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<SEC-DOCUMENT>0000928816-09-000615.txt : 20090702
<SEC-HEADER>0000928816-09-000615.hdr.sgml : 20090702
<ACCEPTANCE-DATETIME>20090702110209
ACCESSION NUMBER:		0000928816-09-000615
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20090430
FILED AS OF DATE:		20090702
DATE AS OF CHANGE:		20090702
EFFECTIVENESS DATE:		20090702

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08568
		FILM NUMBER:		09925050

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN REGIONAL BANK & THRIFT FUND
		DATE OF NAME CHANGE:	19940620
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a_bankandtfriftopp.htm
<DESCRIPTION>JOHN HANCOCK BANK & THRIFT OPPORTUNITY FUND
<TEXT>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>UNITED STATES</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><B><FONT face=sans-serif>FORM N-CSR</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><B><FONT face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><B><FONT face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><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 colSpan=3 noWrap align=center>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><U><FONT face=sans-serif>John Hancock Bank and Thrift Opportunity Fund</FONT></U>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>(Exact name of registrant as specified in charter)</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><U><FONT face=sans-serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>Salvatore Schiavone</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>Treasurer</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>601 Congress Street</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=center><U><FONT face=sans-serif>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><FONT face=sans-serif>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT face=sans-serif>Registrant's telephone number, including area code: </FONT><U><FONT face=sans-serif>617-663-4497</FONT></U>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>Date of fiscal year end:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif>October 31</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>Date of reporting period:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif>April 30, 2009</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>ITEM 1. REPORT TO SHAREHOLDERS.</FONT>&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="8%"></TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Top 10 holdings</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Cullen/Frost Bankers, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.9%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>JPMorgan Chase &amp; Co.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.6%</FONT>&nbsp;</TD></TR>
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     <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>4.3%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Signature Bank</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>PNC Financial Services Group, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.2%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Bancorp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.4%</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>4.0%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <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>3.2%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of New York Mellon Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.7%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hancock Holding Co.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.0%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Industry composition</FONT></B><SUP><FONT face=sans-serif size=1>2,3</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=left>&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>53%</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>8%</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>10%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <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>8%</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>10%</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>11%</FONT>&nbsp;</TD></TR>
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&nbsp;<BR>
<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 April 30, 2009. Excludes cash and cash equivalents. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>As a percentage of the Fund&#146;s net assets on April 30, 2009.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><FONT face=sans-serif size=1>Investments concentrated in one industry may fluctuate more widely than investments diversified across industries.</FONT></P>
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     <TD width="95%"></TD></TR>
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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>| Semiannual 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;&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></P>
<P align=left><FONT face=serif size=7>Fund&#146;s investments</FONT></P>
<P align=left><FONT face=sans-serif size=4>Securities owned by the Fund on 4-30-09 </FONT><FONT face=sans-serif size=2>(unaudited)</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="31%"></TD>
     <TD width="12%"></TD>
     <TD width="8%"></TD>
     <TD width="13%"></TD>
     <TD width="8%"></TD>
     <TD width="12%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp;</TD>
     <TD noWrap align=left></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</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=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><B><FONT face=sans-serif size=1>rating (A) </FONT></B></TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=right><B><FONT face=sans-serif size=1>value</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 0.29%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>$848,809</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $1,976,560)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=left>&nbsp;</TD>
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<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks 0.29%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>848,809</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=right>&nbsp;<FONT face=sans-serif size=1>7.114%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-29-49</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$2,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>110,851</FONT>&nbsp;</TD></TR>
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     <TD colSpan=7>
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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=right><FONT face=sans-serif size=1>7.650</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-37</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,725,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>737,958</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=7>&nbsp;</TD></TR>
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     <TD colSpan=7>&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>
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     <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=7>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Common stocks 84.11%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$244,489,212</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left colSpan=7><B><FONT face=sans-serif size=1>
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&nbsp;</FONT></B></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $309,619,576)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
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<TR height=20>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Asset Management &amp; Custody Banks 7.82%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left></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>22,746,106</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of New York Mellon Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>426,946</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,878,584</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Northern Trust Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>78,712</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,278,785</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>State Street Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>222,348</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,588,737</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
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     <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>Diversified Banks 7.57%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>21,997,399</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Comerica, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>5,217,537</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. Bancorp.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>538,204</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,806,077</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Wells Fargo &amp; Co.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>348,515</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,973,785</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Diversified Financial Services 7.88%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>22,910,565</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=7>
<HR noShade SIZE=1>
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<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></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,390,067</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,413,298</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>JPMorgan Chase &amp; Co.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>318,099</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,497,267</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks 50.28%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>146,139,965</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Avenue Bank (B)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>626,563</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of Marin Bancorp</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,868</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>380,844</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&amp;T Corp. (L)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>171,178</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,995,295</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beverly National Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>1,555,125</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bridge Capital Holdings (I)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>775,405</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Camden National Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>69,218</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,007,321</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Capital City Bank Group, Inc. (L)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>913,575</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>City Holding Co.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>1,222,626</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CoBiz Financial, Inc. (L)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>247,810</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,454,645</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cullen/Frost Bankers, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>301,389</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,192,408</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>DNB Financial Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>549,605</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Eastern Virginia Bankshares, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>895,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ECB Bancorp., Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>434,563</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>F.N.B. Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>527,981</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,970,417</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>First Bancorp, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>2,556,408</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hancock Holding Co.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>8,792,505</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 width="80%" border=0>
