N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 4079

John Hancock Equity Trust
(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 and 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:	April 30, 2007

ITEM 1. REPORT TO SHAREHOLDERS.

TABLE OF CONTENTS 

Your fund at a glance 

page 1 

Manager’s report 

page 2 

A look at performance 

page 6 

Your expenses 

page 8 

Fund’s investments 

page 1 0 

Financial statements 

page 1 3 

Notes to financial 

statements 

page 2 0 

For more information 

page 3 2 

CEO corner

To Our Shareholders,

The U.S. financial markets produced solid results over the last six months. Positive economic news, stronger than expected corporate earnings and increased merger and acquisitions activity served to overcome concerns about inflation, energy costs and the troubled subprime mortgage market’s potential to put the brakes on the economy. This environment also led the Federal Reserve Board to hold short-term interest rates steady. Even with a sharp decline in late February, the broad stock market returned 8.60% for the six months ended April 30, 2007. The Dow Jones Industrial Average punched through the 13,000 mark for the first time in April and posted a string of new highs as the period ended.

After a remarkably long period of calm, the financial markets were rocked at the end of February by a dramatic sell-off in China’s stock market, which had ripple effects on financial markets worldwide. It also shook investors out of their seemingly casual attitude toward risk and remind them of the simple fact that stock markets move in two directions — down as well as up.

Although the downturn lasted for less than a month before positive news stopped the fall, it was also a good occasion to bring to mind several important investment principles that we believe are at the foundation of successful investing. First, keep a long-term approach to investing, avoiding emotional reactions to daily market moves. Second, maintain a well-diversified portfolio that is appropriate for your goals, risk profile and time horizons.

After the market’s recent moves, we encourage investors to sit back, take stock and set some realistic expectations. While history bodes well for the U.S. market in 2007 (since 1939, the S&P 500 Index has always produced positive results in the third year of a presidential term), there are no guarantees, and opinions are divided on the future of this more-than-four-year-old bull market.

The recent volatility could also be a wake-up call to contact your financial professional to determine whether changes are in order to your investment mix. Some asset groups have had long runs of outperformance. Others had truly outsized returns in 2006. These trends argue for a look to determine if these categories now represent a larger stake in your portfolios than prudent diversification would suggest they should. After all, we believe investors with a well-balanced portfolio and a marathon, not a sprint, approach to investing, stand a better chance of weathering the market’s short-term twists and turns, and reaching their long-term goals.

Sincerely,

Keith F. Hartstein,
President and Chief Executive Officer

This commentary reflects the CEO’s views as of April 30, 2007. They are subject to change at any time.

Your fund at a glance

The Fund seeks capital appreciation by normally investing at least 80% of its assets in companies that the manager believes are, or have the potential to be, technology leaders.

Over the last six months

► Technology stocks posted solid gains for the period, although they lagged the broader equity market.

► The Fund had positive results, but underperformed its benchmarks, primarily due to unfavorable stock selection.

► Earnings were a key driver of tech stock returns; the stocks of companies that surprised on the upside performed well, while those that disappointed generally declined.

Top 10 holdings
Hewlett-Packard Co.	8.0%	BEA Systems, Inc.	3.6%
Microsoft Corp.	5.4%	Comverse Technology, Inc.	3.5%
Cisco Systems, Inc.	5.4%	Apple Computer, Inc.	3.3%
NDS Group Plc	4.5%	RF Micro Devices, Inc.	3.3%
EMC Corp.	3.6%	Google, Inc.	2.9%

As a percentage of net assets on April 30, 2007.

Manager’s report

John Hancock

Technology Leaders Fund

Like the stock market overall, technology stocks were on a roller coaster ride during much of the six-month period ended April 30, 2007. Tech stocks got off to a decent start in the final two months of 2006, amid growing optimism that inflation was in check, the Federal Reserve Board was done raising interest rates and that the economy, while slowing, would sidestep a recession. Until the final weeks of February, major stock market averages continued to advance and set several new record highs, bolstered by hopes that the Fed would cut interest rates amid declines in oil prices and a downturn in the housing market.

In late February, stocks plunged in a sell-off that was precipitated by a warning about a possible recession from former Fed Chairman Alan Greenspan and a sell-off in the Chinese stock market. And despite diminished hopes of an interest rate cut as inflationary pressures seemingly mounted, stocks resumed their climb in March and April, with strong corporate earnings reports continuing to be the main driver.

Performance

For the six months ended April 30, 2007, John Hancock Technology Leaders Fund’s Class A, Class B, Class C and Class I shares posted total returns of 4.33%, 3.85%, 4.06% and 4.61%, respectively, at net asset value. During the same six-month period, the Fund’s old benchmark index, the NASDAQ 100 Stock Index returned 8.10% . Going forward,

SCORECARD

INVESTMENT		PERIOD’S PERFORMANCE. . .  AND WHAT’S BEHIND THE NUMBERS
Force Protection	▲	New orders for blast-resistant military vehicles boost price
BEA Systems	▼	Results below expectations in increasingly competitive environment
Rackable Systems	▼	Concerns over intensified competition

2

Portfolio Manager, MFC Global Investment Management (U.S.), LLC
Thomas P. Norton, CFA

the Fund will compare itself to the Russell 3000 Technology Index, which, in addition to the Standard & Poor’s 500 Index, more accurately reflects the investment universe of the Fund. It returned 7.41% in the period, while the average Morningstar, Inc. specialty-technology fund returned 8.28% ¹ and the Standard & Poor’s 500 Index returned 8.60% . Keep in mind that your net asset value return will be different from the Fund’s performance if you were not invested in the Fund for the entire period or did not reinvest all  distributions. See pages six and seven for historical performance results.

“Like the stock market overall,
technology stocks were on a
roller coaster ride during much of
the six-month period…”

Investment process refinements

Beginning in early 2007, we instituted significant enhancements to our investment processes, incorporating both quantitative and fundamental tools to help guide our stock selection. We believe these changes will provide us with a more disciplined and consistent approach to portfolio management and ultimately could lead to more advantageous security selection over the longer term. During this six-month period, however, the main detractor from our performance relative to the index was stock selection.

Laggards

Leading the list of our most disappointing performers was Rackable Systems, which provides servers to companies such as Amazon.com, Yahoo! and Microsoft. Its stock lost considerable ground when the company did not meet consensus earnings estimates, due in large measure to brutal competition from bigger tech companies like Dell and IBM and the ensuing pressure for Rackable Systems to cut its prices. Given our view that competitive pressures will continue to trouble Rackable Systems, we eliminated our position in the company. We also lost ground with BEA Systems, Inc. The company makes service-oriented architecture software,

Technology Leaders Fund

3

which enables customers to link different types of computer hardware and software together. Shares of BEA fell as its financial results fell short of expectations as competition heated up.

Our holdings in iRobot Corp. also worked against us. The company, best known for a robot household vacuum called the Roomba, also provides robots to military customers, including PackBots, which perform dangerous tasks, such as battlefield reconnaissance. The market cooled on the stock after disappointing sales of the company’s follow-up Scooba floor-washing robot and its ongoing commitment to plow back some of its earnings into marketing and research and development. We continued to hang onto the stock based on our view that the products it produces for the military in particular offer a strong path to growth in the future. Shares of RF Micro Devices, Inc., a maker of radio frequency components used in mobile devices, fell during the period based in large measure on the company’s projection of weaker-than-expected financial results over the short term, attributable to problems at a key client, Motorola. We maintained our sta ke in RF Micro Devices because we believe that the company will see better growth over the long term as it continues to gain market share.

INDUSTRY DISTRIBUTION2
Communications
equipment	24%
Computer hardware	11%
Internet software &
services	9%
Computer storage &
peripherals	8%
Systems software	8%
Application software	6%
Semiconductors	5%
Wireless
telecommunication
services	3%
Data processing &
outsourced services	3%
Technology distributors	3%
Environmental & facilities
service	3%
Integrated
telecommunication
services	2%
Human resource &
employment services	2%
Oil & gas equipment &
services	2%
Movies & entertainment .	2%
Integrated oil & gas	2%
All others	6%

Standouts

Among our best performers during the period was Force Protection, Inc. The defense contractor was buoyed in part by news it had landed a nearly half-billion-dollar deal to supply the U.S. military with 1,000 of its blast-resistant vehicles. These vehicles employ a unique technology to help them protect soldiers from mines, rocket-propelled grenades and improvised explosive devices. We also enjoyed strong gains from shares of MEMC Electronic Materials, which makes silicon wafers used in semiconductors. The company benefited from market share gains, strong demand and increasing prices for some of its products, particularly from the solar industry. Red Hat, Inc. was another winner, posting strong financial results amid solid demand for the open source software maker’s products. Other notable winners included Apple Computer, Inc.; Grant Prideco, Inc.; and Akamai

Technology Leaders Fund

4

Technologies, Inc. Apple continued to be bolstered by the success of its Macintosh computers and iPod, as well as excitement over its upcoming iPhone. Grant Prideco, a maker of technologically advanced drill stems and bits for oil and gas rigs, benefited from strong profit and revenue growth. Akamai Technologies, a provider of technology used to stream video and multimedia content on the Web, was also helped by strong profit and revenue growth.

“Beginning in early 2007,
we instituted significant
enhancements to our investment
processes, incorporating both
quantitative and fundamental
tools to help guide our
stock selection.”

Outlook

We believe that after underperforming the broader stock market over the past three years or so, technology stocks could outperform the overall market during the second half of 2007. Expectations for the group have diminished, and we believe that technology companies overall have better growth potential than many other industries. Furthermore, tech stock valuations appear attractive in our view, both on a historical basis and relative to other industries. The biggest question going forward is the strength of demand. Strong corporate balance sheets and the desire to grow revenues and increase profit margins are all factors that we expect will lead companies to spend on technology-based capital improvements. And so far, end demand for consumer-based technology has remained resilient, despite the downturn in the housing market. As always, we believe that several long-term trends  1; including the explosive growth in use of video and cell phones — could continue to favor technology stocks.

This commentary reflects the views of the portfolio manager through the end of the Fund’s period discussed in this report. The manager’s statements reflect his own opinions. As such, they are in no way guarantees of future events, and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Sector investing is subject to greater risks than the market as a whole.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting.

¹ Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges. Actual load-adjusted performance is lower.

² As a percentage of net assets on April 30, 2007.

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5

A look at performance

For the periods ended April 30, 2007

		Average annual returns				Cumulative total returns
		with maximum sales charge (POP)				with maximum sales charge (POP)
	Inception				Since					Since
Class	date	1-year	5-year	10-year	inception	6-month	1-year	5-year	10-year	inception
A	6-29-99	–6.93%	3.18%	—	–0.19%	–0.89%	–6.93%	16.93%	—	–1.49%
B	6-20-05	–7.59	—	—	4.75	–1.15	–7.59	—	—	9.01
C	6-20-05	–3.60	—	—	6.85	3.06	–3.60	—	—	13.12
I1	6-20-05	–1.54	—	—	8.11	4.61	–1.54	—	—	15.61

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1-6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class I shares.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month-end, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

¹For certain types of investors as described in the Fund’s Class I share prospectus.

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6

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Technology Leaders Fund Class A shares for the period indicated. For comparison, we’ve shown the same investment in three separate indexes.

			With
	Period	Without	maximum
Class	beginning	sales charge	sales charge	Index 1	Index 2	Index 3
B2,3	6-20-05	$11,301	$10,901	$12,548	$12,617	$12,611
C2,3,4	6-20-05	11,312	11,312	12,548	12,617	12,611
I2,3,5	6-20-05	11,561	11,561	12,548	12,617	12,611

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C and Class I shares, respectively, as of April 30, 2007. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

Russell 3000 Technology Index — Index 1 — is an unmanaged index of technology sector stocks in the Russell 3000 index, which represents the 3,000 largest u.s. companies based on total market capitalization.

Standard & Poor’s 500 Index — Index 2 — is an unmanaged index that includes 500 widely traded common stocks.

NASDAQ 100 Stock Index — Index 3 — is an unmanaged index that includes 100 of the largest domestic and international non-financial companies listed on the NASDAQ Stock Market based on market capitalization.

It is not possible to invest directly in an index. Index figures do not reflect sales charges which would have resulted in lower values if they did.

¹ NAV represents net asset value and POP represents public offering price.

² Index 1 figure as of the closest month-end to inception date.

³ Index 3 figure as of the closest month-end to inception date.

⁴ No contingent deferred sales charge applicable.

⁵ For certain types of investors as described in the Fund’s Class I share prospectus.

Technology Leaders Fund

7

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

■Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■Ongoing operating expenses including management fees, distribution and service fees (if applicable) and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about your fund’s actual ongoing operating expenses and is based on your fund’s actual return. It assumes an account value of $1,000.00 on November 1, 2006, with the same investment held until April 30, 2007.

	Account value	Ending value	Expenses paid during period
	on 11-1-06	on 4-30-07	ended 4-30-071
Class A	$1,000.00	$1,043.30	$9.12
Class B	1,000.00	1,038.50	12.61
Class C	1,000.00	1,040.60	12.64
Class I	1,000.00	1,046.10	6.59

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at April 30, 2007, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Technology Leaders Fund

8

Hypothetical example for comparison purposes

This table allows you to compare your fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not your fund’s actual return). It assumes an account value of $1,000.00 on November 1, 2006, with the same investment held until April 30, 2007. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during period
	on 11-1-06	on 4-30-07	ended 4-30-071
Class A	$1,000.00	$1,015.87	$9.00
Class B	1,000.00	1,012.42	12.38
Class C	1,000.00	1,012.40	12.47
Class I	1,000.00	1,018.35	6.55

Remember, these examples do not include any transaction costs, such as sales charges; therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.80%, 2.50%, 2.50% and 1.30% for Class A, Class B, Class C and Class I, respectively, multiplied by the average account value over the period, multiplied by number of days in most recent fiscal half-year/365 or 366 (to reflect the one-half year period).

Technology Leaders Fund

9

Fund’s investments

F I N A N C I A L  S T A T E M E N T S

Securities owned by the Fund on 4-30-07 (unaudited)

This schedule is divided into two main categories: common stocks and short-term
investments. Common stocks are further broken down by industry group. Short-term
investments, which represent the Fund’s cash position, are listed last.

Issuer	Shares	Value
Common stocks 99.28%		$2,632,359
(Cost $2,305,129)
Application Software 5.58%		147,926
BEA Systems, Inc. (I)	8,060	95,027
Iona Technologies Plc, American Depositary Receipt (ADR) (Ireland) (I)	4,700	25,239
Synopsys, Inc. (I)	1,000	27,660
Communications Equipment 18.36%		486,740
Cisco Systems, Inc. (I)	5,340	142,792
Comverse Technology, Inc. (I)	4,075	92,421
Corning, Inc. (I)	2,600	61,672
Telefonaktiebolaget LM Ericsson (ADR) (Sweden)	1,500	57,255
Kongzhong Corp. (ADR) (China) (I)	5,470	36,485
Nokia Corp. (ADR) (Finland)	2,058	51,965
QUALCOMM, Inc.	1,008	44,150
Computer & Electronics Retail 1.32%		34,987
Best Buy Co., Inc.	750	34,987
Computer Hardware 11.26%		298,524
Apple Computer, Inc. (I)	880	87,824
Hewlett-Packard Co.	5,000	210,700
Computer Storage & Peripherals 8.27%		219,147
EMC Corp. (I)	6,350	96,393
Komag, Inc. (I)(L)	1,300	35,763
SanDisk Corp. (I)	700	30,415
Western Digital Corp. (I)	3,200	56,576
Data Processing & Outsourced Services 3.17%		84,173
Electronic Data Systems Corp.	1,450	42,398
Euronet Worldwide, Inc. (I)	1,500	41,775
Electrical Components & Equipment 1.26%		33,412
Color Kinetics, Inc. (I)(L)	1,650	33,412
Electronic Manufacturing Services 1.23%		32,620
Jabil Circuit, Inc. (I)	1,400	32,620
Environmental & Facilities Service 2.46%		65,100
Force Protection, Inc. (I)(K)	3,000	65,100

See notes to financial statements

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10

F I N A N C I A L  S T A T E M E N T S

Issuer	Shares	Value
Household Appliances 1.14%		$30,115
iRobot Corp. (I)(L)	1,900	30,115
Human Resource & Employment Services 1.98%		52,563
Monster Worldwide, Inc. (I)	1,250	52,563
Integrated Oil & Gas 1.47%		38,885
Sasol Ltd. (ADR) (South Africa)	1,138	38,885
Integrated Telecommunication Services 2.17%		57,469
ADC Telecommunications, Inc. (I)	1,580	29,072
NTELOS Holdings Corp.	1,410	28,397
Internet Software & Services 14.31%		379,554
DivX, Inc. (I)(L)	1,020	20,563
Google, Inc. (Class A) (I)	160	75,421
Greenfield Online, Inc. (I)	1,750	28,630
Opsware, Inc. (I)	3,500	28,105
NDS Group Plc (ADR) (United Kingdom) (I)	2,300	118,611
United Online, Inc.	2,540	36,652
Vocus, Inc. (I)	1,200	26,988
Yahoo!, Inc. (I)	1,590	44,584
IT Consulting & Other Services 1.03%		27,370
Accenture Ltd. (Class A) (Bermuda)	700	27,370
Movies & Entertainment 1.57%		41,696
Disney (Walt) Co. (The)	1,192	41,696
Oil & Gas Equipment & Services 1.94%		51,540
Grant Prideco, Inc. (I)	1,000	51,540
Semiconductor Equipment 1.15%		30,383
Cymer, Inc. (I)	750	30,383
Semiconductors 5.24%		139,069
ASM International NV (Netherlands) (I)(L)	1,500	36,585
QuickLogic Corp. (I)	7,500	20,550
Trident Microsystems, Inc. (I)	2,550	54,137
Verigy Ltd. (Singapore) (I)	1,100	27,797
Systems Software 8.08%		214,198
Microsoft Corp.	4,800	143,712
Oracle Corp. (I)	2,350	44,180
Quality Systems, Inc. (I)(L)	650	26,306
Technology Distributors 3.04%		80,638
Arrow Electronics, Inc. (I)	700	27,664
Ingram Micro, Inc. (Class A) (I)	2,700	52,974
Wireless Telecommunication Services 3.25%		86,250
RF Micro Devices, Inc. (I)	13,800	86,250

See notes to financial statements

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F I N A N C I A L  S T A T E M E N T S

	Interest	Par value
Issuer, description, maturity date	rate	(000)	Value
Short-term investments 7.85%			$208,273
(Cost $208,273)
Joint Repurchase Agreement 0.83%			22,000
Investment in a joint repurchase agreement transaction with Bank
of America Corp. — Dated 4-30-07, due 5-1-07 (Secured by
U.S. Treasury Inflation Indexed Notes 0.875%, due 4-15-10,
3.000%, due 7-15-12, 3.375%, due 1-15-12 and U.S. Treasury
STRIPS, due 5-15-21). Maturity value: $22,003	5.120%	$22	22,000
		Shares
Cash Equivalents 7.02%			186,273
John Hancock Cash Investment Trust (T)(W)		186,273	186,273
Total investments (Cost $2,513,402) 107.13%			$2,840,632
Other assets and liabilities, net (7.13%)			($189,155)
Total net assets 100.00%			$2,651,477

(I) Non-income-producing security.

(K) Direct placement securities are restricted to resale. They have been fair valued in accordance with procedures approved by the Trustees after consideration of restrictions as to resale, financial condition and prospects of the issuer, general market conditions and pertinent information in accordance with the Fund’s bylaws and the Investment Company Act of 1940, as amended. The Fund has limited rights to registration under the Securities Act of 1933 with respect to these restricted securities.

Additional Information on these securities is shown below:

			Value as a
			percentage
	Acquisition	Acquisition	of Fund’s	Value as of
Issuer, description	date	cost	net assets	April 30, 2007
Force Protection, Inc. common stock	12-19-06	$35,250	2.46%	$65,100

(L) All or a portion of this security is on loan as of April 30, 2007.

(T) Represents investment of securities lending collateral.

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

Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer; however, security is U.S. dollar-denominated.

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

See notes to financial statements

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Financial statements

F I N A N C I A L  S T A T E M E N T S

Statement of assets and liabilities 4-30-07 (unaudited)

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value
of what the Fund owns, is due and owes. You’ll also find the net asset value and the
maximum offering price per share.

Assets
Investments at value (cost $2,513,402) including $179,305 of securities loaned	$2,840,632
Cash	432
Receivable for investments sold	28,152
Receivable for shares sold	19,458
Dividends and interest receivable	989
Total assets	2,889,663
Liabilities
Payable for investments purchased	29,180
Payable upon return of securities loaned	186,273
Payable to affiliates
Management fees	4,338
Distribution and service fees	143
Other	161
Other payables and accrued expenses	18,091
Total liabilities	238,186
Net assets
Capital paid-in	6,725,120
Accumulated net realized loss on investments	(4,384,274)
Net unrealized appreciation of investments	327,230
Accumulated net investment loss	(16,599)
Net assets	$2,651,477
Net asset value per common share
Based on net asset values and shares outstanding — the Fund has an
unlimited number of shares authorized with no par value
Class A ($2,251,870 ÷ 222,292 shares)	$10.13
Class B ($290,741 ÷ 29,093 shares)	$9.99
Class C ($107,709 ÷ 10,774 shares)	$10.00
Class I ($1,157 ÷ 113 shares)	$10.221
Maximum offering price per share
Class A2 ($10.13 ÷ 95%)	$10.66

¹ Net assets have been rounded for presentation purposes. The net asset value is as reported on April 30, 2007.

