<SEC-DOCUMENT>0000928816-12-001036.txt : 20120705
<SEC-HEADER>0000928816-12-001036.hdr.sgml : 20120704
<ACCEPTANCE-DATETIME>20120705133028
ACCESSION NUMBER:		0000928816-12-001036
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20120430
FILED AS OF DATE:		20120705
DATE AS OF CHANGE:		20120705
EFFECTIVENESS DATE:		20120705

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK 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:		12947738

	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 BANK & THRIFT OPPORTUNITY FUND
		DATE OF NAME CHANGE:	19940728

	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_bankthriftopportunity.htm
<DESCRIPTION>BANK AND THRIFT OPPORTUNITY FUND
<TEXT>
<!DOCTYPE HTML PUBLIC "">


<HTML>
<HEAD>
   <TITLE>a_bankthriftopportunity.htm</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">





























<!--$$/page=--><A name="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="34%"></TD>

   <TD width="65%"></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>UNITED STATES</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>FORM N-CSR</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>Investment Company Act file number </FONT><U><FONT size=3 face=serif>811-8568</FONT></U>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><U><FONT size=3 face=serif>John Hancock Bank and Thrift Opportunity Fund</FONT></U>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>(Exact name of registrant as specified in charter)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><U><FONT size=3 face=serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=center><FONT size=3 face=serif>Salvatore Schiavone</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=center><FONT size=3 face=serif>Treasurer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>601 Congress Street</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><U><FONT size=3 face=serif>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=3 face=serif>Registrant's telephone number, including area code: </FONT><U><FONT size=3 face=serif>617-663-4497</FONT></U>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>&nbsp;</FONT></TD>

   <TD noWrap align=left><FONT size=3 face=serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>Date of fiscal year end:</FONT>&nbsp;</TD>

   <TD noWrap align=left><FONT size=3 face=serif>October 31</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>&nbsp;</FONT></TD>

   <TD noWrap align=left><FONT size=3 face=serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>Date of reporting period:</FONT>&nbsp;</TD>

   <TD noWrap align=left><FONT size=3 face=serif>April 30, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>ITEM 1. SCHEDULE OF INVESTMENTS</FONT></P></DIV>









































<!--$$/page=-->
<A name="page_1"></A><BR>

<a name="_bclPageBorder1"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<IMG src="bankthriftopportunix1x1.jpg" border=0>
<BR>
</DIV>

<HR noshade align="center" width="100%" size=2>


<!--$$/page=--><A name="page_2"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Portfolio summary</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="23%"></TD>

   <TD width="23%"></TD>

   <TD width="8%"></TD>

   <TD width="23%"></TD>

   <TD width="23%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Top 10 Holdings (34.8% of Net Assets on 4-30-12)</FONT></B><SUP><FONT size=1 face=sans-serif>1,2</FONT></SUP>&nbsp;</TD>

   <TD width="8%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo &amp; Company</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>4.4%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>SunTrust Banks, Inc.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>3.0%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>PNC Financial Services Group, Inc.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>4.3%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>3.0%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Cullen/Frost Bankers, Inc.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>4.2%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>SVB Financial Group</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>3.0%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>JPMorgan Chase &amp; Company</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>3.8%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>BB&amp;T Corp.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.9%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Bancorp</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>3.3%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Zions Bancorporation</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.9%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><B><FONT size=1 face=sans-serif>Industry Composition</FONT></B><SUP><FONT size=1 face=sans-serif>1,3</FONT></SUP>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Commercial Banks</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>79.4%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Diversified Financial Services</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>8.2%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Thrifts &amp; Mortgage Finance</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>11.4%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Short-Term Investments &amp; Other</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>1.0%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="46%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>
<IMG border=0 src="bankthriftopportunix2x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>As a percentage of net assets on 4-30-12</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Cash and cash equivalents not included.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP><FONT size=1 face=sans-serif>Investments focused on one industry may fluctuate more widely than investments across multiple industries.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>6</FONT>&nbsp;</TD>

   <TD width="96%" noWrap align=left><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_3"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Fund&#8217;s investments</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>As of 4-30-12 </FONT><FONT size=2 face=sans-serif>(unaudited)</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="69%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks 91.9%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$321,903,077</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $299,515,370)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Financials 91.9%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>321,903,077</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 74.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>1st United Bancorp, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>445,519</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,699,845</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Ameris Bancorp (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>243,266</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,016,498</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Anchor Bancorp, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>88,416</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>937,210</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Avenue Bank (R)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,599,673</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bank of Marin Bancorp</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,596</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>466,934</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bar Harbor Bankshares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,552</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,278,424</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>BB&amp;T Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>322,283</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,325,947</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bond Street Holdings LLC, Class A (I)(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>291,804</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,252,472</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bridge Capital Holdings (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>150,564</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,302,124</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bryn Mawr Bank Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>80,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,719,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>BSB Bancorp, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>87,822</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,057,377</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>California United Bank (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>86,082</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>941,737</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Camden National Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,776</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,195,956</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Centerstate Banks, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>362,291</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,912,820</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Citizens Republic Bancorp, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>484,565</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,174,612</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>City Holding Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,363</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,312,756</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Comerica, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>287,393</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,202,324</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Cullen/Frost Bankers, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>251,048</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,801,790</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>DNB Financial Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>78,515</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,089,788</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Eastern Virginia Bankshares, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>69,998</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>269,492</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>ECB Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,208</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>256,027</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Evans Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>47,032</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>705,950</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Fifth Third Bancorp</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>452,067</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,432,913</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>First Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>146,499</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,125,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>First California Financial Group, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>325,499</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,777,225</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>First Horizon National Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>180,033</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,652,703</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>First Merchants Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>118,683</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,463,361</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>First Southern Bancorp, Inc., Class B (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>78,390</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>587,925</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>FirstMerit Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>116,586</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,958,645</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>FNB Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>767,513</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,711,273</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Glacier Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>223,556</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,330,984</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Hancock Holding Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>232,176</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,471,424</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Heritage Commerce Corp. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>387,733</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,613,320</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Heritage Financial Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>134,466</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,761,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Heritage Oaks Bancorp (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>650,719</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,247,088</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="46%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_4"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="69%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Horizon Bancorp</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,864</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$323,787</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Huntington Bancshares, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>610,005</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,080,933</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Independent Bank Corp. &#8212; MA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>195,961</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,500,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Intermountain Community Bancorp (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,020,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,142,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>KeyCorp</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>216,866</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,743,603</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>M&amp;T Bank Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>102,651</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,855,702</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>MB Financial, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>213,354</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,410,027</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>NewBridge Bancorp. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>175,573</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>765,498</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Northrim BanCorp, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>77,232</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,694,470</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Pacific Continental Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>183,645</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,632,604</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Park National Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,113</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,630,349</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Park Sterling Corp. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>329,909</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,553,871</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Peoples Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>64,573</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,187,497</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>PNC Financial Services Group, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>227,658</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,098,279</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Prosperity Bancshares, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>127,654</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,955,059</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Sandy Spring Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>54,695</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>985,057</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Sierra Bancorp</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>140,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,282,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Southcoast Financial Corp. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>54,757</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>130,869</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Southern First Bancshares Inc (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,453</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,315</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Southwest Bancorp, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>156,326</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,421,003</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>State Bank Financial Corp. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>103,998</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,793,966</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Sun Bancorp, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>379,715</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,097,376</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>SunTrust Banks, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>437,631</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,625,681</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>SVB Financial Group (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>161,505</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,350,855</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Talmer Bancorp, Inc. (I)(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>505,965</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,833,116</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>TriCo Bancshares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>202,536</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,329,692</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Trustmark Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>123,537</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,144,017</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Bancorp</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>359,665</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,570,423</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Union First Market Bankshares Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>161,746</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,257,974</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>United Bancorp, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>317,968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,128,786</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Univest Corp. of Pennsylvania</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>305,900</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Washington Banking Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>67,556</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>941,731</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Washington Trust Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>123,905</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,932,831</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo &amp; Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>465,800</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,571,694</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>WesBanco, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>99,295</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,033,562</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Westamerica Bancorp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,499</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,398,989</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Wilshire Bancorp, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>618,257</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,313,858</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Zions Bancorporation</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>492,172</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,035,387</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 6.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,278,555</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,369,081</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>JPMorgan Chase &amp; Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>307,556</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,218,757</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Thrifts &amp; Mortgage Finance 10.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Berkshire Hill Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>358,903</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,143,509</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Cheviot Financial Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>111,922</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>970,364</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Citizens South Banking Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>343,181</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,715,905</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>First Defiance Financial Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>125,381</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,154,046</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>First Financial Holdings, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>208,427</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,405,248</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Flushing Financial Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>187,981</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,449,392</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="48%"></TD>

   <TD width="48%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>8</FONT>&nbsp;</TD>

   <TD width="48%" noWrap align=left><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>

   <TD width="48%" noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_5"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="37%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="12%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Thrifts &amp; Mortgage Finance (continued)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Heritage Financial Group, Inc.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>95,762</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,079,238</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Hingham Institution for Savings</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>80,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,612,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Home Federal Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>125,986</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,233,403</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Homestreet Inc (I)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>76,537</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,672,672</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Kaiser Federal Financial Group, Inc.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>109,586</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,533,108</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>New York Community Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>365,166</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,926,089</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Southern Missouri Bancorp, Inc.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,822</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>734,218</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>WSFS Financial Corp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>73,787</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,944,839</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Preferred Securities 3.8%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$13,380,858</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $12,242,766)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Financials 3.8%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>13,380,858</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 1.9%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Banner Corp., 5.000%</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,621,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>First Republic Bank of San Francisco, 6.700%</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>519,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>First Southern Bancorp, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>134</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>398,572</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Monarch Financial Holdings, Inc., Series B, 7.800%</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>43,339</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,213,492</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Southern Community Capital Trust II, 7.950%</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>38,111</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>369,677</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Zions Bancorporation, Series C, 9.500%</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,646</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>724,878</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 1.3%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., Series MER, 8.625%</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>123,599</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,183,910</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Citigroup Capital XII (8.500% to 3-30-15, then</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="37%" noWrap align=left><FONT size=1 face=sans-serif>3 month LIBOR + 5.870%)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>50,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,287,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Thrifts &amp; Mortgage Finance 0.6%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>First Pactrust Bancorp Inc, 7.500% (I)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>80,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,062,504</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Corporate Bonds 2.1%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$7,559,744</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $6,960,730)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Financials 2.1%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,559,744</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 2.1%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Regions Financial Corp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7.375</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>12-10-37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,869,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,831,620</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Synovus Financial Corp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5.125</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>06-15-17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>930,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Synovus Financial Corp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>02-15-19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,176,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Western Alliance Bancorp</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>10.000</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>09-01-15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,621,874</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Capital Preferred Securities 0.1%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$260,384</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $263,539)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Financials 0.1%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>260,384</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 0.1%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Banponce Trust I, Series A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>8.327</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>02-01-27</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>360,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>260,384</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="46%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_6"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="37%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="12%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Warrants 1.1%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$3,743,418</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $3,657,202)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Financials 1.1%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,743,418</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 0.9%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>Bank of Marin Bancorp (Expiration Date: 12-5-18, Strike Price: $27.23) (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>57,849</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>641,423</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>Comerica, Inc. (Expiration Date: 11-14-18, Strike Price: $29.40) (I)(J)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>93,762</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>762,285</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>Horizon Bancorp (Expiration Date: 12-19-18, Strike Price: $17.68) (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>118,860</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,591,760</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>TCF Financial Corp. (Expiration Date: 11-14-18, Strike Price: $16.93) (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>71,775</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>153,599</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>Valley National Bancorp (Expiration Date: 11-14-18, Strike Price: $16.92) (I)(J)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>33,222</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>49,501</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 0.1%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Citigroup, Inc. (Expiration Date: 1-4-19; Strike Price: $106.10) (I)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,045,183</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>433,751</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Thrifts &amp; Mortgage Finance 0.1%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>Washington Federal, Inc. (Expiration Date: 11-14-18, Strike Price: $17.57) (I)(J)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,297</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>111,099</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Yield (%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Certificate of Deposit 0.0%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$60,669</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $60,669)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Country Bank for Savings</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1.640</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>08-28-12</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,879</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,879</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>First Bank Richmond</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2.226</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>12-05-13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,076</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,076</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>First Bank System, Inc.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0.992</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>04-01-13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,809</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,816</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Framingham Cooperative Bank</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1.147</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>09-08-13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,862</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,862</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Home Bank</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0.867</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>12-04-13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,442</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,442</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Midstate Federal Savings and Loan</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1.189</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>05-27-12</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,935</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,935</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Milford Bank</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0.995</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>06-04-13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,853</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,853</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Mount Mckinley Savings Bank</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0.400</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>12-03-12</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,689</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,689</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Newburyport Bank</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1.250</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>10-22-12</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,010</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Newton Savings Bank</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0.999</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>05-30-13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,892</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,892</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>OBA Federal Savings and Loan</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0.750</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>06-15-13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,307</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,307</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>Plymouth Savings Bank</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0.600</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>04-21-13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,908</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,908</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments 0.5%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,863,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $1,863,000)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Repurchase Agreement 0.5%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,863,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="47%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Repurchase Agreement with State Street Corp. dated 4-30-12 at</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>0.010% to be repurchased at $1,863,001 on 5-1-12, collateralized</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="47%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>by $1,905,000 Federal Home Loan Bank, 0.700% due 4-24-15</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="37%" noWrap align=left><FONT size=1 face=sans-serif>(valued at $1,905,000, including interest)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,863,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,863,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="47%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (Cost $324,563,276)</FONT></B><FONT size=1 face=sans-serif>&#8224; </FONT><B><FONT size=1 face=sans-serif>99.5%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$348,771,150</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Other assets and liabilities, net 0.5%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,636,687</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><B><FONT size=1 face=sans-serif>Total net assets 100.0%</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$350,407,837</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="48%"></TD>

   <TD width="48%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD>

   <TD width="48%" noWrap align=left><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>

   <TD width="48%" noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_7"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Notes to Schedule of Investments</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>LIBOR London Interbank Offered Rate</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(I) Non-income producing security.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(J) These securities are issued under the U.S. Treasury Department&#8217;s Capital Purchase Program.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(R) Direct placement securities are restricted to resale and the Fund has limited rights to registration under the Securities Act of 1933.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="16%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value as a</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Original</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Beginning</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Ending</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>percentage</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Issuer,</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>acquisition</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>Acquisition</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>share</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>share</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>of Fund&#8217;s</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Value as of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Description</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>cost</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>net assets</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>4-30-12</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Avenue Bank</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>1-29-07</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.46%</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,599,673</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; At 4-30-12, the aggregate cost of investment securities for federal income tax purposes was $324,578,821. Net unrealized appreciation aggregated $24,192,329, of which $50,525,201 related to appreciated investment securities and $26,332,872 related to depreciated investment securities.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="46%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_8"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Financial statements</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of assets and liabilities </FONT><FONT size=2 face=sans-serif>4-30-12 (unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This Statement of assets and liabilities is the Fund&#8217;s balance sheet. It shows the value of what the Fund owns, is due and owes. You&#8217;ll also find the net asset value for each common share.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="1%"></TD>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Investments, at value (Cost $324,563,276)</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>$348,771,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Cash</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>1,537,183</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Receivable for investments&nbsp;sold</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>20,469</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Dividends and interest&nbsp;receivable</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>313,602</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Other receivables and prepaid&nbsp;expenses</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>97,577</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=right><B><FONT size=1 face=sans-serif>350,739,981</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Liabilities</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Payable for investments&nbsp;purchased</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>200,541</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Payable to&nbsp;affiliates</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="1%" noWrap align=left><FONT size=1 face=sans-serif>Administrative services&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>28,470</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="1%" noWrap align=left><FONT size=1 face=sans-serif>Trustees&#8217;&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>59,785</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Other liabilities and accrued&nbsp;expenses</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>43,348</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;liabilities</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=right><B><FONT size=1 face=sans-serif>332,144</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Paid-in&nbsp;capital</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>$331,427,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Accumulated distributions in excess of net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>(6,219,250)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Accumulated net realized gain on&nbsp;investments</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>991,609</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation (depreciation) on&nbsp;investments</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>24,207,874</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=right><B><FONT size=1 face=sans-serif>$350,407,837</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value per&nbsp;share</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Based on 18,713,429 shares of beneficial interest outstanding &#8212; unlimited</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="1%" noWrap align=left><FONT size=1 face=sans-serif>number of shares authorized with no par&nbsp;value</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>$18.72</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="48%"></TD>

   <TD width="48%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD>

   <TD width="48%" noWrap align=left><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>

   <TD width="48%" noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_9"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of operations </FONT><FONT size=2 face=sans-serif>For the six-month period ended 4-30-12</FONT><BR><FONT size=2 face=sans-serif>(unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This Statement of operations summarizes the Fund&#8217;s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Dividends</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$3,448,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Interest</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>184,215</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>3,633,140</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investment management&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,833,576</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Administrative services&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>398,508</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Transfer agent&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>11,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Trustees&#8217;&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>24,461</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Printing and&nbsp;postage</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>77,952</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Professional&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>26,845</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Custodian&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>19,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Stock exchange listing&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>19,212</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Other</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>12,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,424,550</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Less expense&nbsp;reductions</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(239,104)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,185,446</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>1,447,694</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Realized and unrealized gain&nbsp;(loss)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net realized gain on&nbsp;investments</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>&nbsp;1,007,154</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Change in net unrealized appreciation (depreciation) of&nbsp;investments</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>62,055,920</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net realized and unrealized&nbsp;gain</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>63,063,074</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Increase in net assets from&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$64,510,768</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="46%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_10"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statements of changes in net assets</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>These Statements of changes in net assets show how the value of the Fund&#8217;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 and the net of Fund share transactions.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Six&nbsp;months</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>ended</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>4-30-12</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>(unaudited)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-11</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase (decrease) in net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>

   <HR SIZE=1 noShade>

&nbsp;<B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>From&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1,447,694</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1,655,834</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net realized&nbsp;gain</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,007,154</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,024,246</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Change in net unrealized appreciation&nbsp;(depreciation)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>62,055,920</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(25,425,998)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase (decrease) in net assets resulting from&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>64,510,768</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>(7,745,918)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions to&nbsp;shareholders</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(7,690,492)</FONT><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(1,743,149)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From net realized&nbsp;gain</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(16,035,169)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;distributions</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>(7,690,492)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>(17,778,318)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>From Fund share&nbsp;transactions</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="59%" noWrap align=left><FONT size=1 face=sans-serif>Repurchased</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(4,007,449)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(15,062,318)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total increase&nbsp;(decrease)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>52,812,827</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>(40,586,554)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of&nbsp;period</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>297,595,010</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>338,181,564</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>End of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$350,407,837</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$297,595,010</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Undistributed (accumulated distributions in excess of) net</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($6,219,250)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$23,548</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Share activity</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Shares&nbsp;outstanding</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="59%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of&nbsp;period</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18,989,764</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,005,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="59%" noWrap align=left><FONT size=1 face=sans-serif>Repurchased</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(276,335)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(1,016,051)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>End of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>18,713,429</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>18,989,764</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT size=1 face=sans-serif></FONT></SUP>&nbsp;</P>

<P style="MARGIN: 0px"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>A portion of the distributions may be deemed a tax return of capital at year-end.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="48%"></TD>

   <TD width="48%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD>

   <TD width="48%" noWrap align=left><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>