<TR>
     <TD align=right width="95%"></TD>
     <TD style="TEXT-INDENT: 0px" align=right width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual 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>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=-->
<A name="page_4"></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&nbsp;&nbsp; </FONT><FONT face=sans-serif size=2>S T A T E M E N T S</FONT></FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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 (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>Harleysville National Corp.</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>$1,332,137</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>92,940</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,047,434</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>119,700</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>IBERIANBANK Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>96,772</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,420,545</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Independent Bank Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23,467</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>468,401</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. (L)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>166,029</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,243,052</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>417,091</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>536,780</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,301,197</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>2,717,934</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. (L)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>219,416</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,508,369</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>2,127,643</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>884,306</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>242,191</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,780,353</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>908,359</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>305,689</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,135,854</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.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>286,100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,944,997</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>2,764,489</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>28,933</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>729,690</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>SCBT Financial Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>110,389</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,546,674</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>361,930</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,840,877</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.</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>663,300</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. (I)</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>357,492</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>SunTrust Banks, Inc.</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>2,725,853</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>7,027,032</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>1,670,885</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. (L)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>355,338</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,942,752</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>282,880</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,960,320</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>1,599,369</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.</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>3,615,507</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>30,499</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,635,661</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>3,380,387</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <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>Thrifts &amp; Mortgage Finance 10.56%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>30,695,177</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beneficial Mutual Bancorp, Inc. (I)</FONT>&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>75,420</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>Berkshire Hills Bancorp, Inc.</FONT>&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>7,871,252</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>Dime Community Bancshares, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>138,688</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,156,658</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ESSA Bancorp, Inc.</FONT>&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>1,177,064</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>Flushing Financial Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>136,439</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,256,603</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>Hingham Institution for Savings</FONT>&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>2,238,400</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>Hudson City Bancorp, Inc.</FONT>&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>3,677,693</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>LSB Corp.</FONT>&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>592,800</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>Northwest Bancorp, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>97,108</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,707,159</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>Parkvale Financial Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,600</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>186,736</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>People&#146;s United Financial, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>590,723</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9,227,093</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>WSFS Financial Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>56,374</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,528,299</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 width="80%" border=0>
<TR>
     <TD style="TEXT-INDENT: 0px" width="4%"></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>| Semiannual 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><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></FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="43%"></TD>
     <TD width="13%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD>
     <TD width="12%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&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>Issuer, description</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Preferred stocks 2.38%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$6,919,940</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=6><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $5,901,919)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Diversified Banks 0.14%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>397,510</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>Wells Fargo &amp; Co. , 8.000% (L)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>21,487</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>397,510</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Diversified Financial Services 1.94%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5,656,400</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. , 8.200% (L)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>192,685</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,909,543</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 America Corp. , 8.625%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>196,064</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,746,857</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks 0.30%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>866,030</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>Fifth Third Capital Trust V, 7.250%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,944</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>270,178</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>Fifth Third Capital Trust VI, 7.250%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23,328</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>300,932</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>Fifth Third Capital Trust VII, 8.875%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,039</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>91,491</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>Keycorp Capital VIII, 7.000%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>9,221</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>115,631</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>Keycorp Capital X, 8.000%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>6,353</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>87,798</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Convertible preferred stocks 1.74%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$5,063,490</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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>(Cost $6,825,723)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks 1.74%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5,063,490</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>Fifth Third Bancorp, 8.50%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>21,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,215,690</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>Huntington Bancshares, Inc., 8.50%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,267</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,686,170</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>South Financial Group, Inc., 10.00%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>793</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>182,390</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>South Financial Group, Inc., 10.00%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,638</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>606,740</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>Webster Financial Corp., 8.50%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>372,500</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6></TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&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>Issuer, description, maturity date</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Par value</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>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Capital preferred securities 0.00%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$600</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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>(Cost $5,734,283)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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><B><FONT face=sans-serif size=1>Diversified Financial Services 0.00%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>600</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>Preferred Term Securities XXV, Ltd., Zero</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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></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>$3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>300</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>Preferred Term Securities XXVII, Ltd.,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Zero Coupon, 3-22-38</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>3,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>300</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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=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>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rate</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=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Short-term investments 21.47%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$62,397,437</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $62,397,437)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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>Cash Equivalents 9.85%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>28,631,166</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>John Hancock Cash Investment Trust (T)(W)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>0.7696% (Y)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>28,632</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>28,631,166</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&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>Issuer, description</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp;</TD>