² On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

See notes to financial statements

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F I N A N C I A L  S T A T E M E N T S

Statement of operations For the period ended 4-30-07 (unaudited)¹

This Statement of Operations summarizes the Fund’s investment income earned
and expenses incurred in operating the Fund. It also shows net gains (losses) for
the period stated.

Investment income
Dividends (net of foreign withholding taxes of $161)	$5,040
Interest	3,375
Securities lending	576
Total investment income	8,991
Expenses
Investment management fees (Note 2)	13,362
Distribution and service fees (Note 2)	5,547
Transfer agent fees (Note 2)	3,339
Accounting and legal services fees (Note 2)	172
Blue sky fees	30,046
Printing fees	12,670
Professional fees	8,145
Custodian fees	5,973
Trustees’ fees	181
Securities lending fees	22
Miscellaneous	1,267
Total expenses	80,724
Less expense reductions (Note 2)	(55,134)
Net expenses	25,590
Net investment loss	(16,599)
Realized and unrealized gain
Net realized gain on investments	116,347
Change in net unrealized appreciation (depreciation) of investments	4,035
Net realized and unrealized gain	120,382
Increase in net assets from operations	$103,783

¹ Semiannual period from 11-1-06 through 4-30-07.

See notes to financial statements

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F I N A N C I A L  S T A T E M E N T S

Statement of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’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.

	Year	Period
	ended	ended
	10-31-06	4-30-071
Increase (decrease) in net assets
From operations
Net investment loss	($39,866)	($16,599)
Net realized gain	245,780	116,347
Change in net unrealized appreciation (depreciation)	(128,662)	4,035
Increase in net assets resulting from operations	77,252	103,783
From Fund share transactions	(959,728)	(127,134)
Net assets
Beginning of period	3,557,304	2,674,828
End of period	$2,674,828	$2,651,4772

¹ Semiannual period from 11-1-06 through 4-30-07. Unaudited.
² Includes accumulated net investment loss of $16,599.

See notes to financial statements

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15

F I N A N C I A L  S T A T E M E N T S

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed
since the end of the previous period.

CLASS A SHARES
Period ended	10-31-021	10-31-031	10-31-041	10-31-052	10-31-06	4-30-073
Per share operating performance
Net asset value, beginning of period	$8.46	$6.32	$8.42	$8.47	$9.04	$9.71
Net investment loss4	(0.21)	(0.19)	(0.30)	(0.33)	(0.10)	(0.06)
Net realized and unrealized
gain (loss) on investments	(1.93)	2.29	0.35	0.90	0.77	0.48
Total from investment operations	(2.14)	2.10	0.05	0.57	0.67	0.42
Net asset value, end of period	$6.32	$8.42	$8.47	$9.04	$9.71	$10.13
Total return5 (%)	(25.30)6	33.236	0.59	6.736	7.416	4.336,7
Ratios and supplemental data
Net assets, end of period
(in millions)	$3	$4	$3	$3	$2	$2
Ratio of net expenses to average
net assets (%)	3.27	3.19	4.13	4.62	1.80	1.808
Ratio of gross expenses to average
net assets (%)	4.389	4.029	4.13	6.719	4.879	5.938,9
Ratio of net investment loss
to average net assets (%)	(2.66)	(2.63)	(3.56)	(3.74)	(1.04)	(1.13)8
Portfolio turnover (%)	73	109	54	59	104	617

See notes to financial statements

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16

F I N A N C I A L  S T A T E M E N T S

Financial highlights

CLASS B SHARES
Period ended	10-31-0510	10-31-06	4-30-073
Per share operating performance
Net asset value, beginning of period	$8.84	$9.01	$9.62
Net investment loss4	(0.06)	(0.17)	(0.09)
Net realized and unrealized
gain on investments	0.23	0.78	0.46
Total from investment operations	0.17	0.61	0.37
Net asset value, end of period	$9.01	$9.62	$9.99
Total return5,6 (%)	1.927	6.77	3.857
Ratios and supplemental data
Net assets, end of period
(in millions)	—11	—11	—11
Ratio of net expenses to average
net assets (%)	2.508	2.50	2.508
Ratio of gross expenses to average
net assets9 (%)	8.318	5.57	6.638
Ratio of net investment loss
to average net assets (%)	(1.81)8	(1.76)	(1.81)8
Portfolio turnover (%)	597	104	617

See notes to financial statements

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17

F I N A N C I A L  S T A T E M E N T S

Financial highlights

CLASS C SHARES
Period ended	10-31-0510	10-31-06	4-30-073
Per share operating performance
Net asset value, beginning of period	$8.84	$9.01	$9.61
Net investment loss4	(0.06)	(0.17)	(0.09)
Net realized and unrealized
gain on investments	0.23	0.77	0.48
Total from investment operations	0.17	0.60	0.39
Net asset value, end of period	$9.01	$9.61	$10.00
Total return5,6 (%)	1.927	6.66	4.067
Ratios and supplemental data
Net assets, end of period
(in millions)	—11	—11	—11
Ratio of net expenses to average
net assets (%)	2.508	2.50	2.508
Ratio of gross expenses to average
net assets9 (%)	8.318	5.57	6.638
Ratio of net investment loss
to average net assets (%)	(2.02)8	(1.73)	(1.82)8
Portfolio turnover (%)	597	104	617

See notes to financial statements

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F I N A N C I A L  S T A T E M E N T S

Financial highlights

CLASS I SHARES
Period ended	10-31-0510	10-31-06	4-30-073
Per share operating performance
Net asset value, beginning of period	$8.84	$9.05	$9.77
Net investment loss4	(0.01)	(0.05)	(0.03)
Net realized and unrealized
gain (loss) on investments	0.22	0.77	0.48
Total from investment operations	0.21	0.72	0.45
Net asset value, end of period	$9.05	$9.77	$10.22
Total return5,6 (%)	2.387	7.96	4.617
Ratios and supplemental data
Net assets, end of period (in millions)	—11	— 11	—11
Ratio of net expenses to average
net assets (%)	1.298	1.30	1.308
Ratio of gross expenses to average
net assets9 (%)	7.108	4.33	5.438
Ratio of net investment loss
to average net assets (%)	(0.46)8	(0.57)	(0.62)8
Portfolio turnover (%)	59 7	104	617

¹ Audited by previous auditor.

² Effective 6-18-05, shareholders of the former Light Revolution Fund became owners of an equal number of full and fractional Class A shares of the John Hancock Technology Leaders Fund. Additionally, the accounting and performance history of the Light Revolution Fund was redesignated as that of Class A of John Hancock Technology Leaders Fund.

³ Semiannual period from 11-1-06 through 4-30-07. Unaudited.

⁴ Based on the average of the shares outstanding.

⁵ Assumes dividend reinvestment and does not reflect the effect of sales charges.

⁶ Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁷ Not annualized.

⁸ Annualized.

⁹ Does not take into consideration expense reductions during the periods shown.

¹⁰ Class B, Class C and Class I shares began operations on 6-20-05.

¹¹ Less than $500,000.

See notes to financial statements

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Notes to financial statements (unaudited)

Note 1
Accounting policies

John Hancock Technology Leaders Fund (the Fund) is a diversified series of John Hancock Equity Trust (the Trust), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to achieve long-term growth of capital.

The Trustees have authorized the issuance of multiple classes of shares of the Fund, designated as Class A, Class B, Class C and Class I shares. The shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, except that certain expenses, subject to the approval of the Trustees, may be applied differently to each class of shares in accordance with current regulations of the Securities and Exchange Commission (SEC) and the Internal Revenue Service. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan. Class B shares will convert to Class A shares eight years after purchase.

The Fund is the accounting and performance successor to Light Revolution Fund (the Predecessor Fund), a diversified open-end management investment company organized as a Maryland corporation. On June 17, 2005, the Fund acquired substantially all the assets and assumed the liabilities of the Predecessor Fund pursuant to an agreement and plan of reorganization, in exchange for Class A shares of the Fund.

Significant accounting policies of the Fund
are as follows:

Valuation of investments

Securities in the Fund’s portfolio are valued on the basis of market quotations, valuations provided by independent pricing services or, if quotations are not readily available or the value has been materially affected by events occurring after the closing of a foreign market, at fair value as determined in good faith in accordance with procedures approved by the Trustees. Short-term debt investments which have a remaining maturity of 60 days or less may be valued at amortized cost, which approximates market value. Investments in John Hancock Cash Investment Trust, 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 portfolio transactions initially expressed in terms of foreign currencies have been translated into U.S. dollars as described in “Foreign currency translation” below.

Joint repurchase agreement

Pursuant to an exemptive order issued by the 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. The Adviser is responsible for ensuring that the agreement is fully collateralized at all times.

Foreign currency translation

All assets or liabilities initially expressed in terms of foreign currencies are translated

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20

into U.S. dollars based on London currency exchange quotations as of 4:00 P.M., London time, on the date of any determination of the net asset value of the Fund. Transactions affecting statement of operations accounts and net realized gain (loss) on investments are translated at the rates prevailing at the dates of the transactions.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency exchange gains or losses arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Investment transactions

Investment 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. Net realized gains and losses on sales of investments are determined on the identified cost basis. Capital gains realized on some foreign securities are subject to foreign taxes, which are accrued as applicable.

Class allocations

Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the appropriate net asset value of the respective classes. Distribution and service fees, if any, and transfer agent fees for Class I shares are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rate(s) applicable to each class.

Expenses

The majority of expenses are directly identifiable to an individual fund. Expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

Bank borrowings

The Fund is permitted to have bank borrowings for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Fund has entered into a line of credit agreement with The Bank of New York (BNY), the Swing Line Lender and Administrative Agent. This agreement enables the Fund to participate, with other funds managed by the Adviser, in an unsecured line of credit with BNY, which permits borrowings of up to $100 million, collectively. Interest is charged to each fund based on its borrowing. In addition, a commitment fee is charged to each fund based on the average daily unused portion of the line of credit and is allocated among the participating funds. The Fund had no borrowing activity under the line of credit during the period ended April 30, 2007.

Securities lending

The Fund may lend securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are collateralized at all times with cash or securities with a market value at least equal to the market value of the securities on loan. As with other extensions of credit, the Fund may bear the risk of delay of the loaned securities in recovery or even loss of rights in the collateral, should the borrower of the securities fail financially. At April 30, 2007, the Fund loaned securities having a market value of $179,305 collateralized by cash in the amount of $186,273. The cash collateral was invested in John Hancock Cash Investment Trust. Securities lending expenses are paid by the Fund to the lending agent.

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21

Federal income taxes

The Fund qualifies 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. For federal income tax purposes, the Fund has $4,446,601 of a capital loss carryforward available, to the extent provided by regulations, to offset future net realized capital gains. To the extent that such carryforward is used by the Fund, no capital gain distributions will be made. The loss carryforward expires as follows: October 31, 2009 — $730,761, October 31, 2010 — $3,278,640 and October 31, 2011 — $437,200.

New accounting pronouncements

In June 2006, Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes (the Interpretation), was issued and is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. The Interpretation prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return and requires certain expanded disclosures. Management is currently evaluating the application of the Interpretation to the Fund and has not at this time quantified the impact, if any, resulting from the adoption of this Interpretation on the Fund’s financial statements. The Fund will implement this pronouncement no later than April 30, 2008.

In September 2006, FASB Standard No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishing a framework for measuring fair value and expands disclosure about fair value measurements. Management is currently evaluating the application of FAS 157 to the Fund and its impact, if any, resulting from the adoption of FAS 157 on the Fund’s financial statements.

Dividends, interest and distributions

Dividend income on investment securities is recorded on the ex-dividend date or, in the case of some foreign securities, on the date thereafter when the Fund identifies the dividend. Interest income on investment securities is recorded on the accrual basis. The Fund may place a security on non-accrual status and reduce related investment income by ceasing current accruals or writing off interest, or dividends receivable, when the collection of income has become doubtful. Foreign income may be subject to foreign withholding taxes, which are accrued as applicable.

The Fund records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. There were no distributions during the year ended October 31, 2006. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.

Such distribution on a tax basis is determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Use of estimates

The preparation of these financial statements, in accordance with accounting principles generally accepted in the United States of America, incorporates estimates made by management in determining the reported amount of assets, liabilities, revenues and expenses of the Fund. Actual results could differ from these estimates.

Note 2
Management fee and transactions with
affiliates and others

The Fund has an investment management contract with the Adviser. Under the investment management contract, the Fund pays a daily management fee to the Adviser, at an annual rate of 1.00% of the Fund’s average daily net asset value.

The Adviser has agreed to limit the Fund’s total expenses excluding distribution, service fees

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22

and transfer agent fees to 1.25% of the Fund’s average daily net asset value, on an annual basis, and net operating expenses of Class A, Class B, Class C and Class I shares to 1.80%, 2.50%, 2.50% and 1.30% of each respective class’s average daily net asset value, at least until February 29, 2008. Accordingly, the expense reductions related to this total expense limitation amounted to $55,134 for the period ended April 30, 2007. The Adviser reserves the right to terminate these limitations in the future.

The Fund has a Distribution Agreement with John Hancock Funds, LLC (JH Funds), a wholly owned subsidiary of the Adviser. The Fund has adopted Distribution Plans with respect to Class A, Class B and Class C, pursuant to Rule 12b-1 under the 1940 Act, to reimburse JH Funds for the services it provides as distributor of shares of the Fund. Accordingly, the Fund makes monthly payments to JH Funds at an annual rate not to exceed 0.30%, 1.00% and 1.00% of average daily net asset value of Class A, Class B and Class C, respectively. A maximum of 0.25% of such payments may be service fees, as defined by the Conduct Rules of the National Association of Securities Dealers. Under the Conduct Rules, curtailment of a portion of the Fund’s 12b-1 payments could occur under certain circumstances. Prior to June 17, 2005, Quasar Distributors, LLC, served as the Predecessor Fund’s principal underwriter and was compensated at an annual rate of 0.25% of the Predecessor Fund’s a verage daily net asset value.

Expenses under the agreements described above for the period ended April 30, 2007, were as follows:

	Distribution and
Share class	service fees
Class A	$3,337
Class B	1,637
Class C	573
Total	$5,547

Class A shares are assessed up-front sales charges. During the period ended April 30, 2007, JH Funds received net up-front sales charges of $533 with regard to sales of Class A shares. Of this amount, $85 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $311 was paid  as sales commissions to unrelated broker-dealers and $137 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a related broker-dealer. The Adviser’s indirect parent, John Hancock Life Insurance Company (JHLICO), is the indirect sole shareholder of Signator Investors.

Class B shares that are redeemed within six years of purchase are subject to a contingent deferred sales charge (CDSC) at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a CDSC at a rate of 1.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from the CDSCs are paid to JH Funds and are used, in whole or in part, to defray its expenses for providing distribution-related services to the Fund in connection with the sale of Class B and Class C shares. During the period ended April 30, 2007, CDSCs received by JH Funds amounted to $1,202 for Class B shares and $1 for Class C shares.

The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an indirect subsidiary of JHLICO. For Class A, Class B and Class C shares, the Fund pays a monthly transfer agent fee at an annual rate of 0.05% of each class’s average daily net asset value, plus a fee based on the number of shareholder accounts and reimbursement for certain out-of-pocket expenses, aggregated and allocated to each class on the basis of its relative net asset value. For Class I shares, the Fund pays a monthly transfer agent fee at an annual rate of 0.05% of the average daily net asset value. Signature Services has agreed to limit transfer agent fees on Class A, Class B and Class C shares to 0.25% of each class’ average daily net asset value, at least until February 29, 2008. There were no transfer agent fee reductions for the period ended April 30, 2007.

The Fund has an agreement with the Adviser and affiliates to perform necessary tax, accounting and legal services for the Fund. The

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23

compensation for the year amounted to $172. The Fund also reimbursed JHLICO for certain compliance costs, included in the Fund’s Statement of Operations.

The Adviser and other subsidiaries of JHLICO owned 113 Class I shares of beneficial interest of the Fund on April 30, 2007.

Mr. James R. Boyle is Chairman of the Adviser, as well as affiliated Trustee of the Fund, and is compensated by the Adviser and/or its affiliates. The compensation of unaffiliated Trustees is borne by the Fund. The unaffiliated Trustees may elect to defer, for tax purposes, their receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan. The Fund makes investments into other John Hancock funds, as applicable, to cover its liability for the deferred compensation. Investments to cover the Fund’s deferred compensation liability are recorded on the Fund’s books as an other asset. The deferred compensation liability and the related other asset are always equal and are marked to market on a periodic basis to reflect any income earned by the investments, as well as any unrealized gains or losses. The Deferred Compensation Plan investments had no impact on the operations of the Fund.

Note 3
Fund share transactions

This listing illustrates the number of Fund shares sold and repurchased during the year ended October 31, 2006 and period ended April 30, 2007, along with the corresponding dollar value.

	Year ended 10-31-06		Period ended 4-30-071
	Shares	Amount	Shares	Amount
Class A shares
Sold	66,081	$649,223	37,312	$374,355
Repurchased	(212,206)	(1,894,208)	(39,251)	(388,431)
Net decrease	(146,125)	($1,244,985)	(1,939)	($14,076)
Class B shares
Sold	40,934	$400,503	19,619	$194,030
Repurchased	(20,388)	(191,374)	(30,277)	(296,217)
Net increase (decrease)	20,546	$209,129	(10,658)	($102,187)
Class C shares
Sold	8,695	$83,095	2,573	$25,517
Repurchased	(741)	(6,967)	(3,736)	(36,388)
Net increase (decrease)	7,954	$76,128	(1,163)	($10,871)
Class I shares
Sold	—	—	—	—
Repurchased	—	—	—	—
Net increase (decrease)	—	—	—	—
Net decrease	(117,625)	($959,728)	(13,760)	($127,134)

¹ Semiannual period from 11-1-06 through 4-30-07. Unaudited.

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Note 4
Investment transactions

Purchases and proceeds from sales or maturities of securities, other than short-term securities and obligations of the U.S. government, during the period ended April 30, 2007, aggregated $1,613,589 and $1,553,236, respectively.

The cost of investments owned on April 30, 2007, including short-term investments, for federal income tax purposes, was $2,555,100. Gross unrealized appreciation and depreciation of investments aggregated $357,970 and $72,438, respectively, resulting in net unrealized appreciation of $285,532. The difference between book basis and tax basis net unrealized appreciation of investments is attributable primarily to the tax deferral of losses on certain sales of securities.

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Board Consideration of and
Continuation of Investment Advisory
Agreement and Subadvisory
Agreement: John Hancock Technology
Leaders Fund

The Investment Company Act of 1940 (the 1940 Act) requires the Board of Trustees (the Board) of John Hancock Equity Trust (the Trust), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and are not “interested persons” of the Trust, as defined in the 1940 Act (the Independent Trustees), annually to review and consider the continuation of: (i) the investment advisory agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Adviser) and (ii) the investment subadvisory agreement (the Subadvisory Agreement) with MFC Global Investment Management (U.S.), LLC (the Subadviser) for the John Hancock Technology Leaders Fund (the Fund). The Advisory Agreement and the Subadvisory Agreement are collectively referred to as the Advisory Agreements.

At meetings held on May 1–2 and June 5–6, 2006,¹ the Board considered the factors and reached the conclusions described below relating to the selection of the Adviser and Subadviser and the continuation of the Advisory Agreements. During such meetings, the Board’s Contracts/Operations Committee and the Independent Trustees also met in executive sessions with their independent legal counsel.

In evaluating the Advisory Agreements, the Board, including the Contracts/Operations Committee and the Independent Trustees, reviewed a broad range of information requested for this purpose by the Independent Trustees, including: (i) the investment performance of the Fund relative to a category of relevant funds (the Category) and a peer group of comparable funds (the Peer Group) each selected by Morningstar, Inc. (Morningstar), an independent provider of investment company data, for a range of periods ended December 31, 2005; (ii) advisory and other fees incurred by, and the expense ratios of, the Fund relative to a Category and a Peer Group; (iii) the advisory fees of comparable portfolios of other clients of the Adviser and the Subadviser; (iv) the Adviser’s financial results and condition, including its and certain of its affiliates’ profitability from services performed for the Fund; (v) breakpoints in the Fund’s and the Peer Group’s fees, and information about economies of scale; (vi) the Adviser’s and Subadviser’s record of compliance with applicable laws and regulations, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the structure and responsibilities of the Adviser’s and Subadviser’s compliance department; (vii) the background and experience of senior management and investment professionals; and (viii) the nature, cost and character of advisory and non-investment management services provided by the Adviser and its affiliates and by the Subadviser.

The Board’s review and conclusions were based on a comprehensive consideration of all information presented to the Board and not the result of any single controlling factor. It was based on performance and other information as of December 31, 2005; facts may have changed between that date and the date of this shareholders report. The key factors considered by the Board and the conclusions reached are described below.

Nature, extent and quality of services

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of the Adviser and Subadviser. In addition, the Board took into account the administrative services provided to the Fund by the Adviser and its affiliates.

Based on the above factors, together with those referenced below, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser and Subadviser were sufficient to support renewal of the Advisory Agreements.

Fund performance

The Board considered the performance results for the Fund over various time periods

26

ended December 31, 2005. The Board also considered these results in comparison to the performance of the Category, as well as the Fund’s Peer Group and benchmark index. Morningstar determined the Category and the Peer Group for the Fund. The Board reviewed, with a representative of Morningstar, the methodology used by Morningstar to select the funds in the Category and the Peer Group. The Board noted the imperfect comparability of the Peer Group.