   <TD width="48%" noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_11"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Financial highlights</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>The Financial highlights show how the Fund&#8217;s net asset value for a share has changed during the period.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=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 width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>COMMON SHARES </FONT></B><B><FONT size=1 face=sans-serif>Period&nbsp;ended</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>4-30-12</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-11</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-10</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-09</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-08</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-07</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share operating&nbsp;performance</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=7 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$15.67</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$16.90</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$16.28</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$20.81</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$35.08</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$42.28</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT><SUP><FONT size=1 face=sans-serif>2</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.08</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.08</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.07</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.29</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.62</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.64</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>on&nbsp;investments</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3.36</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.49)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.19</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(3.63)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(8.94)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(3.52)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>3.44</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.41)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>1.26</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(3.34)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(8.32)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(2.88)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Less distributions to</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>common&nbsp;shareholders</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>From net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.41)</FONT><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.09)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.06)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.29)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.68)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.60)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>From net realized&nbsp;gain</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.82)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.67)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(4.76)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(3.72)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>From tax return of&nbsp;capital</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.94)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.51)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;distributions</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.41)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.91)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.73)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.23)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(5.95)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(4.32)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Anti-dilutive impact of repurchase&nbsp;plan</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.02</FONT><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.09</FONT><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.09</FONT><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.04</FONT><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$18.72</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$15.67</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$16.90</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$16.28</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$20.81</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$35.08</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share market value, end of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$17.14</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$14.29</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$15.02</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$13.30</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$17.80</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$30.96</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at net asset value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>5,6</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>22.66</FONT></B><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.81)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>8.82</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(13.78)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(24.38)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(6.93)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>6</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>23.15</FONT></B><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>0.76</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>18.38</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(17.65)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(26.67)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(11.41)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Ratios and supplemental&nbsp;data</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=7 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net assets applicable to common shares,</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>end of period (in&nbsp;millions)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$350</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$298</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$338</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$339</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$439</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$740</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Ratios (as a percentage of average net</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>assets):</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Expenses before&nbsp;reductions</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.52</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.52</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.51</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.55</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.49</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Expenses net of fee waivers and&nbsp;credits</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.37</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.37</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.36</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.40</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.34</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.29</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.91</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.48</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.39</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.88</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.51</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.61</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>34</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>37</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT size=1 face=sans-serif></FONT></SUP>&nbsp;</P>

<P style="MARGIN: 0px"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>Six months ended 4-30-12.&nbsp;Unaudited.</FONT><BR><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Based on the average daily shares&nbsp;outstanding.</FONT><BR><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP><FONT size=1 face=sans-serif>A portion of the distributions may be deemed a tax return of capital at year-end.</FONT><BR><SUP><FONT size=1 face=sans-serif>4 </FONT></SUP><FONT size=1 face=sans-serif>The repurchase plan was completed at an average repurchase price of $14.32, $14.82, $15.04 and $12.99 for </FONT><FONT size=1 face=sans-serif>276,335, 1,016,051, 803,485 and 290,700 shares, and $4,007,449, $15,062,318, $12,088,382 and $3,776,593 </FONT><FONT size=1 face=sans-serif>for the period ended 4-30-12 and the years ended 10-31-11, 10-31-10 and 10-31-09,&nbsp;respectively.</FONT><BR><SUP><FONT size=1 face=sans-serif>5 </FONT></SUP><FONT size=1 face=sans-serif>Total returns would have been lower had certain expenses not been reduced during the periods&nbsp;shown.</FONT><BR><SUP><FONT size=1 face=sans-serif>6 </FONT></SUP><FONT size=1 face=sans-serif>Total return based on net asset value reflects changes in the Fund&#8217;s net asset value during each period. Total </FONT><FONT size=1 face=sans-serif>return based on market value reflects changes in market value. Each figure assumes that dividend and capital gain </FONT><FONT size=1 face=sans-serif>distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or </FONT><FONT size=1 face=sans-serif>premium to net asset value at which the Fund&#8217;s shares traded during the&nbsp;period.</FONT><BR><SUP><FONT size=1 face=sans-serif>7 </FONT></SUP><FONT size=1 face=sans-serif>Not&nbsp;annualized.</FONT><BR><SUP><FONT size=1 face=sans-serif>8 </FONT></SUP><FONT size=1 face=sans-serif>Annualized.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="46%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>15</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_12"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Notes to financial statements</FONT><BR><B><FONT size=2 face=sans-serif>(unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 1 &#8212; Organization</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>John Hancock Bank and Thrift Opportunity Fund (the Fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 2 &#8212; Significant accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security valuation. </FONT></B><FONT size=2 face=serif>Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 </FONT><FONT size=1 face=serif>P</FONT><FONT size=2 face=serif>.</FONT><FONT size=1 face=serif>M</FONT><FONT size=2 face=serif>.</FONT><FONT size=2 face=serif>, Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund&#8217;s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>16</FONT>&nbsp;</TD>

   <TD width="96%" noWrap align=left><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_13"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The following is a summary of the values by input classification of the Fund&#8217;s investments as of April 30, 2012, by major security category or type:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>LEVEL 3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>LEVEL 2</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>SIGNIFICANT</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>TOTAL MARKET</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>LEVEL 1</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>SIGNIFICANT</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>UNOBSERVABLE</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>VALUE AT 4-30-12</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>QUOTED PRICE</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>OBSERVABLE INPUTS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>INPUTS</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Commercial Banks</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$260,741,208</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$250,055,947</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$10,685,261</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Diversified Financial</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Services</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>23,587,838</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23,587,838</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Thrifts &amp; Mortgage</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Finance</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>37,574,031</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>37,574,031</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Preferred Securities</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Commercial Banks</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>6,847,444</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,827,247</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$3,621,625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>398,572</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Diversified Financial</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Services</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>4,470,910</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,470,910</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Commercial Banks</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>2,062,504</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,062,504</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Corporate Bonds</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Commercial Banks</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>7,559,744</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,559,744</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Capital Preferred</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Securities</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Commercial Banks</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>260,384</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>260,384</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Warrants</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>3,743,418</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,510,235</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,233,183</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Certificates of Deposit</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>60,669</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>60,669</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>1,863,000</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,863,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="80%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Total Investments in</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Securities</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$348,771,150</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$320,026,208</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$17,661,109</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$11,083,833</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=serif>Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the six months ended April 30, 2012, there were no significant transfers into or out of Level 1 or Level 2.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>INVESTMENTS IN SECURITIES</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>COMMON STOCKS</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>PREFERRED STOCKS</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>TOTAL</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Balance as of 10-31-11</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$4,284,675</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$497,681</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$4,782,356</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Accrued discounts/premiums</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Realized gain (loss)</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>appreciation (depreciation)</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>801,154</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>(99,109)</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>702,045</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Purchases</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sales</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>346,960</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>346,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Transfers into Level 3</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>5,252,472</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>5,252,472</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Transfers out of Level 3</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Balance as of 4-30-12</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$10,685,261</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$398,572</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$11,083,833</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized at period end*</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$801,154</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>($99,109)</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$702,045</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end. This balance is included in the change in unrealized appreciation (depreciation) on the Statement of operations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="96%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>17</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_14"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>are not available, then securities are valued using the last quoted bid or evaluated price. 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, taking 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. Certain 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. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund&#8217;s Pricing Committee, following procedures established by the Board of Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Repurchase agreements. </FONT></B><FONT size=2 face=serif>The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund&#8217;s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security transactions and related investment income. </FONT></B><FONT size=2 face=serif>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. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on the ex-date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Overdrafts. </FONT></B><FONT size=2 face=serif>Pursuant to the custodian agreement, the Fund&#8217;s 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, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Expenses. </FONT></B><FONT size=2 face=serif>Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to the Fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund&#8217;s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Federal income taxes. </FONT></B><FONT size=2 face=serif>The Fund intends to continue to qualify 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 style="TEXT-ALIGN: left"><FONT size=2 face=serif>As of October 31, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund&#8217;s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Managed distribution plan. </FONT></B><FONT size=2 face=serif>On March 12, 2010, the Board of Trustees approved the adoption of a managed distribution plan (the Distribution Plan). Under the Distribution Plan, the Fund makes quarterly distributions of an amount equal to 1.25% of the Fund&#8217;s net asset value, based upon an</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="96%" noWrap align=left><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_15"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>annual rate of 5% as of each measuring date. The amount of each quarterly distribution will be determined based on the net asset value of the Fund at the close of the NYSE on the last business day of the month ending two months prior to each quarterly declaration date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Distributions under the Distribution Plan may consist of net investment income, net realized capital gains and, to the extent necessary, return of capital. Return of capital distributions may be necessary when the Fund&#8217;s net investment income and net capital gains are insufficient to meet the minimum percentage dividend. In addition, the Fund also may make additional distributions to avoid federal income and excise taxes. The final determinations of tax characteristics of the Fund&#8217;s distributions will occur at the end of the year and will subsequently be reported to shareholders. A portion of the distributions paid may be deemed a tax return of capital for the year ended October 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board of Trustees may terminate or reduce the amount distributed under the Distribution Plan at any time. The termination or reduction may have an adverse effect on the market price of the Fund&#8217;s shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Distribution of income and gains. </FONT></B><FONT size=2 face=serif>Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays distributions quarterly pursuant to its managed distribution plan described above.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund&#8217;s financial statements as a return of capital.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>New accounting pronouncement. </FONT></B><FONT size=2 face=serif>In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), </FONT><I><FONT size=2 face=serif>Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs</FONT></I><FONT size=2 face=serif>, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 may result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 3 &#8212; Guarantees and indemnifications</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Under the Fund&#8217;s organizational documents, its Officers and Trustees are indemnified against certain liabilities 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&#8217;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. The risk of material loss from such claims is considered remote.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 4 &#8212; Fees and transactions with affiliates</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>John Hancock Advisers, LLC (the Adviser) serves as investment adviser for the Fund. The Adviser is an indirect, wholly owned subsidiary of Manulife Financial Corporation (MFC).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Management fee. </FONT></B><FONT size=2 face=serif>The Fund has an investment advisory agreement with the Adviser under which the Fund pays a daily management fee to the Adviser at an annual rate of 1.15% of the Fund&#8217;s average daily net assets. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="96%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>19</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_16"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Administrative services. </FONT></B><FONT size=2 face=serif>The Fund has an administration agreement with the Adviser under which the Adviser provides certain administrative services to the Fund and oversees operational activities of the Fund. The compensation for the year was at an annual rate of 0.25% of the average weekly net assets of the Fund. The Adviser agreed to limit the administrative services fee to 0.10% of the Fund&#8217;s average weekly net assets. Accordingly, the expense reductions related to administrative services fees amounted to $239,104 for the six months ended April 30, 2012. The Adviser reserves the right to terminate this limitation in the future with the Trustee&#8217;s approval. The administrative services fees incurred for the six months ended April 30, 2012 amounted to an annual rate of 0.10% of the Fund&#8217;s average daily net assets.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Trustee expenses. </FONT></B><FONT size=2 face=serif>The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates &#8212; Trustees&#8217; fees, respectively, in the accompanying Statement of assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 5 &#8212; Fund share transactions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In May 2009, the Board of Trustees approved a share repurchase plan, which was subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the Fund may purchase in the open market up to 10% of its outstanding common shares as of December 31, 2011. The plan will remain in effect between January 1, 2012 and December 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six months ended April 30, 2012 and the year ended October 31, 2011, the Fund repurchased 1.47% and 5.08%, respectively, of its common shares outstanding under the repurchase plan. The weighted average discount per share on these repurchases amount to 10.4% and 10.4% for the six months ended April 30, 2012 and the year ended October 31, 2011, respectively. Shares repurchased and corresponding dollar amounts are included on the Statement of changes in net assets.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 6 &#8212; Purchase and sale of securities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Purchases and sales of securities, other than short-term securities, aggregated $28,327,638 and $33,162,937, respectively, for the six months ended April 30, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 7 &#8212; Industry or sector risk</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>From time to time the Fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the Fund&#8217;s assets are economically tied to a single or small number of industries or sectors of the economy, the Fund will be less diversified than a more broadly diversified fund, and it may cause the Fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the Fund&#8217;s net asset value more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors. Financial services companies can be hurt by economic declines, changes in interest rates, regulatory and market impacts.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>20</FONT>&nbsp;</TD>

   <TD width="96%" noWrap align=left><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_17"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Additional information</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Unaudited</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment objective and policy</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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. The Fund&#8217;s investment objective is to provide a high level of total return consisting of long-term capital appreciation and current income. 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. &#8220;Net assets&#8221; is defined as net assets plus borrowings for investment purposes. &#8220;Primarily owned&#8221; 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 notify shareholders at least 60 days prior to any change in this 80% investment policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund may invest in investment-grade debt securities as well as debt securities rated BB or below by Standard &amp; Poor&#8217;s Ratings group (Standard &amp; Poor&#8217;s) or Ba or below by Moody&#8217;s Investors Service, Inc. (Moody&#8217;s) or, if unrated by such rating organizations, determined by the Adviser to be of comparable quality.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Dividends and distributions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six months ended April 30, 2012, distributions totaling $0.4090 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENT DATE</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>DISTRIBUTIONS</FONT><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="32%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>December 30, 2011</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$0.1959</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>March 30, 2012</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>0.2131</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Total</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$0.4090</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT size=1 face=sans-serif></FONT></SUP>&nbsp;</P>

<P style="MARGIN: 0px"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>A portion of the distributions may be deemed a tax return of capital at year-end.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Dividend reinvestment plan</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund&#8217;s Dividend Reinvestment Plan (the Plan) provides that distributions of dividends and capital gains are automatically reinvested in common shares of the Fund by Computershare Trust Company, N.A. (formerly known as The Bank of New York Mellon) (the Plan Agent). Every shareholder holding at least one full share of the Fund is entitled to participate in the Plan. In addition, every shareholder who became a shareholder of the Fund after June 30, 2011 and holds at least one full share of the Fund will be automatically enrolled in the Plan. Shareholders may withdraw from the Plan at any time and shareholders who do not participate in the Plan will receive all distributions in cash.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>If the Fund declares a dividend or distribution, participants will receive shares purchased by the Plan Agent on participants&#8217; behalf on the New York Stock Exchange (the NYSE) or otherwise on the open market. Whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The reinvestment of dividends and net capital gains distributions does not relieve participants of any income tax that may be payable on such dividends or distributions.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="96%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>21</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_18"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Shareholders participating in the Plan may buy additional shares of the Fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the Fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the Fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell Fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s Web site at www.computershare.com and clicking on EquityAccess &amp; More. The Plan Agent will mail a check to you (less applicable brokerage trading fees) on settlement date, which is three business days after your shares have been sold. If you choose to sell your shares through your stockbroker, you will need to request that the Plan Agent electronically transfer your shares to your stockbroker through the Direct Registration System.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Shareholders participating in the Plan may withdraw from the Plan at any time by contacting the&nbsp;Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s Web site at www.computershare.com and clicking on EquityAccess &amp; More. Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or distribution, with respect to any subsequent dividend or distribution. If you withdraw, your shares will be credited to your account; or, if you wish, the Plan Agent will sell your full and fractional shares and send you the proceeds, less a transaction fee of $5.00 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder&#8217;s participation in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable broker commissions and taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Shareholders who hold at least one full share of the Fund may join the Plan by notifying the&nbsp;Plan&nbsp;Agent by telephone, in writing or by visiting the Plan Agent&#8217;s Web site at www.computershare.com and clicking on EquityAccess &amp; More. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. If you wish to participate in the Plan and your shares are held in the name of a brokerage firm, bank or other nominee, please contact your nominee to see if it will participate in the Plan for you. If you wish to participate in the Plan, but your brokerage firm, bank or other nominee is unable to participate on your behalf, you will need to request that your shares be re-registered in your own name, or you will not be able to participate. The Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by you as representing the total amount registered in your name and held for your account by your nominee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund and the Plan Agent reserve the right to amend or terminate the Plan. Participants generally will receive written notice at least 90 days before the effective date of any amendment. In the case of termination, participants will receive written notice at least 90 days before the record date for the payment of any dividend or distribution by the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>All correspondence or requests for additional information about the Plan should be directed to Computershare Trust Company, N.A., at the address stated below or by calling 1-800-852-0218, 1-201-680-6578 (For International Telephone Inquiries), and 1-201-680-6610 (For the Hearing Impaired (TDD)).</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>22</FONT>&nbsp;</TD>

   <TD width="96%" noWrap align=left><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_19"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholder communication and assistance</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 style="TEXT-ALIGN: left"><STRONG><FONT size=1 face=sans-serif>Computershare Trust Company, N.A.</FONT><BR><FONT size=1 face=sans-serif>Newport Office Center VII</FONT><BR><FONT size=1 face=sans-serif>480 Washington Boulevard</FONT><BR><FONT size=1 face=sans-serif>Jersey City, NJ 07310&#8211;1900</FONT><BR><FONT size=1 face=sans-serif>Telephone: 1-800-852-0218</FONT></STRONG></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for </FONT><FONT size=2 face=serif>assistance.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholder meeting</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund held its Annual Meeting of Shareholders on January 20, 2012. The following action was taken by the shareholders:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>Proposal: </FONT></B><FONT size=2 face=serif>Election of three (3) Trustees to serve for a three-year term ending at the Annual Meeting of Shareholders in 2015 or such earlier date as required by the by-laws of the Fund. Each nominee was reelected by the Fund&#8217;s shareholders and the votes cast with respect to each Trustee are set forth below.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES WITHHELD</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>FOR THE NOMINEE</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>FROM THE NOMINEE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Stanley Martin</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>15,172,397</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>1,164,606</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>John A. Moore</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>15,156,618</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>1,180,385</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>John G. Vrysen</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>15,187,016</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>1,149,987</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=serif>As of the Annual Meeting date, the terms of office of the following seven Trustees of the Fund had not ended and they remained in office: James F. Carlin, William H. Cunningham, Deborah C. Jackson, Hugh McHaffie, Patti McGill Peterson, Steven R. Pruchansky and Gregory A. Russo. Subsequent to the Annual Meeting date, Mr. Carlin resigned from the Board.</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="96%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>23</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_20"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>More information</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Officers</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Investment adviser</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Steven R. Pruchansky</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Keith F. Hartstein</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>John Hancock Advisers, LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><I><FONT size=2 face=serif>Chairman</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>President and</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>William H. Cunningham</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><I><FONT size=2 face=serif>Chief Executive Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Subadviser</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Deborah C. Jackson</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>John Hancock Asset Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Stanley Martin</FONT><FONT size=1 face=sans-serif>*</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Andrew G. Arnott</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><FONT size=2 face=serif>a division of Manulife Asset</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Hugh McHaffie</FONT><FONT size=1 face=sans-serif>&#8224;</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Senior Vice President and</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><FONT size=2 face=serif>Management (US) LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Dr. John A. Moore</FONT><FONT size=1 face=sans-serif>*</FONT></TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><I><FONT size=2 face=serif>Chief&nbsp;Operating Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><I><FONT size=2 face=serif>Vice Chairman</FONT></I></TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Custodian</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Patti McGill Peterson</FONT><FONT size=1 face=sans-serif>*</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Thomas M. Kinzler</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>State Street Bank and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Gregory A. Russo</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Secretary and Chief Legal Officer</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><FONT size=2 face=serif>Trust Company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>John G. Vrysen</FONT><FONT size=1 face=sans-serif>&#8224;</FONT></TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Francis V. Knox, Jr.</FONT></TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Transfer agent</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>*Member of the</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Chief Compliance Officer</FONT></I></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Computershare Shareowner</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Audit&nbsp;Committee</FONT></TD>

   <TD width="33%" noWrap align=left></TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><FONT size=2 face=serif>Services, LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>&#8224;Non-Independent Trustee</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Charles A. Rizzo</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Chief Financial Officer</FONT></I></TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Legal counsel</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>K&amp;L Gates LLP</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif><FONT size=2 face=serif>Salvatore Schiavone</FONT></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Treasurer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Stock symbol</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Listed New York Stock</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><FONT size=2 face=serif>Exchange: BTO</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>For shareholder assistance refer to page 23</FONT></B></P>

<P style="MARGIN: 0px"><STRONG><FONT size=1 face=Arial></FONT></STRONG>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="66%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif>You can also contact us:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>1-800-852-0218</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Regular mail:</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>jhfunds.com</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Computershare Shareowner Services, LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Newport Office Center VII</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>480 Washington Boulevard</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-1900</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The Fund&#8217;s proxy voting policies and procedures, as well as the Fund&#8217;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) Web site at www.sec.gov or on our Web site.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The Fund&#8217;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&#8217;s Form N-Q is available on our Web site and the SEC&#8217;s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC&#8217;s Public Reference Room in Washington, DC. Call 1-202-551-8090 to&nbsp;receive information on the operation of the SEC&#8217;s Public Reference Room.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>We make this information on your fund, as well as </FONT><B><FONT size=1 face=sans-serif>monthly portfolio holdings</FONT></B><FONT size=1 face=sans-serif>, and other fund details available on our Web site at www.jhfunds.com or by calling 1-800-852-0218.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=serif>The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.</FONT></I></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>24</FONT>&nbsp;</TD>