     <TD noWrap align=left></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>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Certificates of Deposit 0.03%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>71,411</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>Country Bank For Savings</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<FONT face=sans-serif size=1>2.960%</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-31-10</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,785</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,785</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>First Bank Richmond</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.690</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-05-10</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,016</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>17,016</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>First Bank System, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.862</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-01-09</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,455</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,455</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>First Federal Savings Bank of Louisiana</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.980</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-07-09</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,847</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,847</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>Framingham Cooperative Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-10-09</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,401</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,401</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>Home Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.150</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>16,275</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,275</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 width="80%" border=0>
<TR>
     <TD align=right width="95%"></TD>
     <TD style="TEXT-INDENT: 0px" align=right width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual 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>
<A name="page_6"></A>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif size=2><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></FONT></FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="43%"></TD>
     <TD width="13%"></TD>
     <TD width="8%"></TD>
     <TD align=left width="8%"></TD>
     <TD width="12%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&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>Issuer, description</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp;</TD>
     <TD noWrap align=left></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>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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><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></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>Machias Savings Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<FONT face=sans-serif size=1>3.540%</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>$1,672</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,672</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>Middlesex Savings Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.500</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-19-10</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,818</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,818</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>Midstate Federal Saving and Loan</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.200</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>1,811</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,811</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>Milford Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.400</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>1,666</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,666</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>Milford Federal Savings and Loan Assn.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.150</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>1,836</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,836</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>Mount Mckinley Savings Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.030</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>1,564</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,564</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>Mt. Washington Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.040</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>1,880</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,880</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>Natick Savings Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.580</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-31-09</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,832</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,832</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>Newburyport Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.750</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-21-10</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,904</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,904</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>Newton Savings Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.750</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>1,674</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,674</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>OBA Federal Savings and Loan</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.600</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>1,145</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,145</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>Plymouth Savings Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3.590</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-21-11</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,730</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,730</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>Randolph Savings Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.000</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>1,714</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,714</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>Salem Five Cents Savings Bank</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.490</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-17-09</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,694</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,694</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>Sunshine Federal Savings and Loan Assn.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.000</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>1,692</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,692</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>U.S. Government Agency 11.59%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>33,694,860</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>Federal Home Loan Bank,</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Discount Note</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Zero</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-01-09</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,900,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,900,000</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>U.S. Treasury Bill</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Zero</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-11-09</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,599,242</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. Treasury Bill</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Zero</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-25-09</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,195,618</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<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 $392,455,498)</FONT></B><FONT face=sans-serif size=1>&#134; </FONT><B><FONT face=sans-serif size=1>109.99%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$319,719,488</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Liabilities in excess of other assets (9.99%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($29,039,910)</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>Total net assets 100.00%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$290,679,578</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=6>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<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. </FONT></P>
<P align=left><FONT face=sans-serif size=1>(I) Non-income producing security.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(L) All or a portion of this security is on loan as of April 30, 2009.</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 April 30, 2009.</FONT></P>
<P align=left><FONT face=sans-serif size=1>&#134; At April 30, 2009, the aggregate cost of investment securities for federal income tax purposes was $392,477,074. Net unrealized depreciation aggregated $72,757,586, of which $23,056,247 related to appreciated investment securities and $95,813,833 related to depreciated investment securities.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD style="TEXT-INDENT: 0px" width="4%"></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>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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<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>
<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>4-30-09 (unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This Statement of Assets and Liabilities is the Fund&#146;s balance sheet. It shows the value of what the Fund owns, is due and owes.</FONT></B></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="79%"></TD>
     <TD width="20%"></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 height=20>
     <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 $363,824,332) 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>$27,515,420 of securities loaned (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$291,088,322</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments in affiliated issuers, at value (Cost $28,631,166) (Note 2)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>28,631,166</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 $392,455,498)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>319,719,488</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>18,563</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>705,693</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable for security lending income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>130,543</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other receivables and prepaid assets</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>112,790</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>320,687,077</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 height=20>