The Board noted that the Fund’s performance during the one- and three-year periods was lower than the performance of the Peer Group and Category medians, and its benchmark index, the NYSE Arca Tech 100 Index. The Board also noted that Fund’s performance during the five-year period was higher than the performance of the Peer Group and Category medians, and lower than the performance of its benchmark index. The Adviser discussed with the Board factors that contributed to the Fund’s underperformance and described changes in investment personnel and processes which have been, and are being, implemented with the objective of improving performance. The Board evaluated the actions that had been taken and intends to continue to monitor the Fund’s performance trends to assess the effectiveness of these changes and whether other remedial changes are warranted.

Investment advisory fee and subadvisory fee rates and expenses

The Board reviewed and considered the contractual investment advisory fee rate payable by the Fund to the Adviser for investment advisory services (the Advisory Agreement Rate). The Board received and considered information comparing the Advisory Agreement Rate with the advisory fees for the Peer Group and Category. The Board noted that the Advisory Agreement Rate was higher than the median rate of the Peer Group and Category.

The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution and fees other than advisory and distribution fees, including transfer agent fees, custodian fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board also considered peer-adjusted comparisons for the transfer agent fees. The Board considered comparisons of these expenses to the Peer Group median. The Board also received and considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and total operating expense ratio after taking the fee waiver arrangement applicable to the Advisory Agreement Rate into account (Net Expense Ratio). The Board received and considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of th e Peer Group and Category medians. The Board noted that the Fund’s Gross and Net Expense Ratios were appreciably higher than the median of its Peer Group and Category. The Board favorably considered the impact of fee caps towards ultimately lowering the Fund’s total operating expense ratio.

The Adviser also discussed the Morningstar data and rankings, and other relevant information, for the Fund. Based on the above-referenced considerations and other factors, the Board concluded that the Fund’s plans to reduce the Fund’s overall expenses and plans for improving the Fund’s performance supported the re-approval of the Advisory Agreements.

The Board also received information about the investment subadvisory fee rate (the Subadvisory Agreement Rate) payable by the Adviser to the Subadviser for investment subadvisory services. The Board concluded that the Subadvisory Agreement Rate was fair and equitable, based on its consideration of the factors described here.

Profitability

The Board received and considered a detailed profitability analysis of the Adviser based on the Advisory Agreements, as well as on other relationships between the Fund and the Adviser and its affiliates, including the Subadviser. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, the profits and other ancillary benefits reported by the Adviser were not unreasonable.

Economies of scale

The Board received and considered general information regarding economies of scale with respect to the management of the Fund,

27

including the Fund’s ability to appropriately benefit from economies of scale under the Fund’s fee structure. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual Funds, but rather are incurred across a variety of products and services.

Information about services to other clients

The Board also received information about the nature, extent and quality of services and fee rates offered by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board concluded that the Advisory Agreement Rate and the Subadvisory Agreement Rate were not unreasonable, taking into account fee rates offered to others by the Adviser and Subadviser, respectively, after giving effect to differences in services.

Other benefits to the Adviser

The Board received information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. Such benefits could include, among others, benefits directly attributable to the relationship of the Adviser with the Fund and benefits potentially derived from an increase in the business of the Adviser as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by the Adviser and its affiliates).

The Board also considered the effectiveness of the Adviser’s, Subadviser’s and Fund’s policies and procedures for complying with the requirements of the federal securities laws, including those relating to best execution of portfolio transactions and brokerage allocation.

Other factors and broader review

As discussed above, the Board reviewed detailed materials received from the Adviser and Subadviser as part of the annual re-approval process. The Board also regularly reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of the Adviser and Subadviser at least quarterly, which include, among other things, fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year.

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Fund was in the best interest of the Fund and its shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements.

¹ The Board previously considered information about the Subadvisory Agreement at the September and December 2005 Board meetings in connection with the Adviser’s reorganization.

28

For more information

The Fund’s proxy voting policies, procedures and records are available without charge, upon request:

By phone	On the Fund’s Web site	On the SEC’s Web site
1-800-225-5291	www.jhfunds.com/proxy	www.sec.gov
Trustees	Charles A. Rizzo	Custodian
Ronald R. Dion, Chairman	Chief Financial Officer	The Bank of New York
James R. Boyle†	Gordon M. Shone	One Wall Street
James F. Carlin	Treasurer	New York, NY 10286
William H. Cunningham
Charles L. Ladner*	John G. Vrysen	Transfer agent
Dr. John A. Moore*	Chief Operations Officer	John Hancock Signature
Patti McGill Peterson*		Services, Inc.
Steven R. Pruchansky	Investment adviser	One John Hancock Way,
*Members of the Audit Committee	John Hancock Advisers, LLC	Suite 1000
†Non-Independent Trustee	601 Congress Street	Boston, MA 02217-1000
	Boston, MA 02210-2805
Officers		Legal counsel
Keith F. Hartstein	Subadviser	Kirkpatrick & Lockhart
President and	MFC Global Investment	Preston Gates Ellis LLP
Chief Executive Officer	Management (U.S.), LLC	One Lincoln Street
	101 Huntington Avenue	Boston, MA 02111-2950
Thomas Kinzler	Boston, MA 02199
Secretary and Chief Legal Officer
	Principal distributor
Francis V. Knox, Jr.	John Hancock Funds, LLC
Chief Compliance Officer	601 Congress Street
	Boston, MA 02210-2805

How to contact us
Internet	www.jhfunds.com
Mail	Regular mail:	Express mail:
	John Hancock	John Hancock
	Signature Services, Inc.	Signature Services, Inc.
	One John Hancock Way, Suite 1000	Mutual Fund Image Operations
	Boston, MA 02217-1000	380 Stuart Street
		Boston, MA 02116
Phone	Customer service representatives	1-800-225-5291
	EASI-Line	1-800-338-8080
	TDD line	1-800-554-6713

A listing of month-end portfolio holdings is available on our Web site, www.jhfunds.com. A more detailed portfolio holdings summary is available on a quarterly basis 60 days after the fiscal quarter on our Web site or upon request by calling 1-800-225-5291, or on the SEC’s Web site, www.sec.gov.

32

J O H N   H A N C O C K   F A M I L Y   O F   F U N D S

EQUITY	INTERNATIONAL
Balanced Fund	Greater China Opportunities Fund
Classic Value Fund	International Allocation Portfolio
Classic Value Fund II	International Classic Value Fund
Classic Value Mega Cap Fund	International Core Fund
Core Equity Fund	International Growth Fund
Global Shareholder Yield Fund
Growth Fund	INCOME
Growth Opportunities Fund	Bond Fund
Growth Trends Fund	Government Income Fund
Intrinsic Value Fund	High Yield Fund
Large Cap Equity Fund	Investment Grade Bond Fund
Large Cap Select Fund	Strategic Income Fund
Mid Cap Equity Fund
Multi Cap Growth Fund	TAX-FREE INCOME
Small Cap Equity Fund	California Tax-Free Income Fund
Small Cap Fund	High Yield Municipal Bond Fund
Small Cap Intrinsic Value Fund	Massachusetts Tax-Free Income Fund
Sovereign Investors Fund	New York Tax-Free Income Fund
U.S. Core Fund	Tax-Free Bond Fund
U.S. Global Leaders Growth Fund
Value Opportunities Fund	MONEY MARKET
	Money Market Fund
ASSET ALLOCATION	U.S. Government Cash Reserve
Allocation Core Portfolio
Allocation Growth + Value Portfolio	CLOSED-END
Lifecycle 2010 Portfolio	Bank and Thrift Opportunity Fund
Lifecycle 2015 Portfolio	Financial Trends Fund, Inc.
Lifecycle 2020 Portfolio	Income Securities Trust
Lifecycle 2025 Portfolio	Investors Trust
Lifecycle 2030 Portfolio	Patriot Premium Dividend Fund II
Lifecycle 2035 Portfolio	Patriot Select Dividend Trust
Lifecycle 2040 Portfolio	Preferred Income Fund
Lifecycle 2045 Portfolio	Preferred Income II Fund
Lifecycle Retirement Portfolio	Preferred Income III Fund
Lifestyle Aggressive Portfolio	Tax-Advantaged Dividend Income Fund
Lifestyle Balanced Portfolio
Lifestyle Conservative Portfolio
Lifestyle Growth Portfolio
Lifestyle Moderate Portfolio
SECTOR
Financial Industries Fund
Health Sciences Fund
Real Estate Fund
Regional Bank Fund
Technology Fund
Technology Leaders Fund

The Fund’s investment objectives, risks, charges and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, call your financial professional, call John Hancock Funds at 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com. Please read the prospectus carefully before investing or sending money.

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds. com

Now available:electronicdelivery www.jhfunds. com/edelivery

This report is for the information of the shareholders of John HancockTechnologyLeaders Fund.

060SA 4/07
          6/07

CEO corner

TABLE OF CONTENTS 

Your fund at a glance 

page 1 

Managers’ report 

page 2 

A look at performance 

page 6 

Your expenses 

page 8 

Fund’s investments 

page 10 

Financial statements 

page 15 

Notes to financial 

statements 

page 21 

For more information 

page 32 

To Our Shareholders,

The U.S. financial markets produced solid results over the last six months. Positive economic news, stronger than expected corporate earnings and increased merger and acquisitions activity served to over come concerns about inflation, energy costs and the troubled subprime mortgage market’s potential to put the brakes on the economy. This ronment also led the Federal Reserve Board to hold short-term interest rates steady. Even with a sharp decline in late February, the broad stock market returned 8.60% for the six months ended April 30, 2007. The Dow Jones Industrial Average punched through the 13,000 mark for first time in April and posted a string of new highs as the period ended

After a remarkably long period of calm, the financial markets were rocked at the end of February by a dramatic sell-off in China’s stock market, which had ripple effects on financial markets worldwide. It also shook investors out of their seemingly casual attitude toward risk and remind them of the simple fact that stock markets move in two directions — down as well as up.

Although the downturn lasted for less than a month before positive news stopped the fall, it was also a good occasion to bring to mind several important investment principles that we believe are at the foundation of successful investing. First, keep a long-term approach to investing, avoiding emotional reactions to daily market moves. Second, maintain a well-diversified portfolio that is appropriate for your goals, risk profile and time horizons.

After the market’s recent moves, we encourage investors to sit back, take stock and set some realistic expectations. While history bodes for the U.S. market in 2007 (since 1939, the S&P 500 Index has always produced positive results in the third year of a presidential term), there are no guarantees, and opinions are divided on the future of this more than-four-year-old bull market.

The recent volatility could also be a wake-up call to contact your financial professional to determine whether changes are in order to your investment mix. Some asset groups have had long runs of outperformance. Others had truly outsized returns in 2006. These trends argue for a look to determine if these categories now represent a larger stake in your portfolios than prudent diversification would suggest they should. After all, we believe investors with a well-balanced portfolio and a marathon, not a sprint, approach to investing, stand a better chance of weathering the market’s short-term twists and turns, and reaching their long-term goals.

Sincerely,

Keith F. Hartstein,
President and Chief Executive Officer

This commentary reflects the CEO’s views as of April 30, 2007. They are subject to change at any time.

Your fund at a glance

The Fund seeks long-term growth of capital by investing approximately one third of its assets in equity securities of U.S. and foreign companies in each of the following sectors: financial services, health care and technology.

Over the last six months

► The financial portfolio outperformed its benchmark thanks to positioning among capital market-related shares, such as asset managers, custody banks and investment bankers.

► The health care portfolio benefited from a focus on innovative biotechnology and pharmaceutical companies, but suffered from sharp downturns in a few names elsewhere.

► The technology portion of the Fund lagged its benchmark due primarily to unfavorable stock selection.

John Hancock Growth Trends Fund

Fund performance for the six months ended April 30, 2007.

Total returns for the Fund are at net asset value with all distributions reinvested. These returns do not reflect the deduction of the maximum sales charge, which would reduce the performance shown above.

Top holdings
Financial Services
American International
Group, Inc.	9.3%
Bank of America Corp.	8.9%
Wachovia Corp.	8.2%
American Express Co.	6.1%
Citigroup, Inc.	5.5%

Health Care
Shire Plc	13.8%
Bayer AG	6.8%
Inverness Medical
Innovations, Inc.	5.1%
Gilead Sciences, Inc.	4.1%
Hospira, Inc.	4.0%

Technology
Microsoft Corp.	13.7%
Hewlett-Packard Co.	9.3%
Cisco Systems, Inc.	5.7%
Mentor Graphics Corp.	4.7%
Ingram Micro, Inc.
(Class A)	4.3%

As a percentage of Financial Services, Health Care and Technology net assets, respectively, on April 30, 2007.

1

Managers’ report

John Hancock
Growth Trends Fund

Despite a bumpy ride, stocks managed healthy returns during the six months ended April 30, 2007, as the broad S&P 500 Index returned 8.60% .

In this period, John Hancock Growth Trends Fund’s Class A, Class B and Class C shares posted total returns of 5.35%, 5.14% and 5.14%, respectively, at net asset value, compared with the average 7.81% return
of Morningstar, Inc.’s large growth fund category.¹ The Fund’s three sectors — financials, technology and health care — all produced positive results, but only one — health care — kept pace with the broader market. The Fund’s results were held back by the performance of its health care and technology portfolios, which lagged their benchmark indexes.

FINANCIALS by Roger C. Hamilton and Lisa A. Welch

On April 30, 2007, James K. Schmidt retired after more than 20 years of distinguished service at John Hancock Funds.

Financial shares underperformed the broader market, as the Standard & Poor’s 500 Financial Index returned 5.76% . Life and health insurance firms made up one of the best-performing industry segments. Financial groups whose revenues are tied to the market, such as investment banks, asset managers and custody banks, performed well thanks to continued robust capital markets and deal activity. At the other end of the spectrum, banking stocks saw their returns limited by worry about exposure to subprime loans. In addition, the interest rate environment continued

SCORECARD

INVESTMENT		PERIOD’S PERFORMANCE... AND WHAT’S BEHIND THE NUMBERS
Goldman Sachs	▲	Strong capital-markets activity
Aveta	▼	Earnings below expectations
BEA Systems	▼	Increased competition hurts results

2

Portfolio Managers, MFC Global Investment Management (U.S.), LLC
Roger C. Hamilton, Lisa A. Welch, Jon D. Stephenson, CFA, Thomas P. Norton, CFA

to work against them — the yield curve remained inverted throughout the period, hurting banks’ net interest margins.

Continuing a trend of recent years, the financial portfolio’s capital-market holdings were by far the biggest contributors to performance behind such names as Goldman Sachs Group, Inc., Bank of New York Co., Inc., Franklin Resources, Inc. and State Street Corp., among others. An underweight to regional banks also contributed to relative results. These companies faced credit issues relating to subprime loans, and saw their earnings growth limited by the interest rate environment.

“Despite a bumpy ride, stocks 

managed healthy returns during 

the six months ended 

April 30, 2007…” 

In a period when the portfolio outperformed the benchmark by a wide margin, the leading detractors were small, winning segments of the index (less than 1% each) to which the portfolio had no exposure, such as office and retail real estate investment trusts. At the individual security level, the leading detractors were Bank of America Corp. and HSBC Holdings Plc.

We’re generally positive on the financials sector going forward, though the flat yield curve and current credit environment present some challenges in the near term. Nevertheless, we see many attractive investment candidates under our approach, which targets what we believe are good businesses selling with a margin of safety, a catalyst for growth and good revenue trends.

HEALTH CARE by Jon D. Stephenson, CFA

Effective March 14, 2007, Jon D. Stephenson took over management responsibilities for the portfolio, replacing Robert C. Junkin, CPA, who left the company.

Health care stocks did well for the six months ended April 30, 2007, with the Russell 3000 Healthcare Index gaining 8.50% . The Fund’s health

Growth Trends Fund

3

care portfolio benefited from a focus on innovative biotechnology and pharmaceutical companies, but suffered from sharp downturns in a few names elsewhere that caused it to lag the Russell index.

Among top performers were Theratechnologies, Inc., a Canadian biotech company, and Shire Plc, a British specialty pharma company. Theratechnologies surged after the release of positive test data for a new treatment it has for HIV lipo-atrophy, a condition that causes patients to lose volume in their faces. Shire, which focuses on treatments for Attention Deficit Hyperactivity Disorder (ADHD), benefited from a new product approval and robust pipeline. Bayer AG, a German company previously focused on chemicals, also rallied nicely after purchasing a pharmaceuticals company in 2006.

On the downside were Aveta, Inc. and Force Protection, Inc. Aveta is a privately held managed care company with a strong presence in Puerto Rico. The stock sank when fourth quarter earnings came in below expectations, triggering worries the company might default on its debt. A small investment outside the sector also proved costly. Force Protection, which makes armored military vehicles, declined early in 2007 after receiving disappointing news on a key contract. We sold the position to focus exclusively on health care.

Looking ahead, we’re excited about the sector’s growth prospects. We believe challenges, such as payers’ concerns over cost containment, could create attractive opportunities to buy great companies whose stocks are trading below their intrinsic value and where there is a catalyst — such as a planned new product launch or upcoming clinical data release — that could help unlock that value.

SECTOR DISTRIBUTION2
Financials	29%
Health care	29%
Information technology	28%
Energy	3%
Consumer discretionary	2%
Telecommunication
services	2%
Industrials	1%
Consumer staples	1%
Materials	1%

TECHNOLOGY by Thomas P. Norton, CFA

Like the stock market overall, technology stocks were on a roller coaster ride during much of the period and ended up lagging the overall market. The technology portion of the Fund also lagged its benchmark, due primarily to unfavorable stock selection. Leading the list of our most disappointing performers was BEA Systems, Inc., whose financial results fell short of expectations as competition heated up. Shares of RF Micro Devices, Inc., a maker of radio frequency components used in mobile devices,

Growth Trends Fund

4

fell during the period based in large measure on the company’s projection of weaker-than-expected financial results over the short term, attributable to Motorola, a key client. Our holdings in iRobot Corp. also worked against us. The company, best known for the Roomba — a robot household vacuum — also provides robots to military customers, including PackBots, which perform dangerous tasks such as battlefield reconnaissance. The market cooled on the stock after disappointing sales of the company’s follow-up Scooba floor-washing robot, and its ongoing commitment to plow back some of its earnings into marketing and research and development. Among our best performers during the period was MEMC Electronic Materials, which makes silicon wafers used in semiconductors. The company benefited from market share gains, strong demand and increasing prices for some of its products, particularly from the solar industry. Red Hat, Inc. was another winner, posting strong financial results amid solid demand for the open source software maker’s products. Another notable standout included Apple Computer, Inc., which continued to be bolstered by the success of its Macintosh computers and iPOD, as well as excitement over its upcoming iPhone.

“The Fund’s three sectors — 

financials, technology and health 

care — all produced positive 

results, but only one — health 

care — kept pace with the 

broader market.” 

We believe that after underperforming the broader stock market over the past three years or so, technology stocks could outperform the overall market during the second half of 2007. Expectations for the group have diminished, and we believe that technology companies as a group have better growth Delete all specs beforepotential than many other industries. Furthermore, tech stock valuations appear attractive in our view, both on a historical basis and relative to other industries.

This commentary reflects the views of the managers through the end of the Fund’s period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events, and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Sector investing is subject to greater risks than the market as a whole.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting.

¹ Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges. Actual load-adjusted performance is lower.

² As a percentage of net assets on April 30, 2007.

Growth Trends Fund

5

A look at performance

For the periods ended April 30, 2007

		Average annual returns				Cumulative total returns
		with maximum sales charge (POP)				with maximum sales charge (POP)
	Inception				Since					Since
Class	date	1-year	5-year	10-year	inception	6-month	1-year	5-year	10-year	inception
A	9-22-00	0.97%	3.57%	—	–5.41%	0.14%	0.97%	19.15%	—	–30.75%
B	9-22-00	0.78	3.58	—	–5.34	0.14	0.78	19.25	—	–30.40
C	9-22-00	4.78	3.93	—	–5.34	4.14	4.78	21.25	—	–30.40

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The returns for Class C shares have been adjusted to reflect the elimination of the front-end sales charge effective July 15, 2004. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month-end, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

Growth Trends Fund

6

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Growth Trends Fund Class A shares for the period indicated. For comparison, we’ve shown the same investment in the Standard & Poor’s 500 Index.

		Without	With maximum
Class	Period beginning	sales charge	sales charge	Index
B2	9-22-00	$6,960	$6,960	$11,432
C2	9-22-00	6,960	6,960	11,432

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B and Class C shares, respectively, as of April 30, 2007. The Class C shares investment with maximum sales charge has been adjusted to reflect the elimination of the front-end sales charge effective July 15, 2004. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

Standard & Poor’s 500 Index is an unmanaged index that includes 500 widely traded common stocks.

It is not possible to invest directly in an index. Index figures do not reflect sales charges which would have resulted in lower values if they did.

¹ NAV represents net asset value and POP represents public offering price.

² No contingent deferred sales charge applicable.

Growth Trends Fund

7

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

■ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■ Ongoing operating expenses including management fees, distribution and service fees (if applicable) and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about your fund’s actual ongoing operating expenses, and is based on your fund’s actual return. It assumes an account value of $1,000.00 on November 1, 2006, with the same investment held until April 30, 2007.

	Account value	Ending value	Expenses paid during period
	on 11-1-06	on 4-30-07	ended 4-30-071
Class A	$1,000.00	$1,053.50	$7.60
Class B	1,000.00	1,051.40	11.18
Class C	1,000.00	1,051.40	11.18

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at April 30, 2007 by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Growth Trends Fund

8

Hypothetical example for comparison purposes

This table allows you to compare your fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not your fund’s actual return). It assumes an account value of $1,000.00 on November 1, 2006, with the same investment held until April 30, 2007. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during period
	on 11-1-06	on 4-30-07	ended 4-30-071
Class A	$1,000.00	$1,017.40	$7.46
Class B	1,000.00	1,013.90	10.98
Class C	1,000.00	1,013.90	10.98

Remember, these examples do not include any transaction costs, such as sales charges; therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.50%, 2.20% and 2.20% for Class A, Class B and Class C, respectively, multiplied by the average account value over the period, multiplied by [number of days in most recent fiscal half-year/365 or 366] (to reflect the one-half year period).