   <TD width="96%" noWrap align=left><FONT size=1 face=sans-serif>Bank and Thrift Opportunity Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_21"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<IMG border=0 src="bankthriftopportunix21x1.jpg"> <BR>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="90%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=center><FONT size=2 face=sans-serif>PRESORTED</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="90%" align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="10%" align=center><FONT size=2 face=sans-serif>STANDARD</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" noWrap align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=center><FONT size=2 face=sans-serif>U.S. POSTAGE</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="90%" align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="10%" align=center><FONT size=2 face=sans-serif>PAID</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="90%" align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="10%" align=center><FONT size=2 face=sans-serif>MIS</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>1-800-852-0218</FONT><BR><FONT size=1 face=sans-serif>1-800-231-5469 TDD</FONT><BR><FONT size=1 face=sans-serif>1-800-843-0090 EASI-Line</FONT><BR><FONT size=1 face=sans-serif>www.</FONT><FONT size=1 face=sans-serif>jhfunds.</FONT><FONT size=1 face=sans-serif>com</FONT></FONT><FONT size=1 face=sans-serif></FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>P90SA 4/12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>6/12</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>









































<!--$$/page=--><A name="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 2. CODE OF ETHICS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Not applicable.</FONT></P>

<P style="TEXT-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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT </FONT><FONT size=2 face=sans-serif>COMPANIES.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT </FONT><FONT size=2 face=sans-serif>INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="23%"></TD>

   <TD width="23%"></TD>

   <TD width="23%"></TD>

   <TD width="23%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>Total number of</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>Maximum number of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>shares purchased</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>shares that may yet</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>Total number of</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>Average price per</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>as part of publicly</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>be purchased under</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=2 face=sans-serif>Period</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>shares purchased</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>share</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>announced plans*</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=2 face=sans-serif>the plans</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="102%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>Nov-11</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>75,000</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>$13.853</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>75,000</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>1,155,591</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="102%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>Dec-11</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>80,400</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>$13.791</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>155,400</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>1,883,436*</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="102%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>Jan-12</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>120,935</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>$15.377</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>276,335</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>1,762,501</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="102%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>Feb-12</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>276,335</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>1,762,501</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="102%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>Mar-12</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>276,335</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>1,762,501</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="102%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>Apr-12</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>276,335</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>1,762,501</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="102%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=2 face=sans-serif>Total</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>276,335</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=2 face=sans-serif>$14.502</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="102%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="102%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>*In May 2009, the Board of Trustees approved a share repurchase plan, which was subsequently renewed in December</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="102%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>2009, December 2010 and December 2011. Under the current share repurchase plan, the Fund may purchase in the</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="102%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>open market up to 10% of its outstanding common shares as of December 31, 2011. The plan renewed by the Board in</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=4 noWrap align=left><FONT size=2 face=sans-serif>December 2011 will remain in effect between January 1, 2012 and December 31, 2012.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="102%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>




<!--$$/page=-->
<A name="page_2"></A><BR>

<a name="_bclPageBorder2"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The registrant has adopted procedures by which shareholders may recommend nominees to the registrant&#146;s Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached &#147;John Hancock Funds &#150; Nominating, Governance and Administration Committee Charter.&#148;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ITEM 11. CONTROLS AND PROCEDURES.</FONT></P>
<P style="text-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>
<P style="text-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 style="text-align: left;">
<FONT size=2 face="sans-serif">ITEM 12. EXHIBITS.</FONT></P>
<P style="text-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 style="text-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 style="text-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; Nominating, Governance and Administration Committee Charter.&#148;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c)(2) Contact person at the registrant.</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2>


<A name="page_3"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=sans-serif>SIGNATURES</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><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 style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="5%"></TD>

   <TD width="94%"></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>John Hancock Bank and Thrift Opportunity Fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Keith F. Hartstein</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>President and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>Chief Executive Officer</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>June 26, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><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 style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="5%"></TD>

   <TD width="94%"></TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Keith F. Hartstein</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>-------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>President and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>Chief Executive Officer</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>June 26, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>---------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>June 26, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>




























</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_btocerts.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE>b_btocerts.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=--><A name="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Keith F. Hartstein, certify that:</FONT></P>

<P style="TEXT-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 &#8220;registrant&#8221;);</FONT></P>

<P style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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>

<P style="TEXT-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>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><U><FONT size=2 face=sans-serif>June 26, 2012</FONT></U>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><U>/s/ Keith F. Hartstein</U></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>President and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Chief Executive Officer</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_2"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Charles A. Rizzo, certify that:</FONT></P>

<P style="TEXT-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 &#8220;registrant&#8221;);</FONT></P>

<P style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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 style="TEXT-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>

<P style="TEXT-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>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><U><FONT size=2 face=sans-serif>June 26, 2012</FONT></U>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><U>/s/ Charles A. Rizzo</U></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

</BODY>

</HTML>

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

<HTML>
<HEAD>
   <TITLE>c_btonoscerts.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=--><A name="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=2 face=sans-serif>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=2 face=sans-serif>the Sarbanes-Oxley Act of 2002</FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>In connection with the attached Report of John Hancock Bank and Thrift Opportunity Fund (the &#8220;registrant&#8221;) 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="5%"></TD>

   <TD width="94%"></TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Keith F. Hartstein</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>--------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>President and Chief Executive Officer</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>June 26, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>---------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Dated: June 26, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><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></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>d_jhgovcommcharter.htm
<DESCRIPTION>GOVERNANCE CHARTER
<TEXT>