     <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>983,725</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>28,631,166</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>Accounting and legal services fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>58,152</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Transfer agent fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,134</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Trustees&#146; fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>82,572</FONT>&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>62,492</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other liabilities and accrued expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>173,258</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>30,007,499</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>Net assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Capital paid-in</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$386,305,878</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions in excess of net investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6,355,026)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accumulated net realized loss on investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(16,535,264)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized depreciation on investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(72,736,010)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>$290,679,578</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>Net asset value per share</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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; unlimited</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>number of shares authorized with no par value.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$13.78</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 width="80%" border=0>
<TR>
     <TD align=right width="95%"></TD>
     <TD style="TEXT-INDENT: 0px" align=right width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual 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>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_8"></A>
<P align=left><FONT face=sans-serif size=2><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></FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of operations </FONT><FONT face=sans-serif size=2>For the period ended 4-30-09 (unaudited)</FONT><SUP><FONT face=sans-serif size=2>1</FONT></SUP></P>
<P align=left><B><FONT face=sans-serif size=1>This Statement of Operations summarizes the Fund&#146;s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.</FONT></B></P>
<TABLE cellSpacing=0 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 height=20>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></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>$5,755,671</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>440,762</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>163,952</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>124,219</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>6,484,604</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <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>1,778,877</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>68,785</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Printing and postage fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>78,551</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>71,886</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>28,095</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>52,724</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accounting and legal services fees (Note 5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>386,713</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>8,337</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>Total expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,473,968</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>(232,028)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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 expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,241,940</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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>4,242,664</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 height=20>
     <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 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 in unaffiliated issuers</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3,372,070)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(3,372,070)</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 in unaffiliated issuers</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(125,567,672)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(125,567,672)</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>(128,939,742)</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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>($124,697,078)</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Semiannual period from 11-1-08 to 4-30-09.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD style="TEXT-INDENT: 0px" 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>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_9"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&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 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Period</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>4-30-09</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-08</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 height=20>
     <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>$4,242,664</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 (loss)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3,372,070)</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>(125,567,672)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(211,704,533)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>(124,697,078)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(175,814,306)</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</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>Distributions to 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>(10,552,532)</FONT><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&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>(13,121,668)</FONT><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&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 height=20>
     <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>Total distributions</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(23,674,200)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(125,559,348)</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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>Total decrease</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(148,371,278)</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></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 height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beginning of period</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>439,050,856</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>740,424,510</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>End of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$290,679,578</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$439,050,856</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <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>Distributions in excess of net investment income</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($6,355,026)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($45,158)</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Semiannual period from 11-1-08 to 4-30-09. Unaudited.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>A portion of the distribution may be deemed a tax return of capital at year-end.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD align=right width="95%"></TD>
     <TD style="TEXT-INDENT: 0px" align=right width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual 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>13</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
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<A name="page_10"></A>
<P align=left><FONT face=sans-serif size=2><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></FONT></P>
<P align=left><FONT face=sans-serif size=4>Financial highlights</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>The Financial Highlights show how the Fund&#146;s net asset value for a share has changed since the end of the previous period.</FONT></B></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>COMMON SHARES </FONT></B><B><FONT face=sans-serif size=1>Period&nbsp;ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4-30-09</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-08</FONT></B><SUP><FONT face=sans-serif size=1>3 </FONT></SUP></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-07</FONT></B><SUP><FONT face=sans-serif size=1>3 </FONT></SUP></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-06</FONT></B><SUP><FONT face=sans-serif size=1>3&nbsp;</FONT></SUP><SUP><FONT face=sans-serif size=1> </FONT></SUP></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-05</FONT></B><SUP><FONT face=sans-serif size=1>2,3</FONT></SUP></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>10-31-04</FONT></B><SUP><FONT face=sans-serif size=1>2,3</FONT></SUP>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=7><B><FONT face=sans-serif size=1>
<HR noShade SIZE=1>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, beginning of&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$20.81</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>$42.28</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>$44.68</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$43.76</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>4</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.62</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>0.56</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.52</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized and&nbsp;unrealized gain (loss)</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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>on&nbsp;investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(6.11)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(8.94)</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>3.84</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>6.20</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>(5.91)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(8.32)</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>4.48</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>6.72</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Less distributions</FONT></B>&nbsp;</TD>
     <TD noWrap align=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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net&nbsp;investment income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.50)</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&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>