Growth Trends Fund

9

F I N A N C I A L  S T A T E M E N T S

Fund’s investments

Securities owned by the Fund on 4-30-07 (unaudited)

This schedule is divided into two main categories: common stocks and short-term investments. Common stocks are further broken down by industry group. Short-term investments, which represent the Fund’s cash position, are listed last.

Issuer	Shares	Value
Common stocks 96.31%		$95,569,958
(Cost $73,767,425)
Agricultural Products 0.39%		387,000
Archer-Daniels-Midland Co.	10,000	387,000
Application Software 2.61%		2,587,713
BEA Systems, Inc. (I)	94,600	1,115,333
Mentor Graphics Corp. (I)	91,000	1,472,380
Asset Management & Custody Banks 4.85%		4,815,731
Bank of New York Co., Inc. (The)	37,620	1,522,858
Franklin Resources, Inc.	8,300	1,089,873
MVC Capital, Inc.	9,350	164,280
PennantPark Investment Corp. (I)	9,870	147,853
State Street Corp.	25,200	1,735,524
Tortoise Capital Resources Corp. (I)	8,540	155,343
Biotechnology 4.37%		4,338,488
Altus Pharmaceuticals, Inc. (I)	45,950	680,519
BioMarin Pharmaceuticals, Inc. (I)	32,350	522,776
BioSphere Medical, Inc. (I)	28,150	191,138
Exelixis, Inc. (I)	26,750	287,295
Gilead Sciences, Inc. (I)	18,000	1,470,960
Regeneration Technologies, Inc. (I)	140,000	1,185,800
Communications Equipment 6.70%		6,643,755
Cisco Systems, Inc. (I)	66,750	1,784,895
Comverse Technology, Inc. (I)	46,700	1,059,156
Corning, Inc. (I)	38,400	910,848
Telefonaktiebolaget LM Ericsson, American Depositary Receipt
(ADR) (Sweden)	17,700	675,609
NDS Group Plc (ADR) (United Kingdom) (I)	20,500	1,057,185
Nokia Corp. (ADR) (Finland)	26,530	669,882
QUALCOMM, Inc.	11,100	486,180
Computer & Electronics Retail 0.46%		454,837
Best Buy Co., Inc.	9,750	454,837
Computer Hardware 3.92%		3,885,777
Apple Computer, Inc. (I)	9,900	988,020
Hewlett-Packard Co.	68,765	2,897,757

See notes to financial statements

Growth Trends Fund

10

F I N A N C I A L  S T A T E M E N T S

Issuer	Shares	Value
Computer Storage & Peripherals 3.10%		$3,078,938
EMC Corp. (I)	80,950	1,228,821
Komag, Inc. (L)	31,300	861,063
SanDisk Corp. (I)	7,850	341,082
Western Digital Corp. (I)	36,650	647,972
Consumer Finance 2.03%		2,011,210
American Express Co.	33,150	2,011,210
Data Processing & Outsourced Services 0.49%		483,198
Euronet Worldwide, Inc. (I)	17,350	483,198
Diversified Banks 7.30%		7,244,559
Bank of America Corp.	57,674	2,935,607
HSBC Holdings Plc (ADR) (United Kingdom) (L)	3,067	283,268
Kookmin Bank (ADR) (South Korea)	6,570	590,117
Wachovia Corp.	48,255	2,680,083
Wells Fargo & Co.	21,050	755,484
Diversified Chemicals 2.42%		2,405,508
Bayer AG (Germany) (C)	35,000	2,405,508
Diversified Financial Services 2.48%		2,463,530
Citigroup, Inc.	33,750	1,809,675
JPMorgan Chase & Co.	12,550	653,855
Electronic Manufacturing Services 0.47%		463,670
Jabil Circuit, Inc.	19,900	463,670
Health Care Distributors 1.34%		1,329,050
Cardinal Health, Inc.	19,000	1,329,050
Health Care Equipment 5.73%		5,690,664
Baxter International, Inc.	15,000	849,450
Gen-Probe, Inc. (I)	11,850	605,654
Hospira, Inc. (I)	35,000	1,419,250
Micrus Endovascular Corp. (I)	10,000	222,300
NMT Medical, Inc. (I)	40,000	623,200
Northstar Neuroscience, Inc. (I)	39,590	539,216
Stereotaxis, Inc. (I)	41,400	430,974
Thoratec Corp. (I)	51,000	1,000,620
Health Care Facilities 0.21%		213,055
Sun Healthcare Group, Inc. (I)	16,990	213,055
Health Care Services 2.51%		2,487,482
Assisted Living Concepts, Inc. (I)	20,000	245,000
Aveta, Inc. (I)(S)	97,210	777,680
Capital Senior Living Corp. (I)	20,000	232,200
Nektar Therapeutics (I)	54,000	667,980
Sunrise Senior Living, Inc. (I)	5,000	191,450
Systems Xcellence, Inc. (Canada) (I)	16,360	373,172

See notes to financial statements

Growth Trends Fund

11

F I N A N C I A L  S T A T E M E N T S

Issuer	Shares	Value
Health Care Supplies 3.17%		$3,143,610
Inverness Medical Innovations, Inc. (I)	3,200	128,160
Inverness Medical Innovations, Inc. (I)(K)	45,000	1,802,250
PolyMedica Corp.	30,000	1,213,200
Household Appliances 0.35%		350,285
iRobot Corp. (I)(L)	22,100	350,285
Human Resource & Employment Services 0.70%		693,825
Monster Worldwide, Inc. (I)	16,500	693,825
Insurance Brokers 0.24%		242,187
Aon Corp.	6,250	242,187
Integrated Oil & Gas 0.45%		444,347
Sasol Ltd. (ADR) (South Africa)	13,004	444,347
Internet Software & Services 1.60%		1,591,356
Google, Inc. (Class A) (I)	2,100	989,898
Yahoo!, Inc. (I)	21,450	601,458
Investment Banking & Brokerage 4.89%		4,854,561
Goldman Sachs Group, Inc. (The)	8,000	1,748,880
Legg Mason, Inc.	10,550	1,046,454
Merrill Lynch & Co., Inc.	6,500	586,495
Morgan Stanley	12,200	1,024,922
UBS AG (Switzerland)	6,900	447,810
IT Consulting & Other Services 1.28%		1,269,447
Accenture Ltd. (Class A) (Bermuda)	8,100	316,710
CA, Inc.	34,950	952,737
Life & Health Insurance 1.55%		1,538,022
Aflac, Inc.	18,300	939,522
Prudential Financial, Inc.	6,300	598,500
Marine 0.22%		216,720
Oceanfreight, Inc. (Greece) (I)	11,200	216,720
Movies & Entertainment 0.47%		468,732
Disney (Walt) Co. (The)	13,400	468,732
Multi-Line Insurance 4.72%		4,684,426
American International Group, Inc.	43,850	3,065,554
Genworth Financial, Inc. (Class A)	29,250	1,067,332
Hartford Financial Services Group, Inc. (The)	5,450	551,540
Oil & Gas Equipment & Services 0.68%		672,597
Grant Prideco, Inc. (I)	13,050	672,597
Pharmaceuticals 12.10%		12,007,442
Anesiva, Inc. (I)	60,000	471,000
Auxilium Pharmaceuticals, Inc. (I)	67,000	995,620
BioMimetic Therapeutics, Inc. (I)	37,050	694,317
Cubist Pharmaceuticals, Inc. (I)	55,000	1,179,750
Inspire Pharmaceuticals, Inc. (I)	38,450	294,143
MGI Pharma, Inc. (I)	20,000	440,400

See notes to financial statements

Growth Trends Fund

12

F I N A N C I A L  S T A T E M E N T S

Issuer	Shares	Value
Pharmaceuticals (continued)
Novartis AG (ADR) (Switzerland)	13,500	$784,215
Roche Holding AG (Switzerland)	7,000	1,319,297
Shire Plc (ADR) (United Kingdom)	70,000	4,892,300
Spectrum Pharmaceuticals, Inc. (I)	80,000	536,800
Wyeth	7,200	399,600
Property & Casualty Insurance 0.85%		839,970
Ambac Financial Group, Inc.	9,150	839,970
Reinsurance 1.50%		1,493,088
PartnerRe Ltd. (Bermuda)	15,600	1,123,512
Platinum Underwriters Holdings Ltd. (Bermuda)	10,800	369,576
Semiconductor Equipment 0.36%		352,437
Cymer, Inc. (I)	8,700	352,437
Semiconductors 1.55%		1,534,043
RF Micro Devices, Inc. (I)(L)	146,600	916,250
Trident Microsystems, Inc. (I)(L)	29,100	617,793
Specialized Finance 0.96%		954,716
Nasdaq Stock Market, Inc. (I)	19,960	649,898
Nymex Holdings, Inc. (I)	2,350	304,818
Systems Software 4.96%		4,926,817
Microsoft Corp.	143,050	4,282,917
Oracle Corp. (I)	34,250	643,900
Technology Distributors 1.65%		1,633,573
Arrow Electronics, Inc. (I)	7,750	306,280
Ingram Micro, Inc. (Class A) (I)	67,650	1,327,293
Thrifts & Mortgage Finance 0.68%		673,592
Hudson City Bancorp., Inc.	50,570	673,592

	Interest	Par value
Issuer, description, maturity date	rate	(000)	Value
Short-term investments 6.09%			$6,048,762
(Cost $6,048,762)
Joint Repurchase Agreement 3.70%			3,678,000
Investment in a joint repurchase agreement transaction
with Bank of America Corp. — Dated 4-30-07, due
5-1-07 (Secured by U.S. Treasury Inflation Indexed Notes
0.875%, due 4-15-10, 3.000%, due 7-15-12, 3.375%,
due 1-15-12 and U.S. Treasury STRIPS, due 5-15-21).
Maturity value: $3,678,523	5.120%	$3,678	3,678,000

See notes to financial statements

Growth Trends Fund

13

F I N A N C I A L  S T A T E M E N T S

	Shares
Cash Equivalents 2.39%		$2,370,762
John Hancock Cash Investment Trust (T)(W)	2,370,762	2,370,762
Total investments (Cost $79,816,187) 102.40%		$101,618,720
Other assets and liabilities, net (2.40%)		($2,386,066)
Total net assets 100.00%		$99,232,654

(C) Parenthetical disclosure of a country in the security description represents country of issuer; however, the security is euro-denominated.

(I) Non-income-producing security.

(K) Direct placement securities are restricted to resale. They have been fair valued in accordance with procedures approved by the Trustees after consideration of restrictions as to resale, financial condition and prospects of the issuer, general market conditions and pertinent information in accordance with the Fund’s bylaws and the Investment Company Act of 1940, as amended. The Fund has limited rights to registration under the Securities Act of 1933 with respect to these restricted securities.

Additional Information on these securities is as follows:

			Value as a
			percentage
	Acquisition	Acquisition	of Fund’s	Value as of
Issuer, description	date	cost	net assets	April 30, 2007
Inverness Medical Innovations, Inc.	8-17-06	$1,361,250	1.82%	$1,802,250

(L) All or a portion of this security is on loan as of April 30, 2007.

(T) Represents investment of securities lending collateral.

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

Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer; however, security is U.S. dollar-denominated.

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

See notes to financial statements

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14

F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 4-30-07 (unaudited)

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets
Investments at value (cost $79,816,187) including $2,299,200 of securities loaned	$101,618,720
Foreign currency at value (cost $37,688)	37,688
Receivable for investments sold	1,485,265
Receivable for shares sold	61,103
Dividends and interest receivable	52,690
Other assets	9,578
Total assets	103,265,044
Liabilities
Due to custodian	11,980
Payable for investments purchased	1,016,247
Payable for shares repurchased	329,378
Payable upon return of securities loaned	2,370,762
Payable to affiliates
Management fees	124,415
Distribution and service fees	10,220
Other	98,091
Other payables and accrued expenses	71,297
Total liabilities	4,032,390
Net assets
Capital paid-in	268,193,794
Accumulated net realized loss on investments and foreign currency transactions	(190,398,658)
Net unrealized appreciation of investments and translation of assets and
liabilities in foreign currencies	21,802,826
Accumulated net investment loss	(365,308)
Net assets	$99,232,654
Net asset value per share
Based on net asset values and shares outstanding — the Fund has an
unlimited number of shares authorized with no par value
Class A ($36,444,226 ÷ 5,004,744 shares)	$7.28
Class B ($46,052,150 ÷ 6,620,859 shares)	$6.96
Class C ($16,736,278 ÷ 2,406,237 shares)	$6.96
Maximum offering price per share
Class A1 ($7.28 ÷ 95%)	$7.66

¹ On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

See notes to financial statements

Growth Trends Fund

15

F I N A N C I A L  S T A T E M E N T S

Statement of operations For the period ended 4-30-07 (unaudited)¹

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income
Dividends	$576,466
Interest	67,079
Securities lending	10,978
Total investment income	654,523
Expenses
Investment management fees (Note 2)	523,204
Distribution and service fees (Note 2)	390,178
Transfer agent fees (Note 2)	130,801
Accounting and legal services fees (Note 2)	6,733
Compliance fees	1,810
Custodian fees	27,331
Printing fees	23,892
Blue sky fees	20,996
Professional fees	10,679
Trustees’ fees	3,439
Interest	3,168
Securities lending fees	381
Miscellaneous	4,694
Total expenses	1,147,306
Less expense reductions (Note 2)	(130,801)
Net expenses	1,016,505
Net investment loss	(361,982)
Realized and unrealized gain (loss)
Net realized gain (loss) on
Investments	5,832,942
Foreign currency transactions	(7,548)
Change in net unrealized appreciation (depreciation) of
Investments	(114,103)
Translation of assets and liabilities in foreign currencies	136
Net realized and unrealized gain	5,711,427
Increase in net assets from operations	$5,349,445
1 Semiannual period from 11-1-06 through 4-30-07.

See notes to financial statements

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16

F I N A N C I A L  S T A T E M E N T S

Statement of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’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.

	Year	Period
	ended	ended
	10-31-06	4-30-071
Increase (decrease) in net assets
From operations
Net investment loss	($1,149,879)	($361,982)
Net realized gain	15,195,862	5,825,394
Change in net unrealized appreciation (depreciation)	(2,615,259)	(113,967)
Increase in net assets resulting from operations	11,430,724	5,349,445
From Fund share transactions	(34,872,929)	(17,452,374)
Net assets
Beginning of period	134,777,788	111,335,583
End of period2	$111,335,583	$99,232,654

¹ Semiannual period from 11-1-06 through 4-30-07. Unaudited.

² Includes accumulated net investment loss of $3,326 and $365,308, respectively.

See notes to financial statements

Growth Trends Fund

17

F I N A N C I A L  S T A T E M E N T S

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES
Period ended	10-31-02	10-31-03	10-31-04	10-31-05	10-31-06	4-30-071
Per share operating performance
Net asset value, beginning of period	$5.87	$4.49	$5.51	$5.67	$6.27	$6.91
Net Investment Income (loss)2	(0.05)	(0.03)	(0.04)	—3,9	(0.03)	(0.01)
Net realized and unrealized
gain (loss) on investments	(1.33)	1.05	0.20	0.60	0.67	0.38
Total from investment operations	(1.38)	1.02	0.16	0.60	0.64	0.37
Less distributions
Net asset value, end of period	$4.49	$5.51	$5.67	$6.27	$6.91	$7.28
Total return4,5 (%)	(23.51)	22.72	2.90	10.58	10.21	5.356
Ratios and supplemental data
Net assets, end of period
(in millions)	$65	$69	$58	$46	$40	$36
Ratio of net expenses to average
net assets (%)	1.65	1.65	1.65	1.65	1.65	1.507
Ratio of gross expenses to average
net assets8 (%)	1.88	2.02	1.86	1.95	2.00	1.757
Ratio of net investment income
(loss) to average net assets (%)	(0.91)	(0.64)	(0.62)	0.019	(0.48)	(0.25)7
Portfolio turnover (%)	68	76	40	27	70	276

See notes to financial statements

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18

F I N A N C I A L  S T A T E M E N T S

Financial highlights

CLASS B SHARES
Period ended	10-31-02	10-31-03	10-31-04	10-31-05	10-31-06	4-30-071
Per share operating performance
Net asset value, beginning of period	$5.83	$4.42	$5.40	$5.51	$6.06	$6.62
Net Investment loss2	(0.09)	(0.06)	(0.07)	(0.04)9	(0.07)	(0.03)
Net realized and unrealized
gain (loss) on investments	(1.32)	1.04	0.18	0.59	0.63	0.37
Total from investment operations	(1.41)	0.98	0.11	0.55	0.56	0.34
Net asset value, end of period	$4.42	$5.40	$5.51	$6.06	$6.62	$6.96
Total return4,5 (%)	(24.19)	22.17	2.04	9.98	9.24	5.146
Ratios and supplemental data
Net assets, end of period
(in millions)	$102	$104	$85	$66	$53	$46
Ratio of net expenses to average
net assets (%)	2.35	2.35	2.35	2.35	2.35	2.207
Ratio of gross expenses to average
net assets8(%)	2.58	2.72	2.56	2.65	2.70	2.457
Ratio of net investment loss
to average net assets (%)	(1.61)	(1.34)	(1.32)	(0.67)9	(1.18)	(0.95)7
Portfolio turnover (%)	68	76	40	27	70	276

See notes to financial statements

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19

F I N A N C I A L  S T A T E M E N T S

Financial highlights

CLASS C SHARES
Period ended	10-31-02	10-31-03	10-31-04	10-31-05	10-31-06	4-30-071
Per share operating performance
Net asset value, beginning of period	$5.83	$4.42	$5.40	$5.51	$6.06	$6.62
Net Investment loss2	(0.09)	(0.06)	(0.07)	(0.04)9	(0.07)	(0.03)
Net realized and unrealized
gain (loss) on investments	(1.32)	1.04	0.18	0.59	0.63	0.37
Total from investment operations	(1.41)	0.98	0.11	0.55	0.56	0.34
Net asset value, end of period	$4.42	$5.40	$5.51	$6.06	$6.62	$6.96
Total return4,5 (%)	(24.19)	22.17	2.04	9.98	9.24	5.146
Ratios and supplemental data
Net assets, end of period
(in millions)	$42	$41	$31	$23	$19	$17
Ratio of net expenses to average
net assets (%)	2.35	2.35	2.35	2.35	2.35	2.207
Ratio of gross expenses to average
net assets8 (%)	2.58	2.72	2.56	2.65	2.70	2.457
Ratio of net investment loss
to average net assets (%)	(1.61)	(1.34)	(1.32)	(0.66)9	(1.17)	(0.95)7
Portfolio turnover (%)	68	76	40	27	70	276

¹ Semiannual period from 11-1-06 through 4-30-07. Unaudited.

² Based on the average of the shares outstanding.

³ Less than $0.01 per share.

⁴ Assumes dividend reinvestment and does not reflect the effect of sales charges.

⁵ Total returns would have been lower had certain expenses not been reduced during the period shown.

⁶ Not annualized.

⁷ Annualized.

⁸ Does not take into consideration expense reductions during the periods shown.

⁹ Net investment income (loss) per share and ratio of net investment income (loss) to average net assets reflects a special dividend received by the Fund which amounted to the following amounts:

		Percentage
	Per share	of net assets
Class A	$0.04	0.61%
Class B	0.04	0.62
Class C	0.04	0.62

See notes to financial statements

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20

Notes to financial statements (unaudited)

Note 1 Accounting policies

John Hancock Growth Trends Fund (the Fund) is a diversified series of John Hancock Equity Trust (the Trust), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to achieve long-term growth of capital. The Fund will invest in a number of industry groups without concentration in any particular industry.

The Trustees have authorized the issuance of multiple classes of shares of the Fund, designated as Class A, Class B and Class C shares. The shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, except that certain expenses, subject to the approval of the Trustees, may be applied differently to each class of shares in accordance with current regulations of the Securities and Exchange Commission (SEC) and the Internal Revenue Service. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan. ClassB Shares will convert to Class A shares eight years after purchase.

Significant accounting policies of the Fund are as follows:

Valuation of investments

Securities in the Fund’s portfolio are valued on the basis of market quotations, valuations provided by independent pricing services or, if quotations are not readily available, or the value has been materially affected by events occurring after the closing of a foreign market, at fair value as determined in good faith in accordance with procedures approved by the Trustees. Short term debt investments which have a remaining maturity of 60 days or less may be valued at amortized cost, which approximates market value. Investments in John Hancock Cash Investment Trust, 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 portfolio transactions initially expressed in terms of foreign currencies have been translated into U.S. dollars as described in “Fo reign currency translation” below.

Joint repurchase agreement

Pursuant to an exemptive order issued by the 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. The Adviser is responsible for ensuring that the agreement is fully collateralized at all times.

Foreign currency translation

All assets or liabilities initially expressed in terms of foreign currencies are translated into U.S. dollars based on London currency exchange quotations as of 4:00 p.m., London Time, on the date of any determination of the net asset value of the Fund. Transactions affecting statement of operations accounts and net realized gain (loss) on investments are translated at the rates prevailing at the dates of the transactions.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Growth Trends Fund

21

Reported net realized foreign currency exchange gains or losses arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Investment transactions

Investment 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. Net realized gains and losses on sales of investments are determined on the identified cost basis. Capital gains realized on some foreign securities are subject to foreign taxes, which are accrued as applicable.

