Bank & Thrift Oportunity Fund.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 E. Ouellette, Senior Attorney & 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, 2006 

ITEM 1. SCHEDULE OF INVESTMENTS


John Hancock           
Bank and Thrift Opportunity Fund       
Securities owned by the Fund on         
January 31, 2006 (unaudited)         
 
  Interest  Maturity  Credit  Par value   
Issuer, description  rate (%)  date  rating  ($000)  Value 
 
Bonds 0.09%          $873,180 
(Cost $770,000)           
 
Regional Banks 0.09%          873,180 
CSBI Capital Trust I,           
Gtd Sub Cap Inc Ser A (B)(G)  11.750  06-06-27  B-  770  873,180 


Issuer  		      Shares  Value 
 
Common stocks 87.98%          $864,159,733 
(Cost $375,810,941)           
 
Asset Management & Custody Banks 3.68%        36,128,270 
Affiliated Managers Group, Inc. (MA)           
(I)(L)        65,750  6,101,600 
Bank of New York Co., Inc. (The) (NY)      313,000  9,956,530 
Mellon Financial Corp. (PA)        330,000  11,639,100 
Northern Trust Corp. (IL)        70,000  3,654,700 
State Street Corp. (MA)        79,000  4,776,340 
 
Consumer Finance 0.45%          4,450,636 
Capital One Financial Corp. (VA) (L)        53,429  4,450,636 
 
Diversified Banks 13.22%          129,835,131 
Bank of America Corp. (NC)        534,260  23,630,320 
Comerica, Inc. (MI) (L)        407,400  22,598,478 
Toronto-Dominion Bank (The) (Canada)      135,499  7,200,417 
U.S. Bancorp (MN)        828,541  24,781,661 
Wachovia Corp. (NC) (L)        481,071  26,377,123 
Wells Fargo & Co. (CA)        404,861  25,247,132 
 
Other Diversified Financial Services  3.71%        36,467,916 
Citigroup Inc. (NY)        415,925  19,373,786 
JPMorgan Chase & Co. (NY)        430,041  17,094,130 
 
Regional Banks 60.81%          597,298,433 
Alabama National BanCorp. (AL)        142,500  9,906,600 
AmericanWest Bancorp. (WA) (I)        357,921  8,772,644 
Ameris Bancorp. (GA)        78,480  1,611,979 
AmSouth Bancorp. (AL)        95,879  2,647,219 
BB&T Corp. (NC) (L)        344,846  13,462,788 

Page 1

John Hancock     
Bank and Thrift Opportunity Fund     
Securities owned by the Fund on     
January 31, 2006 (unaudited)     
 
