT></B></P>
<P align=left><FONT face=sans-serif>If: (1) a subadviser to a fund becomes aware that a vote presents a material conflict between the interests of: (a) shareholders of the fund; and (b) the fund&#146;s adviser, subadviser, principal underwriter, or any of their affiliated persons, and (2) the subadviser does not propose to vote on the particular issue in the manner prescribed by its Subadviser Policy or the material conflict of interest procedures set forth in its Subadviser Policy are otherwise triggered, then the subadviser will follow the material conflict of interest procedures set forth in its Subadviser Policy when voting such proxies.</FONT></P>
<P align=left><FONT face=sans-serif>If a Subadviser Policy provides that in the case of a material conflict of interest between fund shareholders and another party, the subadviser will ask the Board to provide voting instructions, the subadviser shall vote the proxies, in its discretion, as recommended by an independent third party, in the manner prescribed by its Subadviser Policy or abstain from voting the proxies.</FONT></P>
<P align=left><B><FONT face=sans-serif>Securities Lending Program</FONT></B></P>
<P align=left><FONT face=sans-serif>Certain of the funds participate in a securities lending program with the Trust through an agent lender. When a fund&#146;s securities are out on loan, they are transferred into the borrower&#146;s name and are voted by the borrower, in its discretion. Where a subadviser determines, however, that a proxy vote (or other shareholder action) is materially important to the client&#146;s account, the subadviser should request that the agent recall the security prior to the record date to allow the subadviser to vote the securities.</FONT></P>
<P align=left><B><FONT face=sans-serif>Disclosure of Proxy Voting Policies and Procedures in the Trust&#146;s Statement of Additional Information (&#147;SAI&#148;)</FONT></B></P>
<P align=left><FONT face=sans-serif>The Trust shall include in its SAI a summary of the Trust Policy and of the Subadviser Policy included therein. (In lieu of including a summary of these policies and procedures, the Trust may include each full Trust Policy and Subadviser Policy in the SAI.)</FONT></P>
<P align=left><B><FONT face=sans-serif>Disclosure of Proxy Voting Policies and Procedures in Annual and Semi-Annual Shareholder Reports</FONT></B></P>
<P align=left><FONT face=sans-serif>The Trust shall disclose in its annual and semi-annual shareholder reports that a description of the Trust Policy, including the Subadviser Policy, and the Trust&#146;s proxy voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission&#146;s (&#147;SEC&#148;) website, and without charge, upon request, by calling a specified toll-free telephone</FONT></P>
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<P align=left><FONT face=sans-serif>number. The Trust will send these documents within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.</FONT></P>
<P align=left><B><FONT face=sans-serif>Filing of Proxy Voting Record on Form N-PX</FONT></B></P>
<P align=left><FONT face=sans-serif>The Trust will annually file its complete proxy voting record with the SEC on Form N-PX. The Form N-PX shall be filed for the twelve months ended June 30 no later than August 31 of that year.</FONT></P>
<P align=left><B><FONT face=sans-serif>PROCEDURES:</FONT></B></P>
<P align=left><B><FONT face=sans-serif>Review of Subadvisers&#146; Proxy Voting</FONT></B></P>
<P align=left><FONT face=sans-serif>The Trust has delegated proxy voting authority with respect to fund portfolio securities in accordance with the Trust Policy, as set forth above.</FONT></P>
<P align=left><FONT face=sans-serif>Consistent with this delegation, each subadviser is responsible for the following:</FONT></P>
<P align=left><FONT face=sans-serif>1) Implementing written policies and procedures, in compliance with Rule 206(4)-6 under the Advisers Act, reasonably designed to ensure that the subadviser votes portfolio securities in the best interest of shareholders of the Trust.</FONT></P>
<P align=left><FONT face=sans-serif>2) Providing the adviser with a copy and description of the Subadviser Policy prior to being approved by the Board as a subadviser, accompanied by a certification that represents that the Subadviser Policy has been adopted in conformance with Rule 206(4)-6 under the Advisers Act. Thereafter, providing the adviser with notice of any amendment or revision to that Subadviser Policy or with a description thereof. The adviser is required to report all material changes to a Subadviser Policy quarterly to the Board. The CCO&#146;s annual written compliance report to the Board will contain a summary of the material changes to each Subadviser Policy during the period covered by the report.</FONT></P>
<P align=left><FONT face=sans-serif>3) Providing the adviser with a quarterly certification indicating that the subadviser did vote proxies of the funds and that the proxy votes were executed in a manner consistent with the Subadviser Policy. If the subadviser voted any proxies in a manner inconsistent with the Subadviser Policy, the subadviser will provide the adviser with a report detailing the exceptions.</FONT></P>
<P align=left><B><FONT face=sans-serif>Adviser Responsibilities</FONT></B></P>