Class allocations

Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the appropriate net asset value of the respective classes. Distribution and service fees, if any, are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rate(s) applicable to each class.

Expenses

The majority of expenses are directly identifiable to an individual fund. Expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative sizes of the funds.

Bank borrowings

The Fund is permitted to have bank borrowings for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Fund has entered into a line of credit agreement with The Bank of New York (BNY), the Swing Line Lender and Administrative Agent. This agreement enables the Fund to participate, with other funds managed by the Adviser, in an unsecured line of credit with BNY, which permits borrowings of up to $100 million, collectively. Interest is charged to each fund based on its borrowing. In addition, a commitment fee is charged to each fund based on the average daily unused portion of the line of credit, and is allocated among the participating funds. The Fund had no borrowing activity under the line of credit during the period ended April 30, 2007.

Securities lending

The Fund may lend securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are collateralized at all times with cash or securities with a market value at least equal to the market value of the securities on loan. As with other extensions of credit, the Fund may bear the risk of delay of the loaned securities in recovery or even loss of rights in the collateral, should the borrower of the securities fail financially. On April 30, 2007, the Fund loaned securities having a market value of $2,299,200 collateralized by cash in the amount of $2,370,762. The cash collateral was invested in John Hancock Cash Investment Trust. Securities lending expenses are paid by the Fund to the lending agent.

Forward foreign currency exchange contracts

The Fund may enter into forward foreign currency exchange contracts as a hedge against the effect of fluctuations in currency exchange rates. A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency at a future date at a set price. The aggregate principal amounts of the contracts are marked to market daily at the applicable foreign currency exchange rates. Any resulting unrealized gains and losses are included in the determination of the Fund’s daily net asset value. The Fund records realized gains and losses at the time the forward foreign currency exchange contracts are closed out. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of the contracts and from unanticipated

Growth Trends Fund

22

movements in the value of a foreign currency relative to the U.S. dollar. These contracts involve market or credit risk in excess of the unrealized gain or loss reflected in the Fund’s Statement of Assets and Liabilities.

The Fund may also purchase and sell forward contracts to facilitate the settlement of foreign currency denominated portfolio transactions, under which it intends to take delivery of the foreign currency. Such contracts normally involve no market risk if they are offset by the currency amount of the underlying transactions.

The Fund had no open forward foreign currency exchange contracts on April 30, 2007.

Federal income taxes

The Fund qualifies 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. For federal income tax purposes, the Fund has $196,013,787 of a capital loss carryforward available, to the extent provided by regulations, to offset future net realized capital gains. To the extent that such carryforward is used by the Fund, no capital gain distributions will be made. The loss carryforward expires as follows: October31, 2009 — $57,002,933, October 31, 2010 — $87,616,374 and October 31, 2011 — $51,394,480.

New accounting pronouncements

In June 2006, Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes(the Interpretation), was issued and is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. The Interpretation prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return, and requires certain expanded disclosures. Management is currently evaluating the application of the Interpretation to the Fund and has not at this time quantified the impact, if any, resulting from the adoption of the Interpretation on the Fund’s financial statements. The Fund will implement this pronouncement no later than April 30, 2008.

In September 2006, FASB Standard No. 157, Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishing a framework for measuring fair value and expands disclosure about fair value measurements. Management is currently evaluating the application of FAS 157 to the Fund and its impact, if any, resulting from the adoption of FAS 157 on the Fund’s financial statements.

Dividends, interest and distributions

Dividend income on investment securities is recorded on the ex-dividend date or, in the case of some foreign securities, on the date thereafter when the Fund identifies the dividend. Interest income on investment securities is recorded on the accrual basis. Foreign income may be subject to foreign withholding taxes, which are accrued as applicable.

The Fund records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.

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. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Use of estimates

The preparation of these financial statements, in accordance with accounting principles generally accepted in the United States of America, incorporates estimates made by management in determining the reported amount of assets, liabilities, revenues and expenses of the Fund. Actual results could differ from these estimates.

Growth Trends Fund

23

Note 2

Management fee and transactions with affiliates and others

The Fund has an investment management contract with the Adviser. Under the investment management contract, the Fund pays a monthly management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 1.00% of the first $2,400,000,000 of the Fund’s average daily net asset value and (b)0.70% of the Fund’s average daily net asset value in excess of $2,400,000,000.

The Adviser has agreed to limit the Fund’s management fee to 0.75% of the Fund’s average daily net assets, at least until February29, 2008. Accordingly, the expense reductions related to management fee limitation amounted to $130,801 for the period ended April 30, 2007. The Adviser reserves the right to terminate this limitation in the future.

The Adviser has agreed to limit the Fund’s total expenses, excluding distribution and service fees, to 1.35% of the Fund’s average daily net asset value, on an annual basis, at least until February 29, 2008. Pursuant to this agreement, there was no reimbursement for the period ended April 30, 2007. The Adviser reserves the right to terminate this limitation in the future.

The Fund has a Distribution Agreement with John Hancock Funds, LLC (JH Funds), a wholly owned subsidiary of the Adviser. The Fund has adopted Distribution Plans with respect to ClassA, Class B and Class C pursuant to Rule12b-1 under the 1940 Act, to reimburse JHFunds for the services it provides as distributor of shares of the Fund. Accordingly, the Fund makes monthly payments to JH Funds at an annual rate not to exceed 0.30%, 1.00% and 1.00% of average daily net asset value of Class A, Class B and Class C, respectively. A maximum of 0.25% of such payments may be service fees, as defined by the Conduct Rules of the National Association of Securities Dealers. Under the Conduct Rules, curtailment of a portion of the Fund’s 12b-1 payments could occ ur under certain circumstances.

Expenses under the agreements described above for the period ended April 30, 2007 were as follows:

	Distribution and
Share class	service fees
Class A	$57,011
Class B	245,215
Class C	87,952
Total	$390,178

Class A shares are assessed up-front sales charges. During the period ended April 30, 2007, JH Funds received net up-front sales charges of $19,556 with regard to sales of Class A shares. Of this amount, $2,987 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $13,294 was paid as sales commissions to unrelated broker-dealers and $3,275 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a related broker-dealer. The Adviser’s indirect parent, John Hancock Life Insurance Company (JHLICO), is the indirect sole shareholder of Signator Investors.

Class B shares that are redeemed within six years of purchase are subject to a contingent deferred sales charge (CDSC) at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a CDSC at a rate of 1.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from the CDSCs are paid to JH Funds and are used, in whole or in part, to defray its expenses for providing distribution-related services to the Fund in connection with the sale of Class B and ClassC shares. During the period ended April 30, 2007, CDSCs received by JH Funds amounted to $35,946 for Class B shares and $684 for Class C shares.

The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an indirect subsidiary of JHLICO. The Fund pays a monthly transfer agent fee at an annual rate of 0.05% of each class’s average daily

Growth Trends Fund

24

net asset value, plus a fee based on the number of shareholder accounts and reimbursement for certain out-of-pocket expenses aggregated and allocated to each class on the basis of its relative net asset value. Effective July 1, 2006, Signature Services has contractually limited transfer agent fees by implementing a transfer agent fee cap of 0.25% until at least February 29, 2008. There were no transfer agent fee reductions during the period ended April 30, 2007. Signature Services reserves the right to terminate this reimbursement limitation at any time.

The Fund has an agreement with the Adviser and affiliates to perform necessary tax, accounting and legal services for the Fund. The compensation for the year amounted to $6,733. The Fund also reimbursed JHLICO for certain compliance costs, included in the Fund’s Statement of Operations.

Mr. James R. Boyle is Chairman of the Adviser, as well as affiliated Trustee of the Fund, and is compensated by the Adviser and/or its affiliates. The compensation of unaffiliated Trustees is borne by the Fund. The unaffiliated Trustees may elect to defer, for tax purposes, their receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan. The Fund makes investments into other John Hancock funds, as applicable, to cover its liability for the deferred compensation. Investments to cover the Fund’s deferred compensation liability are recorded on the Fund’s books as an other asset. The deferred compensation liability and the related other asset are always equal and are marked to market on a periodic basis to reflect any income earned by the investments, as well as any unrealized gains or losses. The Deferred Compensation Plan investments had no impact on the operations of the Fund.

Note 3

Fund share transactions

This listing illustrates the number of Fund shares sold and repurchased during the year ended October 31, 2006 and the period ended April 30, 2007, along with the corresponding dollar value.

	Year ended 10-31-06		Period ended 4-30-071
	Shares	Amount	Shares	Amount
Class A shares
Sold	608,065	$4,037,541	207,804	$1,476,406
Repurchased	(2,170,522)	(14,362,453)	(996,235)	(7,072,272)
Net decrease	(1,562,457)	($10,324,912)	(788,431)	($5,595,866)
Class B shares
Sold	383,374	$2,452,637	114,360	$777,538
Repurchased	(3,299,870)	(21,016,012)	(1,444,073)	(9,800,039)
Net decrease	(2,916,496)	($18,563,375)	(1,329,713)	($9,022,501)
Class C shares
Sold	116,717	$749,987	60,382	$411,361
Repurchased	(1,059,886)	(6,734,629)	(476,570)	(3,245,368)
Net decrease	(943,169)	($5,984,642)	(416,188)	($2,834,007)
Net decrease	(5,422,122)	($34,872,929)	(2,534,332)	($17,452,374)

¹Semiannual period from 11-1-06 through 4-30-07. Unaudited. 

Growth Trends Fund

25

Note 4

Investment transactions

Purchases and proceeds from sales or maturities of securities, other than short-term securities and obligations of the U.S. government, during the period ended April 30, 2007, aggregated $28,110,037 and $49,082,705, respectively.

The cost of investments owned on April 30, 2007, including short-term investments, for federal income tax purposes, was $80,022,256. Gross unrealized appreciation and depreciation of investments aggregated $24,168,609 and $2,572,145, respectively, resulting in net unrealized appreciation of $21,596,464. The difference between book basis and tax basis net unrealized appreciation of investments is attributable primarily to the tax deferral of losses certain sales of securities.

Growth Trends Fund

26

Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement: John Hancock Growth Trends Fund

The Investment Company Act of 1940 (the 1940 Act) requires the Board of Trustees (the Board) of John Hancock Equity Trust (the Trust), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and are not “interested persons” of the Trust, as defined in the 1940 Act (the Independent Trustees), annually to review and consider the continuation of: (i) the investment advisory agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Adviser) and (ii) the investment subadvisory agreement (the Subadvisory Agreement) with MFC Global Investment Management (U.S.), LLC (the Subadviser) for the John Hancock Growth Trends Fund (the Fund). The Advisory Agreement with the Adviser and the Subadvisory Agreement with the Subadviser are collectively referred to as the Advisory Agreements.

At meetings held on May 1–2 and June 5–6, 2006,¹ the Board considered the factors and reached the conclusions described below relating to the selection of the Adviser and Subadviser and the continuation of the Advisory Agreements. During such meetings, the Board’s Contracts/Operations Committee and the Independent Trustees also met in executive sessions with their independent legal counsel.

In evaluating the Advisory Agreements, the Board, including the Contracts/Operations Committee and the Independent Trustees, reviewed a broad range of information requested for this purpose by the Independent Trustees, including: (i) the investment performance of the Fund relative to a category of relevant funds (the Category) and a peer group of comparable funds (the Peer Group) each selected by Morningstar Inc. (Morningstar), an independent provider of investment company data, for a range of periods ended December 31, 2005; (ii) advisory and other fees incurred by, and the expense ratios of, the Fund relative to a Category and a Peer Group; (iii) the advisory fees of comparable portfolios of other clients of the Adviser and the Subadviser; (iv) the Adviser’s financial results and condition, including its and certain of its affiliates’ profitability from services performed for the Fund; (v) breakpoints in the Fund’s and the Peer Group’s fees, and information about economies of scale; (vi) the Adviser’s and Subadviser’s record of compliance with applicable laws and regulations, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the structure and responsibilities of the Adviser’s and Subadviser’s compliance department; (vii) the background and experience of senior management and investment professionals and (viii) the nature, cost and character of advisory and non-investment management services provided by the Adviser and its affiliates and by the Subadviser.

The Board’s review and conclusions were based on a comprehensive consideration of all information presented to the Board and not the result of any single controlling factor. It was based on performance and other information as of December 31, 2005; facts may have changed between that date and the date of this shareholders report. The key factors considered by the Board and the conclusions reached are described below.

Nature, extent and quality of services

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of the Adviser and Subadviser. In addition, the Board took into account the administrative services provided to the Fund by the Adviser and its affiliates.

Based on the above factors, together with those referenced below, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser and Subadviser were sufficient to support renewal of the Advisory Agreements.

27

Fund performance

The Board considered the performance results for the Fund over various time periods ended December 31, 2005. The Board also considered these results in comparison to the performance of the Category, as well as the Fund’s Peer Group and benchmark index. Morningstar determined the Category and the Peer Group for the Fund. The Board reviewed with a representative of Morningstar the methodology used by Morningstar to select the funds in the Category and the Peer Group. The Board noted the imperfect comparability of the Peer Group.

The Board noted that the Fund’s performance during the five-year period was lower than the performance of the Peer Group and Category medians, and its benchmark index — the Russell 1000 Growth Index. The Board also noted that the Fund’s performance during the three-year period was lower than the Peer Group and Category medians and higher than the performance of the benchmark index. The Board viewed favorably that the more recent performance of the Fund for the one-year period ended December 31, 2005 was higher than the performance of the Category median, and its benchmark index, and not appreciably lower than the performance of the Peer Group median.

Investment advisory fee and subadvisory fee rates and expenses

The Board reviewed and considered the contractual investment advisory fee rate payable by the Fund to the Adviser for investment advisory services (the Advisory Agreement Rate). The Board received and considered information comparing the Advisory Agreement Rate with the advisory fees for the Peer Group and Category. The Board noted that the Advisory Agreement Rate was higher than the median rate of the Peer Group and Category.

The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution and fees other than advisory and distribution fees, including transfer agent fees, custodian fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board also considered peer-adjusted comparisons for the transfer agent fees. The Board considered comparisons of these expenses to the Peer Group median. The Board also received and considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and total operating expense ratio after taking the fee waiver arrangement applicable to the Advisory Agreement Rate into account (Net Expense Ratio). The Board received and considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of th e Peer Group and Category medians. The Board noted that the Fund’s Gross and Net Expense Ratios were higher than the median of its Peer Group and Category. The Board favorably considered the impact of fee caps towards ultimately lowering the Fund’s total operating expense ratio.

The Adviser also discussed the Morningstar data and rankings, and other relevant information, for the Fund. Based on the above-referenced considerations and other factors, the Board concluded that the Fund’s overall performance and expenses supported the re-approval of the Advisory Agreements.

The Board also received information about the investment subadvisory fee rate (the Subadvisory Agreement Rate) payable by the Adviser to the Subadviser for investment sub-advisory services. The Board concluded that the Subadvisory Agreement Rate was fair and equitable, based on its consideration of the factors described here.

Profitability

The Board received and considered a detailed profitability analysis of the Adviser based on the Advisory Agreements, as well as on other relationships between the Fund and the Adviser and its affiliates, including the Subadviser. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, the profits and other ancillary benefits reported by the Adviser were not unreasonable.

Economies of scale

The Board received and considered general information regarding economies of scale with respect to the management of the Fund, including the Fund’s ability to appropriately

28

benefit from economies of scale under the Fund’s fee structure. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual Funds, but rather are incurred across a variety of products and services.

To the extent the Board and the Adviser were able to identify actual or potential economies of scale from Fund-specific or allocated expenses, in order to ensure that any such economies continue to be reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the Advisory Agreement Rate.

Information about services to other clients

The Board also received information about the nature, extent and quality of services and fee rates offered by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board concluded that the Advisory Agreement Rate and the Subadvisory Agreement Rate were not unreasonable, taking into account fee rates offered to others by the Adviser and Subadviser, respectively, after giving effect to differences in services.

Other benefits to the Adviser

The Board received information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. Such benefits could include, among others, benefits directly attributable to the relationship of the Adviser with the Fund and benefits potentially derived from an increase in the business of the Adviser as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by the Adviser and its affiliates).

The Board also considered the effectiveness of the Adviser’s, Subadviser’s and Fund’s policies and procedures for complying with the requirements of the federal securities laws, including those relating to best execution of portfolio transactions and brokerage allocation.

Other factors and broader review

As discussed above, the Board reviewed detailed materials received from the Adviser and Subadviser as part of the annual re-approval process. The Board also regularly reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of the Adviser and Subadviser at least quarterly, which include, among other things, fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year.

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Fund was in the best interest of the Fund and its shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements.

Information about services to other clients

The Board also received information about the nature, extent and quality of services and fee rates offered by the Adviser to its other clients, including other registered investment companies, institutional investors and separate accounts. The Board concluded that the Advisory Agreement Rate was not unreasonable, taking into account fee rates offered to others by the Adviser and giving effect to differences in services covered by such fee rates.

Other benefits to the Adviser

The Board received information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. Such benefits could include, among others, benefits directly attributable to the relationship of the Adviser with the Fund and benefits potentially derived from an increase in the business of the Adviser as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by the Adviser and its affiliates).

29

The Board also considered the effectiveness of the Adviser’s and the Fund’s policies and procedures for complying with the requirements of the federal securities laws, including those relating to best execution of portfolio transactions and brokerage allocation.

Other factors and broader review

As discussed above, the Board reviewed detailed materials received from the Adviser and Subadviser as part of the annual re-approval process. The Board also regularly reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of the Adviser and Subadviser at least quarterly, which include, among other things, fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year.

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Fund was in the best interest of the Fund and its shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements.

¹ The Board previously considered information about the Subadvisory Agreement at the September and December 2005 Board meetings in connection with the Adviser’s reorganization.

30

For more information

The Fund’s proxy voting policies, procedures and records are available without charge, upon request:

By phone	On the Fund’s Web site	On the SEC’s Web site
1-800-225-5291	www.jhfunds.com/proxy	www.sec.gov
Trustees	Charles A. Rizzo	Custodian
Ronald R. Dion, Chairman	Chief Financial Officer	The Bank of New York
James R. Boyle†		One Wall Street
James F. Carlin	Gordon M. Shone	New York, NY 10286
William H. Cunningham	Treasurer
Charles L. Ladner*
Dr. John A. Moore*	John G. Vrysen	Transfer agent
Patti McGill Peterson*	Chief Operations Officer	John Hancock Signature
Steven R. Pruchansky		Services, Inc.
*Members of the Audit Committee	Investment adviser	One John Hancock Way,
†Non-Independent Trustee	John Hancock Advisers, LLC	Suite 1000
	601 Congress Street	Boston, MA 02217-1000
	Boston, MA 02210-2805
		Legal counsel
Officers	Subadviser	Kirkpatrick & Lockhart
Keith F. Hartstein	MFC Global Investment	Preston Gates Ellis LLP
President and	Management (U.S.), LLC	One Lincoln Street
Chief Executive Officer	101 Huntington Avenue	Boston, MA 02111-2950
	Boston, MA 02199
Thomas Kinzler
Secretary and	Principal distributor
Chief Legal Officer	John Hancock Funds, LLC
	601 Congress Street
Francis V. Knox, Jr.	Boston, MA 02210-2805
Chief Compliance Officer

How to contact us
Internet	www.jhfunds.com
Mail	Regular mail:	Express mail:
	John Hancock	John Hancock
	Signature Services, Inc.	Signature Services, Inc.
	One John Hancock Way, Suite 1000	Mutual Fund Image Operations
	Boston, MA 02217-1000	380 Stuart Street
		Boston, MA 02116
Phone	Customer service representatives	1-800-225-5291
	EASI-Line	1-800-338-8080
	TDD line	1-800-554-6713

A listing of month-end portfolio holdings is available on our Web site, www.jhfunds.com. A more detailed portfolio holdings summary is available on a quarterly basis 60 days after the fiscal quarter on our Web site or upon request by calling 1-800-225-5291, or on the SEC’s Web site, www.sec.gov.

32

JOHN HANCOCK FAMILY OF FUNDS

EQUITY	INTERNATIONAL
Balanced Fund	Greater China Opportunities Fund
Classic Value Fund	International Allocation Portfolio
Classic Value Fund II	International Classic Value Fund
Classic Value Mega Cap Fund	International Core Fund
Core Equity Fund	International Growth Fund
Global Shareholder Yield Fund
Growth Fund	INCOME
Growth Opportunities Fund	Bond Fund
Growth Trends Fund	Government Income Fund
Intrinsic Value Fund	High Yield Fund
Large Cap Equity Fund	Investment Grade Bond Fund
Large Cap Select Fund	Strategic Income Fund
Mid Cap Equity Fund
Multi Cap Growth Fund	TAX-FREE INCOME
Small Cap Equity Fund	California Tax-Free Income Fund
Small Cap Fund	High Yield Municipal Bond Fund
Small Cap Intrinsic Value Fund	Massachusetts Tax-Free Income Fund
Sovereign Investors Fund	New York Tax-Free Income Fund
U.S. Core Fund	Tax-Free Bond Fund
U.S. Global Leaders Growth Fund
Value Opportunities Fund	MONEY MARKET
	Money Market Fund
ASSET ALLOCATION	U.S. Government Cash Reserve
Allocation Core Portfolio
Allocation Growth + Value Portfolio	CLOSED-END
Lifecycle 2010 Portfolio	Bank and Thrift Opportunity Fund
Lifecycle 2015 Portfolio	Financial Trends Fund, Inc.
Lifecycle 2020 Portfolio	Income Securities Trust
Lifecycle 2025 Portfolio	Investors Trust
Lifecycle 2030 Portfolio	Patriot Premium Dividend Fund II
Lifecycle 2035 Portfolio	Patriot Select Dividend Trust
Lifecycle 2040 Portfolio	Preferred Income Fund
Lifecycle 2045 Portfolio	Preferred Income II Fund
Lifecycle Retirement Portfolio	Preferred Income III Fund
Lifestyle Aggressive Portfolio	Tax-Advantaged Dividend Income Fund
Lifestyle Balanced Portfolio
Lifestyle Conservative Portfolio
Lifestyle Growth Portfolio
Lifestyle Moderate Portfolio
SECTOR
Financial Industries Fund
Health Sciences Fund
Real Estate Fund
Regional Bank Fund
Technology Fund
Technology Leaders Fund

The Fund’s investment objectives, risks, charges and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, call your financial professional, call John Hancock Funds at 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com. Please read the prospectus carefully before investing or sending money.

