a_bankthrift.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, 2007 

ITEM 1. SCHEDULE OF INVESTMENTS




John Hancock
Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2007 (unaudited)

    Credit  Par value   
Issuer, description    rating (A)  (000)  Value 
Capital preferred securities 0.09%        $832,755 

(Cost $770,000)         
 
Regional Banks 0.09%        832,755 

CSBI Capital Trust I, 11.75%,         
Ser A, 06-06-27 (B)(G)    B-  $770  832,755 
 
Issuer      Shares  Value 
Common stocks 92.06%        $891,194,714 

(Cost $415,133,689)         
 
Asset Management & Custody Banks 3.73%       36,172,700 

Bank of New York Co., Inc. (The) (NY)      305,000  12,203,050 
Mellon Financial Corp. (PA)      330,000  14,104,200 
Northern Trust Corp. (IL)      70,000  4,252,500 
State Street Corp. (MA)      79,000  5,612,950 
 
Consumer Finance 2.46%        23,832,168 

Capital One Financial Corp. (VA)      296,420  23,832,168 
 
Diversified Banks 11.15%        107,943,484 

Comerica, Inc. (MI)      314,400  18,643,920 
Toronto-Dominion Bank (The) (Canada)      110,349  6,541,489 
U.S. Bancorp. (MN)      750,541  26,719,260 
Wachovia Corp. (NC)      507,571  28,677,761 
Wells Fargo & Co. (CA)      761,722  27,361,054 
 
Other Diversified Financial Services 6.57%        63,593,983 

Bank of America Corp. (NC)      534,260  28,091,391 
Citigroup, Inc. (NY)      325,225  17,929,654 
JPMorgan Chase & Co. (NY)      345,041  17,572,938 
 
Regional Banks 63.55%        615,147,262 

Access National Corp. (VA)      250,000  2,392,500 
Alabama National Bancorp. (AL)      152,600  10,730,832 
AmericanWest Bancorp. (WA)      364,621  8,207,619 
Ameris Bancorp. (GA)      83,837  2,162,156 
Bank of Hawaii Corp. (HI)      59,300  3,104,355 
Bank of the Ozarks, Inc. (AR) (L)      20,450  618,203 
BB&T Corp. (NC)      344,846  14,573,192 
Beverly National Corp. (MA)      97,500  2,271,750 
BOK Financial Corp. (OK)      117,208  6,231,949 
Boston Private Financial         
Holdings, Inc. (MA)      54,000  1,561,680 

Page 1


John Hancock
Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2007 (unaudited)

