a_bankthriftopps.htm
  UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
FORM N-Q 
   
  QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED 
MANAGEMENT INVESTMENT COMPANIES 
 
Investment Company Act file number 811- 8568 
 
John Hancock Bank and Thrift Opportunity Fund 
(Exact name of registrant as specified in charter) 
 
601 Congress Street, Boston, Massachusetts 02210 
(Address of principal executive offices) (Zip code) 
 
Alfred P. Ouellette, Senior Counsel & Assistant Secretary 
 
601 Congress Street 
 
Boston, Massachusetts 02210 
  (Name and address of agent for service) 
 
Registrant's telephone number, including area code: 617-663-4324 
 
Date of fiscal year end:  October 31 
  
Date of reporting period:  January 31, 2008   

ITEM 1. SCHEDULE OF INVESTMENTS


John Hancock
Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2008 (unaudited)

Issuer  Shares  Value 
Common stocks 95.81%    $576,687,752 
(Cost $401,195,613)     
 
Asset Management & Custody Banks 6.84%    41,186,323 
Bank of New York Mellon Corp. (NY)  440,284  20,530,443 
Northern Trust Corp. (IL)  70,000  5,135,200 
State Street Corp. (MA)  189,000  15,520,680 
 
Data Processing & Outsourced Services 1.53%    9,225,434 
Metavante Technologies, Inc. (WI) (I)  122,298  2,708,901 
Total Systems Services Inc. (GA)  282,101  6,516,533 
 
Diversified Banks 11.49%    69,179,253 
Comerica, Inc. (MI)  297,865  12,992,871 
U.S. Bancorp. (MN)  640,774  21,754,277 
Wachovia Corp. (NC)  364,738  14,199,250 
Wells Fargo & Co. (CA)  594,909  20,232,855 
 
Other Diversified Financial Services 8.30%    49,956,501 
Avenue Bank (TN) (B)  300,000  2,034,000 
Bank of America Corp. (NC)  478,260  21,210,831 
Citigroup, Inc. (NY)  200,225  5,650,349 
JPMorgan Chase & Co. (NY)  442,930  21,061,321 
 
Regional Banks 60.35%    363,249,586 
AmericanWest Bancorp. (WA)  369,271  4,497,721 
Ameris Bancorp. (GA)  98,337  1,551,758 
Bancorp.South, Inc. (MS)  75,000  1,839,000 
Bank of the Ozarks, Inc. (AR)  110,450  2,686,144 
Banner Corp. (WA)  41,525  1,072,591 
BB&T Corp. (NC)  344,846  12,511,013 
Beverly National Corp. (MA)  97,500  1,935,375 
Boston Private Financial Holdings, Inc. (MA)  15,000  342,450 
Bridge Capital Holdings (CA) (I)  129,784  2,790,356 
Camden National Corp. (ME)  129,000  4,178,310 
Capital City Bank Group, Inc. (FL) (L)  74,543  2,177,401 
Cascade Bancorp. (OR)  136,740  1,763,946 
City Holding Co. (WV)  41,459  1,592,855 
City National Corp. (CA)  213,377  12,136,884 
CoBiz, Inc. (CO)  320,486  4,582,950 
Colonial BancGroup, Inc. (The) (AL)  806,207  12,657,450 
Columbia Bancorp. (OR)  50,091  762,385 
Cullen/Frost Bankers, Inc. (TX)  418,270  22,770,619 
DNB Financial Corp. (PA)  78,515  1,138,467 
East West Bancorp., Inc. (CA)  565,150  13,597,509 
Eastern Virginia Bankshares, Inc. (VA)  100,000  1,927,000 
ECB Bancorp., Inc. (NC)  65,000  1,690,000 
F.N.B. Corp. (PA) (L)  245,049  3,815,413 
First Horizon National Corp. (TN)  140,050  3,034,883 
First Midwest Bancorp., Inc. (IL)  143,800  4,486,560 
First National Lincoln Corp. (ME)  146,499  2,160,860 
First Regional Bancorp. (CA) (I)  419,000  8,493,130 
Glacier Bancorp., Inc. (MT)  496,921  9,247,700 
Hancock Holding Co. (MS)  248,750  10,323,125 
Harleysville National Corp. (PA)  151,897  2,301,240 
Heritage Financial Corp. (WA)  100,000  2,035,000 
Heritage Oaks Bancorp. (CA)  19,000  223,250 
Huntington Bancshares, Inc. (OH)  625,215  8,409,142 