Benjamin Franklin Bancorp., Inc. (MA)  15,000  207,750 
Beverly National Corp. (MA)  47,500  1,261,125 
BOK Financial Corp. (OK)  117,208  5,344,685 
Camden National Corp. (ME)  140,000  5,110,000 
Capital City Bank Group, Inc. (FL)  74,543  2,651,495 
Cardinal Financial Corp. (VA)  86,200  1,014,574 
Cascade Bancorp. (OR)  194,272  5,051,072 
Chittenden Corp. (VT)  175,245  4,971,701 
City Holding Co. (WV)  41,600  1,550,016 
City National Corp. (CA)  222,927  16,712,837 
CoBiz, Inc. (CO)  53,850  991,378 
Colonial BancGroup, Inc. (The) (AL)  585,200  14,571,480 
Columbia Bancorp. (MD)  90,000  3,806,100 
Columbia Bancorp. (OR) (L)  14,575  306,221 
Columbia Banking System, Inc. (WA)  29,645  956,051 
Commercial Bankshares, Inc. (FL)  63,702  2,376,722 
Community Bancorp. (NV) (I)  10,790  336,540 
Community Banks, Inc. (PA)  105,055  3,014,028 
Compass Bancshares, Inc. (AL) (L)  506,357  24,669,713 
Cullen/Frost Bankers, Inc. (TX)  20,000  1,074,800 
Dearborn Bancorp., Inc. (MI) (I)  72,375  1,745,685 
Desert Community Bank (CA)  137,500  5,321,250 
DNB Financial Corp. (PA)  72,577  1,451,540 
East West Bancorp., Inc. (CA) (L)  500,000  18,455,000 
Eurobancshares, Inc. (Puerto Rico) (I)  87,830  1,244,551 
F.N.B. Corp. (PA)  90,049  1,516,425 
Fifth Third Bancorp. (OH) (L)  500,040  18,786,503 
Financial Institutions, Inc. (NY)  73,000  1,527,160 
First Charter Corp. (NC)  52,200  1,252,800 
First Horizon National Corp. (TN) (L)  156,650  5,932,335 
First Midwest Bancorp., Inc. (IL)  56,000  1,954,960 
First National Lincoln Corp. (ME)  146,499  2,576,917 
First Regional Bancorp. (CA) (I)  150,000  11,820,000 
First State Bancorp. (NM)  130,000  3,394,300 
FirstMerit Corp. (OH)  2,950  74,488 
Fulton Financial Corp. (PA)  133,503  2,396,379 
Glacier Bancorp., Inc. (MT)  367,788  11,688,303 
Greene County Bancshares, Inc. (TN)  22,000  621,280 
Harleysville National Corp. (PA)  144,664  3,782,964 
Independent Bank Corp. (MI)  323,510  8,935,346 
International Bancshares Corp. (TX)  200,337  5,859,857 
KeyCorp (OH)  320,000  11,324,800 
Lakeland Financial Corp. (IN)  7,000  309,120 
M&T Bank Corp. (NY) (L)  229,657  24,871,853 
Marshall & Ilsley Corp. (WI)  568,295  23,834,292 
MB Financial, Inc. (IL)  123,950  4,346,926 

Page 2

John Hancock     
Bank and Thrift Opportunity Fund     
Securities owned by the Fund on     
January 31, 2006 (unaudited)     
 
Mercantile Bankshares Corp. (MD)  314,250  11,925,787 
Merrill Merchants Bankshares, Inc. (ME)  75,897  1,840,502 
Mid-State Bancshares (CA)  50,000  1,399,000 
Midwest Banc Holdings, Inc. (IL)  14,350  341,100 
National City Corp. (OH) (L)  545,087  18,631,074 
North Fork Bancorp., Inc. (NY)  887,092  22,816,006 
Northrim Bancorp., Inc. (AK)  70,053  1,614,021 
Oriental Financial Group, Inc. (Puerto Rico)  20,234  278,622 
Pacific Capital Bancorp. (CA)  364,354  13,404,584 
Placer Sierra Bancshares (CA)  14,550  387,612 
PNC Financial Services Group, Inc. (PA)  403,500  26,171,010 
Prosperity Bancshares, Inc. (TX)  125,000  3,641,250 
Provident Bankshares Corp. (MD)  165,058  6,062,580 
Regions Financial Corp. (AL) (L)  167,390  5,554,000 
Republic Bancorp., Inc. (MI)  3,630  47,009 
S&T Bancorp., Inc. (PA)  154,700  5,688,319 
Sandy Spring Bancorp., Inc. (MD)  2,800  97,748 
Security Bank Corp. (GA) (L)  70,000  1,582,000 
Sky Financial Group, Inc. (OH)  234,850  6,040,342 
SNB Bancshares, Inc. (TX) (I)  94,340  1,641,516 
Southcoast Financial Corp. (SC) (I)  40,900  1,016,365 
South Financial Group, Inc. (The) (SC)  22,000  573,760 
Southwest Bancorp., Inc. (OK)  5,350  119,252 
State National Bancshares, Inc. (TX)     
(I)(L)  11,580  315,439 
Summit Bancshares, Inc. (TX)  279,000  5,482,350 
SunTrust Banks, Inc. (GA)  331,826  23,708,968 
Synovus Financial Corp. (GA)  450,000  12,451,500 
Taylor Capital Group, Inc. (IL)  241,950  9,377,982 
TCF Financial Corp. (MN)  428,016  10,696,120 
TD Banknorth, Inc. (ME)  334,517  9,694,303 
Texas Regional Bancshares, Inc.     
(Class A) (TX)  100,000  3,078,000 
Texas United Bancshares, Inc. (TX)  47,100  871,821 
TriCo Bancshares (CA)  53,000  1,286,840 
UCBH Holdings, Inc. (CA)  400,000  6,940,000 
Umpqua Holdings Corp. (OR)  177,901  5,013,250 
Univest Corp. (PA)  205,218  5,212,537 
Valley National Bancorp. (NJ)  157,386  3,685,980 
Vineyard National Bancorp Co. (CA)  283,970  8,646,886 
Virginia Commerce Bancorp., Inc. (VA) (I)  16,671  538,640 
Virginia Financial Group, Inc. (VA)  22,400  896,000 
West Coast Bancorp. (OR)  67,583  1,852,450 
Western Alliance Bancorp. (NV) (I)  20,650  652,540 
Whitney Holding Corp. (LA)  150,750  4,959,675 
Wilmington Trust Corp. (DE)  350,000  14,525,000 