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available:electronicdelivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John HancockGrowth Trends Fund.

460SA 4/07
6/07

CEO corner

TABLE OF CONTENTS 

Your fund at a glance 

page 1 

Manager’s report 

page 2 

A look at performance 

page 6 

Your expenses 

page 8 

Fund’s investments 

page 10 

Financial statements 

page 13 

Notes to financial 

statements 

page 20 

For more information 

page 32 

To Our Shareholders,

The U.S. financial markets produced solid results over the last six months. Positive economic news, stronger than expected corporate earnings and increased merger and acquisitions activity served to overcome concerns about inflation, energy costs and the troubled subprime mortgage market’s potential to put the brakes on the economy. This environment also led the Federal Reserve Board to hold short-term interest rates steady. Even with a sharp decline in late February, the broad stock market returned 8.60% for the six months ended April 30, 2007. The Dow Jones Industrial Average punched through the 13,000 mark for the first time in April and posted a string of new highs as the period ended.

After a remarkably long period of calm, the financial markets were rocked at the end of February by a dramatic sell-off in China’s stock market, which had ripple effects on financial markets worldwide. It also shook investors out of their seemingly casual attitude toward risk and remind them of the simple fact that stock markets move in two directions — down as well as up.

Although the downturn lasted for less than a month before positive news stopped the fall, it was also a good occasion to bring to mind several important investment principles that we believe are at the foundation of successful investing. First, keep a long-term approach to investing, avoiding emotional reactions to daily market moves. Second, maintain a well-diversified portfolio that is appropriate for your goals, risk profile and time horizons.

After the market’s recent moves, we encourage investors to sit back, take stock and set some realistic expectations. While history bodes well for the U.S. market in 2007 (since 1939, the S&P 500 Index has always produced positive results in the third year of a presidential term), there are no guarantees, and opinions are divided on the future of this more-than-four-year-old bull market.

The recent volatility could also be a wake-up call to contact your financial professional to determine whether changes are in order to your investment mix. Some asset groups have had long runs of outperformance. Others had truly outsized returns in 2006. These trends argue for a look to determine if these categories now represent a larger stake in your portfolios than prudent diversification would suggest they should. After all, we believe investors with a well-balanced portfolio and a marathon, not a sprint, approach to investing, stand a better chance of weathering the market’s short-term twists and turns, and reaching their long-term goals.

Keith F. Hartstein,
President and Chief Executive Officer

This commentary reflects the CEO’s views as of April 30, 2007. They are subject to change at any time.

Your fund at a glance

The Fund seeks capital appreciation by normally investing at least 80% of its assets in equity securities of small-capitalization companies (which, for purposes of this fund, are companies with market capitalizations under $2 billion, or market capitalizations within the range of those companies in the Russell 2000 Index or the Standard & Poor’s SmallCap 600 Index.)

Over the last six months

► Small caps turned in healthy gains but trailed mid caps and large caps, as the U.S. economy continued to slow.

► The Fund lagged the Russell 2000 Index, hampered by earnings shortfalls and other fundamental disappointments with a number of its holdings.

► The Fed kept short-term interest rates steady, as inflation concerns were roughly balanced by the central bank's desire to keep the economy on a path of moderate growth.

John Hancock Small Cap Fund

Fund performance for the six months ended April 30, 2007.

Total returns for the Fund are at net asset value with all distributions reinvested. These returns do not reflect the deduction of the maximum sales charge, which would reduce the performance shown above.

Top 10 holdings
inVentiv Health, Inc.	4.3%
SVB Financial Group	4.3%
Transaction Systems Architects, Inc.
(Class A)	3.8%
Gaylord Entertainment Co.	3.6%
LKQ Corp.	3.2%

First Community Bancorp. (Class A)	3.1%
Boston Private Financial
Holdings, Inc.	3.1%
Daktronics, Inc.	3.0%
Kendle International, Inc.	3.0%
Inverness Medical Innovations, Inc.	2.8%

As a percentage of net assets on April 30, 2007.

1

Manager’s report

John Hancock
Small Cap Fund

The six-month review period ended April 30, 2007 witnessed another strong advance for small-cap stocks, with every month except February showing a gain in the Russell 2000 Index.

In February, a sharp drop of more than 3% near the end of the month — triggered by volatility in overseas markets — managed to turn a healthy month-to-date gain into a loss. However, the Russell 2000 Index wasted little time in steadying itself and pushing higher again, closing the period near all-time highs. Both value and growth stocks posted solid returns. Meanwhile, the small-cap segment trailed large caps and especially mid caps, which led the other size groups by a wide margin.

While investors remained concerned about a slowdown in economic growth, most of the weakness appeared limited to the housing and auto manufacturing groups. GDP, a measure of all goods and services produced in the United States, registered a 2.5% gain for the fourth quarter of 2006, a respectable, if unspectacular, result. Initial GDP estimates for the first quarter of 2007 were considerably lower, and many companies scaled back their forecasts for earnings growth as well. Against a backdrop of sharply lower expectations, many companies managed to beat their first-quarter earnings estimates, contributing to a strong finish for stock prices in the final month of the period.

Mergers and acquisitions continued to be a significant factor in the small-cap market, with many deals fueled by private equity funds.

SCORECARD

INVESTMENT		PERIOD’S PERFORMANCE... AND WHAT’S BEHIND THE NUMBERS
Witness Systems	▲	Accepted takeover bid
Silicon Image	▼	Lowered sales guidance
Arch Chemicals	▼	Higher raw material costs curbed profits

2

Portfolio Manager, Independence Investments LLC
Charles S. Glovsky, CFA

Stock buybacks and efforts to take companies private also boosted stock prices by reducing the supply of shares on the market.

“The six-month review period 

ending April 30, 2007 witnessed 

another strong advance for 

small-cap stocks…” 

Looking at performance

For the six months ended April 30, 2007, John Hancock Small Cap Fund’s Class A, Class B, Class C and Class I shares returned 3.40%, 2.97%, 2.97% and 3.69%, respectively, at net asset value. By comparison, the average small growth fund monitored by Morningstar, Inc. returned 8.80%, ¹ while the Russell 2000 Index finished with a 6.86% return and the S&P SmallCap 600 Index returned 8.41% . Keep in mind that your returns will differ from those listed above if you were not invested in the Fund for the entire period or did not reinvest all distributions. Historical performance information can be found on pages six and seven.

The Fund’s performance was undermined by stock selection in a number of sectors, as a slowing economy resulted in many of our companies reporting weaker-than-expected first-quarter earnings or other fundamental disappointments. In most cases, we judged these problems to be temporary and held on to the position with the expectation of an improving longer-term picture. Nevertheless, our choices held back performance during the review period. Additionally, this Fund is more concentrated than most small-cap funds because every stock we buy has to meet a strict set of criteria. We look for improving fundamentals, an attractive valuation and catalysts that appear likely to move a stock up. Not a lot of stocks can clear all of those hurdles, especially in the current environment of relatively rich small-cap valuations. Over the long term, we believe our disciplined approach can yield above-market results,

Small Cap Fund

3

but when our stock picks encounter problems, the Fund tends to suffer more than a less concentrated portfolio would.

Information technology, materials and energy falter

Although technology was a sector where we found a number of attractive opportunities, reflected in the Fund’s fairly significant overweighting in that sector, it was also the sector that detracted most from performance. The share price of semiconductor maker Silicon Image, Inc. fell in February after the company announced lowered expectations for its sales of chips that are used for high-definition applications. Lionbridge Technologies, Inc., a provider of services that enable its clients to localize their enterprise content and technology applications globally, also struggled under the weight of disappointing fundamental news. Shares of Avocent Corp., a maker of switching systems, faltered because of uncertainty about the direction of the company’s server-related business.

In materials, Arch Chemicals, Inc. detracted from performance. The specialty chemical manufacturer was hampered by higher raw material costs, which lowered profit margins. In the energy sector, drilling rig provider Hercules Offshore, Inc. saw its share price decline in response to falling prices for rigs in the Gulf of Mexico. We sold both Avocent and Hercules Offshore by the end of the review period.

INDUSTRY DISTRIBUTION2
Health care	24%
Financials	21%
Information technology	18%
Consumer discretionary	15%
Industrials	8%
Energy	6%
Materials	3%
Consumer staples	2%
Utilities	1%

Financials add value

Financials merits mention as a sector that helped performance during the period. In that case, the Fund was aided by both favorable stock selection and a significant underweighting. Financials was the only sector in the benchmark to record a loss, which stemmed in large part from investors’ skittishness over the subprime mortgage market’s well-publicized difficulties with increasing defaults and delinquencies. Not having any direct exposure to subprime mortgage lenders helped the Fund’s performance, as did underweighting the real estate investment trust (REIT) group, which — unlike most other segments of the market — failed to recover significantly following the late-February sell-off.

SVB Financial Group was one of our better financial holdings and also one of the Fund’s largest positions at the end of the review period. The stock was lifted in mid-April when the

Small Cap Fund

4

California-based bank upped its earnings guidance for the first quarter. Further helping our results was Placer Sierra Bancshares, also based in the Golden State. In January, Placer received a buyout offer from Wells Fargo, triggering an immediate jump in the former’s stock price. Elsewhere, Witness Systems, Inc. was one of the Fund’s top contributors. The company, which provides software to optimize performance at customer service centers, agreed in February to be bought by Verint Systems, a subsidiary of Comverse Technology. Lastly, we’ll mention inVentiv Health, Inc., a provider of contract sales services for pharmaceutical companies. While there was no single event to highlight, the company made progress at diversifying its core business into well-chosen areas of drug introduction and marketing.

“The Fund’s performance was 

undermined by stock selection in 

a number of sectors…” 

Outlook

We view the rest of 2007 with a positive outlook. While the prospect of a slowing economy could dampen earnings growth at some companies and small-cap valuations overall are no longer cheap, we are still finding compelling growth opportunities at reasonable valuations in a variety of sectors. At present, we see no recession on the horizon and believe the Fed will be quick to lower interest rates if a recession appears imminent. Corporate balance sheets remain strong, with ample cash and minimal debt. Meanwhile, the mergers and acquisitions market continues to sizzle. We think these positive factors should outweigh any negatives for the time being.

This commentary reflects the views of the portfolio manager’s through the end of the Fund’s period discussed in this report. The manager’s statements reflect his own opinions. As such, they are in no way guarantees of future events, and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

See the prospectus for the risks of investing in small-cap stocks.

¹ Figures from Morningstar, Inc. include reinvested dividends and do not take into account sales charges. Actual load-adjusted performance is lower.

² As a percentage of net assets on April 30, 2007.

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5

A look at performance

For the periods ended April 30, 2007

		Average annual returns				Cumulative total returns
		with maximum sales charge (POP)				with maximum sales charge (POP)
	Inception				Since					Since
Class	date	1-year	5-year	10-year	inception	6-month	1-year	5-year	10-year	inception
A1	12-16-98	–6.64%	6.42%	—	10.36%	–1.77%	–6.64%	36.52%	—	128.26%
B	12-6-04	–7.31	—	—	4.85	–2.03	–7.31	—	—	12.02
C	12-6-04	–3.41	—	—	6.01	1.97	–3.41	—	—	15.02
I2	12-6-04	–1.20	—	—	7.24	3.69	–1.20	—	—	18.24

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect a sales charge on Class A shares of 5% and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1–6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charge is not applicable for Class I shares.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month-end, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

¹ Effective December 3, 2004, shareholders of the former Independence Small Cap Portfolio became owners of that number of full and fractional shares of Class A shares of the John Hancock Small Cap Fund. Additionally, the accounting and performance history of the former Independence Small Cap Portfolio was redesignated as that of Class A of John Hancock Small Cap Fund.

² For certain types of investors as described in the Fund’s Class I share prospectus.

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6

Growth of $10,000

This chart shows what happened to a hypothetical $10,000 investment in Small Cap Fund Class A shares for the period indicated. For comparison, we’ve shown the same investment in two separate indexes.

		Without	With maximum
Class	Period beginning	sales charge	sales charge	Index 1	Index 2
B2	12-6-04	$11,502	$11,202	$13,113	$13,368
C2,3	12-6-04	11,502	11,502	13,113	13,368
I2,4	12-6-04	11,824	11,824	13,113	13,368

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B, Class C and Class I shares, respectively, as of April 30, 2007. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

Russell 2000 Index — Index 1 — is an unmanaged index composed of 2,000 U.S. small-capitalization stocks.

Standard & Poor’s SmallCap 600 Index — Index 2 — is an unmanaged index of 600 domestic stocks of small-size companies.

It is not possible to invest directly in an index. Index figures do not reflect sales charges which would have resulted in lower values if they did.

¹ NAV represents net asset value and POP represents public offering price.

² Index 2 figure as of closest month end to inception date.

³ No contingent deferred sales charge applicable.

⁴ For certain types of investors as described in the Fund’s Class I share prospectus.

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7

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

■Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■Ongoing operating expenses including management fees, distribution and service fees (if applicable) and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about your fund’s actual ongoing operating expenses, and is based on your fund’s actual return. It assumes an account value of $1,000.00 on November 1, 2006, with the same investment held until April 30, 2007.

	Account value	Ending value	Expenses paid during period
	on 11-1-06	on 4-30-07	ended 4-30-071
Class A	$1,000.00	$1,034.00	$8.24
Class B	1,000.00	1,029.70	11.77
Class C	1,000.00	1,029.70	11.77
Class I	1,000.00	1,036.90	5.30

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at April 30, 2007 by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Small Cap Fund

8

Hypothetical example for comparison purposes

This table allows you to compare your fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not your fund’s actual return). It assumes an account value of $1,000.00 on November 1, 2006, with the same investment held until April 30, 2007. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

	Account value	Ending value	Expenses paid during period
	on 11-1-06	on 4-30-07	ended 4-30-071
Class A	$1,000.00	$1,016.70	$8.17
Class B	1,000.00	1,013.20	11.68
Class C	1,000.00	1,013.20	11.68
Class I	1,000.00	1,019.59	5.25

Remember, these examples do not include any transaction costs, such as sales charges; therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

¹ Expenses are equal to the Fund’s annualized expense ratio of 1.63%, 2.33%, 2.33% and 1.06% for Class A, Class B, Class C and Class I, respectively, multiplied by the average account value over the period, multiplied by number of days in most recent fiscal half-year/365 or 366 (to reflect the one-half year period).

Small Cap Fund

9

F I N A N C I A L  S T A T E M E N T S

Fund’s investments

Securities owned by the Fund on 4-30-07 (unaudited)

This schedule is divided into two main categories: common stocks and short-term investments. Common stocks are further broken down by industry group. Short-term investments, which represent the Fund’s cash position, are listed last.

Issuer	Shares	Value
Common stocks 98.05%		$232,693,823
(Cost $199,770,923)
Apparel Retail 2.67%		6,335,191
Christopher & Banks Corp.	328,100	5,679,411
New York & Co., Inc. (I)	46,942	655,780
Apparel, Accessories & Luxury Goods 0.94%		2,219,434
Hartmarx Corp. (I)	337,300	2,219,434
Application Software 5.04%		11,965,813
Transaction Systems Architects, Inc. (Class A) (I)	284,500	9,027,185
Witness Systems, Inc. (I)	107,800	2,938,628
Asset Management & Custody Banks 1.22%		2,906,640
iShares Russell 2000 Index Fund (L)	36,000	2,906,640
Auto Parts & Equipment 3.16%		7,487,528
LKQ Corp. (I)	331,600	7,487,528
Computer Storage & Peripherals 1.34%		3,172,522
Radiant Systems, Inc. (I)	235,700	3,172,522
Diversified Chemicals 0.42%		1,007,733
ICO, Inc. (I)	151,996	1,007,733
Diversified Commercial & Professional Services 2.45%		5,826,168
Gaiam, Inc. (Class A) (I)	161,400	2,454,894
PeopleSupport, Inc. (I)(L)	268,200	3,371,274
Electronic Equipment Manufacturers 3.01%		7,139,252
Daktronics, Inc. (L)	313,400	7,139,252
Electronic Manufacturing Services 2.21%		5,251,308
Trimble Navigation Ltd. (I)	183,100	5,251,308
Health Care Equipment 11.38%		27,018,145
Cantel Medical Corp. (I)	223,500	4,094,520
Hologic, Inc. (I)	52,500	3,021,375
Kensey Nash Corp. (I)	225,600	5,802,432
Nighthawk Radiology Holdings, Inc. (I)(L)	118,600	2,302,026
SurModics, Inc. (I)(L)	133,100	5,407,853
Symmetry Medical, Inc. (I)	376,100	6,389,939

See notes to financial statements

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10

F I N A N C I A L  S T A T E M E N T S

Issuer	Shares	Value
Health Care Services 6.76%		$16,051,117
Air Methods Corp. (I)	211,690	5,823,592
inVentiv Health, Inc. (I)	269,500	10,227,525
Health Care Supplies 2.85%		6,752,430
Inverness Medical Innovations, Inc. (I)	168,600	6,752,430
Hotels, Resorts & Cruise Lines 3.59%		8,521,400
Gaylord Entertainment Co. (I)	155,500	8,521,400
Industrial Machinery 1.61%		3,825,532
Chart Industries, Inc. (I)	202,946	3,825,532
Internet Software & Services 1.41%		3,342,090
TheStreet.com, Inc.	330,900	3,342,090
Investment Banking & Brokerage 0.43%		1,029,204
SWS Group, Inc.	39,600	1,029,204
IT Consulting & Other Services 1.15%		2,719,832
Lionbridge Technologies, Inc. (I)	535,400	2,719,832
Life & Health Insurance 2.37%		5,619,705
American Equity Investment Life Holding Co.	411,700	5,619,705
Life Sciences Tools & Services 2.98%		7,071,600
Kendle International, Inc. (I)	207,500	7,071,600
Oil & Gas Equipment & Services 1.10%		2,615,730
Metretek Technologies, Inc. (I)(L)	211,800	2,615,730
Oil & Gas Exploration & Production 4.79%		11,365,435
Goodrich Petroleum Corp. (I)(L)	109,600	3,850,248
Mariner Energy, Inc. (I)	139,700	3,150,235
PetroQuest Energy, Inc. (I)	382,220	4,364,952
Personal Products 2.38%		5,656,014
Inter Parfums, Inc.	245,700	5,656,014
Property & Casualty Insurance 4.52%		10,724,627
James River Group, Inc.	85,960	2,667,339
National Interstate Corp.	138,300	3,313,668
Philadelphia Consolidated Holding Corp. (I)	109,300	4,743,620
Publishing 1.41%		3,335,240
Courier Corp.	83,800	3,335,240
Railroads 1.48%		3,515,667
Genesee & Wyoming, Inc. (Class A) (I)	129,300	3,515,667
Regional Banks 12.00%		28,467,469
Boston Private Financial Holdings, Inc.	264,000	7,341,840
First Community Bancorp. (Class A)	134,700	7,389,642
Placer Sierra Bancshares	131,100	3,635,403
SVB Financial Group (I)	197,200	10,100,584
Semiconductors 1.92%		4,547,316
Silicon Image, Inc. (I)	519,100	4,547,316

See notes to financial statements

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11

F I N A N C I A L  S T A T E M E N T S

Issuer	Shares	Value
Specialized Consumer Services 1.10%		$2,601,168
Flow International Corp. (I)	223,468	2,601,168
Specialty Chemicals 2.35%		5,587,678
Arch Chemicals, Inc.	184,900	5,587,678
Specialty Stores 2.44%		5,800,054
Tractor Supply Co. (I)(L)	112,100	5,800,054
Systems Software 2.18%		5,169,420
Secure Computing Corp. (I)	638,200	5,169,420
Trucking 1.96%		4,660,320
Pacer International, Inc.	182,400	4,660,320
Water Utilities 1.43%		3,385,041
Aqua America, Inc. (L)	153,100	3,385,041

	Interest	Par value
Issuer, description, maturity date	rate	(000)	Value
Short-term investments 17.22%			$40,865,743
(Cost $40,865,743)
Joint Repurchase Agreement 2.82%			6,701,000
Investment in a joint repurchase agreement transaction with Bank
of America Corp. — Dated 4-30-07 due 5-1-07 (secured by U.S.
STRIPS due 5-15-21 and U.S. Treasury Inflation Indexed Notes
3.375% due 1-15-12, 10.875% due 4-15-10 and 3.000%
due 7-15-12).
Maturity value: $6,701,953	5.120%	$6,701	6,701,000
		Shares
Cash Equivalents 14.40%			34,164,743
John Hancock Cash Investment Trust (T)(W)		34,164,743	34,164,743
Total investments (Cost $240,636,666) 115.27%			$273,559,566
Other assets and liabilities, net (15.27%)			($36,232,444)
Total net assets 100.00%			$237,327,122

(I) Non-income-producing security.