Page 1 

John Hancock
Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2008 (unaudited)

IBERIABANK Corp. (LA)        60,000  3,084,600 
Independent Bank Corp. (MI)        329,935  4,592,695 
International Bancshares Corp. (TX)        220,370  4,570,474 
KeyCorp (OH)        262,000  6,851,300 
Lakeland Financial Corp. (IN)        144,802  3,207,364 
Marshall & Ilsley Corp. (WI)        401,894  11,212,843 
M&T Bank Corp. (NY)        211,157  19,377,878 
MB Financial, Inc. (IL)        156,100  4,854,710 
Northrim Bancorp., Inc. (AK)        77,232  1,605,653 
North Valley Bancorp. (CA)        150,000  1,917,000 
Pinnacle Financial Partners, Inc. (TN) (I)        55,000  1,229,250 
PNC Financial Services Group, Inc. (PA)      310,178  20,353,880 
Prosperity Bancshares, Inc. (TX)        260,895  7,500,731 
Provident Bankshares Corp. (MD)        168,558  3,494,207 
Regions Financial Corp. (AL)        225,893  5,701,539 
S&T Bancorp., Inc. (PA)        154,700  4,812,717 
Signature Bank (NY)        82,611  2,768,295 
Smithtown Bancorp., Inc. (NY) (L)        49,500  1,038,510 
Southcoast Financial Corp. (SC) (I)        68,789  932,091 
Sterling Bancshares, Inc. (TX)        530,150  5,317,404 
SunTrust Banks, Inc. (GA)        255,976  17,649,545 
SVB Financial Group (CA) (I)        304,700  14,747,480 
Synovus Financial Corp. (GA)        582,950  7,700,770 
TCF Financial Corp. (MN)        398,166  8,461,028 
TriCo Bancshares (CA)        53,000  946,050 
Univest Corp. (PA)        200,218  5,205,668 
Valley National Bancorp. (NJ) (L)        105,267  2,131,657 
Westamerica Bancorp. (CA) (L)        40,000  1,980,800 
Wilmington Trust Corp. (DE)        177,550  6,191,169 
Zions Bancorp. (UT)        348,553  19,079,791 
 
Thrifts & Mortgage Finance 7.29%          43,890,655 
Astoria Financial Corp. (NY)        75,865  2,062,011 
Benjamin Franklin Bancorp., Inc. (MA)        15,000  200,550 
Berkshire Hills Bancorp., Inc. (MA)        341,224  8,110,894 
FirstFed Financial Corp. (CA) (I)(L)        12,727  533,898 
Flushing Financial Corp. (NY)        20,000  319,800 
Hingham Institute for Savings (MA)        80,000  2,454,400 
Hudson City Bancorp., Inc. (NJ)        292,810  4,796,228 
LSB Corp. (MA)        65,000  1,050,400 
People's United Financial, Inc. (CT)        878,576  14,839,149 
Sovereign Bancorp., Inc. (PA)        83,400  1,039,998 
United Financial Bancorp., Inc. (MA)        140,000  1,561,000 
Washington Mutual, Inc. (WA)        292,312  5,822,855 
WSFS Financial Corp. (DE)        20,628  1,099,472 
 
      Credit  Par value   
Issuer, description      rating (A)  (000)  Value 
Capital preferred securities  0.92%        $5,531,100 
(Cost $5,860,912)           
  
Other Diversified Financial Services  0.92%        5,531,100 
Preferred Term Securities XXV, Ltd.,           
Zero Coupon, 6-22-37 (Cayman Islands) (F)    None  $3,000  2,502,600 
Preferred Term Securities XXVII 3/22/2038         
Zero Coupon, 3-22-38 (Cayman Islands) (F)    None  3,000  3,028,500 
 