Page 3

John Hancock         
Bank and Thrift Opportunity Fund       
Securities owned by the Fund on       
January 31, 2006 (unaudited)       
 
Yardville National Bancorp. (NJ)    97,400  3,511,270 
Zions Bancorp. (UT)      324,053  25,622,871 
 
Thrifts & Mortgage Finance 6.11%      59,979,347 
Astoria Financial Corp. (NY) (L)    102,865  2,962,512 
BankUnited Financial Corp. (Class A) (FL)    29,650  833,165 
Commercial Capital Bancorp., Inc. (CA)    450,000  7,024,500 
Countrywide Financial Corp. (CA)    291,500  9,747,760 
Freddie Mac (VA)      140,000  9,500,400 
Hingham Institute for Savings (MA)    80,000  3,100,000 
Hudson City Bancorp., Inc. (NJ) (L)    383,810  4,766,920 
LSB Corp. (MA)      65,000  1,112,806 
New York Community Bancorp., Inc. (NY)    40,000  682,400 
NewAlliance Bancshares, Inc. (CT)    12,581  183,179 
PennFed Financial Services, Inc. (NJ)    313,600  5,770,240 
Sovereign Bancorp., Inc. (PA)      30,000  654,000 
Washington Mutual, Inc. (WA)      244,312  10,339,284 
Webster Financial Corp. (CT)      70,110  3,302,181 
 
 
    Interest  Par value   
Issuer, description, maturity date    rate (%)  ($000)  Value 
Short-term investments 11.93%      $117,208,048 
(Cost $117,208,048)         
 
Certificates of Deposit 0.01%      80,628 
Deposits in mutual banks        80,628 
 
Joint Repurchase Agreement  2.50%      24,613,000 
Investment in a joint repurchase       
agreement transaction with Morgan       
Stanley - Dated 01-31-06 due 02-01-06       
(Secured by U.S. Treasury Inflation       
Indexed Notes 3.375% due 01-15-12 and       
1.625% due 01-15-15)    4.390  24,613  24,613,000 
 
      Shares   
 
Cash Equivalents 9.42%        92,514,420 
AIM Cash Investment Trust (T)      92,514,420  92,514,420 
 
Total investments  100.00%      $982,240,961 

Page 4

John Hancock
Bank and Thrift Opportunity Fund
Footnotes to Schedule of Investments
January 31, 2006 (unaudited)

(B) This security is fair valued in good faith under procedures established by the Board of Trustees.

(G) Security rated internally by John Hancock Advisers, LLC.

(I) Non-income-producing security.

(L) All or a portion of this security is on loan as of January 31, 2006.

(T) Represents investment of securities lending collateral.

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

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

The cost of investments owned on January 31, 2006, including short-term investments, was $493,788,989.
Gross unrealized appreciation and depreciation of investments aggregated $489,003,409 and $551,437,
respectively, resulting in net unrealized appreciation of $488,451,972.

 


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 24, 2006

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 24, 2006

By: /s/ John G. Vrysen
-------------------------------------
John G. Vrysen
Executive Vice President and Chief Financial Officer

Date: March 24, 2006