<HTML>
<HEAD>
   <TITLE>d_jhgovcommcharter.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=--><A name="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>JOHN HANCOCK FUNDS</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><U><FONT size=3 face=serif>NOMINATING, GOVERNANCE AND ADMINISTRATION COMMITTEE CHARTER</FONT></U></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>A. </FONT><U><FONT size=3 face=serif>Composition</FONT></U><FONT size=3 face=serif>. The Nominating, Governance and Administration Committee (the &#8220;Committee&#8221;) shall be composed entirely of Trustees who are &#8220;independent&#8221; as defined in the rules of the New York Stock Exchange (&#8220;NYSE&#8221;) and are not &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940) of any of the Funds, or of any Fund&#8217;s investment adviser, subadviser or principal underwriter (the &#8220;Independent Trustees&#8221;) 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 style="TEXT-ALIGN: left"><FONT size=3 face=serif>B. </FONT><U><FONT size=3 face=serif>Overview</FONT></U><FONT size=3 face=serif>. The purpose of the Committee is (1) to make determinations and recommendations to the Board on issues related to (a) the composition and operation of the Board, (b) corporate governance matters applicable to the Independent Trustees, and (c) issues related to complex-wide matters and practices designed to facilitate uniformity and administration of the Board's oversight of the Funds, and (2) to discharge such additional duties, responsibilities and functions as are delegated to it from time to time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>C. </FONT><U><FONT size=3 face=serif>Specific Responsibilities</FONT></U><FONT size=3 face=serif>. The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. To identify individuals qualified to serve as Independent Trustees of the Funds, and to consider and determine nominations of individuals to serve as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>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 style="TEXT-ALIGN: left"><FONT size=3 face=serif>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 provided by them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. To consider and determine the duties and compensation of the Chairman of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>6. To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=3 face=serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_2"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>7. 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: directors and officers liability insurance and fidelity bond coverage and costs; association dues, including Investment Company Institute and Mutual Fund Directors Forum 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; publication expenses; expenses of computers and related service charges; and fees of counsel to the Independent Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>8. 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 &#8220;interested persons&#8221; as defined in the Investment Company Act of 1940 of any of the Funds or any Fund&#8217;s investment adviser, subadviser or principal underwriter, or by the Committee, from time to time, other than as may be engaged directly by another Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>9. To make a recommendation to the Board of Trustees concerning the annual consideration of the agreements relating to legal services.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>10. To periodically review the Board&#8217;s committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board&#8217;s committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>11. To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of Funds in the Fund complex and the effectiveness of its committee structure.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>12. To retain and terminate any firm(s) to be used to identify or evaluate or assist in identifying or evaluating potential Independent Board nominees, subject to the Board&#8217;s sole authority to approve the firm&#8217;s fees and other retention terms.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>13. 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 style="TEXT-ALIGN: left"><FONT size=3 face=serif>D. </FONT><U><FONT size=3 face=serif>Additional Responsibilities</FONT></U><FONT size=3 face=serif>. 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 style="TEXT-ALIGN: left"><FONT size=3 face=serif>E. </FONT><U><FONT size=3 face=serif>Governance</FONT></U><FONT size=3 face=serif>. 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>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=3 face=serif>2</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_3"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>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 style="TEXT-ALIGN: left"><FONT size=3 face=serif>F. </FONT><U><FONT size=3 face=serif>Miscellaneous</FONT></U><FONT size=3 face=serif>. 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&#8217; 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 style="TEXT-ALIGN: left"><FONT size=3 face=serif>G. </FONT><U><FONT size=3 face=serif>Evaluation</FONT></U><FONT size=3 face=serif>. At least annually, the Committee shall evaluate its performance consistent with the requirements of this charter and report the results to the Board of Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>H. </FONT><U><FONT size=3 face=serif>Review</FONT></U><FONT size=3 face=serif>. The Committee shall review this charter periodically and shall recommend changes to the Board of Trustees, as it deems desirable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Last revised: June 7, 2011</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=3 face=serif>3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_4"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><U><FONT size=3 face=serif>ANNEX A</FONT></U>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>General Criteria</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>2. Nominees should have demonstrated business acumen, experience and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the Funds and should be willing and able to contribute positively to the decision-making process of the Funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>3. Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the management company, and to act in the interests of all shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a director/trustee.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Application of Criteria to Current Trustees</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The renomination of current Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above based on, among other things, the current Trustee&#8217;s contribution to the Board and any committee.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Review of Nominations</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. The Committee believes that it is in the best interests of the Fund and its shareholders to obtain highly-qualified candidates to serve as members of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>2. In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate. These factors may include (but are not limited to) the person&#8217;s character, integrity, judgment, skill, diversity and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidate&#8217;s experience with the experience of other Board members; and the extent to which the candidate would be desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a person&#8217;s</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=3 face=serif>4</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_5"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>availability and commitment to attend meetings and perform his or her responsibilities; an whether or not the person had any relationships that might impair or appear to impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser and/or subadviser of the Fund, as applicable, Fund service providers, or their affiliates or with Fund shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>3. While the Committee is solely responsible for the selection and recommendation to the Board of Independent Board candidates, the Committee may consider nominees recommended by any source, including Fund shareholders, management and Committee members, as it deems appropriate. Any such recommendations from shareholders shall be directed to the Secretary of the relevant Fund at such address as is set forth in the Fund&#8217;s disclosure documents. Recommendations from management may be submitted to the Committee Chairperson. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified in the relevant Fund&#8217;s By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Board candidates as it deems necessary or appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>As long as a current Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of a current 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.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=3 face=serif>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>bankthriftopportunix1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 bankthriftopportunix1x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@#
M5P(^`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`W****V,`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHH`)Z#.*`"B@`L0%!)/0"E92K%3U%`"4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`$L)*12,0"I^4`]"<U)\L40
MD,2AV^X.3CWHM(C<2;I,F.,9('\J2X2>20R/$PW'`&.GH*DKH111//*$7DGO
M4EPD40")DN#R:G,,MI:$JI\Q^68?PCTJKY$QVXC8[N1QUIW"Q'5J")H]SDH&
MQ@*Q[GU_#-5XU)E5=N3GI6C'$/.:1^8H\ON_O$]Z38)$4O\`HT2QHBK/)UVY
MR!Z5'(JVB!>#.PR3_<^GO5I&4Q_;91\V"%'KSQ_A5"2*=BTCHW/))%"&R*BI
M!;3'&(GYY'%(D,DA(1"<=>.E,D913Q#*REA&Q4=3B@0R&/S`C;/7%`#41G<*
MHRQX`JQ/#';Q[&.Z4^_2IK>"2&W,B(3-)PG^R/6J+9W'=G=GG-&X]A****9(
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!110!DX'6@``+$!023T`J;RTB8*_SR'^!3P/J:>Y%J
MOEI_KB/G;^[["I-.B`+7$G")T^M2V4D332+;+#"P`R0TFT=O\_RJ,7$1N&9Y
M20QR2`>@Z"J<\IFF:0]S^5,HL%S0^V1O$Q=OG=N5(.`.WX4HNXO,.),*B_(6
M!^9NY-9U%%@YF6U$+*0DP0M]]G')^GM3Y;J-8TMX<&,?>9AUJC13L%S2^VPK
M.J+@0HO!V]_YTPSPB(#S-S,V7)4\G_#VJA12L',:/VQ#,Q$A"HF$R"<GUJ*2
M:`V\:J[``Y9<<L?K5.@'!R0#[&BP7+TUS&'#QOT7:B@8V^I-.DGADNE=I<Q@
M8"X.`.^:IB;'2.,?AG^=*+AA_P`LXO\`OV*+!<NRW)F#30`%H^.>P]156Z,!
M53#DL?O$YYI8KUHWSY47H<+CBI+B&WVB1$81MT=3G!]Q1L/<I44KIL;&01U!
M'>DJB`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`*<D;.,@I^+@?SIM%`R3R']8_^_B_XU)#&8=\IV$H,
MC#`\]!TJO2H[(<J<'I2`DMX'N'/.%'+.>@JU=MNC6"`QB)>_F+S^M4WFD==K
M.=OIT'Y4P`L0%!)/846'<D\A_6/_`+^+_C1Y#^L?_?Q?\:8$8D@*21U&.E&Q
M\*=K?-TXZT"'^0_K'_W\7_&CR']8_P#OXO\`C31%(Q(6-B1UP.E!CD!;*-\O
MWN.E`#O(?UC_`._B_P"-'D/ZQ_\`?Q?\:8590"5(!Z9'6DVD$#!R>@H`D\A_
M6/\`[^+_`(T>0_K'_P!_%_QIC*RL58$$=B*%1WSL5FQUP,T`/\A_6/\`[^+_
M`(T>0_K'_P!_%_QIOEO\WR-\O7CI1Y;DJ`C9;IQUH`=Y#^L?_?Q?\:/(?UC_
M`._B_P"-,VMM+;3@=3CI2F*15W&-@/4B@!WD/ZQ_]_%_QI\8GBR$D0`]1YBD
M'\,U"$9E+!20.I`I*`)GCD=LLT>?:11_6F^0_K'_`-_%_P`:CHH`D\A_6/\`
M[^+_`(U&1@D'''H:**`"BBBF(****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"G1\2*>G(IM%`RVTB'S""-
MTBG=]?\`Z_6H0`\2#>H()SDXQ45%*P7)8F!N"V<`[NI]0:2(@B120"RX&3[@
