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) 
 
Salvatore Schiavone, Treasurer 
 
601 Congress Street 
 
Boston, Massachusetts 02210 
(Name and address of agent for service) 
 
Registrant's telephone number, including area code: 617-663-4497 
 
Date of fiscal year end:  October 31 
 
 
Date of reporting period:  January 31, 2010 

ITEM 1. SCHEDULE OF INVESTMENTS




John Hancock Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2010 (Unaudited)

  Shares  Value 
 
Common Stocks 85.92%    $316,491,161 
(Cost $311,650,576)     
 
Financials 85.92%    316,491,161 
 
Capital Markets 5.49 %     
Bond Street Holdings LLC, Class A (I)(S)  177,217  3,544,340 
Northern Trust Corp.  78,712  3,976,530 
State Street Corp.  296,049  12,694,581 
 
Commercial Banks 63.80 %     
1st United Bancorp, Inc. (I)  175,463  1,352,820 
Avenue Bank  300,000  579,637 
Bank of Marin Bancorp  14,868  472,653 
Bar Harbor Bankshares  26,061  703,908 
BB&T Corp.  325,399  9,068,870 
Bridge Capital Holdings (I)  150,564  1,222,580 
Camden National Corp.  36,776  1,067,240 
Centerstate Banks, Inc.  251,686  2,783,647 
City Holding Company  41,459  1,303,056 
CoBiz Financial, Inc.  407,772  2,177,502 
Comerica, Inc.  248,691  8,582,326 
Cullen/Frost Bankers, Inc.  301,389  15,467,283 
CVB Financial Corp.  201,122  1,926,749 
DNB Financial Corp.  78,515  510,348 
Eagle Bancorp, Inc. (I)  65,470  736,538 
East West Bancorp, Inc. (I)  348,334  5,150,815 
Eastern Virginia Bankshares, Inc.  69,998  502,586 
ECB Bancorp, Inc.  27,504  317,671 
F.N.B. Corp.  999,322  7,085,193 
Fifth Third Bancorp  258,381  3,214,260 
First Bancorp, Inc.  146,499  2,061,241 
Glacier Bancorp, Inc.  146,652  2,102,990 
Hancock Holding Company  232,176  9,505,285 
Heartland Financial USA, Inc. (I)  11,844  165,224 
Heritage Financial Corp.  187,598  2,637,628 
Heritage Oaks Bancorp (I)  99,950  474,763 
IBERIABANK Corp.  126,717  6,771,756 
Independent Bank Corp.  195,961  4,565,891 
KeyCorp  948,155  6,807,753 
Lakeland Financial Corp.  144,802  2,686,077 
M&T Bank Corp. (L)  202,777  14,954,804 
MainSource Financial Group, Inc.  5,394  29,721 
MB Financial, Inc.  218,793  4,437,122 
Northrim Bancorp, Inc.  77,232  1,238,029 
Pacific Continental Corp.  242,191  2,458,239 
PNC Financial Services Group, Inc.  326,647  18,106,043 
S & T Bancorp, Inc.  154,700  2,710,344 
S.Y. Bancorp, Inc. (L)  28,933  613,090 
Signature Bank (I)  223,687  7,735,096 
Smithtown Bancorp, Inc.  133,069  719,903 
Southcoast Financial Corp. (I)  64,413  190,018 
SunTrust Banks, Inc.  227,039  5,523,859 
SVB Financial Group (I)  338,489  14,687,038 
TCF Financial Corp. (L)  626,662  9,174,332 
TriCo Bancshares  67,405  1,163,410 

2 


John Hancock Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2010 (Unaudited)

  Shares  Value 
Financials (continued)     
U.S. Bancorp  773,941  $19,410,440 
Union Bankshares Corp. (I)  81,367  1,045,566 
Univest Corp. of Pennsylvania  50,200  882,516 
Washington Banking Company  118,952  1,403,634 
Washington Trust Bancorp, Inc.  198,110  3,385,700 
Wells Fargo & Company  630,249  17,917,979 
WesBanco, Inc.  74,406  1,079,631 
WestAmerica Bancorp  30,499  1,695,134 
Zions Bancorp  128,573  2,439,030 
 
Diversified Financial Services 10.41 %     
Bank of America Corp.  1,278,555  19,408,465 
First Southern Bancorp  78,390  1,654,029 
JPMorgan Chase & Company  443,587  17,273,278 
 