     <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>(0.48)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net&nbsp;realized gain</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.62)</FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(4.76)</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>(3.60)</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>(5.32)</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>(0.51)</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></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>(1.12)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(5.95)</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>(4.28)</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>(5.80)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, end of&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$13.78</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$20.81</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>$42.28</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>$44.68</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 peri</FONT></B><B><FONT face=sans-serif size=1>od</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$11.97</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$17.80</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>$39.20</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>$40.56</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at net&nbsp;asset value (%)</FONT></B><SUP><FONT face=sans-serif size=1>5,6,7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(27.63)</FONT></B><SUP><FONT face=sans-serif size=1>9</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(24.38)</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>12.07</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5.44</FONT></B><SUP><FONT face=sans-serif size=1>10</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>10</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at market value (%)</FONT></B><SUP><FONT face=sans-serif size=1>5,7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(26.50)</FONT></B><SUP><FONT face=sans-serif size=1>9</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(26.67)</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>16.41</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>21.37</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Ratios and&nbsp;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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net assets applicable to&nbsp;common shares,</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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>end of&nbsp;period (in&nbsp;millions)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$291</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$439</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>$892</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>$943</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratios (as a percentage of&nbsp;average</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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>net&nbsp;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>
     <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>1.60</FONT><SUP><FONT face=sans-serif size=1>11</FONT></SUP>&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>1.44</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>1.47</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.47</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Expenses net&nbsp;of all fee waivers</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.45</FONT><SUP><FONT face=sans-serif size=1>11</FONT></SUP>&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>1.29</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>1.32</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.39</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;<FONT face=sans-serif size=1>Expenses net&nbsp;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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>&nbsp;&nbsp; and&nbsp;credits</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.45</FONT><SUP><FONT face=sans-serif size=1>11</FONT></SUP>&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>1.29</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>1.32</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.39</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>2.74</FONT><SUP><FONT face=sans-serif size=1>11</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.51</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>1.49</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>1.17</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>19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>27</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>9</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></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD colSpan=6>&nbsp;</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Semiannual period from 11-1-08 to 4-30-09. Unaudited.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </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>3 </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>4 </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>5 </FONT></SUP><FONT face=sans-serif size=1>Assumes dividend reinvestment.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>6 </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>7 </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>8 </FONT></SUP><FONT face=sans-serif size=1>A portion of the distributions may be deemed a tax return of capital at year-end. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>9 </FONT></SUP><FONT face=sans-serif size=1>Not annualized.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>10 </FONT></SUP><FONT face=sans-serif size=1>Unaudited. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>11 </FONT></SUP><FONT face=sans-serif size=1>Annualized.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
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     <TD style="TEXT-INDENT: 0px" width="4%"></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>| Semiannual 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><FONT face=sans-serif size=2>(unaudited)</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 1 Organization</FONT></B></P>
<P align=left><FONT face=serif size=2>John Hancock Bank and Thrift Opportunity Fund (the Fund) is a diversified closed-end management investment company, shares of which were initially offered to the public on August 23, 1994, and are publicly traded on the New York Stock Exchange (NYSE).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 2<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>Investments are stated at value as of the close of the regular trading on the New York Stock Exchange (NYSE), normally at 4:00 </FONT><FONT face=serif size=1>P.M</FONT><FONT face=serif size=2>.</FONT><FONT face=serif size=2>, Eastern Time. Equity securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated price if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exch
ange rates supplied by an independent pricing service. 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. Equity and debt obligations, for which there are no prices </FONT><FONT face=serif size=2>available from an independent pricing service, are valued based on broker quotes or fair valued as described below. 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. John Hancock Cash Investment Trust (JHCIT), an affiliate of the Adviser, is valued at its net asset value each business day.</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 Fund&#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 and market conditions, interest rates, investor perceptions and market liquidity.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157 (FAS 157). FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:</FONT></P>
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<TR>
     <TD align=right width="95%"></TD>
     <TD style="TEXT-INDENT: 0px" align=right width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual 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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<P align=left><FONT face=serif size=2>Level 1 &#150; Quoted prices in active markets for identical securities.</FONT></P>
<P align=left><FONT face=serif size=2>Level 2 &#150; Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.</FONT></P>
<P align=left><FONT face=serif size=2>Level 3 &#150; Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs </FONT><FONT face=serif size=2>are unavailable, such as when there is little or no market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available.</FONT></P>
<P align=left><FONT face=serif size=2>The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</FONT></P>
<P align=left><FONT face=serif size=2>The following is a summary of the inputs used to value the Fund&#146;s net assets as of April 30, 2009:</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INVESTMENTS IN</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>OTHER FINANCIAL</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>VALUATION INPUTS</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>SECURITIES</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INSTRUMENTS*</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>Level 1 &#151; Quoted Prices</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$283,315,615</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$&#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>Level 2 &#151; Other Significant Observable Inputs</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>34,987,880</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>Level 3 &#151; Significant Unobservable Inputs</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,415,993</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>Total</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$319,719,488</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$&#151;</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>*</FONT><FONT face=sans-serif size=1>Other financial instruments are&nbsp;derivative instruments not&nbsp;reflected in&nbsp;the Portfolio of Investments, such as&nbsp;futures, forwards, options and&nbsp;swap contracts, which are&nbsp;stated at&nbsp;value based upon futures&#146; settlement prices, foreign currency exchange forward rates, option prices and&nbsp;swap prices.</FONT></P>
<P align=left><FONT face=serif size=2>The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:</FONT></P>
<TABLE cellSpacing=0 width="80%" border=0>
<TR>
     <TD width="59%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INVESTMENTS IN</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>OTHER FINANCIAL</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>SECURITIES</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INSTRUMENTS</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>Balance as of October 31, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$8,745,400</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$&#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>Accrued discounts/premiums</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>730</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>Realized gain (loss)</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>Change in unrealized appreciation (depreciation)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3,780,537)</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>Net purchases (sales)</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>Transfers in and/or out of Level 3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3,549,600)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp;</TD></TR>
<TR height=20>
     <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>Balance as of April 30, 2009</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$1,415,993</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$&#151;</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>Security transactions and related investment income</FONT></B></P>
<P align=left><FONT face=serif size=2>Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Discounts/premiums are accreted/amortized for financial reporting purposes. Non-cash dividends are recorded at the fair market value of the </FONT><FONT face=serif size=2>securities received. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful. The Fund uses identified cost method for determining realized gain or loss on investments for both financial statement and federal income tax reporting purposes.</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>16</FONT>&nbsp;</TD>