Cadence Financial Corp. (MS)  100,500  2,130,600 
Camden National Corp. (ME)  140,000  6,300,000 
Capital City Bank Group, Inc. (FL) (L)  74,543  2,562,788 
Cardinal Financial Corp. (VA)  3,100  31,310 
Cascade Bancorp. (OR) (L)  208,090  5,479,010 
Chittenden Corp. (VT)  230,245  7,013,263 
City Holding Co. (WV)  41,600  1,668,160 
City National Corp. (CA)  243,377  17,506,108 
CoBiz, Inc. (CO)  159,400  3,286,828 
Colonial BancGroup, Inc. (The) (AL)  672,200  16,495,788 
Commercial Bankshares, Inc. (FL)  63,702  3,098,465 
Community Banks, Inc. (PA)  110,307  2,802,901 
Compass Bancshares, Inc. (AL) (L)  439,857  26,787,291 
Cullen/Frost Bankers, Inc. (TX)  176,570  9,451,792 
Dearborn Bancorp., Inc. (MI) (I)  105,622  1,855,779 
Desert Community Bank (CA)  275,000  4,837,250 
DNB Financial Corp. (PA)  76,205  1,510,383 
East West Bancorp., Inc. (CA)  440,000  16,896,000 
Eastern Virginia Bankshares, Inc. (VA)  100,000  2,305,000 
ECB Bancorp., Inc. (NC)  65,000  2,080,000 
Eurobancshares, Inc. (Puerto Rico) (I)  42,830  372,193 
F.N.B. Corp. (PA)  90,049  1,583,962 
Financial Institutions, Inc. (NY)  73,000  1,589,210 
First American Financial     
Holdings, Inc. (TN)  300,000  3,000,000 
First Charter Corp. (NC)  321,200  7,724,860 
First Horizon National Corp. (TN)  152,150  6,633,740 
First Midwest Bancorp., Inc. (IL)  103,800  3,896,652 
First National Lincoln Corp. (ME)  146,499  2,404,049 
First Regional Bancorp. (CA) (I)  450,000  15,381,000 
First State Bancorp. (NM)  208,900  4,829,768 
Fulton Financial Corp. (PA)  359,890  5,758,240 
Glacier Bancorp., Inc. (MT)  555,432  13,035,989 
Harleysville National Corp. (PA)  151,897  2,931,612 
Huntington Bancshares, Inc. (OH)  60,000  1,396,800 
Independent Bank Corp. (MI)  344,935  7,612,715 
International Bancshares Corp. (TX)  200,337  5,871,877 
KeyCorp (OH)  297,000  11,336,490 
M&T Bank Corp. (NY) (L)  166,657  20,217,161 
Marshall & Ilsley Corp. (WI)  475,295  22,367,383 
MB Financial, Inc. (IL)  152,950  5,646,914 
Mercantile Bankshares Corp. (MD)  159,250  7,502,267 
Merrill Merchants Bankshares, Inc. (ME)  78,173  2,384,276 
National City Corp. (OH) (L)  407,587  15,427,168 
Northrim Bancorp., Inc. (AK)  73,555  2,077,929 
Pacific Capital Bancorp. (CA)  324,354  10,366,354 
PNC Financial Services Group, Inc. (PA) (L)  284,800  21,009,696 
Prosperity Bancshares, Inc. (TX)  158,745  5,556,075 
Provident Bankshares Corp. (MD)  175,058  6,204,056 
Regions Financial Corp. (AL)  253,843  9,204,347 
S&T Bancorp., Inc. (PA)  154,700  5,361,902 
Security Bank Corp. (GA)  197,500  4,331,175 
Sky Financial Group, Inc. (OH)  309,850  8,784,247 
Smithtown Bancorp., Inc. (NY) (L)  45,000  1,270,350 

Page 2


John Hancock
Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2007 (unaudited)

South Financial Group, Inc. (The) (SC)  70,150  1,812,676 
Southcoast Financial Corp. (SC) (I)  67,990  1,509,378 
Sterling Bancshares, Inc. (TX)  263,000  3,169,150 
SunTrust Banks, Inc. (GA)  322,826  26,826,841 
SVB Financial Group (DE) (I)(L)  244,700  11,415,255 
Synovus Financial Corp. (GA)  615,350  19,648,126 
Taylor Capital Group, Inc. (IL)  241,950  9,186,842 
TCF Financial Corp. (MN)  408,166  10,359,253 
TriCo Bancshares (CA)  53,000  1,428,880 
UCBH Holdings, Inc. (CA)  585,033  10,969,369 
Umpqua Holdings Corp. (OR)  182,901  5,203,533 
UnionBanCal Corp. (DE)  139,000  8,982,180 
Univest Corp. (PA)  205,218  5,770,730 
Valley National Bancorp. (NJ) (L)  100,255  2,567,531 
Vineyard National Bancorp Co. (CA) (L)  233,970  5,818,834 
Virginia Commerce Bancorp., Inc.(VA) (I)(L)  103,850  2,258,738 
Virginia Financial Group, Inc. (VA)  68,250  1,820,228 
West Coast Bancorp. (OR)  67,583  2,256,596 
Westamerica Bancorp. (CA)  40,000  1,994,000 
Whitney Holding Corp. (LA)  224,400  7,100,016 
Wilmington Trust Corp. (DE)  350,000  14,675,500 
Yardville National Bancorp. (NJ)  97,400  3,694,382 
Zions Bancorp. (UT)  326,053  27,655,815 
 