 
    Number of  Exercise  Expiration   
Issuer    Contracts  Price  Date  Value 
Purchased options 0.00%          $3,500 
(Cost $23,100)           
   
Options 0.00%          3,500 
First Horizon National Corp. (Call)    350  15  May 08  3,500 

Page 2 

John Hancock
Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2008 (unaudited)

  Interest  Maturity  Par value   
Issuer, description, maturity date  rate  date  (000)  Value 
Short-term investments 5.34%        $32,167,534 
(Cost $32,167,534)         
 
Certificates of Deposit 0.01%        71,865 
Country Bank for Savings  5.640%  08-30-08  $2  1,610 
First Bank Richmond  3.690  12-05-10  17  17,016 
First Bank System, Inc.  4.889  05-02-08  4  4,260 
First Federal Savings Bank of Louisiana  2.980  12-07-09  3  2,847 
Framingham Cooperative Bank  3.750  09-10-09  3  3,401 
Home Bank  4.150  12-04-10  16  16,275 
Hudson Savings  4.800  04-20-09  2  1,785 
Machias Savings Bank  3.540  05-24-09  2  1,672 
Middlesex Savings Bank  5.120  08-17-08  2  1,652 
Midstate Federal Savings and Loan Assn.  4.250  05-27-08  2  1,737 
Milford Bank  3.400  05-27-09  2  1,666 
Milford Federal Savings and Loan Assn.  3.650  02-28-08  2  1,683 
Mount McKinley Savings Bank  4.030  12-03-09  2  1,565 
Mount Washington Bank  5.000  05-31-08  2  1,666 
Natick Federal Savings Bank  4.590  08-31-08  2  1,683 
Newburyport Bank  3.400  10-20-08  2  1,777 
Newtown Savings Bank  3.750  05-30-09  2  1,674 
OBA Federal Savings Bank  4.600  06-15-09  1  1,146 
Plymouth Savings  3.590  04-21-09  2  1,730 
Randolph Savings Bank  4.000  09-13-09  2  1,714 
Salem Five Bank  3.060  12-17-08  2  1,614 
Sunshine Federal Savings and Loan Assn.  5.000  05-10-09  2  1,692 
 
Joint Repurchase Agreement 3.43%        20,652,000 
Repurchase Agreement with Barclays Plc         
Inc. dated 01-31-2008 at 1.750% to be         
repurchased at $20,653,348 on 02-01-2008,         
collateralized by $12,159,823 U.S,         
Treasury Inflation Indexed Bond, 3.675%,         
due 04-15-2028 (valued at $21,065,040,         
including interest)  1.750    20,652  20,652,000 
 
    Interest     
    rate  Shares   
 
Cash Equivalents 1.90%        11,443,669 
John Hancock Cash Investment Trust (T)(W)    4.29% (Y)  11,443,669  11,443,669 
 
Total investments (Cost $439,247,159)  102.07%    $614,389,886 
Other assets and liabilities, net  (2.07%)    ($12,461,936) 
Total net assets 100.00%        $601,927,950 

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

Page 3 

John Hancock
Bank and Thrift Opportunity Fund
Notes to Schedule of Investments
January 31, 2008 (unaudited)

(A) Credit ratings are unaudited and are rated by Moody's Investors Service where
Standard & Poor's ratings are not available unless indicated otherwise.

(B) This security is fair valued in good faith under procedures established by the Board
of Trustees. This security amounted to $2,034,000 or 0.34% of the Fund's net assets as
of January 31, 2008.

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

(I) Non-income-producing security.

(L) All or a portion of this security is on loan as of January 31, 2008.

(T) Represents investment of securities lending collateral.

(W) Issuer is an affiliate of John Hancock Advisers, LLC.

(Y) Represents current yield as of January 31, 2008.

The cost of investments owned on January 31, 2008, including short-term investments, was $439,247,159. Gross unrealized appreciation and depreciation of investments aggregated $192,580,497 and $17,437,770, respectively, resulting in net unrealized appreciation of $175,142,727.