M_P!*CHH`EPK/$C,,`88Y]R:6=A*J.,!OND9_+_/M4-%`7);@`RNX92"W&#20
MD!9<XY3`!/7D'^E1T4`2QL&\T<+O7`&>.H/]*,@20C<,KU.>G)-144!<FD=7
MB+$XDW#</7KS3@P5T?<-H3!&>OM5>BBP7)H]IA(D*[1D@Y^8'Z5#110`4444
MQ!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!)
M)$8T1]RD/TQFHZM;!(EHAX#9'ZTV(K+*T;(H4@XP.5Q[TKE6(Y8PB1L&)#C/
M(QBHZLO)L@@PJDX/+#/>G[42YN%V*5"D@$47"Q3I\,1F?8K*">F<U(Y$EIO*
MJ&#XRHQQBBQ_X^T_'^5`K$2)OD"!@"3@$YQ2.NQRI()!QQ4T!B^T1X1\[A_&
M/7Z4I_ULQ"@D,?F;HHS0!7HJZ%078&U"K1Y(V\'C]*B!$MM(2B`J5P0,=:+A
M8KT5/*PAF>/RU*KQR.?KFA_W!C`53E0QW*#G-%PL05)%&)-_S$%5+=.N*FFC
M6$.Z`'Y@!D9QQFDMV$DCX54_=$''`Z=:+CMJ5J*GG'EHL8"D$9W@#YOQJ"@0
M4444Q!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%*B%R0"H^IQ244`3S2;5A5&RT8Y(]<YIC3$E
MB%56;J1WJ.BD.Y(TVY$4HN$Z=?\`&G&Y8R.Y1,N,'K_C4-%`7'^;^Y,>Q<$Y
MSSFB&4PR!U`)'K3**`'(^R0.%'!R!SBG_:#\^40ASD@YZ_G45%`$PNGWJY5"
MP7;G':FK+MC=`BX?KUX_6HZ*+!<E:X+@;D1F`QN(Y_PI/.)50RJVWH3G(J.B
M@+DJSN-X8!P_)#>M"SE&)$:<KMQ@]*BHHL%Q_FDQ>654KG(S_#]*9110`444
M4Q!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!4UHBR7*(X
MRIZBH:L6'_'Y']3_`"I#'*;9Y?+,!3)QN5R<57DC,<K1]2#CZU:C:U6?(#A\
M\%\$`_A4)6<7;`9\[)Z4D-D;12(,LC*/4C%($8C(4D9QG'>KUO'*#(LLBL&0
MY7>":CBD,>G.5X)DP#Z<47"Q6>-T^^C+GU&*E=5%C&VT;BYR<<T^%FDMIU<E
M@`&&>QJ6*(26*%LD(Q8J.IH;!(HE6"ABIVGH<<4E/FE:5LG@#@*.@%,IB'"*
M0KN$;D>H!I%5F.%!)Z\"K2I<AU9Y-AXP'?'Z5*@":G+@#&TG'X4KCL4?*DV;
M]C;?7'%-`R<"K-M/(UVA9R0S8(SQBGP@1&ZD7K'POMDT[A8CM86%U&)8R`3T
M9>M0/P[?6K5A,_VI59BP;J"<U5?_`%C?4T=0Z$T+PDHC0!B3@MN-/N3!'*\:
MVXXX!WFJ\/\`KD_WA4E[_P`?<OUHZAT'W$61`(TR3&"=HZU7964X8$'T(JW=
M2LL,"*2N8P21WIDQ,EG"['+`E<GTI`0>5)DCRVX&3QVIS*7$:I"P..V3N]ZL
M7TSJR(C%1L!.#C/%,N21#;$$@[.WUIW"P^XB>-$C2#(*C+;,G)]ZCEM7CAC<
M(^2"6X^[3KYV$D?S'_5J>M%RS?9K?YCRISSUYI!H5:L+%'%"LLX+%_NH#CCU
M-5ZLW_WXL?=\L8IL2",07!\M4,3G[IW9!-0>6^YEVDE>N!THBSYJ8ZY&*O@A
M;^Z.,@(3C\J6PUJ4#%(%W%&"^N.*0*S`D*2!U('2I[>XD^TJ6<L&.&!/!S4T
M6(&N]H!V]/SXIW"Q3:.15W,C`>I%-`+'`!)]!5JSE=K@([%EDX8$YS2_\>]J
M[(<.SE-W<`47"Q6>-T^^C+]1BD".0"%8@G`P.]6;-VE=H)"61P>O.#ZTJ2-%
MIV5.&,A&1VXHN%AD-H\F_>CKM4D?+U/I4)CD#%2C;@,D8Y`JQ9N[&;+L?W9/
M)I+,DO*223Y3=:061652Q`4$D]`*78Q!(4_+UXZ5+9?\?<7^]4\#F-+MAU&,
M?G3;$D5&CD099&4'N1BE7_4M^Z).1\_I[5/9N\CR1NQ960Y!.:2/_D'R_P"^
M*!V$-I(+</LDWEL%=O05`RLN-RD9&>15EG;^ST.XY\P\Y]J27][9Q/\`Q(=A
M_I0%BOM8*&P=IZ''%2VB+)<HCC*GJ*=>?)Y<(_Y9KS]3UHL/^/R/ZG^5'00-
M+`"0+8<<9WFH-K!0VT[3T..*GD^R[FP)MV3W&*5_^0?%_OFD-E<*Q4L%)`ZG
M'2E$;G&$8[NF!UJ>'_CQN/JO\Z=+(R64"J<;@<D=>M.XK%5D9#AU*GT(Q2K&
M[@E$9@/09JPQ,E@&<Y99,`GTQ2WKM%(L*,55%'`..?6BX[#)%`LHFV@,6.3C
MFJ]6[F0R64#-UR<GUJI0A,****8@HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`J:T=8[E'<X4=34-%`RSMMEDWM,7&<[54C/YTJ7*M/,TF
M5$H(R.=M5:*5@N6[=H('8^;O)4@$*0!40D7[$8\_/OSCVQ4-%%@N302*D4RL
M<%EP/>G>>%M8@C8D5R:KT46"Y-.T4BB1?ED/WDQQ]14<3;)5<C.T@XIM%`%J
M0P/,9C*2"<[-O/TIWGQ?;I)-WR,I`.#Z53HHL.X^W8)/&S'`#`DU,DZ+/,&R
M8Y<@D?H:K446%<N6QM[>8.9=_IA2,54<Y<D=":2BBP7'1D+*A/0$$T^Z=9+E
MW0Y4G@U%10!-<R*ZPA3G:@!^M#R*;..,'Y@Q)%0T46"Y-=R+)*"AR`H%$\BO
M%"JG)5<'VJ&BBP7)KN19'0H<@(`?K3F:*6VC4R;'C!&",YJO118+A5A98Y85
MBG)4I]UP,\>AJO10!9C-O;MY@<RN/NC;@`TZQ?,LSO\`-E"3[U4J2&7RM_RY
MW*5Z]*+#3)8_L\4@E\POMY";<'\:?:N&6Y>09##YL>YJG4D4OEQR)MSO&,YZ
M4-`F2Q&"W;S5D,C#[J[2.?>FQ2HT30S$A2=P8#.#4%%%A7+*/%;!FC?S)",`
M@8`IAD7[$(\_/OSCVQ4-%%@N36LB1NP<D*ZE<XZ4L+QP3_>WHRE20,=:@HHL
M%RW`;>"=7\W?@\?*1CW-,65!'<@GE\;>.O-5Z*+!<FM)%CE+.<#:10DBBSDC
M)^8L"!4-%%@N6$>-[7RG?85;<#C.:?I[+O='Y3&X_A52I1,JPE(X]K,,,V<Y
MH8)C)',DC.>K'-26CK'<H[G"CJ:AHH`5SER1T)J>-XWM_)D;80VY6QD?2J]%
M`7+6^%+22)&+,2#G&,U'-(K6\"*<LH.1Z<U#118+DPD7[$8\_/OSCVQ3Y'BN
M`K/)Y<@&&RI(/O5:BBP7+-Q+$UM%'$3\A/4?K5:BB@`HHHIB"BBB@`HI=CG^
M%ORH\MS_``-^5`"44\0RGI&__?)H\B7_`)Y/_P!\FD,913_)E_YYO_WR:4V\
MP`_=/S_LT`1T5)]GF_YXR?\`?)ICJT8S(I0>K#%`"45#]JM_^?B+_OL4?:K?
M_GXB_P"^Q3`FHJ);F!CA9XR?9Q4ZQ2,,JC$>PH$-HJ3[/-_SQD_[Y-'V>;_G
MC)_WR:5QV(Z*D^SS?\\9/^^31]GF_P">,G_?)HN%B.BI/L\W_/&3_ODT?9YO
M^>,G_?)HN%B.BI/L\W_/&3_ODT?9YO\`GC)_WR:+A8CHJ3[/-_SQD_[Y-'V>
M;_GC)_WR:+A8CHJ3[/-_SQD_[Y-'V>;_`)XR?]\FBX6(Z*D^SS?\\9/^^31Y
M$W_/*3_ODT7"Q'12LC)]Y2OU&*B>>*,X>5%/H6`I@245$+F`])HS]'%(;JW7
M[T\0^KB@":BH/MEK_P`_,/\`WV*/MEK_`,_,/_?P4@LR>BJYO;0=;J'_`+^"
MC[?9_P#/W!_W\%`6+%%5OM]G_P`_<'_?P4?;[/\`Y^X/^_@H"Q9HJM]OL_\`
MG[@_[^"C[?9_\_<'_?P4!8LT56^WV?\`S]P?]_!2_;K/_GZ@_P"_@H"Q8HJO
M]NM/^?J#_OX*<MU;L0%GB)/3#BF!-13O*DQGRWQ_NFD5';[JL?H*!"45)Y$W
M_/*3_ODT?9YO^>,G_?)I#L1T4_R)O^>3_P#?)J.3]U_K?D_WN*`%HJ`WEJ.M
MS"/JXI/MUI_S]0?]_!1<+,L457^W6?\`S]P?]_!0;VT'6ZA_[^"@+%BBJ_V^
MS_Y^X/\`OX*3[?9_\_<'_?P4!8LT57^W6?\`S]0?]_!1]NM!_P`O4'_?P4!8
ML456^WV?_/W!_P!_!2_;[/\`Y^X/^_@H"Q8HJO\`;K0_\O4'_?P5)'/#*<12
MQN?]E@:`L244JQNWW48_04_[/-_SQD_[Y-`B.BI/L\W_`#QD_P"^31]GF_YX
MR?\`?)H&1T5)]GF_YXR?]\FC[/-_SRD_[Y-`$=%2?9YO^>4G_?)H^SS?\\I/
M^^30!'14GV>;_GE)_P!\FCR)O^>4G_?)H`CHJ3R)O^>4G_?)H\B;_GE)_P!\
MF@!R,V.]/1FJ=8@!TIR0@]J386"-VQ3WD.*E2)?2E:(8Z5-RK,JJYW5:5SM7
MZ?UJ-8ANJP$&!]*&PBF-+G%<[K]R1$5'>NC9/E-<UXBB"PEN].`IW.8%#4"D
M:F,LV`S.GUKN[$8A7Z"N'TT9N$^M=U9C]TOTJI_"B%\1:HHHK$W"BBB@`HHH
MH`****`"BBB@`HHHI`%-?`4Y.*<>G:N6\0^(`N;6T.3_`!OZ?2F`S7M80,\5
MNV6'\7Y5R\MR\C*S,S/G.3029%^;))[U#*QWD*.<9IN5]!J*CJ/6:8-G<03V
M%.DE9@0V<Y[U#$=@W$_,>E)*V#@=Z+O8?F319:0`=3VI2T3G`9E('U%0([1_
M.IP>QI[HKQ><I&>C+4CN0')]:0CCKFG!BH(P.1CGM30,U1(`%B`.II_DL0I'
M<9I\!1>6ZTZ60NQ*_*.PI7';0@9"O44VI65B!WJ/'/(IB$HZ4M`Z],T`*K@'
MD9%68W;;E6.1VJJRE3@BG1LR'T%%P.FT[Q+(J"&Y`(Z9[UT>G.LHWHP(->=`
M[L\UM:)J\FGRJ)/FB/4$]*N^ADX:W._%137"1@@$$U'!>P72;H9%(^HK-U&X
MP#L7CVK-M+5EI-Z(;J-_,$(CE1/HU<Y=7`DD;SY6<]CNR*2[FDD?BJLS/@LX
M0X%0Y-FR@HD$K)N(_(U68D'(IS/SD`CZ5&"0?:J1+`@Y&>]`D8,"3GZU,YA4
M`*"6]<\5%($_@Z4Q"!_F)P/I3>#FD(HIB'`X/2C)[TF33NJ_2@!#SR*:*6EQ
MF@!5..:G@N7MYUDC8@KZ57'`.?PI!3!G;Z+KT#[4N#L?U[5TT4B2(&C=6'L:
M\G5B,8/(K8T?7;BQD`+%T/52:'J1R\NQZ'2U4L+^&_@$D3`^H]#5NI&%)1GB
MB@`HHHH`****`"BBB@"J/NT^/I502_+3TFJVC-,O+0U0I*,4CRU-BKHD3K4O
M856CDJ<-P*&AQ8[M7,^*&Q#CU_\`K5T;L`IKD?$LXD94![_X4XDR9@"AJ!2-
M5`:&D+FY3ZUW5L,(M<5H:YNEKMX!A!3J;(F'Q$M%%+61L)12TE`!112T`)12
MT4`)12TAI`+32P`))P!UI>V3TKD/$NLO,YL[5L(IPY'?K3!*Y;USQ"D:-!9L
M&8C!<=N>U<9+(23R68]:FDQ@#VJJQ^?`'2E>Y=K%@L(@H;&0.?K27`78KJ,;
MUS4(C+N=W?G-2EO-81LX50,`GUI#*I!)XZ^@I'5E/S`@GGFK,T0B\M7;`/.0
M,XIEPZR*%!SM)PV.HJKDV&Y`@QD9S34<A,>AI/+8*2>V*CH$/D.6['WI!G!Q
M0H)P*MQP+&I#\ELK_NFANPTKE,'%29VC!!SBG["CCS%S[4URI/'!H`D0MY+$
M8.,4JN)>&`W8Q4,3[<CU%3A41%;^]QF@:(2N,XHC95?)%2C:'V8P".]12IY;
M#U]*!6+:!9MS.<CK]:KSI\W"%1CC-+$Y4#(.*>'#/ALG)I#*@8@5*LGR\T30
ME7PO(J$]:9)HV=W+`^89&#>QZUTUQ?*MFI9`2P'7Z5QD;;<$=JU!>-+`(VQ\
MO2HFKFD&D,N9][D@#'M5,L&SVI\K!2??TJN7(--(&P9VQMSQ3#D]:<68KCC`
MIG\ZHA@*<N0?7VI#@#KDTE,0I'MQ11BG`4`(5/3!S0%/I4@W=12F3/!'-`$>
MT@\B@#FI,@]^#37X/%`#2,XIR1LQV@9/6ECY'-6%&U#D=:!HKLAC7<P(W=*8
M"<\=:6:0R29)SV'TI@)H0C<\-ZK]@OP)&/DN"&%>A)(LB!D8$'N*\B!PPKN?
M"FH^9#]GD;D?=_6G:Y+T.FHH'-+4@)12T4`)1110`4444`9GDD"G)":L'I3T
M%7<S0Q8337C-6P.*8_2IN4XD$<9JP%.!]*2/I4GI0V-(AF4[#7$:XI6X&>]=
MV_*FN*\2\7:@?YZ54=B9+4QATI&ZTHII/-,#:T!<W(KM(1\HKB="F2.?+$"N
MR@F0J/F%.IT)AHRQ2TSS%]:/,7UK(UN/HIGF+ZT;U]:`N/HIN\>M&\>M`#J*
M;N'K1N'K0`ZDI-P]:0N!R3@4AF;K]]]CLF"_><8'XYKBHXV,C$]6/-;'B*[2
M>Z,>\$)G`'KDUGVZN@WA=QQR*S;-X1*>HJ(6"\'`_*J<CAB6.`S8J>_+7%TV
M1C`Z"HS&BA2>2*I;$O<GM5BWA&(QDC/X=:26!)'+*RA3Q^E0;\$E0<&K%C$"
MDCR8/!P#W/I0]-1K70AF5I(AG&$XZT11_=```..:E27;NC^7#<D>E1++MF`)
MPN.,=Z+L0RZ@:.0[F)!J/R?W3,7`/8$=:EE<219W98'O54L3R3S5(AV)\QIA
MT)R1T]#2AFEA=R?N\_4U"K*1AL^U-R0",\&G8+CU<EOFR:1TVGU%"9)`IQWJ
MQ7]*`&X&.*>Q)B0>A.:102>GUJ=4&W#CKTI-C2*[Y9MU.GPV&![`5++#L''/
M%0=&YH"P@)..M2(2O&.>YIB\-GWJ1W9QT&"<]*86+$:B0G;C.VJLL.QR#QGI
M5FR8*^6XP<\TEPID?>.>>![5/4=M"K$"'%/5N2/2I#&0.F`>OM3/+9#GJ/6J
M)&R2@C%1%N>*5QS[4R@&Q=QHSZ4E%`A:,TE+3`7)IREB>#^=(#GN!3@/1A0(
M<,]Q^5*R#J,_2DPP^Z0?QH^?N/UH&`7:*&!(IR\]:DC4>N?K0,C@Y;;4I!8,
M,]JADRC9`P:<A^8;3RPI`0N,''H*:,8-32QDOD#KS4>PYZ4Q!$N^55/<\U=L
M[IK>[61#@*?TJI&IW>AJ:-0<@<<4KC2N>F6-VEW;K)&V?6K=>?Z'J4NF70$F
M?)8X85WD4BR*&1LJPR"*;(VT9)1112`*2EHH`2BBB@"F9!BI8W%4R#3TW9JV
MC-%[=Q3'85&-V*C?=FE8;99C88J7/2JD>:L<X'TI,:82L`AKA=?DWWOTKK[Y
MV6`D5PE\Y>Z8M5):$MWD04P]:?3:"A\4CQME3BM.'6IHE`P368O2EQ5)LEQ3
M-<>()O[M.'B&3^[6+BEQ1<7*C;'B)_[O^?SIP\1-W6L+%&*=PY4;X\1G^Z?R
MI1XC_P!D_E7/XHQ1<7*=$/$8]#^5.'B-.X/Y5S>*,4KARG2_\)$GO4J:TD\4
M@!Y"G`]:Y7&35V(B-410,EL%JB;LC2G"\AMZ295.!EB=W'3-.L,O!*0Q`&2"
M:BNT<N`K9#GD^@IZ*?)9$8KG/Y5S=#LZC5\J2)G4?,&`Z_K5&X54W!1T/S'W
MJ6VE%LLBL`1)Z]0!2SJL@>*,=MWUJEHR7JC.+\]:L+-MM5YYWDXJ-K=]V`*=
M)#Y9`//'%7H0KD+R,S,2>303\BC/(IRQ@G+`X^M*L>1SVIBLQLJE'*Y'X5'M
M)S@5;:(RG>1@'M5B.S+<MTQ1<?+<S-I]*`I-:_V(`9Q48@`8C&/PI<P<A5@A
M.0=IJ<VC&3<0<5H018QN`)-7%@/>I<BU$RDLSM&!Q5A-,S@@9K42W'''-6%C
MP.E3S,KE1D/9?+@#)]ZJOIV6^9<?05T?EC/2@P`\X'Y4N9CLCFSI+8W1G=[8
MIG]GS+TC.?I74B`=@!4BPKW`/UI<S#EB<B]LT:\?0\5"OW<'MQQ7576G!_F0
M`'Z5@7]BT/.,>U4I"<=-"!@5CP!P>E1P-&V2>>./K0UT?+"="/2JYD"L<<&K
M1FR.?`.!452RD.-W?O4569L****`"BBG*N>3P*`$%.`-.S&#ZT\2+@Y7GM3$
M1A6SQG\*&+#K^M&\YSG\J-Y[\_6@8*?2K,9&!UJ`,&P-H'TJW;J-N*0T,E0$
M$DU##_KE)JZ\7R$U2(VMTS0,L2$K&,8Y[U&F-WS=!2NW[F->,\DTB-DX_6CH
M'4G6,%QNR"1G`[5;DME5-T>%VBJT.=^1UI]Q/YD80#@'KZU#3N4K6)6*2Q@2
M$B-><(.375>';I9+7:"<)TS7&)($4J#D=ZV-(O/*W>6"5`YJH]B*BNKH[4./
M6C>*Y<^($1BK9!%*/$,7J:T]F<_M#I]XHWBN9'B&+UI?^$@A_O&CD8>T.EW"
MC</6N;'B"'^]2_V_#_?H]FP]H;)49J5$%1YY%3)292'!1BF.HJ7M43FI13'(
MHQ4F!34IYZ4#16O$!A.:\_U$`7C@5Z!>MB!C7GEVVZZD/O5QV(?Q$5,IW:D`
MR<4#%!XI<UIZ?I;7.#CBM0>&B1G/Z4Q7.9S1FND;PRW9OTJG>:#+`I8<B@+F
M/FC-7K/3)KAB,8K0_P"$<EQ0(PLT9K;/AV>JMUHT\"EL=*`,[-&:M6MA+<$@
M+TJY_8-Q_=_6@#(S5^V"LL*D<DYR:G.@W`_@-3"T>UA7>.5!%9U-C:E:Y3N7
M";MW][CWI!MBLFE=OG*G&:2\5Y)X$CY.,D]A534V,PR#C:<8!ZU@D=#94:6-
M@78YDW#'IC%+/.WGAAU!X'M54K@=>:MVD!N;F-3_`!'%:V1E=FG:6,MY&]P1
MM5<8)%5'MY&8CDXKT%;..*T2`#Y5&*RKN*)&(`%9NZ+33./:!QP5(%.2/KQF
MM:^"8..M5$&!BA2&XB10C@G\JMA!Z<4R/K5M`*39217,3CIT/:E6W!(;H:LD
M<TY1S0`R.'%6`AIR+4JI2"XD:8%3!*<B\"I%%4D2V1B.G;,5***+!<C"TI%/
M[4@%2,0`X]:JWUFMQ"1CFKN*-M*P7//[J+9(01T-5BH/`X;N#6OK4>V[?CWK
M'E;+D]ZWB]#*2U(R>*;3SR*95$!1110`"ES244`+3T3>?8=3Z4P>].+DC`X'
MI3`E=(@O!_\`KU%UH&2:D2,DT-@D+&!D<5?A4,N,#\Z@BCR0/2K4:`CIBI;+
M2!T.,54="`<XZ]JO,"1QS]:A\L9R>M%QV*3J>*(UVG/>K?EKW%*T2X^7-%Q6
M(4?`*CCWI4.Q#G!8^O7%,="I[XI=W&>OM3`FMQ&7`?`&.*L6A=)BB<QG@XJD
MIY!'!["KEF\D;,<]NM0RD%]"RR;MO![BJE:`E=V?;V&=I[U6F1<[D&,]JUC*
M^YA.-GH044M%69B4E.Q24`=^'.:FCD.:01<U*D52V"%+\5$[DFK!CXJ-H^:2
M8VF.C>I2W`^E,2.GE.!4LI7,S5Y_+M'-<)(VZ1CZFNZUF`M:M^%<(W#$>]:=
M"5N!Z4^U&Z8"HS4UD,SBA;@]CN-&A46JG'.*U`*I:4,6B?05>%1+<J.P8%0S
MQJ\9!J:F2_<-)#>Q5M+=(\D"K@`Q4,`XS4]-O445H)M%0W$*R1D$5/39/NFD
MF-K0HV-HD>X@=35_:,5%;_=/UJ:FWJ**T$V#T%8OB/"01`=6;%;E8OB*(-!$
MYZ!_Z5$MBX[G.NSJID!R%R`,5EN/.MV?:%V]_4UIDFXB*G*C)YZ54NPJ1K"G
M4'H*R6YTM:&6L9V,YZ#^==#X=MUDU``#_5I^N*QPID:.%1C<>]=-X3C57N'!
MS@A1].:INYGL=-*08S7.ZC(J2'G%;TQR/K7*:P^R?%*6K'3*$TA:0X/%-4TP
M?,QJ0+Q042QGFK*-Q5-:LH:118#5*M5@:L1F@3+*=JG7I55#5A>E`B533P:B
MIPIDC]U&ZFYI<TF-#LTH--%+2&2BE`IJ&I0*:)9RWB"$>:3CK7-2`(X[UV>O
MQ$KD#_/%<?=H02>WK5P8I]RN:92TE:&04444`%%%%`"TH&30%)J>*(]<4#2$
M1,8-68UQ@]30J#TJ9%P!4W+2%3AN*E0'M3`"#4JCFE<M(0@GVI4@=SVJQ%'D
M\CBK\*[>!TJ;CL9BV@&:#;G.,9K8(!IAB5NHI7'8Q98#CID56,.!D5OFT!-1
M/IQ;H#FA3$XF"1L/(JY9NS#"\G^57)=-<K]TY'3BJ'DO%*0&V/C@T[IDVL7(
M"LS%&3:Y.!@TZ;39EYQTHTEA/>QHZYE##D=QFNR:!"O&/\*UAH8U'J<#+:$M
M\@.?2GII<[#(%==]B!NMW6M&.W51TJV[&6^QP7]DS^E-.ESCM7H/DIZ"D\A#
MV%+F'RLA7EJG7I5-)!FK"2`T-"BR8]*C/WA2F05'Y@+TDAMDZ]*=3%:G$\"D
M4BAJ[;;-S[5YXQRQKN]>E"V$E<(.M6MB.K`U);OLDS49I4&YL"FMQL[C1KY&
MMU4L,X]:UQ(I'6N6TC3Y`@?)%;8M9,??-$DKD1D^Q?WKZBJUW<I'&<L!^-0_
M9I>SFH9].:9<,Q_.DDNXW*3Z%FRNDD'!!_&KNX>M8\&FM;_<8_G5CR[@?Q4-
M+H)2:Z&AN%0W$RHAR157;<>M5[BUN)T(+D4E%#<WV+UG,KJ=I!Y]:MYK#M+.
MXM0</GGUJWON/2FXZZ!&=E9HT<UD^(=ALTW$##]?P-2^;<>E9^M)-/829&-O
M-0XZ%QGJ<\LWWH^&`;`/K3)(7$I+;23FHP/*E\S;G=@*.U2/,_EYVECD]JP.
MM$<46P%FQG=QSUK?\-819%'L3]>:YHS[I02-N!G\:Z#1+A1N`_']:'H&C-^6
M3Y3GBN5U<9N-QSTK?>0R`#M6)K*$$8'%*^H)6,V,<U-BH$-3J:IC0JBI5J,5
M(M(9(N<U8CS5=:LQ]J`)DZU80\57%31F@DFIPI@-.!IB'4N*3-+FDP"EHH%(