Thrifts & Mortgage Finance 6.22 %     
Berkshire Hill Bancorp, Inc.  358,903  5,939,845 
Dime Community Bancshares  138,688  1,676,738 
ESSA Bancorp, Inc.  68,146  807,530 
First Financial Holdings, Inc.  58,558  690,399 
Flushing Financial Corp.  231,097  2,830,938 
Hingham Institution for Savings  80,000  2,614,400 
LSB Corp.  65,000  712,400 
People's United Financial, Inc.  379,754  6,140,622 
WSFS Financial Corp.  56,374  1,522,098 
 
 
 
  Shares  Value 
 
Preferred Stocks 1.05%    $3,880,194 
(Cost $2,521,504)     
 
Financials 1.05%    3,880,194 
 
Diversified Financial Services 1.05 %     
Bank of America Corp., 8.625%  74,849  1,836,794 
Bank of America Corp., 8.200%  73,137  1,721,645 
Citigroup, Inc., 8.500%, Depositary Shares, Series F  4,958  84,831 
Citigroup, Inc., 8.125%, Depositary Shares, Series AA  13,632  236,924 
 
Convertible Preferred Stocks 4.71%    $17,361,682 
(Cost $10,594,363)     
 
Financials 4.71%    17,361,682 
 
  Shares  Value 
Commercial Banks 4.48 %     
East West Bancorp, Inc., Series A, 8.000%  $6,014  9,837,281 
Huntington Bancshares, Inc., 8.500%  5,267  4,661,295 
Keycorp, Series A, 7.750%,  12,500  1,173,125 
Webster Financial Corp., 8.500%  1,000  835,000 
 
Diversified Financial Services 0.23 %     
First Southern Bancorp, Series C  134  134,000 
Monarch Financial Holdings, Inc., Series B, 7.800%  29,025  720,981 

3 


John Hancock Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2010 (Unaudited)

      Par value  Value 
 
Capital Preferred Securities 0.00%        $0 
(Cost $5,794,748)         
 
Diversified Financial Services 0.00%        0 
Preferred Term Securities XXV, Ltd. (I)    06/22/37  3,000,000  — 
Preferred Term Securities XXVII, Ltd. (I)    03/22/38  3,000,000  — 
 
    Maturity  Par value   
  Rate  date    Value 
 
Corporate Bonds 0.83%        $3,039,811 
(Cost $2,930,177)         
 
Financials 0.83%        3,039,811 
 
Commercial Banks 0.83 %         
City National Capital Trust I,         
   Gtd Jr Sub Bond  9.625%  02/01/40  $1,775,000  1,901,311 
Webster Capital Trust IV,         
   (7.65% to 6/15/17 then 3 month LIBOR + 189bps)  7.650  06/15/37  1,725,000  1,138,500 
 
    Maturity  Par value   
  Yield*  date    Value 
 
Certificates of Deposit 0.02%        $66,838 
(Cost $66,838)         
 
Country Bank For Savings  2.960  08/31/10  1,785  1,785 
First Bank Richmond  3.690  12/05/10  17,016  17,016 
First Bank System, Inc.  2.374  04/01/11  4,585  4,585 
Framingham Cooperative Bank  2.000  09/12/11  3,711  3,711 
Home Bank  4.150  12/04/10  16,275  16,275 
Hudson Savings  2.630  04/21/11  1,923  1,923 
Machias Savings Bank  1.980  05/24/11  1,782  1,782 
Middlesex Savings Bank  3.500  08/19/10  1,818  1,818 
Midstate Federal Savings and Loan  1.880  05/27/10  1,863  1,863 
Milford Bank  2.130  06/04/11  1,776  1,776 
Milford Federal Savings and Loan Association  3.150  02/28/10  1,836  1,836 
Mount Washington Bank  3.200  10/13/11  1,965  1,965 
Newburyport Bank  2.750  10/21/10  1,904  1,904 
Newton Savings Bank  2.370  06/15/10  1,803  1,803 
OBA Federal Savings and Loan  3.150  06/15/10  1,221  1,221 
Plymouth Savings Bank  1.340  04/21/11  1,857  1,857 
Randolph Savings Bank  1.000  09/23/11  1,854  1,854 
Sunshine Federal Savings and Loan Association  2.460  05/10/11  1,864  1,864 
 
      Shares  Value 
 
Short-Term Investments 12.01%        $44,223,392 
(Cost $44,223,898)         
 
Securities Lending Collateral 4.41%        16,223,605 
John Hancock Collateral Investment Trust(W)    0.2068%(Y)  1,620,724  16,223,605 
 