(L) All or a portion of this security is on loan as of April 30, 2007.

(T) Represents investment of securities lending collateral.

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

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

See notes to financial statements

Small Cap Fund

12

F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 4-30-07 (unaudited)

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets
Investments at value (cost $240,636,666) including $33,009,251
of securities loaned	$273,559,566
Cash	93
Receivable for investments sold	2,172,659
Receivable for shares sold	425,033
Dividends and interest receivable	24,713
Other assets	696
Total assets	276,182,760
Liabilities
Payable for investments purchased	1,158,130
Payable for shares repurchased	2,950,040
Payable upon return of securities loaned	34,164,743
Payable to affiliates
Management fees	366,824
Distribution and service fees	14,302
Other	141,066
Other payables and accrued expenses	60,533
Total liabilities	38,855,638
Net assets
Capital paid-in	202,398,475
Accumulated net realized gain on investments	3,284,934
Net unrealized appreciation of investments	32,922,900
Accumulated net investment loss	(1,279,187)
Net assets	$237,327,122
Net asset value per common share
Based on net asset values and shares outstanding — the Fund has an
unlimited number of shares authorized with no par value
Class A ($163,583,641 ÷ 12,529,441 shares)	$13.06
Class B ($10,148,992 ÷ 790,295 shares)	$12.84
Class C ($42,931,814 ÷ 3,342,771 shares)	$12.84
Class I ($20,662,675 ÷ 1,565,171 shares)	$13.20
Maximum offering price per share
Class A1 ($13.06 ÷ 95%)	$13.75

¹ On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

See notes to financial statements

Small Cap Fund

13

F I N A N C I A L  S T A T E M E N T S

Statement of operations For the period ended 4-30-07 (unaudited)¹

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income
Dividends	$432,282
Securities lending	283,784
Interest	171,603
Total investment income	887,669
Expenses
Investment management fees (Note 2)	1,139,277
Distribution and service fees (Note 2)	526,356
Class A, B and C transfer agent fees (Note 2)	354,560
Class I transfer agent fees (Note 2)	7,847
Accounting and legal services fees (Note 2)	16,263
Compliance fees	2,491
Blue sky fees	38,865
Custodian fees	28,042
Printing fees	24,564
Securities lending fees	11,434
Professional fees	10,844
Trustees’ fees	5,743
Miscellaneous	564
Total expenses	2,166,850
Net investment loss	(1,279,181)
Realized and unrealized gain
Net realized gain on investments	7,286,811
Change in net unrealized appreciation (depreciation) of investments	2,425,750
Net realized and unrealized gain	9,712,561
Increase in net assets from operations	$8,433,380

¹ Semiannual period from 11-1-06 through 4-30-07.

See notes to financial statements

Small Cap Fund

14

F I N A N C I A L   S T A T E M E N T S

Statement of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’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.

	Year	Period
	ended	ended
	10-31-06	4-30-071
Increase (decrease) in net assets
From operations
Net investment loss	($2,449,649)	($1,279,181)
Net realized gain (loss)	(3,242,650)	7,286,811
Change in net unrealized appreciation (depreciation)	22,459,623	2,425,750
Increase in net assets resulting from operations	16,767,324	8,433,380
Distributions to shareholders
From net realized gain
Class A	(472,311)	—
Class B	(40,294)	—
Class C	(142,287)	—
Class I	(152,976)	—
	(807,868)	—
From Fund share transactions	60,516,796	(27,294,848)
Net assets
Beginning of period	179,712,338	256,188,590
End of period2	$256,188,590	$237,327,122

¹ Semiannual period from 11-1-06 through 4-30-07. Unaudited.

² Includes accumulated net investment loss of $6 and $1,279,187, respectively.

See notes to financial statements

Small Cap Fund

15

F I N A N C I A L    S T A T E M E N T S

Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES
Period ended	10-31-021	10-31-03	10-31-04	10-31-052	10-31-06	4-30-073
Per share operating performance
Net asset value, beginning of period	$12.99	$8.22	$10.06	$11.44	$11.56	$12.63
Net investment loss4	(0.16)	(0.05)	(0.09)	(0.11)	(0.12)	(0.06)
Net realized and unrealized
gain on investments	0.365	2.22	1.61	1.61	1.24	0.49
Total from investment operations	0.20	2.17	1.52	1.50	1.12	0.43
Less distributions
From net realized gain	(4.97)	(0.33)	(0.14)	(1.38)	(0.05)	—
Net asset value, end of period	$8.22	$10.06	$11.44	$11.56	$12.63	$13.06
Total return6 (%)	(3.59)7	27.417	15.257	13.447	9.717	3.408
Ratios and supplemental data
Net assets, end of period
(in millions)	$11	$16	$28	$105	$162	$164
Ratio of net expenses to average
net assets (%)	2.28	1.18	1.23	1.57	1.59	1.639
Ratio of gross expenses to average
net assets (%)	2.6910	2.6010	2.2310	1.6510	1.6010	1.639
Ratio of net investment loss
to average net assets (%)	(1.92)	(0.57)	(0.80)	(0.99)	(0.98)	(0.93)9
Portfolio turnover (%)	92	79	129	145	74	508

See notes to financial statements

Small Cap Fund

16

F I N A N C I A L  S T A T E M E N T S

Financial highlights

CLASS B SHARES
Period ended	10-31-052,11	10-31-06	4-30-073
Per share operating performance
Net asset value, beginning of period	$11.21	$11.49	$12.47
Net investment loss4	(0.17)	(0.20)	(0.10)
Net realized and unrealized
gain on investments	0.45	1.23	0.47
Total from investment operations	0.28	1.03	0.37
Less distributions
From net realized gain	—	(0.05)	—
Net asset value, end of period	$11.49	$12.47	$12.84
Total return6 (%)	2.507,8	8.997	2.978
Ratios and supplemental data
Net assets, end of period
(in millions)	$9	$11	$10
Ratio of net expenses to average
net assets (%)	2.279	2.29	2.339
Ratio of gross expenses to average
net assets (%)	2.359,10	2.3010	2.339
Ratio of net investment loss
to average net assets (%)	(1.67)9	(1.67)	(1.63)9
Portfolio turnover (%)	1458	74	508

See notes to financial statements

Small Cap Fund

17

F I N A N C I A L  S T A T E M E N T S

Financial highlights

CLASS C SHARES
Period ended	10-31-052,11	10-31-06	4-30-073
Per share operating performance
Net asset value, beginning of period	$11.21	$11.49	$12.47
Net investment loss4	(0.17)	(0.20)	(0.10)
Net realized and unrealized
gain on investments	0.45	1.23	0.47
Total from investment operations	0.28	1.03	0.37
Less distributions
From net realized gain	—	(0.05)	—
Net asset value, end of period	$11.49	$12.47	$12.84
Total return6 (%)	2.507,8	8.997	2.978
Ratios and supplemental data
Net assets, end of period
(in millions)	$31	$44	$43
Ratio of net expenses to average
net assets (%)	2.279	2.29	2.339
Ratio of gross expenses to average
net assets (%)	2.359,10	2.3010	2.339
Ratio of net investment loss
to average net assets (%)	(1.67)9	(1.68)	(1.63)9
Portfolio turnover (%)	1458	74	508

See notes to financial statements

Small Cap Fund

18

F I N A N C I A L  S T A T E M E N T S

Financial highlights

CLASS I SHARES
Period ended	10-31-052,11	10-31-06	4-30-073
Per share operating performance
Net asset value, beginning of period	$11.21	$11.60	$12.73
Net investment loss4	(0.05)	(0.06)	(0.02)
Net realized and unrealized
gain on investments	0.44	1.24	0.49
Total from investment operations	0.39	1.18	0.47
Less distributions
From net realized gain	—	(0.05)	—
Net asset value, end of period	$11.60	$12.73	$13.20
Total return6 (%)	3.487,8	10.20	3.698
Ratios and supplemental data
Net assets, end of period
(in millions)	$34	$40	$21
Ratio of net expenses to average
net assets (%)	1.109	1.08	1.069
Ratio of gross expenses to average
net assets (%)	1.189,10	1.08	1.069
Ratio of net investment loss
to average net assets (%)	(0.53)9	(0.47)	(0.37)9
Portfolio turnover (%)	1458	74	508

¹ On 6-24-02, the Advisors’ Inner Circle Fund Independence Small Cap Portfolio acquired the assets and liabilities of the UAM Independence Small Cap Portfolio, a series of the UAM Funds, Inc. The operations of the Advisers’ Inner Circle Fund Independence Small Cap Portfolio prior to the acquisition were those of the predecessor fund, the UAM Independence Small Cap Portfolio.

² Effective 12-3-04, shareholders of the former Independence Small Cap Portfolio became owners of an equal number of full and fractional Class A shares of the John Hancock Small Cap Fund. Additionally, the accounting and performance history of the Independence Small Cap Portfolio was redesignated as that of Class A of John Hancock Small Cap Fund.

³ Semiannual period from 11-01-06 through 4-30-07. Unaudited.

⁴ Based on the average of the shares outstanding.

⁵ The per share amount does not accord with the aggregate net losses on investments because of the sales and repurchase of the Fund’s shares in relation to fluctuating market value of the investments in the Fund.

⁶ Assumes dividend reinvestment and does not reflect the effect of sales charges.

⁷ Total returns would have been lower had certain expenses not been reduced during the periods shown.

⁸ Not annualized.

⁹ Annualized.

¹⁰ Does not take into consideration expense reductions during the periods shown.

¹¹ Class B, Class C and Class I shares began operations on 12-6-04.

See notes to financial statements

Small Cap Fund

19

Notes to financial statements (unaudited)

Note 1 Accounting policies

John Hancock Small Cap Fund (the Fund) is a diversified series of John Hancock Equity Trust (the Trust), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek capital appreciation.

The Trustees have authorized the issuance of multiple classes of shares of the Fund, designated as Class A, Class B, Class C and Class I shares. The shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, except that certain expenses, subject to the approval of the Trustees, may be applied differently to each class of shares in accordance with current regulations of the Securities and Exchange Commission (SEC) and the Internal Revenue Service. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan. Class B shares will convert to Class A shares eight years after purchase.

The Fund is the accounting and performance successor to Independence Small Cap Portfolio, a diversified open-end management investment company organized as a Massachusetts business trust. On December 3, 2004, the Fund acquired substantially all the assets and assumed the liabilities of the former Independence Small Cap Portfolio pursuant to an agreement and plan of reorganization, in exchange for Class A shares of the Fund.

Significant accounting policies of the Fund are as follows:

Valuation of investments

Securities in the Fund’s portfolio are valued on the basis of market quotations, valuations provided by independent pricing services or at fair value as determined in good faith in accordance with procedures approved by the Trustees. Short-term debt investments which have a remaining maturity of 60 days or less may be valued at amortized cost, which approximates market value. Investments in John Hancock Cash Investment Trust, 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.

Joint repurchase agreement

Pursuant to an exemptive order issued by the 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. The Adviser is responsible for ensuring that the agreement is fully collateralized at all times.

Investment transactions

Investment 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. Net realized gains and losses on sales of investments are determined on the identified cost basis.

Class allocations

Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the appropriate net asset value of the respective classes. Distribution and service fees, if any, and transfer agent fees for Class I shares are calculated daily at the class

Small Cap Fund

20

level based on the appropriate net asset value of each class and the specific expense rate(s) applicable to each class.

Expenses

The majority of expenses are directly identifiable to an individual fund. Expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

Bank borrowings

The Fund is permitted to have bank borrowings for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Fund has entered into a syndicated line of credit agreement with The Bank of New York (“BNY”), the Swing Line Lender and Administrative Agent. This agreement enables the Fund to participate, with other funds managed by the Adviser, in an unsecured line of credit with BNY, which permits borrowings of up to $100 million, collectively. Interest is charged to each fund based on its borrowing. In addition, a commitment fee is charged to each fund based on the average daily unused portion of the line of credit and is allocated among the participating funds. The Fund had no borrowing activity under the line of credit during the period ended April 30, 2007.

Securities lending

The Fund may lend securities to certain qualified brokers who pay the Fund negotiated lender fees. The loans are collateralized at all times with cash or securities with a market value at least equal to the market value of the securities on loan. As with other extensions of credit, the Fund may bear the risk of delay of the loaned securities in recovery or even loss of rights in the collateral, should the borrower of the securities fail financially. At April 30, 2007, the Fund loaned securities having a market value of $33,009,251 collateralized by cash in the amount of $34,164,743. The cash collateral was invested in John Hancock Cash Investment Trust. Securities lending expenses are paid by the Fund to the lending agent.

Federal income taxes

The Fund qualifies 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. For federal income tax purposes, the Fund has $3,318,724 of a capital loss carryforward available, to the extent provided by regulations, to offset future net realized capital gains. To the extent that such carryforward is used by the Fund, no capital gain distributions will be made. The entire amount of the loss carryforward expires October 31, 2014.

New accounting pronouncements

In June 2006, Financial Accounting Standards Board (FASB) Interpretation No. 48,  Accounting for Uncertainty in Income Taxes (the “Interpretation”), was issued and is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. The Interpretation prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return, and requires certain expanded disclosures. Management is currently evaluating the application of this Interpretation of the Fund and has not at this time quantified the impact, if any, resulting from adoption of the Interpretation on the Fund’s financial statements. The fund will implement this pronouncement no later than April 30, 2008.

In September 2006, FASB Standard No. 157,  Fair Value Measurements (FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishing a framework for measuring fair value and expands disclosure about fair value measurements. Management is currently evaluating the application of FAS 157 to the Fund and its impact, if any, resulting from the adoption of FAS 157 on the Fund’s financial statements.

Dividends, interest and distributions

Dividend income on investment securities is recorded on the ex-dividend date. Interest income on investment securities is recorded on the accrual basis.

Small Cap Fund

21

The Fund records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. During the year ended October 31, 2006, the tax character of distributions paid was as follows: ordinary income $62,230 and long-term capital gain $745,638. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.

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. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Use of estimates

The preparation of these financial statements, in accordance with accounting principles generally accepted in the United States of America, incorporates estimates made by management in determining the reported amount of assets, liabilities, revenues and expenses of the Fund. Actual results could differ from these estimates.

Note 2

Management fee and transactions with affiliates and others

The Fund has an investment management contract with the Adviser. Under the investment management contract, the Fund pays a monthly management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.90% of the first $1,000,000,000 of the Fund’s average daily net asset value and (b) 0.85% of the Fund’s average daily net asset value in excess of $1,000,000,000. The Adviser has a subadvisory agreement with Independence Investments LLC, which — effective June 1, 2006 — became an affiliate of Convergent Capital Management LLC (Convergent) and changed its name from Independence Investment LLC. Convergent’s parent company is City National Corporation. Formerly, the Subadviser was a wholly owned indirect subsidiary of the John Hancock Life Insurance Company (JHLICO) and was named Independence Investment Associates, Inc. The Fund is not responsible for payment of the subadvisory fees.

The Subadviser was a wholly owned indirect subsidiary of JHLICO and an indirect wholly owned subsidiary of Manulife Financial Corporation (MFC). MFC sold the assets of the Subadviser to a subsidiary of City National Corp. The closing took place on May 31, 2006. The Board of Trustees has approved a new sub-advisory agreement with the successor to the Subadviser’s business and an interim subadvisory agreement pending shareholder approval.

The Adviser has agreed to limit the Fund’s expenses, excluding distribution, and service fees and transfer agent fees, to not exceed 1.05% of the Fund’s average daily net assets with respect to Class A, Class B and Class C shares and net operating expenses to 1.65%, 2.35%, 2.35% and 1.10% of the average daily net asset value of Class A, Class B, Class C and Class I shares, respectively, until February 29, 2008. There were no fee reductions during the period ended April 30, 2007. The Adviser reserves the right to terminate this limitation in the future.

The Fund has a Distribution Agreement with John Hancock Funds, LLC (JH Funds), a wholly owned subsidiary of the Adviser. The Fund has adopted Distribution Plans with respect to Class A, Class B and Class C, pursuant to Rule 12b-1 under the 1940 Act, to reimburse JH Funds for the services it provides as distributor of shares of the Fund. Accordingly, the Fund makes monthly payments to JH Funds at an annual rate not to exceed 0.30%, 1.00% and 1.00% of average daily net asset value of Class A, Class B and Class C, respectively. A maximum of 0.25% of such payments may be service fees, as defined by the Conduct Rules of the National Association of Securities Dealers. Under the Conduct Rules, curtailment of a portion of the Fund’s 12b-1 payments could occur under certain circumstances.

Expenses under the agreement described above for the period ended April 30, 2007 were as follows:

Small Cap Fund

22

	Distribution and
Share class	service fees
Class A	$249,674
Class B	53,065
Class C	223,617
Total	$526,356

Class A shares are assessed up-front sales charges. During the period ended April 30, 2007, JH Funds received net up-front sales charges of $106,803 with regard to sales of Class A shares. Of this amount, $15,108 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $90,312 was paid as sales commissions to unrelated broker-dealers and $1,383 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a related broker-dealer. The Adviser’s indirect parent, JHLICO is the indirect sole shareholder of Signator Investors.

Class B shares that are redeemed within six years of purchase are subject to a contingent deferred sales charge (CDSC) at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a CDSC at a rate of 1.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from the CDSCs are paid to JH Funds and are used, in whole or in part, to defray its expenses for providing distribution-related services to the Fund in connection with the sale of Class B and Class C shares. During the period ended April 30, 2007, CDSCs received by JH Funds amounted to $16,218 for Class B shares and $6,598 for Class C shares.

The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an indirect subsidiary of JHLICO. For Class A, Class B and Class C shares, the Fund pays a monthly transfer agent fee at an annual rate of 0.05% of each class’s average daily net asset value, plus a fee based on the number of shareholder accounts and reimbursement for certain out-of pocket expenses, aggregated and allocated to each class on the basis of its relative net asset value. For Class I shares, the Fund pays a monthly transfer agent fee at a total annual rate of 0.05% of Class I average daily net asset value. Signature Services agreed to limit transfer agent fees on Class A, Class B and Class C shares to 0.30% of each class’s average daily net asset value, at least until February 29, 2008. There were no transfer agent fee reductions during the period ended April 30, 2007.

The Fund has an agreement with the Adviser and affiliates to perform necessary tax, accounting and legal services for the Fund. The compensation for the period amounted to $16,263. The Fund also reimbursed JHLICO for certain compliance costs, included in the Fund’s Statement of Operations.

The Adviser and other subsidiaries of JHLICO owned 89 Class A, 89 Class B, 89 Class C and 89 Class I shares of beneficial interest of the Fund on April 30, 2007.

Mr. James R. Boyle is Chairman of the Adviser, as well as affiliated Trustee of the Fund, and is compensated by the Adviser and/or its affiliates. The compensation of unaffiliated Trustees is borne by the Fund. The unaffiliated Trustees may elect to defer, for tax purposes, their receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan. The Fund makes investments into other John Hancock funds, as applicable, to cover its liability for the deferred compensation. Investments to cover the Fund’s deferred compensation liability are recorded on the Fund’s books as another asset. The deferred compensation liability and the related other asset are always equal and are marked to market on a periodic basis to reflect any income earned by the investments, as well as any unrealized gains or losses. The Deferred Compensation Plan investments had no impact on the operations of the Fund.

Small Cap Fund

23

Note 3

Fund share transactions

This listing illustrates the number of Fund shares sold, reinvested and repurchased during the year ended October 31, 2006 and the period ended April 30, 2007, along with the corresponding dollar value.

	Year ended 10-31-06		Period ended 4-30-071
	Shares	Amount	Shares	Amount
Class A shares
Sold	7,213,368	$90,180,663	2,081,662	$27,384,542
Distributions reinvested	36,036	433,506	—	—
Repurchased	(3,536,982)	(43,450,941)	(2,386,964)	(31,244,051)
Net increase (decrease)	3,712,422	$47,163,228	(305,302)	($3,859,509)
Class B shares
Sold	368,860	$4,601,372	92,576	$1,198,753
Distributions reinvested	3,184	38,048	—	—
Repurchased	(319,849)	(3,855,544)	(146,456)	(1,906,898)
Net increase (decrease)	52,195	$783,876	(53,880)	($708,145)
Class C shares
Sold	1,601,647	$19,839,715	392,267	$5,077,690
Distributions reinvested	11,360	135,754	—	—
Repurchased	(846,776)	(10,158,283)	(551,902)	(7,138,466)
Net increase (decrease)	766,231	$9,817,186	(159,635)	($2,060,776)
Class I shares
Sold	1,453,384	$17,845,858	437,431	$5,752,302
Distributions reinvested	12,549	151,472	—	—
Repurchased	(1,234,513)	(15,244,824)	(2,006,313)	(26,418,720)
Net increase (decrease)	231,420	$2,752,506	(1,568,882)	($20,666,418)
Net increase (decrease)	4,762,268	$60,516,796	(2,087,699)	($27,294,848)

¹ Semiannual period from 11-1-06 through 4-30-07. Unaudited.

Note 4

Investment transactions

Purchases and proceeds from sales or maturities of securities, other than short-term securities and obligations of the U.S. government, during the period ended April 30, 2007, aggregated $122,477,193 and $150,395,792, respectively.

The cost of investments owned on April 30, 2007, including short-term investments, for federal income tax purposes, was $241,093,163. Gross unrealized appreciation and depreciation of investments aggregated $36,298,600 and $3,832,197, respectively, resulting in net unrealized appreciation of $32,466,403. The difference between book basis and tax basis net unrealized appreciation of investments is attributable primarily to the tax deferral of losses on certain sales of securities.