M9*@J8&HXQ3Z:(9FZXH:#_/M7&:D-N!^9KLM;)%MQU_\`U5QVH2[T&<#FG'<;
M^$S:*?M:0X12<>E,(P<'K6QB%%%%`!3E&33:EB&2/2@:)HX^,XJRB8!IBGO4
MR'Y34-FB0!>/:GJ..*>J\`4J+@&E<JPT*<U8A/.#BFJ,]*D1*EE)%M"HJ9#5
M5!Q4R<4BB<-3Q4`/-2J>:0$\8&>E6DB!/2JT1^85>2A$2`P(1T%<SJ]N()BQ
MZ"NJS7/ZNGVB\2W'4D$G\JI*[21*=DVQWAG393<?:W7;'_#D=>E=41Z"FVR"
M*WCC`QA0./I3V.!6Q@R!?];5FJJ,/./-6J;)B%%%&:DHS%C-3+&U.CJ=:MLS
M2*S(WI3$1M_2KC"HU^]1<&A44@4]@=OX4\"@]*DJQS7B3>+-L=,BN1%=KXG`
M&G/]1_.N*%7?0E=134UHNZ91[BH35G3QFY3_`'A51W"6QW>G1A;=..PJ]BJM
MD,0I]*MUG+<<=A,48I:*18W%+@4M%`#=HHVCTIU%`ANT>E&T4ZDH`3:/05'/
M$LEO(A7.Y2,'Z5+7/^(-8N-/>,P;<'KD4F[%1C?8YZ2&5\J`%\MB@!J*.08^
M;"X/&.:GGOQ>L90HC=ADCW[U!&W.=OX5FS=#'.]6RH;![5J:3&<DX."*CL[/
MSU(7[N>36W9V0@BXJ'V*VU8)PN.]4=8CS&21TK42+)%0WL(*MNI`GJ<EWJQ&
M>*FN;8^82O`-0HI!Q5;@2BI4IJ8[U,@%`QRKTJP@Z5&H%3+2$/Q4B"F4;\&F
M(G`IXJ)7X%.W4Q$@IXJ(&G^8H'-(!^*4"HS,H'6F&Z0=Z0R[&.*4]:9&X8`J
M:>1FF1U*]_;"XMB.]>>WP83L&QD&O2F^Z:\YU-?]*=NV\C]:J.X/8NZ):!P9
M.YJIK<:1WNU<9Q\V/6K]E=I:63.!GC@5AS2M-*\CG+,<FG&[DV.;2BD1T48J
M6.(M5F25QBC)JQ&A]*DCA`Q5G9@CTJ6S11(T0D\]*L!<4BT\=14E6)47(S3@
MO'2EC-3J!BD78K@8J5*78?2G*A'6D`]>G2I5%-6I`.*`N*HJ514:U,@I"N/3
MAA6@AXK.!^:M",_+0A2'GI6<;-O[1:X8$C``K2QN%7%C!4<5K#>YA.]K(J?:
MR/X&_*HYKQRAVH<_2KYB7TI/)7TK6Z,>67<P;>XN5N"SQL%K42^`'(/Y59\E
M?2CR%]*;DF)1DB#[<OO^5)]O0=:G\A?2D-NIZBE[H_>(HF%65/%9T1-6E9L4
M-`F3,::GWJB9FI(V.:+!?4N"E-1!C1(^$S[5)=S`\5OBQ(]2*X\5T/B:X+J$
M/J/ZUSHJR(BFKFEC-U'_`+PJF:T-'7-XGU_K51W%/8[RT&(U^E6*AMQA%^E3
M5DRUL%%%%!04444`%%%%(`HHHI@-<X%<)?N]U#ACDQG]*[QAD5Q-Q:/:O.S\
M;,#GN2,UC5O=,ZL/;6YB$^6I=>W%26CD0R,>HR!S5F2!;A"8A\QZCTI@LFBM
MV8?>/&*2=T.<;,Z30PKV&[OFK[DA,#I5;08]NE@>]3RY/`I,CJ2P`MCTJ'4&
M2-3N..*EWB"`LQ`QZUR6KWYGF8!B1CM3\@6]QU]>JIP#^-9IO,.3G(JM)YDA
MY'%1^6_]VK44A-MFI'>KCDU9CNE(ZU@[7`ZC\Z4.XZ&G9"YF=*EPI[U.LP]:
MYA+B1.YJY;WA.,U+B4I'0K(#WHSFL^&X!'6KD+[JDHM#[H-1M+MIV&*\5D7\
MDX)"H<>M`%R74%C.":I3:J<G;S6/*SLQWMS[4B[1U#'\:M)$MLTVU&0GK4D4
M\DIX.:RT1'^[&W'H<U;A1$8;BZ?7(I.P*YMZ==RHVT@XK<BD$@]ZP;6)7P4?
M/U-:ULK(*S3*DBTW05P-\G[^0?\`38_SKO":X75(S'J,X/3?G]:N.Y'0GU&W
M":4&C'3&:P:Z.^)72'#=\`5SX6KAL%5:CHTR:N1KBHHDJTJ\4FPBA0M2=L4T
M=>:&XJ2Q014B,">M0@;J586)ZXI@75`SUJ8.J+R:K0P?WFS4S0!QP^*6@:DJ
M7,60">:G!1AD&LB>UDB&Y3FJPOYH3@@_E56OL3=K<WFXI=W%9<.I+(,..:MK
M*",@U+0T[ER,\U.#@<U2ADYJUNXJ&42Q\M5R,GM5!94A0O(P`]ZK-J[,2MK"
M\A]0.*$)G0>8J+\QQ5Y&#("IR*YFQM[JY;=<`#/0"ND@3RX@OI6L#&:L/I:2
MEK0S"BBB@!*#2TAH$4+<!CBK@451M&^8?2M`"JEN3'5#&44U4&:>U(G6I'U'
MA122*"OX4ZD?[M`SC?%,83:?4_XUSXKH?%;@LB^_^-<Z*T9$1:U=!7-ZO^>]
M95;'AX?Z8/8?UIQ%/8[B'A!4E1Q'*BGYK)FBV%HI*6D,****`"BBB@`HHHH`
M*YOQ0A1<CH[`\?3%=)61XCA\VPW8^Z<_H:B:T-:+M,Y"TD,=PI[9P:UK_;&1
M\ORNF1BLB($W"*.I8#]:T=8+1O;`G("+QZUBM6=531&UHRD6'7@G(JPV`<FF
M::`MBO&,_P"%.N_E@+"K>QS]3(U:^'W%-<W*1O)S4U[.TDI/O5)\MQ1%=2V^
M@&4#[OYU"\I/<TX(68#'%33VY\M65>G7%:(R;94!W'`ZTY?FIRPC)X))Z5H1
M6BQ6A\T?.><=Q5"5R@"5J5&!^M0N=K8P<>](C$-[5-BKFE;OR*U[/G%8,+88
M5N6#9(YK-FB-F&+Y!7/:PS/*43H.N*ZF+_CVR.N*Y^XB+(Y`RQJ5N"U,-;<]
M%&6JG)$_!ZYK9,,D0'&*C^R*S$DL`><"M4R7%LHPPO--#%PIX7*_UK8DL[BR
M&X2QSQXR4?DTMI9)$VY`=X[FM:WM%9@TGS?K2E((QL8\$[0SAE#")N0/2NCM
M9A(H89J*YL8<<*!^5+;)L&!BLNIH]46\\XKF-;@S?G`^\,_K73#UK%UN(M>0
M;>_!_.J6Y!FZRVS2X4)&YB#^E82BM/79"URD>>$7&*SU%:+84M9%B/H*L(<U
M708%3I4LM$NW(J)\]*F7I0J*YYI`1HVT<U#->A#A1N-:*VL9]::]E%W44TT)
MIF2;^?L`*/M]R!G<*U1:HO\`",4ALH)'#;`,=JM-&;4BG]JO!$'=<H?:D619
MNJX-:\H,L)BVH!C`.*S!8RQ2C(!7U%)M#2?48(P#5N(G``J-HR#5VTC#-S2N
M4D/MT9WJ[+MAC#RL$4#O5BRM@7'%9FK6WVN]=9)=L4?RA0:BUV5?L0B_2_NT
MM8$+`G[S#CBG:H+FSOO*LSOCQD`#FFZ?8BVN#)`WS<@$\XK=LK)1.)I#O?WY
MJO=6B(?-U+FAPLMH))@PD;J&[=:TZ!T&./:EK5*Q@VWN%%%%,04444`%)2T4
M`8-I,1(![5KI,"M8MDNZ0?2M98N*TGN8P>@]I1ZTD;BHS$:?'&14%:W+`85'
M/(%3)]*4*:BNXRT6!Z4+<IMV.*\13"6[&#TK*%7M:C,=Z<U0%6Q1V%K7T,XN
M<^W]:QZV-%XN/RIQ)GL=I;GY!4M5K=QM%6`P-9LJ+T`,<T\'-)BE`Q2*0ZBB
MBD,****`"BBB@`JO?1>?9RIC.5./RJQ2,,@CUI-7&G9W.%@LIA>[BF$B;+'Z
M&M*]M3>P>;%R\1/'M5O4HVM8)23\KL1^=1:2[1[23PWR_P`JY]F=C?-&YH6:
ME;-`PP<#^5%R,PD&I"V.!TZTR4[EQ5O8P6]SB[V`B1B`<9J@Z$#)%=+?P84G
M&<5C,`PQBB+-&BM#Y?<XJTBC`V-41M,\@XI1;2#HW%4*Q.H8'J*E$@'7%5U@
M<CEC3Q$`?>D,BNA'(#@5G-][`[5JR1%A@"J,L7EFJ1+0Q#BM?3I,8)K'7K6C
M9M@"ID.)UUI)NC4=L53N+9U+%0"#4VG',2_2KI%9CO9G-W%O(YXR#4"I/&>8
M]WTKH+B)3SWJJ4(%4-,H1S,#S$0?I5^"X..0:A<4@S291;=WD//2IX5&.*K1
M$U:C%(EDO(%4KZ+?<QN>BBM''%49@7D(':FR4<=JBN;Z5F'&[`JNBUMZW&-N
MX>O-9"5:E=#:LQP%2I3,5(M(:)E&13U&#34J4+0,EC.:L>2)5QGFJZ"K$1^8
M4AD#6<Z_=.X?6FF"<=%:M:,\5)BBY)DI!<-QR/K4K6Q0#<<FK[`CI5>7DTQF
M?+'EJFM1M<4Z1*$^5A0!LV1P15?4-,,LC2(>IR>:ELCR#5V8D+09WLS%MK1H
MWPV:V+1"7!J%?F/O5^U4`T):A.6A:I:2EK<YPHHHH`****`"BBB@#G-.;]\O
MTK>0\5S=BX6=<FN@BE4KUK6HM3GHO0<]/2HV8'O4B$5D;+<DJ.;[E/S3)R!&
M?I0-['!>(CG4"/\`/6LL5H:ZV[47]JSQ5DQV%[UK:2/WM9(ZUNZ''NE-5$B>
MQOPD[15A)"#3XH/E'%/^S\UF]P28]),U,O(IB1A:D'%(U04444AA1110`44F
M>U(6"#)(`]2:`'=*2H4N[=VVK.C'T!J7<,9!&/7-.P%#6[<W%H57L<_H:Y3S
MY;.ZC4-N5&''XUVLUS%'$[LRE57)YKCKHQ:A<2/:$;AEMI/:LY0;U1O3FK<K
M.B$FY%<?Q*#0S8&:S]*G\ZS`+`M&=IP:M.2>*R>A5B.6(3OSP*P[V!8+C8/3
M-=)&`JY-<[J<FZ^/T%"*0Q5XI^SCI21&ILBJ&0;<4!,G-2."32H*`$*@+TK(
MN_\`6&MU@-IK!NR!.P]Z:)9!BKUH,D`52SFKME]ZF]A1W.ITS_5+5]N:HZ:1
MY(JZS<UFP>Y1+;F)-&*1_D<Y%1&[0'!(!IH=@DCR:18_:G+<(3U'YU()%/0B
MBR'J/1`*F08J)&!JP@S02R3G`.*IQG!F?T8BKK?*M9MI*&EG1N[M_.ID$3`U
MB0-+(%Y7-9:5T&O0JL>57'/^-8(%5#8MD@IR]:8*D0<TP)TXJ4'FH`<4]6I`
M6T-3Q@9JI&U68VH&65..E2!JA#"FO<*G>@189N.:K22KFJ4]ZV>1@&B([^2:
M=@+)D#4+ACFHV3CBB/(/6@#7L^,5?D8;0#WK-M&P.34NIEDM4E7H,9H(:U)4
M($O%:%H<\UA6<WF,,<\5T%I&4C^84X;DU%9$]%)2UJ8!1113`****`"BBB@#
MD(P?-&*U[<MBLN'_`%PK=M5!6MZAQT1!NXJ9":?M`IZJ*Q;.E(3<:J:C,8X,
MCT_QJ_@51U2,-;-[`_UH6X/8\_OI#+=R.?6H13[H8N9`/[QJ,50UL.7[PKH=
M`.V0FN?3[XK?T88(Q5K8SF=="P*BI>*HP,=M6`QK%EQ9/135;-.I%A113)'"
M+DG%`"LX4$FJ@U.V\\0L^U_0TS[9$\_E;AD^]<KXB22&]WH3P<@CZTTK[@V:
M7B75)]/O(7@<@,I..QYK.N_$TE[`L9'EGOMXJCK%]]OL[=G_`-8@VFL=36G1
M$=3M;?4K"PLPRE6<C)/!-57UY[VTNU4E"BY7::Y8DD=:6!RLA7.`W!I=2CI-
M.N9#H%Y)(S-DD`D^U8>GRN+E]K$$@BM;4I8+71HK.!PS-AFP?:N=C<H[$'%%
MPL=-H5RD=P]MGE_FS[BMWI]:X*"Y:"X28$[E.?K7<Q3+/"DJ'*L,BN:JM;F]
M-Z6))9-D9]:YJY??=L?I6S>2?NV-<]OS(2?6HB;6L78R`*F!XJK&W%3*U4,D
MSCK44DZQTDL@45GSR%N*+";+0O=YQ4%U;[@9*J1G;)6C)*#;^^*K8AZF?$NX
MXJ_;Q[6%5+<?/6K`@(!Q281-G3SB("KI!-9MJ^W`K4C(-*V@/<A>/<>1UK#U
M"%UF8`<#I73M&H;+$"L/49%>Y8)TI)`G<Q$N7C?:2>*O0W8..:K7L*N,J,/5
M!96B;!IN):EW.H@F!K1A<$5S-K==.:VK28,.M2$D:$K9!YK"L2?MDS$\;S_.
MM>1N*Q[!U+N<]234R8H(EUD"2V//0?XUS.,&NBEGBF=XF8<<5D7=NL;Y3I1%
MEM:%85*M,%/%:$CB:0'!HH`S0!*D@%3I.!6?-)Y6`>II(+I0X+<T["YC4,K,
M,*,>]*L9/)R344=Y"<<XJPDT;=&'YT`9]^I5@.U113E.M:L\"7"X!&:S9;.2
M(\#(]:8M43B\4C!I%N1O[XJ&&V>0\C`K5L](MYR%)<'N0>*EM%:[C[:4,!AJ
MLZC<@:<(B<LQ&!^%5[FTCT_`B=I&/0$]*AQL5KJ[/RJ,J*74-]2Q82QV>QY^
M2W1174PS+-$'0@UYR;V6:1I@02W"I_=K:\/ZS-',+:52Q/4UM&-D83?-J=?B
MEI`01D=*6F9!1110`4444`%%)1FF!R8XD!K<L7!0?2L)^*NV-QCBNB:NC@I2
MLS:SS4JU3BDW8JRKU@T=D62U2U0XM7_W35L-Q65K<X6U/NI_K0ARV.#G.9W/
M^T:8*'.78^YH%,!\?WJZ/15Y%<[%]ZNFT<<<5HMC.9T$0``J7'%5D<BK$;[J
MR8XL>`<T_.!S2%MHJ"27`)-(T1)),%'%9&IWNQ.O-237:YKGM;U*-AY:'+=Z
M:0%&?4I!<B16(*MGK71W[VUQID=XV&!0?GBN*=PQ)S5ZQNA<1KI\[[8LE@1Z
MXX%4T"*LTJRR':`!V`JJHP:FEC".ZC^$XJ'G-*X#J:>#FEP?6D(XSF@!P9FZ
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M@%G`/I6-<R;V_=@XJTR6B./>O2MC2KIF.VL@!E7D=:V='M\#<>]3(J)H:C<F
MWLI)3U5>/K7):?JSVORN-RUO:^XDB-NA^91O-<A(N'(JH136IG*33T-6XNHI
M9O-ADP3U'0T];DNN"<UB9Q4\-P5.&Z4^1`JCOJ:F0:4&H4?(R*D!J;&ER2I8
M5+-TJ`&K=F0&YH`;/:),A4\'L:S7M9+9B67*^M;3]Z@,@^Y)R#QS33'9,SPJ
ME`0>?K4RP2;=RYX]ZD>SV_-#R/[M/CN&C0ATP?>D%FB./[2/F7=CWJ99;AAR
MK'Z5<LY8IH#&2,FM6"*..+:/SHN*]C'M4N';`3CWK8MXI(HI'8@$+QBI+4+%
MDBGA@RNY^5#TJ+:C<M#-8*NZXNGP@YRQK"U/4DNW*H3Y:\*O;ZU-K[S7$H53
MB->`/6LV.UF+B,1G=6T86U9E*=]$.C5=@`P#ZYKH=&CM/]=$<R=#FJ$&A,\.
M9&*N:U-+T_[&A4G.3G-:$-Z'0V<^1@FKN:RK4;36@C5)!+10**`"DI:2@!#3
M3Q3B*::8CE7Z59L8]QJL_2K>FL-^*ZGL>?#XC3@0@`5:5*@B(W5;'2N9G;'5
M#"I`K"\1JWV3([*?YFNAK%\1D+8L3_=/]:%N.2T."[TX4WO3ATIE$L(^:NJT
MA`(\URUORU=CH\#;`Q&!5_9,I:NQH(GR[FX%,CO5:X,2+@#O2WUS';PEW("@
M5S::M+/>?Z/!D*<GZ9J4KEI)'3WES%;1^9,X51US7,ZAXFC)*0(7]ZM>(Y(I
M]-B<G.>GU[UR)'7%"6EQMEBYU:[G/#!!Z"J39<Y9B32M2"@8TJ*9]UP14IJ*
M2D!-G()--'(I5/[O\*;'S2&*>E+C*T-0/NT`(E1_\M?QJ1*C_P"6M'4!TW:E
MBXCIL_:E4_NQ2&=5IUU]LL`2<R1_*U9>HQE;G?V-4](OA97@WG]T_#_XUOWD
M`F3CD$9!%<[7+(Z(OFB9LD8DMACJ.:IL"*MQ,5RC=1Q4,X^;(JD#*QDV=12K
M*A..AI63(YJ!D*FJ5B=2S\II"M,B8%0"?FS4[1,",=Z!VN1!#4\-D\QX.*!'
M("`!G-6XENXQE8CCZ4KCY421:7Q\[DU>M[&&(`D\TEI#=W&#MV@_2M.WL<MM
MDZU+;*LD1`JB%D7(%96KW]W&J+&=A<XX`)Q71.8K6UE\P@*H_K6"]NU[>&1?
MF3^$XZ"DDNHM]BK96GFMYD_SGWJ2ZB"MP!M[5J&W\A0I&,BJETN[`%%RGY%1
M80^.*VK:,00;B,"J5I"68<<58O)N!&O3O2>HCG[^)Y]8!;)5L9&<=JR9E_?8
MK6U57:^B";N>NT\UDC/G/G/!(YKHAK8YI[LC>/'-1U:;H:9Y>[`'4FM''L9W
M"&8QG!Y%7XW##(JK)9R+R%/X5$C/"W'3T-3*#-(S-1:LPMM/%9T-RC8!.#Z5
M;5QQS6+1NG<T%.[FH+B+<*2*09JUM#CBI*,Y)7A;VJU'/'(?G`-*]MNZ"H#9
M29RJFF4I-%U!;YR$P:L&5,`'D5G1VT^X#8:T;>P9L;C4LJZ+EM-&2`%S^-,U
MR\58XXMVS&3BK]M:QP#..:X_Q-/YNLR8;A0H'Y"JIK4PG)/8T(+5`/.G;)SD
M`]JK7NL16\@6$9<=Q61-=W#+L:3Y3Q59HCNXRPQDFN@RU.MMM7CF502-Q%7U
MN,\FN'M8I99E$6=P]*ZB$.$`D/..:!6-VS?S&SVK0%8UE.J\9%:JO4,184D=
MZDJ!6!J5#D4"'4E+10`TG%,SDT]A49&*9+.6;I4MFX26HB>*8N=_%=>Z/.3L
MS>MI`3G-:2D8K$LLF/-:D3'%<\EJ=U-Z%@USOBM\6>,]1_4UNN^%S7*^*ISY
M,2_WE/\`Z$U2BF[G+"G"F"G#I30V6;7EQ]:[JVE2"Q\QL``=ZYKP_I#W3B64
M%8@>_>MCQ'*L6GQQIT9N!^%5OH2EKS%;Q!<;[.,C^.N=L;XV%X'(RC'##VJ:
MXOFGACB?^#H:I3QATXZ]JM1]VP-ZW.AU@K+I:-%R@?=D>AKG<<U:T>\W;[&X
M;Y'&!GL:B>,HY4C!!P:4=K%/N57&#3#4DW##TIAJ6`E1RCBI,4R0<5!0L7*4
MU3AZ6#[M-;@T`3,.*1?NT*=R48P*`$%1K_K:?FFQ_?)I`)/VI1_JQ23]12_P
M"@"%NM=+H-T+BT^SLV9(^F>ZUS3=:LZ=,\%TK(<-VJ9QYD7"7*S8OX3%/O`X
M:JK_`#5K[TU"RWH!N[CT-9!!5RK#!%8Q?0WEW&8ICIS4[J0`PI,;UJQ%<1<B
MKJ[@4.W*YY-5UZX-68F*_2AL:29::6'<@RN[(K7A9#%SMZ5B;(Y!\Z@^]3)'
MA,"27'H'-*Z*]FS>LY8U4990!GJ:A?68H[ITC1G(`Y`X-9<<:ITW8^O-6X(H
MLYX_&@7L[;C2]Q=N_F,V&.=O85IVD`C4#BHD"`_*!5Q,`5+!O2R(;Y<J#Z5E
ML,O6K.=R$52CARV32$AT8$,.>YJG*<Y8\U8EDWGCH*K2_<-"&8>LR.+M2A8;
M1G(JA$"1N8DDG/-3WTCS7<BITQS42\`"NJFCEGN(PJ2W&9T'OFHS]ZK-HF27
M].*VCN9O8O`X'-1R0)*OS**FCC##.:5E"\5MN9[&3<6;1\I\RC]*9%<LO#<B
MM?*]ZJ7=DC@O%PWI6,Z5]C2-2PL4P['-:-M<`$9KG,R0MW!JY;W@)`)P:Y91
M.F,SID96':I5`]!6-#>8[U=AO%QR:BQI=&BB\CBK47!Z"LB348XQDM^`JYI]
MP;I=RD;?4'I34&R7)(V-N1UKS_5K>?\`M"<21-NSG\*[Z)#P6;/M5+68H_+#
MA`9&^4X'M6D(V9BY'"0P*RN6/S`<"M""SEN0OR;%VX/&*L6UM;6TC&7!?)//
M:KRW<`Z5IRB4T166G1VOW>6/>KZV^>HJF^JQ(=J*6/L*5+RYE^[$1^=.S"Z+
MXC6,Y&,U8^V(@Y:L](;B0?/)CZ59@L5)PY+?4U+0KDW]KP*<;CGVJY::G#,P
M4'!]ZJ-ID1'$8_*JLEH;=]R`C%*R87.F'/.<@TM5K"0R6RD]1Q5FI`:U--/I
MCKZ4Q,Y3M38SB44H/%,SAQ78>9U-BR(*X]ZUHE&*P].;(_&MV+[M<TUJ=U+5
M"2("M<CXN0*D/L/_`&9J[!^%KC/&$F6@7U4G_P`>:I1H]SFQ70:+H1E99[T;
M(^H4]6JEX=MEN-0W2C*1*7/]*U)+YYM3C+-B,-P/0548M@VD=#+(((,1J$4=
M,<5B^(SF"V&<_>-7)5DO)DQQ$#Q[U2\28\Z)1P`*<%[R"6QSS+STII'%3L*:
MPXX%=!D9URK1R"1>#ZU:2Y^T#<WWN_O1.F^,BJ,#&.3'YUDURR+3NBW<1[DX
MZU71LC'<5;#`C%4IQY4F1T-3)%(>1S37Y'-.SE<TTC@UFRAD7?ZT.*1.&(I[
M=*`$A;!(I[=*@!PU2L:`&L<"A.!36Y(%/'2@".4\BG_P"HY/O"G_`,(I`1-U
MH1BKAAV-#4E`&K:W;6DXE3F*3[PK4N8H[R'[1:D,1UQ6!:G?&T3'W%6+&[>R
MN,]5Z.OK64H]4;0GT9;7#1E3P1V-1`%3[5<O$5MMU"<HXJ%&#]:2=RWH5V'>
MGQR8X)J4Q<U$8B*`)UD`J=)0!UJ@%*FI4<CBBQ2FT7UF!/6I(IANY-4$?N*E
MB4LV<9HL/G;-N&0-TJX&P,5G6PV@&KB')S68F2../K5:X;R4(S\QZ5<7A23V
MK(N9?-G8]A3$A@8U%<EA`P4%FQ@`=S3^IXJ_;QI:0&\G^ZHR,_E515V3*5D<
MY?6XTVS$,F#=3G,G<J/2LO-2W=R]W=/,YY<U`3Q76E9'*W<5>I-:=G"1&..O
M)JA;1^9*H[=36T@"*,UK!$M@<;>,5#,?6GNZ]JAF8'I6B((Q*%SFHVN#VS^%
M)LR>:F2/O@4:@5)%>?\`Y9GZTU=.<G+.%K09P..E-/`W,<#TJ'!/<I2(TL@H
MYF>C[,S'"R/CUS5A$)&Y^!V%-:3<=B=32Y(CYF/BA1,*OS-ZGFKVFE[/4H\9
M"2Y!7L3BJJ?N%#'K5-[QWO-['[G"T[:6%?4[>YOH;.#>QW-V7KFLRVO)I)3*
MZEV8_=Z@5SPNI<Y\DL/KS6[H>HP3MY8X?'W3UK)Q446G<L3:='>R>:\.Q_YU
MFW5E+&^PQA$]1WKJ5.1UJ.XB6>$JW7UJ5*PW&YSMM9QQG.`3ZU?5`.PI!"T;
ME3UJ1:;8(D45-%]ZHEJ:,<U+`N(>*)(1(G(I$Z5(.E9C$L8S&K+VS5JHHAR:
MEI@%&***`..'2F.<4Y>E-?I7:CRF7+&3:E=!;R!HQ7-V?*8]ZZ"V0[!6%3<[