Thrifts & Mortgage Finance 4.60%    44,505,117 

Astoria Financial Corp. (NY)  75,865  2,244,845 
Benjamin Franklin Bancorp., Inc. (MA)  15,000  230,550 
Berkshire Hills Bancorp., Inc. (DE)  257,910  8,750,886 
Countrywide Financial Corp. (CA)  177,000  7,695,960 
Hingham Institute for Savings (MA)  80,000  2,820,000 
Hudson City Bancorp., Inc. (NJ)  388,310  5,347,029 
LSB Corp. (MA)  65,000  1,082,250 
Sovereign Bancorp., Inc. (PA)  103,400  2,548,810 
Washington Mutual, Inc. (WA)  230,812  10,291,907 
Webster Financial Corp. (CT)  70,110  3,492,880 

Page 3


John Hancock
Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2007 (unaudited)

  Interest  Maturity  Par value   
Issuer, description, maturity date  rate  date  (000)  Value 
Short-term investments 7.85%        $75,985,530 

(Cost $75,985,530)         
 
Certificates of Deposit 0.01%        79,572 

Country Bank for Savings  5.640%  08-30-08  $2  1,610 
First Bank Richmond  2.960  12-05-07  16  15,628 
First Federal Savings Bank of Louisiana  2.480  12-07-07  3  2,711 
First Niagara Bank  2.960  05-09-07  2  1,594 
First Savings Bank of Perkasie  4.250  05-02-07  4  4,103 
First South Bank  5.150  03-15-07  2  1,540 
Framingham Cooperative Bank  3.750  09-10-07  3  3,163 
Home Bank  2.720  12-04-07  15  15,047 
Hudson River Bank & Trust  1.980  11-21-07  7  7,378 
Hudson Savings Bank  2.500  04-20-07  2  1,670 
Machias Savings Bank  1.930  05-24-07  2  1,609 
Middlesex Savings Bank  5.120  08-17-08  2  1,652 
Midstate Federal Savings and Loan Assn.  4.080  05-27-07  2  1,669 
Milford Bank  3.500  05-27-07  2  1,552 
Milford Federal Savings and Loan Assn.  3.650  02-28-08  2  1,683 
Mt. McKinley Savings Bank  4.750  12-03-07  1  1,495 
Mt. Washington Bank  3.300  10-31-07  2  1,564 
Natick Federal Savings Bank  4.590  08-31-07  2  1,611 
New Haven Savings Bank  2.900  05-31-07  2  1,504 
Newburyport Bank  3.400  10-20-08  2  1,777 
Newtown Savings Bank  3.100  05-30-07  2  1,576 
OBA Federal Savings Bank  4.030  06-15-07  1  1,077 
Plymouth Savings Bank  3.000  04-21-07  2  1,629 
Randolph Savings Bank  4.000  09-13-07  2  1,585 
Salem Five Bank  3.150  12-17-07  2  1,565 
Sunshine State Federal Savings and Loan         
Assoc.  3.440  05-10-07  2  1,580 
 
Joint Repurchase Agreement 0.40%        3,828,000 

Investment in a joint repurchase agreement         
transaction with Cantor Fitzgerald & Co. —         
Dated 1-31-07 due 2-1-07 (secured by U.S.         
Treasury Inflation Indexed Notes 2.000%         
due 1-15-16, 2.375% due 4-15-11, 2.500%         
due 7-15-16, and 3.625% due 1-15-08).         
Maturity value: $3,828,555  5.220    3,828  3,828,000 
 
      Shares   
 
Cash Equivalents 7.44%        72,077,958 

AIM Cash Investment Trust (T)      72,077,958  72,077,958 
 
Total investments (Cost $491,889,219) 100.00%      $968,012,999 

Page 4


John Hancock
Bank and Thrift Opportunity Fund
Footnotes to Schedule of Investments
January 31, 2007 (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. These securities amounted to $832,755 or 0.09% of the Fund's net assets as of January 31, 2006.

(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 net assets of the Fund.

The cost of investments owned on January 31, 2007, including short-term investments, was $491,889,219. Gross unrealized appreciation and depreciation of investments aggregated $477,236,278 and $1,112,498, respectively, resulting in net unrealized appreciation of $476,123,780.

Footnotes to Schedule of Investments - Page 1




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 28, 2007

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 28, 2007

By: /s/ John G. Vrysen
-------------------------------------
John G. Vrysen
Chief Financial Officer

Date: April 2, 2007