Notes to Schedule of Investments - Page 1

John Hancock
Bank and Thrift Opportunity Fund
Summary of written options outstanding on
January 31, 2008 (unaudited)

  Number of  Exercise  Expiration   
Name of issuer  contracts  price  date  Value 
 
CALLS         
City National Corp.  200  $60  05-19-08  $35,000 

Written options for the three months ended January 31, 2008 were as follows:   
  NUMBER OF CONTRACTS  PREMIUMS RECEIVED 
Outstanding, beginning of period  3  $492 
Options written  450  105,798 
Options expired  (253)  (66,491) 
Outstanding, end of period  200  $39,799 

Summary of written options 

Notes to portfolio of investments

Security valuation

The net asset value of the common shares of the Fund is determined daily as of the close of the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or premium, which approximates market value. Investments in John Hancock Cash Investment Trust (JHCIT), an affiliate of John Hancock Advisers, LLC (the Adviser), a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation (MFC), are valued at their net asset value each business day. All other securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade or, lacking any sales, at the closing bid price. Securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Securities for which there are no such quotations, principally debt securities, are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Other assets and securities for which no such quotations are readily available are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are generally determined as of such times. Occasionally, significant events that affect the values of such securities may occur between the times at which such values are generally determined and the close of the NYSE. Upon such an occurrence, these securities will be valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees.

Joint repurchase agreement

Pursuant to an exemptive order issued by the Securities and Exchange Commission (SEC), the Fund, along with other registered investment companies having a management contract with the Adviser, may participate in a joint repurchase agreement transaction. Aggregate cash balances are invested in one or more large repurchase agreements, whose underlying securities are obligations of the U.S. government and/or its agencies. The Fund’s custodian bank receives delivery of the underlying securities for the joint account on the Fund’s behalf.

Securities lending

The Fund has entered into an agreement with Morgan Stanley & Co. Incorporated and MS Securities Services Inc. (collectively, Morgan Stanley) which permits the Fund to lend securities to Morgan Stanley on a principal basis. Morgan Stanley is the primary borrower of securities of the Fund. The risk of having one primary borrower of Fund securities (as opposed to several borrowers) is that should Morgan Stanley fail financially, all securities lent will be affected by the failure and by any delays in recovery of the securities (or in the rare event, loss of rights in the collateral).

The Fund may lend portfolio securities from time to time in order to earn additional income. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their value. On the settlement date of the loan, the Fund receives collateral against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. Any cash collateral received is invested in the JHCIT. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. The Fund receives compensation for lending their securities either in the form of fees, guarantees and/or by retaining a portion of interest on the investment of any cash received as collateral.

Options

The Fund may purchase and sell put and call options on securities (whether or not it holds the securities in its portfolio).

When the Fund writes a put or call option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently “marked-to-market” to reflect the current market value of the option written. If an option expires or if the Fund enters into an offsetting purchase option, the Fund realizes a gain (or loss if the cost of an offsetting purchase option exceeds the premium received when the option was written). If a written call option is exercised, the Fund realizes a gain or loss from the sale of the underlying security with the proceeds of the sale increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security that the Fund purchases upon exercise of the option.

When the Fund purchases a put or call option, the premium paid by the Fund is included in the Portfolio of Investments and subsequently “marked-to-market” to reflect the current market value of the option. If the purchased option expires, the Fund realizes a loss for the cost of the option. If the Fund enters into a closing sale transaction, the Fund realizes a gain or loss, depending on whether proceeds from the closing sale transaction are greater or less than the original cost of the option. If the Fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium originally paid.

The Fund may use options to manage exposure to fluctuations in currency values. Writing puts and buying calls may increase the Fund’s exposure to the underlying instrument. Buying puts and writing calls may decrease the Fund’s exposure to the underlying instrument. Losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts or if the counterparties do not perform under the terms of the contract.

Notes to Schedule of Investments - Page 2


ITEM 2. CONTROLS AND PROCEDURES.

(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-Q, the registrant's principal executive officer and principal accounting 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.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 3. EXHIBITS.

Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Bank and Thrift Opportunity Fund

By: /s/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and Chief Executive Officer

Date: March 31, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and Chief Executive Officer

Date: March 31, 2008

By: /s/ Charles A. Rizzo
-------------------------------------
Charles A. Rizzo
Chief Financial Officer

Date: March 31, 2008