M*+T)II`J&N'\5N'FMB.\9_\`0VKK;\,(FX[&N1U"TEO[VQAC4DF(YP.@\U^:
MCH;7U)?#<1&GWDNT\@`'\JHW.0N>XKM8;..TT\6\8X`'XFN/O4VO(#QBM:3W
M%-&YHEZ+J-4;[Z#&*K^(7#7*?3FL.PNVM+E95[=:M7=W]JN#+V;MZ4U&TK@W
MH0L,5&.#4W!IC+SFM3,C<9YQ6?<IY<ROV/6M+-5[F+?&0!]*F2NBD[$)^0@#
MH>122KYL7N*2(^9#L/\`K$Z4L+<D-^59E$$!ZH>HJ1AQ23)Y<H<=.]/89&:S
M:+3*W1S4G44CKSFA34C(VX:I.U-D[4IZ4`-_BI^:8O4TZ@".3[U/_AJ-_O4_
M^&@!A&33*D'WA37&&I`.A?9(#VJ[*FY=PZCK[BL^K]I*)$VY^84`G8MZ7?+$
M3!,?W+]_[IJ>\MS;R?+]TUES1E6+*/E[@=JT+*^2:W^S7#`$#".>GT-8R5G=
M&\975F2P,&X/X5,$4GFJ+$PR%6XJU'(&'6BQ29,;=?:F_9@3TI4DP<9^E3AE
M..12&)':*%!Q@U9B@0=!4/G!>-PJ6.9<?>%,"R$P*M1<`54$JD=14GG!5Y(%
M3L&Y)?3B.`@'DC%9`;GZU+,SW,N$!([8%6[2P"X:8_\``::39+DD+8V>\AY.
M%[>]9'B?4A*XM(C\B_>Q6AK6KQV<+0Q.#)C``.=M<:SEV+$Y)ZFNF$>4YY2<
MF+FBD%3VL!FDZ?(.IJUJ27-/AVIYC=6JT[@=#2$A$QFJLDF<\\>M;I6,MQ9)
M"20/SJ(,6.%Y/K3</*<(,+ZU:C18E[9HO?8>P11[/F;K[TCRDG:!S[4R28NV
MU,D_RIDDJ6ZX!W.?UHO8!TCI`N2<MV%/MXF8B>;C'0>E,LK5F?SIN3VSVJ>6
M3SF"Q\1]VJ5J`DDC2':@X[T]`L2X'+'K3#)Y:^7'S3`#SN)%4(D,F6]31'"N
M22.::NU>6X%/!:0_+P*-P!SDX7K0(FA(G7B1#D$4\*L?4_C0TN1@<@TK7'<Z
MBTOXY;>-W<#<`:GCNX'^Y(#CK7'JI$>P`D>U6+"-K6=9"I6/HX/&:R=,M2.H
MGB6=`5/(JLT3IU''K4']MQQNJ*N1ZYK35Q+'UR"*AIQW*33*:U/'431LC<BI
M8J3`M1]*E%11U+6;*)8^AI],C^[3Z8@HHHH`XQ>E-?I2KTI'KN/)>Q8L3S^-
M=+;_`'!7+6;8;\:ZBU(*"L*NYV8=Z#+XCR6^AJII]JJ1Q7##YS&5_#>Q_K5J
M\7S!L'>DN)%MH%7&<+@`=^M9]+&Z^)L<6S\O:N2U=<73@@8-=';R.V7DX)Z"
ML'72#,HXW$U4-)#EL<_@I(5-6%QQ[43Q;U#J/F%1!ZZ#+<M#FG8'-1POGO3I
M<J<]J8#'&#D=Z0\BG_?4>M,?Y3[4`4)U,$ZRKT/6DGPKK(O1JMSQB6,CUJDH
M+VS+_$AS64E8M,F<>9"?I20G=&*2U?<NTFDA^65XSZ\4MQ@ZU%MQ5J1>:A=>
M*AHJY6D/(%./2HV^_4AZ5`Q%Z4ZF+3CTH`C;[U/'2F?Q&GCI0`SN*<XS333C
M0!'2QN8V#+VI6'I3:0&K$XFC##KWJ"6`Y+(/J*JP3-$W'3N*T8Y$E7(-(:9"
MMQN0)+D[?NGN/:I(YBA]11+`'YZ'U%0^3*IX4L/:E8I2+R7"L0<XJ;SUQUK.
M6-S_``,/PJ9;>1NS4K%<Q,UQSUJ2*<GC-)#I4TO_`"S?ZD8K1M]'6/F20#V4
MY-*P<UAD4VS&1N)].:NI;2S`-*=B>G<U9MK-$_U<>/=Q5IO)MOFE<9']X\4U
M#N#J=AEO`J*`BX'J1S535M3@T^(JC!ICT`JAJWB15#16@&>FX=/PKEYII)Y"
M\C%F/.2:U4;&+=Q997FD9W8DL<DTT<4@I0"QVJ,DU0A54NP51R:V88UAB"CL
M.34-I;"%=Q&6/Z4ZXD"@\UM"-M60W<9-("3SA:K`&9@!D)G\Z50T[>B#]:N+
M&J+C%5N+85=L:BJLLIED\N+KW/I27$YR(TY8U)&JVL)9NO4FDWT0>;$D*VT6
M!C=V]S4%K$97$C\\U`[M/(">_05K0*$08'"C)J%[S\BMB20GB)>!WQ4;G:!&
ME.!(C+=6:F`%%+-SFM2``$:DD\^M,#<;WX':F,YD.YN$%-3,[[CD1CH/6IN4
M3QHTYW-P@Z>]2M(`0%'-,DFVKL3K3%'?J?6GL(D`9CSU]*D50O7MV%1&8*<=
M6IJARY+-P>PH`M>>HX!`/MUH,QZL2?K421,2`JXJ[;V&Y@7!`]30[(5FR*RM
M9;RX!P0HKK8HO+CP*S[=X+4`;E_`BIX[QI&X!(]16$VY&JT)Y5RA!^HJ*(<U
M8SN'2HU`5L=*S&3H:E'3FH5-2C[ISZ5#*'Q2*24!&1VS4WX5R-[J$MKJK.C9
M`X(S70:=J,5Y&#N4-W&:$[C:L7J*3H.::9`.],DXU>E(W2D4T-7>>2]@A)#\
M5TEC(VP9KFH3^]%=#'<Q01#+#..E953HPY;E=8E::4X`'%9FH:E!''$[L<,N
M1Q[G_"LO7M4:54C0XSR16=>%FMK$G_G@?_1CUG&%SKO8TWUV-(B(0=_8FL>:
MX>>3?(V358Q,6Z4TQLIY%:J-NA-[EN*05#<1[3N'0U$"P/%6XBKIAJI:D[%2
M*0QN,GBK[?/%D51N8BK<?A4MG-D;2:%IH-CXVYP:>PW"HI,I(3V-2(P91SS5
M$D9^4X-0(NRX;CY7%7&4,".]4CE)@&[=*B12*V##<,O8'BG2-MN$?L>M.OU^
M9)!]*AD;="/4&LGI=%K4OXW*#5>48!J6U;?$,U'<`]*J6JN)%%OO4\]*:XPP
MIY'%8%C1UH)YHI!UH&)W-.[4WUIW:@!IIP^Z*::<OW:`"F%>XI^**!$=*CLA
MRIQ2E>XIM(9?@O%/$G'O5^&/S,&&1?SK!IRNR_=)%-6$=7#%?@#;M8>_-78H
M;X_>6-??%<<E]<(/ED84\ZE=$8,S4]`NSMA;E0#/<X'<!L"A]1TRU',R$C\3
M7!O<2N?FD8_C49)/6C0#K[SQ7"H(MDW'U(Q7.WNIW-ZY,LAQZ`\52`S3L`=:
M8"<FG#CK2JC.<**M0V8X,A_"FHM[";L5XXI)3A%.*TK:V6$9ZMZ^E.Q@`*,#
MVIX(49-;1@D9N5Q9'5%R35`![A_1`?SI'9KJ3`^X*MJ`B`<<4_B#85$5%QBH
M[B=8U.3]*9+.%S52,-=3_P"R*)2MH@2ON6K.'K-)U;D5!?3B1PB'@=:GNY_*
MCV+UZ54MH3(VX]*B6GNHI:ZD]K#E@Q'T%7Y&$<..[\5&BA<#%-G.;A1V49JD
MK(3=V6!T%03/N.T'Y1]XT^0E8P.YJI.0`(A]YNM.3LA)!DW#A4'[H=?>K!;G
M9$,D?I4&2H$,7WCU]JM1+Y484#GO[THC8U5`SGEO6DDE"K@<D]A232;,COU-
M+:1;AO<<GI["GMHA!;P$'>_4^O:K<:@'K@4;0J_,:C9R1CH!56%<LFY2,?*,
MFAKJ24`9P*J;P..M.4.Q':EH&I>M\$@L<X[5MP&%%&P8[UA0J01DYK3MY!MQ
MWK.6I:-B-@11(H)#55B<XZ8JVOS(:Q98BFI"V(V/M48]*;,VV!_H:S92.4OF
MWWDI_P!HTEO-);N'C)%5YI,SO[L:M*GR`UDW8Z+7-VVUQ7CQ)]ZJEWJYW_*:
MRBN.:8PW].U;0FGHSGJ4GNBTM!I%I37>>0]ABG:^:@N))MQ;)R:F!_>"M.".
M*109<;1U)HD[(NBKLYJY)D?+')Q5FZ?;9V/_`%P/_HQZZ'[%ILJ]5SG^]4PT
MFS;R&)#"-"%!/^T3_4UBYH[^5G)PHXP7!&>F:=*,=:T=5F62\*KC8GRC%9TO
M)QVK6.Q#W(@HS3U&.E,Z&F,[#L:`++*'7!J@ZM!+G'%3K+R,G%2N@F3!(]J3
M5PV$C(GBQW%0G=&W':FJ'MI,-G;ZU9!68<8W4UJ`D<H;ZU'<KN&>XJ*56C;(
M&#1Y^1S2;Z,=@D7SK8KW'2L]#P5-:43C..QK.G79.WUK*IW*CV+%B^"R&I[A
M?FJA&^R4-VK4D421AUYHCK&PWN9DRXYH_A%6)XVV$D<5!&-R5#6HT,--%2.A
M4$FH^U04(*<::*<:`$-.7I333DZ4"'`4YXSC-.1>:L)'D8K11N2W8HTA6K4M
MLP.Y1D5"8V[`TG%H=R'!%%2$$<$8H`!ZU-AW&8%&!4X@4_Q8IPM5/\=/E8KE
M;`I?H*MK;(.N34J1JIX452@Q<Q22)W/`JU':J,;SDU-BG@5HH(3D"*%X``%.
MHXQQ25H0/'`JK<.TC>4GXFI9I,+M7ENU-C01KDGYC2>N@T.15A4`#I3'9F)Q
MTI^"Q^;\J;<2+''@<4/1`4IR6;:*N6\8@AW$\D9-5[2(R/O/04M[.&/EH<^N
M*R6GO,I]B!BUQ,36G!$(TP*@M(-B[F'6K#,.B]:J$>K!OHAZ@$YJLAWRNY]:
MG!PC'T%5E&Q1ZFKD2B>:0(FX]`*HAB-TC?>/2IKM]Q5,\#DU!&/-G5>V:RF[
MNQ26A=M(=J>8>6-/=P`S-VZ4\D*,#I51V\U^OR+WK3X43N'WF&>KGGZ5HPXQ
MGH*H199R^/9?I5P-@<T1!A,WS<GBH2Q=L+TIDTF]RHJ6$$$<<T[W"UB9(`B[
MC3O,'04;"5RS?A2<#H.:!$T9)ZU<M@58'/7BL]7(SS5F*;I28T;L+$#D]*MQ
M-D5DP2L^*TX!CKBN>2-";&*@O3MLY6_V3_*K2X-5-9(CTR=B<?(?Y&LF6MSB
MHQYCECZU>C?=A35*U8#BK+_N_G[5E+<Z([$ERXC6H[/Y@2:JRR_:9`J<BKL2
M^6F*6R#=DBTIIJTIZ5ZYX'0C)PV:)[QVC\M?E6D>H&`--K0*;:>A"T\B-D,?
MSK1DU":.UL]KD;H3GG_IHX_I5`H#4M]&1;V./^>!_P#1CUG)'?%C-^3DG)/>
MG%L]!59'*D!JL#!`(Q3$'_`105!'3@TO(H4Y.*8$,\"@;EXIL+$'%69!N7BJ
MBC$E*PRRX5TVM5<Q-$V5)Q3I25P>U+',&ZG-`!Q,N&X-57B()4\&M$1*PSC\
MJ;<0[H\KC<*3L-&3DQM4,[;VS4T[9R",$56)S6$NQ:$_AK3L)-\90UFCO4UK
M)Y<E*#LQLN3?ZMP?2J5N>*OS`."5Z,*H0<$BJEN);"W!^7'J:A(XJ:X^\HIK
MKP*SL41CJ*=MH`^85(!0D#9$XQ3XAFDE&#BI+<9II:BZ$R+ZBK,0%1@8-2)@
M5O'0ADWRXQ431KFGY&*8S5IH20W,(=,CJ*HD$'!K4SD=*J30[F)`K*<>J*BR
M!6YJS"P[U6VD'I2J2*S3L4S055(ZTN%J")\XJ8L,5NG<A@QHR:;G(I1ZT`.3
M[U*[A12#@5"[>8VSMWHV$*G4NW4]*<#FF$\X%/7VH0R1:H7#F:;:/7%6II0B
M9[U7M%^]*_X5$W?0<>Y)-(+>`*O4U!:P^8VYJ8Y-S/QTJ^B"-`!4_$_(>R'L
M<+@5`&.232R,?6HMV7"BKDQ)%HG%L>>35>5_G0>E2SMM115(MEF:E-VT"*%D
M?))]:LVJ;$W'J:K1KYC\]!UJZ6"QD],"H@KNY4NPV>3C8O4]:C.<+$!R>3]*
M8K8S(W6GP9.9#U--N[%:Q:C&%'M3'D9SA:892PVJ/J:L0(NS(QQUK1:Z(G;5
MC8X-O+5.655SQ4<DF!CJ:CY;K5:(6K)=[.>O%/'RU&O`XIX&>IH$.7YJM0!1
MU!JN#CH*EC+G'&?PI,:-2!\<*.:OPR,:R[?/4@\5KP@`]0:QD:(LQ,U4/$TF
MW27P>I`K27IQ6%XMDV6"(3U8?UK%EHYJ'@9J2XFW1;0:J"7Y<"A<L:SMU-5+
M2Q;T^/`W&K:/N<CTJGYGE1X!J>T!Y8]ZB7<T78LBE)I*0UZQX#(W-0&IGJ&J
MZ"I[B`YXJU=C_1[('_GB?_1CU6"U9O&Q!9Y'_+$_^C'K-[G<MBJ\885&`Z'C
MD5(&W'@\TIXZTQC@0PZ8I-NT\4*WM2G&,"@`!SQ5=U*29QFIP,-UJ15YS0,8
MBI*N#56:W>(Y7D5?P-W`Q3NHYJ6,SXKEDX/2K,4RN>:9-"#R!5<@HU(!-2M2
MW[V,?4"LH\=:W8WW+BJ-]:YS(G7N*SG"^J*C+N4`>:<#@YIE`-8IFAI6\FY=
MI[56V^7<,O3FG0-T-.N?]<C_`-X5J]4013_ZQ?I4KJ-HJ.?[R'VIS.0GTI`1
MJ/G-2A:9`,C/K4_04XH&RI/]^I[5>*K/RY-7+4?+2CK('L3F@$YI2*13S6Q`
MH)SS2XR>E!I>,4P$(IH'K3\_C2<9Z4Q#6B#=JC-OFIU/-*3BERIA<KK"5IY!
M`J4GBF=J+6'<8H-2`4W-!.T9S0@$E?:N!U-,4[%]ZC3,DA<].U.SEJF]QBKG
M<2:>&QS3#QR35>>7C:*3=@2N)*YF<**=-)A!"GXXID9"+O/7M4EM'DF1NIZ5
MDKLLEMHA$N3UJ1FH9NU,=L"ME[J(W&2/@=13+<%I!4;G+5-;@<L>U9WNRMD%
MW+^\(!Z#%5UZ8]::[;G8^IJ6%<D'TJ6^9CV1/$NQ?>DFD)PF>!UH9\`GTJLS
M'G/4U3=E82U',WF,%'2K!;Y0HJM$.IJ9>IS4H;+"`(I8]A4UC\UJS#DDG/M5
M*:3Y-N>35NQ'DVY9NC5K%^]9$-:#1URU+N!/')IN#(Q(X%/RJCCBJ0AZ[L>E
M'F$=6_*F?K4B\CG\JH0+*0>2V*D624@,JOCU)IBKY[;`/E'4UHK*OE*K+@)T
MI>@"+.T>,HY/?%6H+R3(_=R`?2JIN"6&.E7[-P"<GCK4R6A29?MKP8`;>IJI
MXEL9+RR5X3N9"./6K)O[>)3\V\^@JM<7$M[A%38AY]:QY;EW./DMYH&Q+$R?
M44&0(.#S7>6MHAM]DZ[D[YK@)@C7<A3A`QQ]*S:+3+$*F4@MTK2C947DUGI(
MJ+UJ*29Y3A>@K)JYLG8VJ0TM-->H>$R-JA-3-41&:OH*&XJ'FK5Y&'M[/_KB
M?_0WJGLYZU=N21;V8Z_N3_Z,>LGN=\=C-:-HFS3U;-6`0PPU1M$,Y0T#!`#3
MBE1`2(?NYJ57W4`,(Q2ASWIY7-)LI`(KXIX8=J85P:,>M`R0X-131<9%.`P<
M9I<T`4F!0^AIRN'&#5EQNSD54:/:V10(S;N/RYCCH>:@J[?#.TU2KEFK,VCL
M6+9NU695WQ9QRIJE"<-6A"0P(/>M(:JQ+W*TW*(:9*?E`]:EG!5=I'0U#G=(
M/04F")XAA<5(^=A-(@X%).<)6FR)ZE0#+5<M^%%547FK49VX%1#<IEC.:C/#
M5(O(I)%.,YK9D#E/%(33%SBE-``32YI.U!P:`%5N:<6J/IT-*30`I:DS2$TA
M.:5P%!IDQRN!2T,/6CH`Q<*F*3'>@DD^U(S!5J1C)7VBJX^9LGI0S;FIRJ6.
MU1]:Q;NRTK`JF5\?PBKP&U<"F1H(U``YI=U:Q5B6[B]3S4$KCFI';:O7FJI.
M32DP2"I"VR(^]-QTJ.1L\5%[%;C4&2!5L#:O%0PISDU([8'%$=-09'*^>*9U
MI.II14MW&B5>`*-^*86IM%P)$^>50?6M%SO"H/NBJ5LGS9-6=X7J>?2M8;$2
M)&98TJ%27;)Z4PY=LMTIZFJO?85K$JG%.C!E;KA/7UIBQE^7.%]*GWQJ,`C%
M4M1$X98T`7'X4UIL]C4&]2>!FEP[GCY15$DOG%>U6+2-[ER`<<9JL$`'O5NQ
MN3:7`<`$="/6D[VT&K&C;60#G<V<=JTH$C0C:.@JO%<VL_S9*-5V%X`,B3)/
M<BN>3?4U1A^(M=$"-9P#]XPPQ]*Y#<:ZKQ7IYG:.ZMHV=ONOM&?QKES$R-AU
M*GT(Q6;*%4%S5VWC`!XJO$N36A"FT5G)FL$7*:U.;AJ::]-'B,B?I452O41Z
MU0H[B@CUJU=X^SV?/_+$_P#HQZI]\'BK=W&3;68R#B$_^C'K.6YW0V*V]12>
M<G<XIRQ*?O4U[=,]*18JR*?XJ=N7U%0-:)V+#Z&F-:N!E)3^-%V!<_$&G8-9
M9EGA;#YQ4\=WGO2Y@L7#2-CK42R[AUI6<$=:8#BPIW!'%5V(..:3S&4\4`6.
M:AD'>@7&>HH,BL*+A8J7:;HN.U9AK9D*LA%9,BX<BL:JUN7`:G#5<MW]^:I+
MPU3*<5$78;1:O!^ZW54@ZU=!\Z`H>N.*HQ_*^#U%7+=,2V+\>,5!<-EL"IT^
M[527_6FKD]!+<<HQS4H:F,,)3-U1>P;EV,YIYY%5X6)J<\UM%W1+$Z4TFE-)
MVH8!^-&:.O2DI`*?>D/UI-W%!:BX`:3-(332W-3<9+'RU,G<`X!Y-21$!"35
M)WW2ENW:G)V0+<D+8%0.^:1WS31DFL92Z%I#D4GIUJU$HC7W-)&H1?>E)YJH
MJQ+=QVXYI,TF:9,^!BJN(CE;<U-44G4TI.!6=[EB.U,49.:.IJ1`,5.X]B1>
M!4;M2LV.*B)R:;8DA:`?FI#0O6I*%J2%/,D`J.I8V,9!'6FMQ,N2;85VKUJM
MNY]Z9)*7/O5BV@W'+=:TO=V1-K"QQ.W)X%6,+&O`YI[;(QR<FJ[L7/I[5I91
M(W`LSGY>!4B0YY)J-&"G-65F!%"UW'Z#PBJO%*/K3/-'K4@VL/O`?6KT)U#)
MSG-/3K2&)B`5*M]#4B*4!W#!HT%9EFU#,&*]JTX"4C7(YQ6(MP(F//4>M3Q7
M,TI')P./K6<E<N+L;\$BEL8R<]#4EUIEI?1%98ER>X`!%5;*)VPQX([UJ#@=
M>16#-$>?:E8OIM\T).5ZJ?44L<AQ6OXPMV$D-P`2O*D^G2N<67:*RDC2+L=1
M+83%LJ8C_P!MD_QJ(Z?<?],O^_R?XU-178I-'`Z<65FTVY/:+_O^G^-1G2[K
M/2+_`+_I_C5VBJ]I(2HQ13&EW/=8O^_Z?XU:GTZ<PVH'E?+$0<S)_?8^OO3J
MFG_U5O\`]<S_`.A-4N3-59%`:;=9Z1?]_P!/\:/[-N<\^4?^VZ?XU9HHYF.Y
M5.FW)[0_]_T_QH_LRY](O^_Z?XU:HHYF%RE)I5PXP5A_[_I_C51M"O0V46+'
M_7>/_P"*K8HI-MAS&2FCWXZI%_X$1_\`Q5/_`+(O?[D7_?\`C_\`BJTZ*+L.
M8S/[)OA_RSB_[_Q__%4UM)U#M%%_X$1__%5JT478^8Q6TC4^T,7_`($1_P#Q
M51G1M6/_`"SA'_;S'_\`%5O45-F',<\VAZL?X(O_``(C_P#BJC/A[5#UBB_\
M"8__`(JNEHI<MQ\YS0\.ZGG_`%47_@1'_P#%4\^']2Q_JHO_``(C_P#BJZ*B
MCD#G,&'1-20\Q18_Z^(__BJ2;0-0,VY(XB#U_P!(C_\`BJWZ*=M+"YS'AT:_
M"8:.('_KXC_^*J*70;]GRL</_@1'_P#%5NT4WJK!S&+_`&'?%<;(O_`B/_XJ
MHCH&HY_U<7_@1'_\56_12:#F,6+0[]3S'$/^WB/_`.*J?^R+W^Y%_P!_X_\`
MXJM.BJ3:%<RCHU]G[D7_`'_C_P#BJ/[&O?[D7_?^/_XJM6BG=A<R1HU]C[D7
M_?\`C_\`BJ3^QK[^Y#_X$1__`!5:]%*["YC_`-BW_P#SSB/_`&\1_P#Q5)_8
ME_\`W(O_``(C_P#BJV:*+L+F+_8E_P#\\XO_``(C_P#BJ0Z%?_W(?_`B/_XJ
MMNBEJ',84FB:EMVK'%_X$1__`!50_P#"/ZG_`,\HO_`B/_XJNCHI-7&I6.;_
M`.$>U/\`YY1?^!$?_P`54T7A^^0<QQ9_Z^(__BJWJ*2C8;F8O]AW_P#<B_\`
M`B/_`.*I!H=__P`\XO\`P(C_`/BJVZ*H7,8O]AW_`/SSB_\``B/_`.*J!]`U
M)C_JHO\`P(C_`/BJZ&BAJX*1SP\/ZC_SRB_\"(__`(JFMX?U,](HO_`B/_XJ
MNCHJ>4?.<XOAW4AUBB_\"(__`(JG?V!J6/\`51?^!$?_`,570T4<H<YSA\/Z
MF3_JHO\`P(C_`/BJ3_A'=3S_`*F+_P`"(_\`XJNDHHY`YSFO^$=U/_GC%_X$
MQ_\`Q5*OA[4@/]5%_P"!$?\`\57244N0.<YU?#VI9R8HO_`B/_XJ@^']2/\`
MRRB_\"(__BJZ*BGR!SG/)X>U$')BBS_U\1__`!56(]'U%`1Y47_@1'_\56S1
M34;;"<[F*VC:B3GRXC_V\1__`!5-.BZEVBB_\"(__BJW**+!S&#_`&+J?:&+
M\;F/_P"*I!HNJ_\`/*''_7S'_P#%5OT46?<.;R,$:-JH_P"64/\`X$1__%4]
M=(U0=8HO_`B/_P"*K;HIZ]PYO(R5TO4N\40_[>(__BJLQZ?J`X(CQ[W$?_Q5
M7:*=V*Y6_LZ=L;X8#[B9/\:MQ6+(@`,0(]94_P`:;11=A<T[7=$,-)#@=/WJ
M_P"-64G&3NDB'_;5?\:PZ*AQN5SFAJC-.HC2.":,CY@94'\S7/7F@R#:]IY9
MS]Y#.GR_K6C10XIH.=A1115D!1110`5-/_JK?_KF?_0FJ&II_P#56_\`US/_
M`*$U("&BBBF`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%33_P"JM_\`KF?_`$)JAJ:?_56__7,_^A-2`AHHHI@%%%%`
M!16A-!#!:1M]G:7>F3+N.`34$5E)+&K!D7?]P,V"WTI7'8K45:CL9)(O,+QH
MN_8=YQ@TKZ?-&LA)CW1C+*&YQZT70K,J45;EMLBW"A(]Z;BQ<X/N<]*:;*02
M1(&1A+PK*<BBX6*U%69;&6*-W+1L$.&"MDK]:?\`V;-D#?%N9=RKNY(HNAV9
M3HJ4V[BW6?(VLVW'?-2-9.D[Q/)$I0`EBV!S1<5BM15ZWLPMS)%.H;$1=2#P
M?0U6M462YB1QE68`BBX6(J*U+FV@$-P1;M`8CA6+$A^?>JOV"79NRF[;O\O=
M\V/7%)-#<65:*MII\CI&_F1*)/N[FQGVIB6<K&3=MC$9PS.<`&G="LRO15H6
M$QF\H;2=F\'/##VJ6+3E*3&2>/<@&,-P/KQ1=#LRA10>#10(****8!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5-/\`ZJW_