<P align=left><FONT face=sans-serif>The Trust has retained a proxy voting service to coordinate, collect, and maintain all proxy-related information, and to prepare and file the Trust&#146;s reports on Form N-PX with the SEC.</FONT></P>
<P align=left><FONT face=sans-serif>The adviser, in accordance with its general oversight responsibilities, will periodically review the voting records maintained by the proxy voting service in accordance with the following procedures:</FONT></P>
<P align=left><FONT face=sans-serif>1) Receive a file with the proxy voting information directly from each subadviser on a quarterly basis.</FONT></P>
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<P align=left><FONT face=sans-serif>2) Select a sample of proxy votes from the files submitted by the subadvisers and compare them against the proxy voting service files for accuracy of the votes.</FONT></P>
<P align=left><FONT face=sans-serif>3) Deliver instructions to shareholders on how to access proxy voting information via the Trust&#146;s semi-annual and annual shareholder reports.</FONT></P>
<P align=left><B><FONT face=sans-serif>Proxy Voting Service Responsibilities</FONT></B></P>
<P align=left><B><FONT face=sans-serif>Aggregation of Votes:</FONT></B></P>
<P align=left><FONT face=sans-serif>The proxy voting service</FONT><FONT face=sans-serif>&#146;s proxy disclosure system will collect fund-specific and/or account-level voting records, including votes cast by multiple subadvisers or third party voting services.</FONT></P>
<P align=left><B><FONT face=sans-serif>Reporting:</FONT></B></P>
<P align=left><FONT face=sans-serif>The proxy voting service</FONT><FONT face=sans-serif>&#146;s proxy disclosure system will provide the following reporting features:</FONT></P>
<P align=left><FONT face=sans-serif>1) multiple report export options;</FONT></P>
<P align=left><FONT face=sans-serif>2) report customization by fund-account, portfolio manager, security, etc.; and</FONT></P>
<P align=left><FONT face=sans-serif>3) account details available for vote auditing.</FONT></P>
<P align=left><B><FONT face=sans-serif>Form N-PX Preparation and Filing:</FONT></B></P>
<P align=left><FONT face=sans-serif>The adviser will be responsible for oversight and completion of the filing of the Trust&#146;s reports on Form N-PX with the SEC. The proxy voting service </FONT><FONT face=sans-serif>will prepare the EDGAR version of Form N-PX and will submit it to the adviser for review and approval prior to filing with the SEC</FONT><FONT face=sans-serif>. The proxy voting service will file Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before August 31 of each year.</FONT></P>
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     <TD align=center><B><FONT face=sans-serif>Schedule A</FONT></B> </TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif>PROXY VOTING POLICIES AND PROCEDURES</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=2>JOHN HANCOCK FUNDS:</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Adopted:</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=2>Amended:</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=2>John Hancock Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 28, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Funds II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 28, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Funds III</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Bond Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock California Tax-Free Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Capital Series</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Current Interest</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Equity Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Investment Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Investment Trust II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Investment Trust III</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Municipal Securities Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Series Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Sovereign Bond Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Strategic Series</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Tax-Exempt Series</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock World Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Preferred Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Preferred Income Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Preferred Income Fund III</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Patriot Premium Dividend Fund II</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Bank &amp; Thrift Opportunity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Income Securities Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Investors Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Tax-Advantaged Dividend Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&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=2>John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>September 11, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=sans-serif>-5-</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<SEQUENCE>8
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