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<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, State Street Corporation (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 maximum extent permitted by law to the extent of any overdraft.</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>Broker commission rebates</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Fund. Commission rebates are accounted for as a realized gain on securities and amounted to $1,917.</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 102% of the market value of the loaned securities for U.S. equity and corporate securities and foreign government and agency securities and 105% for foreign equity and corporate 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 </FONT><FONT face=serif size=2>collateral received is invested in JHCIT. Effective June 1, 2009, JHCIT merged into th
e John Hancock Collateral Investment Trust (the Collateral Trust), an affiliated registered investment company. For any shares held by the Fund in JHCIT (at the time of the merger), the Fund received shares in the Collateral Trust equivalent to the market value of the Fund&#146;s investment in JHCIT. The Fund may receive compensation for lending its securities either in the form of fees and/or by retaining a portion of interest on the investment of any cash received as collateral. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. The Fund bears the risk in the event that invested collateral is not sufficient to meet obligations due on loans.</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>As of April 30, 2009, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Fund&#146;s federal tax returns filed in the 3-year period ended October 31, 2008 remains subject to examination by the Internal Revenue Service.</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 generally declares and pays dividends quarterly. Capital gains, if any, are distributed annually. 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>Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual 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><FONT face=serif size=2>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. The final determination of tax characteristics of the Fund&#146;s distribution will occur at the end of the year, at which time it will be reported to shareholders.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>New accounting pronouncement</FONT></B></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 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 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. As of April 30, 2009, management does not be
lieve that the adoption of FAS 161 will have a material impact on the amounts reported in the financial statements.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 3<BR>
</FONT></B><B><FONT face=sans-serif size=2>Risk and uncertainties </FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>Sector risk &#150; financial services</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may concentrate investments in a particular industry, sector of the economy or invest in a limited number of companies. The concentration is closely tied to a single sector of the economy which may cause the Fund to underperform other sectors. Specifically, 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<BR>
</FONT></B><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<BR>
</FONT></B><B><FONT face=sans-serif size=2>Management fee and transactions with affiliates and others</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund has an investment management contract with John Hancock Advisers, LLC (the Adviser), a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation (MFC). 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 Adviser has a subadvisory agreement with MFC Global Investment Management (U.S.), LLC, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. 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, The expense reductions related to the administration fee amounted to $232,028 for the period ended April 30, 2009. 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 $154,685.</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. Mr. John G. Vrysen is a Board</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>member 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 Securities and Exchange Commission (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<BR>
</FONT></B><B><FONT face=sans-serif size=2>Fund share transactions <BR>
<BR>
</FONT></B><B><FONT face=sans-serif size=1>Common shares</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund is authorized to issue an unlimited number of common shares with no par value. During the year ended October 31, 2008, and the period ended April 30, 2009, there were no shares issued or redeemed.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 7<BR>
</FONT></B><B><FONT face=sans-serif size=2>Share repurchase plan</FONT></B></P>
<P align=left><FONT face=serif size=2>As a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund&#146;s shares and the Fund&#146;s net asset value (NAV), the Board of Trustees have authorized a share repurchase plan. Under the share repurchase plan, the Fund may purchase in the open market up to 10% of its outstanding common shares commencing May 7, 2009 through </FONT><FONT face=serif size=2>December 31, 2009. The share repurchase program is intended to increase the Fund&#146;s NAV per share of the Fund&#146;s remaining common shares.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 8<BR>
</FONT></B><B><FONT face=sans-serif size=2>Purchase and sale of securities</FONT></B></P>
<P align=left><FONT face=serif size=2>Purchases and proceeds from sales or maturities of securities, other than short-term securities and obligations of the U.S. government, during the period ended April 30, 2009, aggregated $58,306,316 and $81,316,694, respectively.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 9<BR>
</FONT></B><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 $0.173 and $0.43 per share to shareholders of record as of December 31, 2008, and March 31, 2009, respectively.</FONT></P>
<P align=left><FONT face=serif size=2>On May 7, 2009, the Board of Trustees of the Fund approved the suspension of the Fund&#146;s managed distribution plan effective with the Fund&#146;s June distribution. While the plan is suspended, the Fund will continue to pay out any net investment income earned on the portfolio as well as any net realized capital gains on an annual basis, as required.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 10<BR>
</FONT></B><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 reduces the number of the Fund&#146;s outstanding common shares from 84.4 million to 21.1 million.</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual 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><B><FONT face=sans-serif size=2>Investment objective and policy</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund is a closed-end diversified management investment company, shares of which were initially offered to the public on August 23, 1994, and are publicly traded on the New York Stock Exchange. Its investment objective is long-term capital appreciation.</FONT></P>
<P align=left><FONT face=serif size=2>On November 20, 2001, the Fund&#146;s Trustees approved the following investment policy changes effective December 15, 2001: Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities of U.S. regional banks and thrifts and holding companies that primarily own or receive a substantial portion of their income from regional banks or thrifts. &#147;Net assets&#148; is defined as net assets plus borrowings for investment purposes. &#147;Primarily owned&#148; means that the bank or financial holding company derives a substantial portion of its business from U.S. regional banks or thrifts as determined by the Adviser, based upon generally accepted measures such as revenues, asset size and number of employees. U.S. regional banks or thrifts are ones that provide full-service banking (i.e., savings accounts, checking accounts, commercial lending and real estate lending) and whose assets are primarily of domestic origin. The Fund will noti
fy shareholders at least 60 days prior to any change in this 80% investment policy.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund may invest in investment-grade debt securities as well as debt securities rated BB or below by Standard &amp; Poor&#146;s Ratings group (Standard &amp; Poor&#146;s) or Ba or below by Moody&#146;s Investors Service, Inc. (Moody&#146;s) or, if unrated by such rating organizations, determined by the Adviser to be of comparable quality.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Bylaws</FONT></B></P>
<P align=left><FONT face=serif size=2>On November 19, 2002, the Board of Trustees adopted several amendments to the Fund&#146;s bylaws, including provisions relating to the calling of a special meeting and requiring advance notice of shareholder proposals or nominees for Trustee. The advance notice provisions in the bylaws require shareholders to notify the Fund in writing of any proposal that they intend to present at an annual meeting of shareholders, including any nominations </FONT><FONT face=serif size=2>for Trustee, between 90 and 120 days prior to the first anniversary of the mailing date of the notice from the prior year&#146;s annual meeting of shareholders. The notification must be in the form prescribed by the bylaws. The advance notice provisions provide the Fund and its Trustees with the opportunity to thoughtfully consider and address the matters proposed before the Fund prepares and mails its proxy statement to shareholders. Other amendments set forth the procedures that must be followed in or
der for a shareholder to call a special meeting of shareholders. Please contact the Secretary of the Fund for additional information about the advance notice requirements or the other amendments to the bylaws.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Dividends and distributions</FONT></B></P>
<P align=left><FONT face=serif size=2>During the period ended April 30, 2009, dividends from net investment income totaling $0.50012 per share and capital gain distributions totaling $0.62188 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:</FONT></P>
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     <TD noWrap align=right><FONT face=sans-serif size=1>INCOME</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <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><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>December 31, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$0.07012*</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>March 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.43000</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
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     <TD colSpan=2>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>CAPITAL GAIN</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <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>DISTRIBUTION</FONT><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>December 31, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$0.62188*</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Restated for 1-for-4 reverse stock split.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>A portion of the distribution may be deemed a tax return of capital at year-end.</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</FONT></P>
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     <TD noWrap align=left><FONT face=sans-serif size=2>20</FONT>&nbsp;</TD>
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<P align=left><FONT face=serif size=2>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 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 </FONT><FONT face=serif size=2>a common share credited to such account. The Plan Agent maintains each shareholder&#146;s account in the Plan and furnishes monthly written con-firmations of all transactions in the accounts, inc
luding 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, P.O. Box 3338, South Hackensack, NJ 07606-1938 (Telephone: 1-800-852-0218).</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual 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>21</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><B><FONT face=sans-serif size=2>Shareholder communication and assistance</FONT></B></P>