    Maturity  Par value   
  Yield*  date    Value 
 
U.S. Government 5.70%        $20,999,787 
U.S. Treasury Bill,         
   Note  0.010%  02/25/10  21,000,000  20,999,787 

4 


John Hancock Bank and Thrift Opportunity Fund
Securities owned by the Fund on
January 31, 2010 (Unaudited)

    Maturity  Par value   
  Yield*  date    Value 
 
U.S. Government Agency 1.90%        $7,000,000 
Federal Home Loan Bank,         
   Discount Note  0.030%  02/01/10  $7,000,000  7,000,000 
 
Total investments (Cost $377,782,104)† 104.54%        $385,063,078 
 
Other assets and liabilities, net (4.54%)        ($16,729,203) 
 
Total net assets 100.00%        $368,333,875 

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

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of January 31, 2010.

(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

(W) Investment in an affiliate of the Fund, the adviser and/or subadviser and represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of January 31, 2010.

* Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

† At January 31, 2010, the aggregate cost of investment securities for federal income tax purposes was $377,782,104. Net unrealized appreciation aggregated $7,280,974, of which $58,698,561 related to appreciated investment securities and $51,417,587 related to depreciated investment securities.

5 


Notes to the Schedule of Investments (Unaudited)

Security valuation
Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. Equity securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated price if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied quotes 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. Securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Equity and debt obligations, for which there are no prices available from an independent pricing service, are valued based on bid quotations or evaluated prices, as applicable, obtained from broker-dealers or fair valued as described below. Certain short-term debt investments are valued at amortized cost. John Hancock Collateral Investment Trust (JHCIT), an affiliated registered investment company managed by MFC Global Investment Management (U.S.), LLC, is valued at its net asset value each business day. JHCIT is a floating rate fund investing in money market instruments as part of the securities lending program.

Other portfolio assets and securities where market quotations are not readily available are valued at fair value as determined in good faith by the Fund’s Pricing Committee in accordance with procedures adopted by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of the Fund’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.

Fair value measurements
The Fund uses a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs and the valuation techniques used are summarized below:

Level 1 — Exchange-traded prices in active markets for identical securities. This technique is used for exchange-traded domestic common and preferred equities, certain foreign equities, warrants and rights.

Level 2 — Prices determined 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 techniques are received from independent pricing vendors and are based on an evaluation of the inputs described. These techniques are used for certain domestic preferred equities, certain foreign equities, unlisted rights and warrants, and fixed-income securities.

Level 3 — Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect the Fund’s Pricing Committee’s own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available. Securities using this technique are generally thinly traded or privately placed, and may be valued using broker quotes, which may include the use of the brokers’ own judgments about the assumptions that market participants would use.

6 


The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of January 31, 2010, by major security category or security type:

      Level 2  Level 3 
  Total Market  Level 1  Significant  Significant 
  Value at  Quoted  Observable  Unobservable 
  01/31/10  Price  Inputs  Inputs 
Financials  $340,772,848 $316,930,983 $19,583,888 $4,257,977
Certificates of Deposits  66,838 — 66,838 —
Short-Term Investments  44,223,392 16,223,605 27,999,787 —
Total investments in securities  $385,063,078 $333,154,588 $47,650,513 $4,257,977

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

  Financials 
Balance as of 10/31/09  $575,620 
Accrued discounts/premiums  58,267 
Realized gain (loss)  - 
Change in unrealized appreciation (depreciation)  (54,250) 
Net purchases (sales)  3,678,340 
Net transfers in and/out of Level 3  - 
Balance as of 1/31/10  $4,257,977 

Securities lending
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 associated with securities and to participate in any changes in their value. On the settlement date of the loan, the Fund receives cash collateral against the loaned securities and maintains the cash collateral in an amount no less than the market value of the loaned securities.

The market value of the loaned securities is determined at the close of business of the Fund. Any additional required cash collateral is delivered to the Fund or excess collateral is returned to the borrower on the next business day. Cash collateral received is invested in JHCIT. JHCIT is not a stable value fund and thus the Fund receives the benefit of any gains and bears any losses generated by JHCIT.

The Fund may receive compensation for lending their securities either in the form of fees, and/or by retaining a portion of interest on the investment of any cash received as collateral. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. The Fund bears the risk in the event that invested collateral is not sufficient to meet obligations due on loans.

7 




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 22, 2010 

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 22, 2010 
 
 
By:  /s/ Charles A. Rizzo 
  ------------------------------- 
  Charles A. Rizzo 
  Chief Financial Officer 
 
 
Date:  March 22, 2010