M`.N9_P#0FJ&II_\`56__`%S/_H34@(:***8!1110!HVL\%M$Q-RSADP8=AQD
M_I3H;N(V\(+QQO$,9>+=^(-9E%38=R])<H]GM+?O#.7(QCCUJ5[N`W5XX?Y9
M(MJG!Y.!69118.9FB+BU8VXD(8)%M.5)`;W'>GF[@W6N'7]VY+%4VC\JRZ*+
M!<NBXB\F]7=S*P*<'GFIA=P?VC!+O^1(PI.#P<&LRBCE#F+T<L#V0AED*%)-
M_P!W.14TEQ:274\A9<L%V,Z%@..>*RZ*+!S&J;RW-T'#_+Y&S[N.?3%9]JZQ
MW,3N<*K`DU%132L#=S1ENXYX[J.20D%MT)()_#VJ22^C;]ZCQH^W!4Q9;./7
MTK*HI<J#F9JL(?LUBTTI3:"?NYSS43W4-RL\<C&(/)O5L9]N:HL[,JJS$A>@
M)Z4VBP7-1+R!954.=D<)0,1]XU6LI8ECGBE?8)%P&QG%5**+!<4X!.#D>M)1
M13$%%%%,`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`*FG_U5O_US/_H35#4T_P#JK?\`ZYG_`-":D!#1113`****`+]G$BH3
M*@9Y$8J".@`//YU0'6KT-ZAG+RQ1K\A&1N],`=:JX1@&WA26P5`/RCUJ5N-[
M%L!WMI7N($2/;E&$84Y[8]:0E()(83$C*RJ7)4$G/OVIB-'!%,!.)-Z[0J@X
M^IR*7?!*\,LDNTHH#)M))QZ4`5IX_*GDC_NL15A_+;3@4C"LL@!;J3Q4,K"4
MO*6P[.3LQV]<TX2+]A://SF0-CVQ1T#J2V3^9-'$T41CYW$H,X[G/6JC8W';
MTSQ5M3$MJ$CG17?_`%A8-GZ<"JA&"0"#[CO3ZAT$HHHIB"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`J:?\`U5O_`-<S_P"A-4-33_ZJW_ZYG_T)J0$-%%%,`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*F
MG_U5O_US/_H35#4T_P#JK?\`ZYG_`-":D!#1113`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"II_P#56_\`US/_`*$U
M0U-/_JK?_KF?_0FI`0T444P"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`J:?_56__7,_^A-4-33_`.JM_P#KF?\`T)J0
M$-%%%,`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`*FG_`-5;_P#7,_\`H35#4T_^JM_^N9_]":D!#1113`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"II_]5;_]
M<S_Z$U0U-/\`ZJW_`.N9_P#0FI`0T444P"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HJ1D`MTDYRSLI_`#_`!J.D`4444P"BBB@`HHHH`****`"BBB@`J:?_56_
M_7,_^A-4-33_`.JM_P#KF?\`T)J0$-%%%,`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*569&#*2I'0@
MXI**`+\K223,K2O@0!L;O]D4D$<<5]'$`Q<$98MQ^6/ZU5\Z3<6W<E=O3MC%
M*+F4;3D97H=HS^=38=R86J"213N/EKELL%W'V)Z"B2"".)WRS\@+M88&1GD]
M\5"MQ*H`##`&WD`\>GO36E=E*DC!.<``<T6870]O^/*+_KH_\EK5M&Q;6BF0
M896'ED??]JQBY,2Q\85BP_''^%3)>W$<8C23"KP/E&1^-#5T"=F6K6XG2RNA
MO9?+`VC^[S33-)!8Q2Q'#RNQ=\<Y]*I+,Z(Z*V%D^\,=:=#<S0`B-\`]00"/
MUHL%R;45`DB?:%9XPS@#'-5*=)(\KEY&+,>I--IH3"BBBF`4444`%%%%`!4T
M_P#JK?\`ZYG_`-":H:FG_P!5;_\`7,_^A-2`AHHHI@%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!4T_^JM_^N9_]":BB
MD!#1113`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#_
!V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>bankthriftopportunix2x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 bankthriftopportunix2x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@`
MDP$4`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`[2BH[DE;:4@D$(2"/I7/1/>Q6*S&2>*WF6%6>67>P)/S.#DX
M&*HDZ6BN?OY)+0W<-M<3,GV;S#F4LR-D`88G(R,]^U,?S&T^_D,MU&89`(T:
M=MZ?=SD@\Y[<F@#HZ*QY$,>KQP*MW+&L(8*EPW!W'DY89_6JS32'3IKXW,HN
MTF($?F':"&P$V].1[9H`Z&BL<SR_V1J;^8X='E"G<<KCICTI@;[3+>FXNI8?
M(5=@24H`-H.XXZ\^M*XS;HK(GN[@Z%;3.QB>7RQ+(!@H"1EO;_Z]%V@@>TMX
M[B989Y<22&9BWW<@!B<C)]*8C7HKFKZ2Z5YK6TN92$GC$;&0D@E22A/4C@=?
M6GK?S7FH)/%*Z6YA=0@8@%@N2?J"<?A2N.QT5%<U$][%8K,9)XK>9859Y9=[
M`D_,X.3@8JU.DZW4]G974F'@#YDE+;&W`#YCDC(S3$;=%8=G-]IN8(,W$:;)
M5D0SL3N!7^+.3UX--AWQV$,JS3EVO`A+3,V5$A&.3Z4`;U%<\)I/[-2_^TRF
M[,P!C\P[<[L;-G3I[9J*2\N899E>:0QS7@2,[C\A#C*_0C^1H\AG3457M;<P
M27)XQ++O&#[`?S!JQ0(****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@!"`P((!!X(--\J/RO*V+Y>-NS'&/3%/HH`A2SM8XFBCMH4C?[R*@`/U%.:"
M%M^Z*,[\;\J/FQTSZU)10`W8GF>9L7?C;NQSCTS49M+8S^>;>(S?\]-@W?G4
MU*1@9.`/4\4`5C8V9D:0VL!=\[F\L9.>N33I;.VG96FMX9&7A2Z`D?2IUVMC
M#`YSC'M45U/%:A#(6^?.,#_/K0`]E5E*LH*D8((X-0K8VB1-$MK`L;'+((Q@
M_44B7UL_24`^C`BK`(9=RD,OJ#D46"Y$EK;QHJ)!$J(VY55``#ZCWH6V@4`+
M!&,9QA!QGK^=2T4`,\J/RO*V+Y>-NS'&/3%1K96B1-$EM"L;_>01@!OJ*GHH
M`CCMX(MOEPQIL!"[5`V@]0*/(AVA?*3:&W`;1@'.<_7-244`0BTMA/YXMXO.
M_P">FP;OSZTXV\##!AC(W;\%1][U^OO4E%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4UW2-"\C!5'<TDTJ01F20_*.W<GTK#N
M;E[F3<YP!]U1T%-*Y+=C4EO"T2O;\(V06/4'T]JBMG9Y'1B6+KW/<<BJ=G*%
M<Q2'$<G!/]T]C4PW0S#(PR-_*JL3>YHVA&T#T;^8_P#K55UW[EM]&_I5J'`F
M<+]TX<?3(_H:K:[]VW_X%_2I6Y3^$R*='(\3;HW*GU!IM%:&9IVVJ9(6Y'_`
MU'\Q6D"&4,I!4]".]<U5FSO'MFP?FC/5?ZBI<>Q2EW-RBD5E=0Z'*L,@TM0:
M!14;SQ1NJ/*BN_W59@"WTIRR(S,JNI9?O`'D?6@!U%0_;+8*S?:8=J'#'>,*
M?0U(DB.6",&*G!QV.,_UH`=14<MQ#!M\Z:./=PN]@,_2I*`"BBB@`HHJ..>&
M5F6.5'93A@K`D'WH`DHHI%=7&48,,D9!STH`6BBB@`HHHH`****`"BBB@`HH
MHH`***JZE-Y5H0/O2';^'?\`S[T(&[&;?7)N9N/]6O"C^M5J**U,=PJ^C_:+
M</\`\M(\!O<=C_3\JH5+;S&"8/C(Z,/4=Q0P1KVK;UB/<9C/]/Y_I46O=+?_
M`(%_2G6^(Y64'<K`2(?7'/\`+-)K_`M_^!?TJ%N:/X3'HHHK0S"BBB@"_I=S
MY<GD.?D<_+[&M:N:Z5T%M-Y]NDAZD8;ZUG)=2XOH4-5@DDEQ`6WRA%(\HL,!
MLYW=!WZU/"@AOKMO+95D*8*H>3SD\?J:NU%#<Q3%U0L"GW@RE2!Z\CI[U!9C
M"Q=F=M\@AMX0J-Y)4G&>,'[QP>OO5C11=0DVTT)50"Q8J>O'\70]3TZ8JU_:
MEGL+>:V.#_JVY!!.1QR,`\].*L0S),&,9R%8J3[CK30,K.?(U)I9$D9'B559
M$+8()R#@<=1^59ZI=O+&I-V`6'G\L!G=_"?3'IQTK6DO((IQ"[D.<?PD@9.!
MDXP,D5,S!5+,<`#)-(9@)%>E8D9KS:4#,=[YW;7SS]0O'TI2MXBE6-X4V$KM
M+EO,*+CGKC.[VS6Y%*LT2R)DJPR,@C]#3Z87,NP2Z6[#3&8[_-W[B2HPPVX!
MX'&<8J!XWXB1+AK:*9&4['5EY.1ZD#CGWK8:5%E2(GYW!*C'4#&?YBFP7$=Q
MN,18@=RA`/T)'/X4",:+[5YD7F_;/)P/M'W\[_F^[CG&<?=XZ4D2W"6TX872
MGS2\857PR;B<?+R"?7Z5OTUW"`%LXSC@$TAA&28U)4J2!D$\BG4R.5)1E#N!
M`8-@X(/3![T^F(****`"BBB@`HHHH`****`"LG5WS.B9X5?U/^16M6)J9S?R
M>P`_054=R9;%6BBBM#,****`-#3ILXC/WHSN3W'=:GU[[MMSGAOZ5DHS(X93
MAE.0:T-2N%N;:U=<`_,"!V/%1;4I/2QG44459(4444`%:NCOF.6,]B&']?Z5
ME5?T<_Z1(/6/^HJ9;#CN:U9]NEPMW<3&&7$H51YA0D8SZ'[HS]:T*BAN8IG9
M$+;DY(9"IQZ\CD<&LS4QX=,E%K*)89,B,;07&2^""`1T3!QCMD]*MZ5!=VQ:
M&;F%!\I^7!.>HQS]<]ZL-J-HJ,YERJ.8R0I/S`9/0>E30S),&,9R%8J3[CK0
M#*DUD9[^21]WE>6F`",,RECSWXR*S_[*FVPH8!M$"#Y0IVL`=PZCKGG`.:V9
M;F*&18V+%V&0J(6./4X!P*FI6'<YZ72KALJ(>-BA2H7IMP5)W=,Y/3K4MQID
MA#^7;KM:5B54*3MVX4CD=.<<\9K<HIB,FSLYHM1622'D>9NG)7YP2"O?/`&*
MCGL[E]R16["V$@;R9"K9^]G`W=.0<$BMA75F958$J<,!VJ*XO(+4J)F*Y!;A
M2>!C).!P.12`RXK*>%$W6SRRI(K^<2FYE&/EZ]?;IQUIL.F3&']Y;KO)BSDJ
M>`<L*W:9+*D*;Y#A<@9QW)P/YTP,#^S+KRXQ]FP@B5&3Y2=P5AN`W`9R>N>]
M:>GV\D$]QF(A&((=PNYCDYY!Y'IGUJ_10`4444`%%%%`!1110`4444`%8NJ#
M%\Y]0#^E;59FL1\Q2^VT_P`_ZU4=R9;&;1116AF%%%%`!1110`4444`%%%%`
M!6AHX_?2-V"8_4?X5GUKZ3'MMG<_QMC\!_\`KJ9;#CN7JHVHF^T33S6\BO(P
M11E2%09QW^I/UJ]4,%RD\DR*KJ8GV'<,9XSQ[5F:E*XLFDBO"\;%C(7B"M@M
M\@7]>12Z5!=VQ:&;F%!\I^7!.>HQS]<]ZDDU2&-)&,<WR2&,C:`3A=Q/)Z8J
MQ;7"W*,Z`[`Q4$_Q8XS^>:$#(G66&_:986E22-4.T@%2"?4CCFLU=-F:6/?;
M#:&'FDE2)3NSNZ\\>OK6C=:E!:&02A_D*`X`YW="/R/Y5(E];N[(951U8KM9
M@"<=2!Z=?RH&8UM9R2QI(EK^Z#?O%RO[[YS[]O?%/73KA8GWVJN6VC!V,RKR
M<#/''RBM;[?9XS]K@QC.?,'2B2^M(P^ZXBRB[F4."0/7%*VE@ZF,-,N1&`UL
M&SL+_=;=^[VG^(9(;GK[U;U"SN)4@6,2OB!HV(*@DG;C=D].#G%:,5S!,=L4
MT;MC.%8$@?2I:8C"ETZXD=@;<9+DR/D8D4NI`ZYX`[^E))IL_*_9=Z[_`-WA
ME'E`2EN,GC*D=/2MZBD!3TN%[>U,3Q>6%;Y00H8CU;;QFKE%%,`HHHH`****
M`"BBB@`HHHH`*BNH?M%N\?\`%U7ZU+10!S1&#@T5I:I:8)N(QP?OCT/K6;6J
M=S%JP4444P"BBB@`HHHH`****`'1HTDBH@RS'`KH8T$4:QKT48^M4M,M3$OG
MR##L/E'H/6K]9R=S2*L%5HH98KB>0!&$KJ?O$8`4`]NO%6:KP71EDN5>,Q^2
M^W).=PP#GVZU)1!-8F2*[#(CM(Y>,$G`.T+S^OX4FFV,]G(RM+NA"X0;B>_H
M>!^'6H9-9:.,,UL`642*#)P5*L>3CK\IX_6K]G<&ZA,H7:A8A/<#C-`,JWVG
M-=W:R!E$9B9&!ZDX(4_AN-5CI=XT4,;21,%PS'>0-V26.,<YSWJ_->-'=/"L
M:G9'YA+/@D<]!CGI^M-CU6U>!969E)`RNQB1QGIC.,=^E(9`;"Y1"(GCY6-2
M-Q7(52",@9'.*BCTB=;81%XMV#R">\03T]:NKJ5O)-'''O?>Q4,$.W(]\437
MI@NC'(B"()O+[R3C.,;<=<^]/]1(2TMYXKEG8(D;*-RJY;<W`SR!C@5=JF=4
MM`,^8QX!XC8XR<`=.N>,=:?#?07".86+%%W$%2O'/J/8T7"Q9HJC'JUJR*7<
MHQ4$C:Q`)`.,XP>#4CZE:(VUIL$$@G:<#!QR<<<\4`6J*I-JMLK`-YH4IOW&
M)AQG'3&:5=3M&!(D;CC!C8$\XX&.>>.*`+E%49-6LT1F#L^U=WRHW/R[L9QC
M.*GM[N*X)$>_*CG*$`>V2,9YZ4`3T53L[[[5//'Y6T1'&=V>Y'/'!XS]"*8V
MI%!YKP_Z.79%=6RQ(S_#CH<'OZ4`7Z*H0:M!+(RL&BP`074@$%=W7&!QG\JF
MAO[:>01Q.Q<@G&QACZY''4=:`+-%%%`!1110`<$$$9!X(/>LF]T\Q9D@!:/N
MO=?_`*U:U`.#D4T[":N<U16W<V$,^6'[M_51P?PK/ETZXCZ)Y@]4Y_3K5J29
MFXM%2BE964X92#Z$4E,044Y$>0X1&8^@&:M0Z9/)RX$:_P"UU_*BX)7*=:=C
MIV");@>ZH?ZU;MK.&VY4;G_OM_3TJ>H<NQ:CW`G)YHHHJ2PJNMLRRS.'7$S`
ML"O8*!CK[58JG9WIN7PT6P,@DC.[.Y2<<\<'I^=`$:::RP2(TJNYC6*-BGW0
MN<'KR>:=8::MC,[H^5(VA=N#C/<]\=!4<VJM#'*S6^#'*T>&?&0$W9S@]NU6
M[.X-U"90NU"Q">X'&:/,&1WEF]VZ9E543D83YLX(ZYZ<^E0'2W5@\=P%<*%R
M8\C&W:>,^V:LR7$GVGR((E=E4,Y=]H`)..QR>#2/J%LA969PRD`J8VR220,#
M'/0]*0R&#2_(2!$F^6)F/(.2&[9!X/O3KK3A<9Q*R_(%7.200P8'.<]J%U2!
MID1<N)&"J45CCY<\\<4]+^*6XCBC#'=N#;@5*D`'H1GO3$0II>W)\T`ED8X4
M]5<MW)/.:DM[#R-W[W=NCV?=QW8YZ_[51KJRK*5GC")E@K*2Y.U]O*@=R1CK
M3I]5@C(2+,DA<)C:P'7!.<=O:EN,C71U$0C:;<O.?EQUC">OMFD71]GEGS@Y
M5`'WJ2'(8MG`8=R>N:L#5+-L8E)R<#"-Z9STZ8[]*7^T[/`)E*@KN!9&'&">
MXXX!IB*RZ2X"C[0N!V$9P!N#`#G@<>]+)I&XJPG(9264[3U+ENQ![XZU*-15
MK:YG2)B(&VX8%2>`<D$9'7]*D6^B4HDSHLCC(V$LN#G'S8`YQ0!6.C@Q%!*%
M!.?E0X'[LIW/OFK%M9R0W)F>5#E`I5$*[CQR>3DTHU"V*[M[`8W?-&PR,@9&
M1SU%1-JMN`K+N=&VXPC9Y;&<8Z4`,M-*-M=B;SPP`(V[",D_Q$YY;WQ3SIS,
M/+,P\A79U39R"<]3GD#)[>E/74[7'[R4*>2<!B!C/?'7Y3Q[59BD66,.H8`]
M-RE3^1YI#,_^R-\/ERSYR>2J8X\LIZ^^:EL]/-M.9FD#NR[20I&>G)RQ]*O4
M4_,04444`%%%%`!1110`4444`+DXP3D>AINU?[J_E2T4`+D^M)110`4444`%
M%%%`!5*UL7MG4B96"*(U!3H@.<=>O3GVZ5=HH`J/9YBNE#*6G;<"RYV':!_3
M-,L--6QF=T?*D;0NW!QGN>^.@J]10!6DMY/M/GP2JC,H5PZ;@0"<=Q@\FJ+Z
M5/'()8IE>0R(<E.@#$Y;GGK[5KT4`9D>DM'@I<X;?O)V=RI!QSQU)IUGI9MI
MQ*TRL022%CVYRH'J?3/XUHT4`4AIR+$5#*&:?SBX3D_/NQ_2H5T@!\F4%0^Y
M<@Y`)R1]['Y`5IT4`9D.D>4%S,&*J4#;3DC;@9RQZ9[8I)=&$N09OE**I!!Z
MA<!ASC\P:U**`*MO;30I.3,C2ROOW>60HX`Z9]O6JB:*H8EI0RO]]-I`SDD;
M0&P.O?-:M%`&9)ID\BH&ND^50A/E=5!!_O=>.OZ4O]ED1Q*LX#1HB@E,C*MN
MSC-:5%`&7'H_ER,PE1PQ+%70D9YP<!@._>KMG`;:W6)GWX)P<8`&>@Y/`J>B
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
G"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>bankthriftopportunix21x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 bankthriftopportunix21x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@`
M,@"3`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`]`HHHH`*@O97@LYIH@K-&A?#'`..34]5+R&2ZQ;X"V[?ZUL\
ML/[H^O<^GZ`$9U:!+<S2QW,85=S!H'X_$#'ZU9M9FN(1*T31!N55_O8]QV^E
M94,W]MZD^TYT^S?'M-(/Y@?SQ5[5M033;%YV&Y_NQH.KL>@H`EGOK:WFCAEE
M`DD("J`2>3@9QT&>,FK%8NC:1+"QN]1D$MY(=YQT4_X@<>@[5M4`(2`"2<`=
M2:Q/^$@%OID,]Y:SB:15PJQ\.3TP>G/IU%)J#/?7<MIYTB+O$02-ROR[0SNQ
M'.,,`!TS]:R-.N8KG6OM5Q+(VG6F];9I""-P&3]>,D=^!0!T2WDEE:-=ZI($
M+XVPH,[?11W9JN6LDTL(DGB\EFY"9R0/?WK!T82:YJ#:O=*1;Q$K:1'H/5OK
M_7Z5TE`!1110`445#=W,5G:R7$[;8XUW,:`$NKN"SC#W$@0$X'<D^P')J6-U
MDC61#E6`(/J#7.Z;87&KS_VKJ3%8Y!^YMQV3T)]#W]?IQ71]*`%HHHH`***J
MW]_%80AW#.[G;'&@RSMZ"@">21(HVDE=411DLQP!7.Z_KC-;)9Z?'(9KP[(Y
M"-H(/!(SSWZXQZ5HQVK,#>ZNZDH-XBS^[A`_F?<_A6/H`?6]=N-9F4^3#^[@
M4]O_`-0/YM0!%I=SJ%M:316DEN+:T<0Q_NC^_D)Y'7WZU3U"^O;J^;45DB=+
M640VRA25>0]=HSSZY/MQ78+I5DLDKK#AI2Q;YCU88)'/!/J,4QM$TYK6&V-L
MIAA;<B[CP?SY_&@#(;7KUKRVBB\C8(B\S,#C:!S)GLN<X'?CU%7-,UB673EF
MNU#W$K'R(8UPTB]CC)P.O)XJ\=)L3]IS`#]I`67YC\P'0=>!]*C_`+$T_P`L
M((64J,*XD;>H]`V<X]LXH`YW7I+BUF:&&42:AJ*A)HD`.P=@IZCCCGKUXJKJ
M4.^WT[0K2"7S8LR3@@`@XY/)QZ]_2NML-%L=/E::"(F9NLLC%F_,U+%IMI#>
M37:0CSYAAW+$Y'IR>/PH`YF+6KM-+C>SCCMXBP@LX,;FD(/+$^@_G5AM;U&3
M4(+:U:!E6(R32.IP5`Y?CH/0?3UK5_X1W2OE_P!#7Y6W#YFX]NO3GITJ==)L
M5:Y80#-TNV4[C\PZ8Z\#Z4`8=KX@OGT^W1HXWO[R0B!<8`3^\P_/\JG_`+3O
M3?'38+F&61`9)KHQX6)!U&,\G/\`GK6@VA:8T449M1B(Y0AF!'&.N<G@#K4-
MQ:Z:TBM_9\[LB"/:D3JI4'.".`1^=`%"UUC5+V>&S188F\OSI;DC(V9X.WC!
M(Q^?:LS4M4DUB\MM/,J^5%AI75&83,/11R1Z#\:W[A+>:Y\^31;QY-H4D%0"
M!T!&_!_$54N+>U^RW,,>C:A$\[;S*%#D/U#9WD\$]O>@"?2M5FA86^KR>5+,
M_P#HZ-'M;9T&<<#)]:WZY2PU+3KIX3K:^3J5MA290R@X.03V[]ZZE'61`Z,&
M5AD,IR#0`ZBBB@!KLJ(SL0%49)/85EZ9"UY.=6N5(:08MT;_`)9Q^OU/4_E5
M[4(&NK"XMT(#2QLH)Z<BJ<\FJRQ"&UM([5B,&620,%^@'7\<4`9?BF]EO)H]
M$T_YII2/-(_A'H?YGV^M;VFV,>G6$5K%]V,<G^\>YJOI.C0:8KN&::YD.9)W
M^\Q_H*TJ`"BBB@`HHHH`****`"BBB@`HHHH`****`,C5M*EGN$OK"18KR,;3
MN^Y*O]UO\_\`UETR*=+G>;$V2LA\U`ZF-FXP5`/!Z]A^-:U%`!1110`4444`
G%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`?__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