<P align=left><FONT face=serif size=2>If you have any questions concerning the Fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the Fund to the transfer agent at:</FONT></P>
<P align=left><FONT face=sans-serif size=1>Mellon Investor Services</FONT><BR>
<FONT face=sans-serif size=1>Newport Office Center VII</FONT><BR>
<FONT face=sans-serif size=1>480 Washington Boulevard</FONT><BR>
<FONT face=sans-serif size=1>Jersey City, NJ 07310</FONT><BR>
<FONT face=sans-serif size=1>Telephone: 1-800-852 -0218</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 May 18, 2009, an adjourned session of the Annual Meeting of the Shareholders of John Hancock Bank and Thrift Opportunity Fund was held at 601 Congress Street, Boston, Massachusetts, for the purpose of considering and voting upon the proposals listed below:</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders of the fund approved Proposal 1 and Proposal 2 and the votes cast were as follows:</FONT></P>
<P align=left><B><FONT face=serif size=2>Proposal 1: </FONT></B><FONT face=serif size=2>To elect six Trustees to serve until their respective successors have been duly elected and qualified.</FONT></P>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>WITHHELD</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <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>
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     <TD noWrap align=left><FONT face=serif size=2>Deborah C. Jackson</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>10,123,104</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>1,758,071</FONT>&nbsp;</TD>
     <TD noWrap align=left></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>10,136,736</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>1,744,439</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Stanley Martin</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>10,146,969</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>1,734,206</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>John A. Moore</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>10,144,867</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>1,736,308</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Gregory A. Russo</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>10,158,399</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>1,722,776</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>John G. Vrysen</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>10,142,910</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>1,738,265</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left colSpan=3>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left colSpan=3><B><FONT face=serif size=2>Proposal 2: </FONT></B><FONT face=serif size=2>To adopt a new form of investment advisory agreement.</FONT>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>For</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>7,968,475</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Against</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>1,544,674</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Withheld</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>269,223</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=serif size=2>Broker Non-Votes</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>2,098,803</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif size=2>22</FONT>&nbsp;</TD>
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<P align=left><B><FONT face=sans-serif size=2>Evaluation by the Board of New Form of Investment Advisory Agreement</FONT></B></P>
<P align=left><FONT face=serif size=2>At its meeting on December 8&#150;9, 2008, the Board, including all the Independent Trustees, approved a new form of Advisory Agreement for the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>The Board, including the Independent Trustees, is responsible for selecting the Fund&#146;s investment adviser, approving the Adviser&#146;s selection of fund subadvisers and approving the Fund&#146;s advisory and subadvisory agreements, their periodic continuation and any amendments.</FONT></P>
<P align=left><FONT face=serif size=2>Consistent with SEC rules, the Board regularly evaluates the Fund&#146;s advisory and subadvisory arrangements, including consideration of the factors listed below. The Board may also consider other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry) and does not treat any single factor as determinative, and each Trustee may attribute different weights to different factors. The Board is furnished with an analysis of its fiduciary obligations in connection with its evaluation and, throughout the evaluation process, the Board is assisted by counsel for the Fund and the Independent Trustees are also separately assisted by independent legal counsel. The factors considered by the Board are:</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the nature, extent and quality of the </FONT><FONT face=serif size=2>services to be provided by the Adviser or subadviser, as the case may be, to the Fund;</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the investment performance of the Fund;</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the extent to which economies of scale would </FONT><FONT face=serif size=2>be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of shareholders of the Fund;</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the costs of the services to be provided and </FONT><FONT face=serif size=2>the profits to be realized by the Adviser (including any subadvisers affiliated with the Adviser) and its affiliates from the Adviser&#146;s relationship with the Fund; and</FONT></P>
<P align=left><FONT face=serif size=2>&#149; comparative services rendered and </FONT><FONT face=serif size=2>comparative advisory fee rates.</FONT></P>
<P align=left><FONT face=serif size=2>The Board believes that information relating to all these factors is relevant to its evaluation of the Fund&#146;s Advisory Agreement.</FONT></P>
<P align=left><FONT face=serif size=2>At its meeting on June 10, 2008, the Board approved the annual continuation of the Advisory Agreement with respect to the Fund and considered each of the factors listed above. A discussion of the basis of the Board&#146;s approval of the Advisory Agreement and its consideration of such factors at that meeting is included in the shareholder report dated October 31, 2008. A copy of the relevant report may be obtained by calling 1-800-225-5291 (TDD &#150; 1-800-554-6713) or by writing to the Fund at 601 Congress Street, Boston, Massachusetts 02210, Attn.: Salvatore Schiavone, and is also available on the Internet at www.jhfunds.com.</FONT></P>
<P align=left><FONT face=serif size=2>In evaluating the Advisory Agreement at its meeting on June 10, 2008, the Board 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). </FONT><FONT face=serif size=2>The funds within each Category and Peer Group were selected by Morningstar Inc. (Morningstar), an independent provider of investment company data. Data typically covered the period since the Fund&#146;s inception through 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 advisory fees of comparable portfolios of other clients of the Adviser;</FONT></P>
<P align=left><FONT face=serif size=2>(iv) 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>(v) 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>(vi) the Adviser&#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</FONT></P>
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<P align=left><FONT face=serif size=2>responsibilities of the Adviser&#146;s compliance department;</FONT></P>
<P align=left><FONT face=serif size=2>(vii) the background and experience of senior management and investment professionals; and</FONT></P>
<P align=left><FONT face=serif size=2>(viii) the nature, cost and character of advisory and non-investment management services provided by the Adviser and its affiliates.</FONT></P>
<P align=left><FONT face=serif size=2>The key factors considered by the Board and the conclusions reached are described below.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Nature, extent and quality of services</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board considered the ability of the Adviser, based on its 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. 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. In addition, the Board took into account the 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 supported renewal of the Advisory Agreement.</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 Fund&#146;s performance results in comparison to the performance of the Category, as well as the Fund&#146;s Peer Group and benchmark index. The Board reviewed the methodology used by Morningstar to select the funds in the Category and the Peer Group.</FONT></P>
<P align=left><FONT face=serif size=2>The Board concluded that the Fund&#146;s investment process and particular investments seemed consistent with the Fund&#146;s investment objectives, strategy and style.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Investment advisory 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 in comparison to the advisory fees for the Peer Group.</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, distribution and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, and other miscellaneous fees (e.g., 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 and net expense ratio after waivers and reimbursements.</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 expenses supported the re-approval of the Advisory Agreement.</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 Agreement, as well as on other relationships between the Fund and the Adviser and its affiliates. 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</FONT></P>
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<P align=left><FONT face=serif size=2>most of the Adviser&#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><B><FONT face=sans-serif size=1>Information about services to other clients</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board also received information about the nature, extent and quality of services and fee rates offered by the Adviser to its other clients, including other registered investment companies, institutional investors and separate accounts. The Board concluded that the Fund&#146;s advisory fees were not unreasonable, taking into account fee rates offered to others by the Adviser, after giving effect to differences in services.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other benefits to the Adviser</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received information regarding potential &#147;fall-out&#148; or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. Such benefits could include, among others, benefits directly attributable to the relationship of the Adviser with the Fund and benefits potentially derived from an increase in business of the Adviser as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by the Adviser and its affiliates).</FONT></P>
<P align=left><FONT face=serif size=2>The Board also considered the effectiveness of the Adviser&#146;s and the 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 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 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><B><FONT face=sans-serif size=1>December 2008 Meeting</FONT></B></P>
<P align=left><FONT face=serif size=2>In approving the proposed new form of Advisory Agreement at the December 8&#150;9, 2008 meeting, the Board determined that it was appropriate to rely upon its recent consideration at its June 10, 2008 meeting of such factors as: fund performance; the realization of economies of scale; profitability of the Advisory Agreement to the Adviser; and comparative advisory fee rates (as well as its conclusions with respect to those factors). The Board noted that it had, at the June 10, 2008 meeting, concluded that these factors, taken as a whole, supported the continuation of the Advisory Agreement. The Board, at the December 8&#150;9, 2008 meeting, revisited particular factors to the extent relevant to the proposed new form of Agreement. In particular, the Board noted the skill and competency of the Adviser in its past management of the Fund&#146;s affairs and subadvisory relationships, the qualifications of the Adviser&#146;s personnel who perform services for the Fund, includi
ng those who served as officers of the Fund, and the high level and quality of services that the Adviser may reasonably be expected to continue to provide the Fund and concluded that the Adviser may reasonably be expected to perform its services ably under the proposed new form of Advisory Agreement. The Board also took into consideration the extensive analysis and efforts undertaken by a working group comprised by a subset of the Board&#146;s Independent Trustees, which met several times, both with management representatives and separately, to evaluate the proposal to approve a new form of Agreement, prior to the Board&#146;s December 8&#150;9, 2008 meeting. The Board considered the differences between the current Advisory Agreement and proposed new form of Agreement, and agreed that the new Advisory Agreement structure would bring all advisory fee payment mechanics for the John Hancock Fund Complex into conformity and will result in greater administrative efficiencies for the Fund.</FONT></P>
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     <TD noWrap align=right><B><FONT face=sans-serif size=1>Semiannual 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>25</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P align=left><FONT face=serif size=7>More information</FONT></P>
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     <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>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Patti McGill Peterson,&nbsp;</FONT><I><FONT face=serif size=2>Chairperson</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>John Hancock Advisers, LLC</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>James R. Boyle&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>James F. Carlin</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Subadviser</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>William H. Cunningham*</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>MFC Global Investment Management</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Deborah C. Jackson*</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>&nbsp; (U.S.), LLC</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Charles L. Ladner</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Stanley Martin*</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Custodian</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Dr. John A. Moore</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>State Street Bank and Trust Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Steven R. Pruchansky</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Gregory A. Russo</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Transfer agent</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>John G. Vrysen&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>Mellon Investor Services</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>*Member of the Audit Committee</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</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><B><FONT face=sans-serif size=1>Legal counsel</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif size=2>K&amp;L Gates LLP</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif size=1>Officers</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Keith F. Hartstein</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Stock symbol</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><I><FONT face=serif size=2>President and Chief Executive Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif size=2>Listed New York Stock Exchange: BTO</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=serif size=2>Thomas M. Kinzler</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>For shareholder assistance</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><I><FONT face=serif size=2>Secretary and Chief Legal Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>refer to page 22</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Francis V. Knox, Jr.</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><I><FONT face=serif size=2>Chief Compliance Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=serif size=2>Charles A. Rizzo</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</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>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>Salvatore Schiavone</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><I><FONT face=serif size=2>Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif size=2>John G. Vrysen</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><I><FONT face=serif size=2>Chief Operating Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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<P align=left><FONT face=sans-serif size=1>The Fund&#146;s proxy voting policies and procedures, as well as the Fund&#146;s proxy voting record for the most recent twelve month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Website at sec.gov or on our Website.</FONT></P>
<P align=left><FONT face=sans-serif size=1>The Fund&#146;s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form&nbsp;N-Q. The Fund&#146;s Form N-Q is available on our Website and the SEC&#146;s Website, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC&#146;s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to&nbsp;receive information on the operation of the SEC&#146;s Public Reference Room.</FONT></P>
<P align=left><FONT face=sans-serif size=1>We make this information on your fund, as well as </FONT><B><FONT face=sans-serif size=1>monthly portfolio holdings</FONT></B><FONT face=sans-serif size=1>, and other fund details available on our Website www.jhfunds.com or by calling 1-800-852-0218.</FONT></P>
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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>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>1-800-852-0218</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regular mail:</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>jhfunds.com</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mellon Investor Services</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>Newport Office Center VII</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>480 Washington Boulevard</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jersey City, NJ 07310</FONT>&nbsp;</TD></TR>
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     <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>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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<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><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>P90SA 4/09</FONT><BR>
<FONT face=sans-serif size=1>6/09</FONT></P>
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<P align="left"> <FONT size=2 face="sans-serif">ITEM 2. CODE OF ETHICS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable at this time.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable at this time.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable at this time.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable at this time.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(a) Not applicable.</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">(b) Not applicable.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">Not applicable.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">There were no material changes to previously disclosed John Hancock Funds &#150; Governance Committee Charter.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 11. CONTROLS AND PROCEDURES.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.</FONT></P>
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<P align="left"> <FONT size=2 face="sans-serif">(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">ITEM 12. EXHIBITS.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(a) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached &#147;John Hancock Funds &#150; Governance Committee Charter&#148;.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">(c)(2) Contact person at the registrant.</FONT></P>
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<P align=left><FONT size=2 face=sans-serif>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 size=2 face=sans-serif>John Hancock Bank and Thrift Opportunity Fund</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>By: /s/ Keith F. Hartstein</FONT><BR>
<FONT size=2 face=sans-serif>-------------------------------------</FONT><BR>
<FONT size=2 face=sans-serif>Keith F. Hartstein</FONT><BR>
<FONT size=2 face=sans-serif>President and Chief Executive Officer</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>Date: June 18, 2009</FONT></P>
<P align=left><FONT size=2 face=sans-serif>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 size=2 face=sans-serif>By: /s/ Keith F. Hartstein</FONT><BR>
<FONT size=2 face=sans-serif>-------------------------------------</FONT><BR>
<FONT size=2 face=sans-serif>Keith F. Hartstein</FONT><BR>
<FONT size=2 face=sans-serif>President and Chief Executive Officer</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>Date: June 18, 2009</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>By: /s/ Charles A. Rizzo</FONT><BR>
<FONT size=2 face=sans-serif>-------------------------------------</FONT><BR>
<FONT size=2 face=sans-serif>Charles A. Rizzo</FONT><BR>
<FONT size=2 face=sans-serif>Chief Financial Officer</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>Date: June 18, 2009</FONT></P>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_bankthriftoppfundxnn1.htm
<DESCRIPTION>CERTIFICATION
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<P align="left"> <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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<P align="left"> <FONT size=2 face="sans-serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">By: /s/ Keith F. Hartstein</FONT><BR>
<FONT size=2 face="sans-serif">-------------------------------------</FONT><BR>
<FONT size=2 face="sans-serif">Keith F. Hartstein</FONT><BR>
<FONT size=2 face="sans-serif">President and Chief Executive Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: June 18, 2009</FONT></P>
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<P align="left"> <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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<P align="left"> <FONT size=2 face="sans-serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>
<P align="left"> <FONT size=2 face="sans-serif">By: /s/ Charles A. Rizzo</FONT><BR>
<FONT size=2 face="sans-serif">-------------------------------------</FONT><BR>
<FONT size=2 face="sans-serif">Charles A. Rizzo</FONT><BR>
<FONT size=2 face="sans-serif">Chief Financial Officer</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: June 18, 2009</FONT></P>
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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_bankthriftoppfundxnnos.htm
<DESCRIPTION>CERTIFICATION 906
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     <TD noWrap align=center><B><FONT face=sans-serif>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to</FONT></B>&nbsp;</TD></TR>
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     <TD align=center><B><FONT face=sans-serif>Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></TD></TR></TABLE><BR>
<P align=left><FONT 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 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 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: June 18, 2009</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: June 18, 2009</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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<FILENAME>d_governancecommcharter.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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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