Small Cap Fund

24

Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement: John Hancock Small Cap Fund

The Investment Company Act of 1940 (the 1940 Act) requires the Board of Trustees (the Board) of John Hancock Equity Trust (the Trust), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and are not “interested persons” of the Trust, as defined in the 1940 Act (the Independent Trustees), annually to review and consider the continuation of the investment advisory agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Adviser) for the John Hancock Small Cap Fund (the Fund). The Board also considered the continuation of an interim investment subadvisory agreement (the Subadvisory Agreement) with Independence Investment LLC (the Subadviser) and a proposed investment subadvisory agreement (the New Subadvisory Agreement) with a newly formed subsidiary of Convergent Capital Management (New Independence). The Advisory Agreement with the Adviser and the Subadvisory Agreement with the Subadvis er are collectively referred to as the Advisory Agreements.

At meetings held on May 1–2 and June 5–6,2006,¹ the Board considered the factors and reached the conclusions described below relating to the selection of the Adviser and Subadviser and the continuation of the Advisory Agreements. The Board also considered factors and reached the conclusions described below relating to the selection of New Independence and the approval of the New Subadvisory Agreement. During such meetings, the Board’s Contracts/Operations Committee and the Independent Trustees also met in executive sessions with their independent legal counsel.

In evaluating the Advisory Agreements, the Board, including the Contracts/Operations Committee and the Independent Trustees, reviewed a broad range of information requested for this purpose by the Independent Trustees, including: (i) the investment performance of the Fund relative to a category of relevant funds (the Category) and a peer group of comparable funds (the Peer Group) each selected by Morningstar, Inc. (Morningstar), an independent provider of investment company data, for a range of periods ended December 31, 2005; (ii) advisory and other fees incurred by, and the expense ratios of, the Fund relative to a Category and a Peer Group; (iii) the advisory fees of comparable portfolios of other clients of the Adviser and the Subadviser; (iv) the Adviser’s financial results and condition, including its and certain of its affiliates’ profitability from services performed for the Fund; (v) breakpoints in the Fund’s and the Peer Group’s fees, and information about economies of scale; (vi) the Adviser’s and Subadviser’s record of compliance with applicable laws and regulations, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the structure and responsibilities of the Adviser’s and Subadviser’s compliance department; (vii) the background and experience of senior management and investment professionals; and (viii) the nature, cost and character of advisory and non-investment management services provided by the Adviser and its affiliates and by the Subadviser.

In evaluating the New Subadvisory Agreement, the Board, including the Contracts/Operations Committee and the Independent Trustees, reviewed a broad range of information provided to the Independent Trustees, including: (i) the description of the transaction in which New Independence would be formed as a subsidiary of Convergent Capital Management (the Transaction), (ii) a description of Convergent Capital Management, (iii) the nature and quality of services rendered to the Fund, (iv) the subadvisory fee payable to New Independence by the Adviser, (v) the qualifications and background of New Independence, as well as the qualifications of its personnel, and (vi) possible conflicts of interest that may result from or be reflected in the terms of the Transaction.

The Board’s review and conclusions were based on a comprehensive consideration of all information presented to the Board and not the result of any single controlling factor. It was based on performance and other information as of December 31, 2005; facts may have changed between that date and the date of this shareholders report. The key factors considered by the Board and the conclusions reached are described below.

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Nature, extent and quality of services

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of the Adviser and Subadviser. In addition, the Board took into account the administrative services provided to the Fund by the Adviser and its affiliates.

Based on the above factors, together with those referenced below, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser and Subadviser were sufficient to support renewal of the Advisory Agreements.

Fund performance

The Board considered the performance results for the Fund over various time periods ended December 31, 2005. The Board also considered these results in comparison to the performance of the Category, as well as the Fund’s Peer Group and benchmark index. Morningstar determined the Category and the Peer Group for the Fund. The Board reviewed with a representative of Morningstar the methodology used by Morningstar to select the funds in the Category and the Peer Group. The Board noted the imperfect comparability of the Peer Group.

The Board noted that the Fund’s performance during the periods under review was generally competitive with the performance of the Peer Group and Category medians, and its benchmark index, the Russell 2000 Growth Index. The Board noted that the Fund’s performance during the five-year period was appreciably higher than the performance of the Peer Group and Category medians, and its benchmark index. The Board also noted that, during the three-year period under review, the Fund’s performance was equal to or not appreciably lower than the Peer Group and Category medians, and its benchmark index. The Board noted that, during the one-year period under review, the Fund’s performance was higher than its benchmark index and lower than the Peer Group and Category medians.

Investment advisory fee and subadvisory fee rates and expenses

The Board reviewed and considered the contractual investment advisory fee rate payable by the Fund to the Adviser for investment advisory services (the Advisory Agreement Rate). The Board received and considered information comparing the Advisory Agreement Rate with the advisory fees for the Peer Group and Category. The Board noted that the Advisory Agreement Rate was equal to the median rate of the Peer Group and Category.

The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution and fees other than advisory and distribution fees, including transfer agent fees, custodian fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board also considered peer-adjusted comparisons for the transfer agent fees. The Board considered comparisons of these expenses to the Peer Group median. The Board also received and considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and total operating expense ratio after taking the fee waiver arrangement applicable to the Advisory Agreement Rate into account (Net Expense Ratio). The Board received and considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Peer Group and Category medians. The Board noted that the Fund’s Gross and Net Expense Ratios were higher than the median of its Category. The Board also noted that the Fund’s Gross and Net Expense Ratios were equal to or not appreciably higher than the median of its Peer Group.

The Adviser also discussed the Morningstar data and rankings, and other relevant information, for the Fund. Based on the above-referenced considerations and other factors, the Board concluded that the Fund’s overall performance and expenses supported the re-approval of the Advisory Agreements.

The Board also received information about the investment subadvisory fee rate (the Subadvisory Agreement Rate) payable by the Adviser to the Subadviser for investment subadvisory services. The Board concluded that the Subadvisory

26

Agreement Rate was fair and equitable, based on its consideration of the factors described here.

Profitability

The Board received and considered a detailed profitability analysis of the Adviser based on the Advisory Agreements, as well as on other relationships between the Fund and the Adviser and its affiliates, including the Subadviser. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, the profits and other ancillary benefits reported by the Adviser were not unreasonable.

Economies of scale

The Board received and considered general information regarding economies of scale with respect to the management of the Fund, including the Fund’s ability to appropriately benefit from economies of scale under the Fund’s fee structure. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual Funds, but rather are incurred across a variety of products and services.

To the extent the Board and the Adviser were able to identify actual or potential economies of scale from Fund-specific or allocated expenses, in order to ensure that any such economies continue to be reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the Advisory Agreement Rate.

Information about services to other clients

The Board also received information about the nature, extent and quality of services and fee rates offered by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board concluded that the Advisory Agreement Rate and the Subadvisory Agreement Rate were not unreasonable, taking into account fee rates offered to others by the Adviser and Subadviser, respectively, after giving effect to differences in services.

Other benefits to the Adviser

The Board received information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. Such benefits could include, among others, benefits directly attributable to the relationship of the Adviser with the Fund and benefits potentially derived from an increase in the business of the Adviser as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by the Adviser and its affiliates).

The Board also considered the effectiveness of the Adviser’s, Subadviser’s and Fund’s policies and procedures for complying with the requirements of the federal securities laws, including those relating to best execution of portfolio transactions and brokerage allocation.

Other factors and broader review

As discussed above, the Board reviewed detailed materials received from the Adviser and Subadviser as part of the annual re-approval process. The Board also regularly reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of the Adviser and Subadviser at least quarterly, which include, among other things, fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year.

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Fund was in the best interest of the Fund and its shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements.

New subadvisory agreement with New Independence

In evaluating the New Subadvisory Agreement, the Board considered that the employees of the Subadviser would be offered employment with New Independence. The Board also considered the Subadviser’s belief that most of its employees, including the portfolio managers and analysts responsible for the Fund and the executives responsible for the management of the Subadviser, would become employees of

27

New Independence. The Board considered that no material changes in the investment process or resources were anticipated to occur as a result of the Transaction. The Board strongly considered that the subadvisory fees payable under the New Subadvisory Agreement would be borne by the Adviser and not the Fund, and that the proposed Transaction would not have any effect on the fees paid by the Fund to the Adviser or the consideration paid to New Independence by the Adviser. The Board also considered that subadvisory fees to be paid by the Adviser to New Independence were identical to the fees under the existing Subadvisory Agreement.

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the New Subadvisory Agreement for the Fund was in the best interest of the Fund and its shareholders. Accordingly, the Board unanimously approved, and voted to recommend to shareholders that the Fund adopt, the New Subadvisory Agreement.

¹ The Board considered additional information about the New Subadvisory Agreement and New Independence at the March 2006 Board meetings. The New Subadvisory Agreement became effective August 4, 2006 after shareholder approval.

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For more information

The Fund’s proxy voting policies, procedures and records are available without charge, upon request:

By phone	On the Fund’s Web site	On the SEC’s Web site
1-800-225-5291	www.jhfunds.com/proxy	www.sec.gov
Trustees	Charles A. Rizzo	Custodian
Ronald R. Dion, Chairman	Chief Financial Officer	The Bank of New York
James R. Boyle†		One Wall Street
James F. Carlin	Gordon M. Shone	New York, NY 10286
William H. Cunningham	Treasurer
Charles L. Ladner*		Transfer agent
Dr. John A. Moore*	John G. Vrysen	John Hancock Signature
Patti McGill Peterson*	Chief Operations Officer
Steven R. Pruchansky		Services, Inc.
*Members of the Audit Committee	Investment adviser	One John Hancock Way,
†Non-Independent Trustee	John Hancock Advisers, LLC	Suite 1000
	601 Congress Street	Boston, MA 02217-1000
Officers	Boston, MA 02210-2805
Keith F. Hartstein		Legal counsel
President and	Subadviser	Kirkpatrick & Lockhart
Chief Executive Officer	Independence Investments	Preston Gates Ellis LLP
	LLC	One Lincoln Street
Thomas Kinzler	160 Federal Street	Boston, MA 02111-2950
Secretary and Chief Legal Officer	Boston, MA 02110
Francis V. Knox, Jr.	Principal distributor
Chief Compliance Officer	John Hancock Funds, LLC
	601 Congress Street
	Boston, MA 02210-2805

How to contact us
Internet	www.jhfunds.com
Mail	Regular mail:	Express mail:
	John Hancock	John Hancock
	Signature Services, Inc.	Signature Services, Inc.
	One John Hancock Way, Suite 1000	Mutual Fund Image Operations
	Boston, MA 02217-1000	380 Stuart Street
		Boston, MA 02116
Phone	Customer service representatives	1-800-225-5291
	EASI-Line	1-800-338-8080
	TDD line	1-800-554-6713

A listing of month-end portfolio holdings is available on our Web site, www.jhfunds.com. A more detailed portfolio holdings summary is available on a quarterly basis 60 days after the fiscal quarter on our Web site or upon request by calling 1-800-225-5291, or on the SEC’s Web site, www.sec.gov.

32

JOHN HANCOCK FAMILY OF FUNDS

EQUITY	INTERNATIONAL
Balanced Fund	Greater China Opportunities Fund
Classic Value Fund	International Allocation Portfolio
Classic Value Fund II	International Classic Value Fund
Classic Value Mega Cap Fund	International Core Fund
Core Equity Fund	International Growth Fund
Global Shareholder Yield Fund
Growth Fund	INCOME
Growth Opportunities Fund	Bond Fund
Growth Trends Fund	Government Income Fund
Intrinsic Value Fund	High Yield Fund
Large Cap Equity Fund	Investment Grade Bond Fund
Large Cap Select Fund	Strategic Income Fund
Mid Cap Equity Fund
Multi Cap Growth Fund	TAX-FREE INCOME
Small Cap Equity Fund	California Tax-Free Income Fund
Small Cap Fund	High Yield Municipal Bond Fund
Small Cap Intrinsic Value Fund	Massachusetts Tax-Free Income Fund
Sovereign Investors Fund	New York Tax-Free Income Fund
U.S. Core Fund	Tax-Free Bond Fund
U.S. Global Leaders Growth Fund
Value Opportunities Fund	MONEY MARKET
	Money Market Fund
ASSET ALLOCATION	U.S. Government Cash Reserve
Allocation Core Portfolio
Allocation Growth + Value Portfolio	CLOSED-END
Lifecycle 2010 Portfolio	Bank and Thrift Opportunity Fund
Lifecycle 2015 Portfolio	Financial Trends Fund, Inc.
Lifecycle 2020 Portfolio	Income Securities Trust
Lifecycle 2025 Portfolio	Investors Trust
Lifecycle 2030 Portfolio	Patriot Premium Dividend Fund II
Lifecycle 2035 Portfolio	Patriot Select Dividend Trust
Lifecycle 2040 Portfolio	Preferred Income Fund
Lifecycle 2045 Portfolio	Preferred Income II Fund
Lifecycle Retirement Portfolio	Preferred Income III Fund
Lifestyle Aggressive Portfolio	Tax-Advantaged Dividend Income Fund
Lifestyle Balanced Portfolio
Lifestyle Conservative Portfolio
Lifestyle Growth Portfolio
Lifestyle Moderate Portfolio
SECTOR
Financial Industries Fund
Health Sciences Fund
Real Estate Fund
Regional Bank Fund
Technology Fund
Technology Leaders Fund

The Fund’s investment objectives, risks, charges and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, call your financial professional, call John Hancock Funds at 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com. Please read the prospectus carefully before investing or sending money.

1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available:electronicdelivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Small Cap Fund.

820SA 4/07

6/07

ITEM 2. CODE OF ETHICS.

As of the end of the period, April 30, 2007, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the “Senior Financial Officers”). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable at this time.

ITEM 6. SCHEDULE OF INVESTMENTS.

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to previously disclosed John Hancock Funds - Administration Committee Charter and John Hancock Funds – Governance Committee Charter.

ITEM 11. 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-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.

(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.

ITEM 12. EXHIBITS.

(a)(1) Code of Ethics for Senior Financial Officers is attached.

(a)(2) 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.

(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.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Governance Committee Charter”.

(c)(2) Proxy Voting Policies and Procedures are attached.

(c)(3) Contact person at the registrant.

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 Equity Trust

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

Date: June 29, 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: June 29, 2007

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

Date: June 29, 2007

EX-99.CERT

CERTIFICATION

I, Keith F. Hartstein, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Equity Trust (the “registrant”);

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;

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;

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:

(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;

(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;

(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

(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

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):

(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

(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.

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

Date: June 29, 2007

CERTIFICATION

I, Charles A. Rizzo, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Equity Trust (the “registrant”);

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;

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;

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:

(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;

(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;

(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

(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

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):

(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

(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.

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

Date: June 29, 2007

EX-99.906 CERT

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002

In connection with the attached Report of John Hancock Equity Trust (the “registrant”) 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:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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.

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

Dated: June 29, 2007

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

Dated: June 29, 2007

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.

EX-99.CODE ETH

JOHN HANCOCK FUNDS

CODE OF ETHICS

This is the code of ethics of:

• John Hancock Advisers, LLC

• MFC Global Investment Management (U.S.), LLC (formerly known as Sovereign Asset Management LLC)

• each open-end and closed-end fund advised by John Hancock Advisers, LLC

• John Hancock Funds, LLC

(together, called "John Hancock Funds" or "JHF")

1. General Principles

Each person within the John Hancock Funds organization is responsible for maintaining the very highest ethical standards when conducting our business.

This means that:

• You have a fiduciary duty at all times to place the interests of our clients and fund investors first.

• All of your personal securities transactions must be conducted consistent with the provisions of this code of ethics that apply to you and in such a manner as to avoid any actual or potential conflict of interest or other abuse of your position of trust and responsibility.

• You should not take inappropriate advantage of your position or engage in any fraudulent or manipulative practice (such as front-running or manipulative market timing) with respect to our clients' accounts or fund investors.

• You must treat as confidential any information concerning the identity of security holdings and financial circumstances of clients or fund investors.

• You must comply with all applicable federal securities laws.

• You must promptly report any violation of this code of ethics that comes to your attention to the Chief Compliance Officer of your company -see Appendix F.

The General Principles discussed above govern all conduct, whether or not

The General Principles discussed above govern all conduct, whether or not the conduct is also covered by more specific standards and procedures in this code of ethics. As described below under the heading "Interpretation and Enforcement", failure to comply with the code of ethics may result in disciplinary action, including termination of employment.

2. To Whom Does This Code Apply?

This code of ethics applies to you if you are a director, officer or employee of John Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC, John Hancock Funds, LLC or a John Hancock open-end or closed-end fund registered under the Investment Company Act of 1940 (the "'40 Act") and advised by John Hancock Advisers, LLC ("John Hancock funds"). It also applies to you if you are trustee of the John Hancock Financial Trends Fund, Inc. or an employee of Manulife Financial Corporation or its subsidiaries who participates in making recommendations for, or receives information about, portfolio trades or holdings of the John Hancock funds or accounts. However, notwithstanding anything herein to the contrary, it does not apply to any trustees/directors of any open-end or closed-end funds advised by John Hancock Advisers, LLC who are not "interested persons" of such funds as defined in Section 2(a)(19) of the '40 Act, so long as they are subject to a separate Code of Ethics (each, an "Excluded Independent Director"). Also, in some cases only a limited number of provisions will apply to you, based on your access category. For example, only a limited number of provisions apply to directors of the John Hancock open-end funds and closed-end funds who are not Excluded Independent Directors-- see Appendix C for more information.

Please note that if a policy described below applies to you, it also applies to all accounts over which you have a beneficial interest. Normally, you will be deemed to have a beneficial interest in your personal accounts, those of a spouse, "significant other," minor children or family members sharing a household, as well as all accounts over which you have discretion or give advice or information. "Significant others" are defined for these purposes as two people who (1) share the same primary residence; (2) share living expenses; and (3) are in a committed relationship and intend to remain in the relationship indefinitely.

There are three main categories for persons covered by this code of ethics, taking into account their positions, duties and access to information regarding fund portfolio trades. You have been notified about which of these categories applies to you, based on the JHF Investment Compliance Department's understanding of your current role. If you have a level of investment access beyond your assigned category, or if you are promoted or change duties and as a result should more appropriately be included in a different category, it is your responsibility to notify the Chief Compliance Officer of your company.

The basic definitions of the three main categories, with examples, are provided below. The more detailed definitions of each category are attached as Appendix A.

“Investment Access” person		“Regular Access” person		“Non-Access” person
		A person who regularly has access
		to (1) fund portfolio trades or (2)		A person who does not regularly
A person who regularly participates		non-public information regarding		participate in a fund’s investment
in a fund’s investment process or		holdings or securities		process or obtain information
makes securities recommendations		recommendations to clients.		regarding fund portfolio trades
to clients.
			examples:		examples:
	examples:
		•	personnel in Investment	•	wholesalers
•	portfolio managers		Operations or Compliance
				•	inside wholesalers who
•	analysts	•	most FFM personnel		don’t attend investment
					“morning meetings”
•	traders	•	Technology personnel with
			access to investment	•	certain administrative
			systems		personnel
		•	attorneys and some legal
			administration personnel
		•	investment admin.
			personnel

3. Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions?

If this code of ethics describes "Personal Trading Requirements" (i.e. John Hancock Mutual Fund reporting requirement and holding period, the preclearance requirement, the ban on short-term profits, the ban on IPOs, the disclosure of private placement conflicts and the reporting requirements) that apply to your access category as described above, then the requirements apply to trades for any account in which you have a beneficial interest. Normally, this includes your personal accounts, those of a spouse, "significant other," minor children or family members sharing your household, as well as all accounts over which you have discretion or give advice or information. This includes all brokerage accounts that contain securities (including brokerage accounts that only contain securities exempt from reporting). Accounts over which you have no direct or indirect influence or control are exempt. To prevent potential violations of this code of ethics, you are strongly encouraged to request clarification for any accounts that are in question.

These personal trading requirements do not apply to the following securities:

• Direct obligations of the U.S. government (e.g., treasury securities);

• Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including repurchase agreements;

• Shares of open-end mutual funds registered under the '40 Act that are not advised or sub-advised by John Hancock Advisers, John Hancock Investment Management Services or another Manulife entity;

• Shares issued by money market funds; and

• Securities in accounts over which you have no direct or indirect influence or control.

Except as noted above, the Personal Trading Requirements apply to all securities, including:

• Stocks;

• Bonds;

• Government securities that are not direct obligations of the U.S. government, such as Fannie Mae or municipal securities;

• Closed-end funds;

• Options on securities, on indexes, and on currencies;

• Limited partnerships;

• Domestic unit investment trusts;

• Exchange traded funds;

• Non-US unit investment trusts and Non-US mutual funds;

• Private investment funds and hedge funds; and

• Futures, investment contracts or any other instrument that is considered a "security" under the Investment Advisers Act.

Different requirements apply to shares of open-end mutual funds that are advised or sub-advised by John Hancock Advisers, LLC or another Manulife entity--see the section below titled "John Hancock Mutual Funds Reporting Requirement and Holding Period".

4. Overview of Policies

	Investment Access	Regular Access	Non-Access Person
	Person	Person
General principles	yes	yes	yes
Policies outside the code
Conflict of interest policy	yes	yes	yes
Inside information policy	yes	yes	yes
Policy regarding dissemination of mutual fund	yes	yes	yes
portfolio information

Policies in the code
Restriction on gifts	yes	yes	yes
John Hancock mutual funds reporting	yes	yes	yes
requirement and holding period
Pre-clearance requirement	yes	yes	Limited
Heightened preclearance of securities	yes	yes	no
transactions for “Significant Personal
Positions”
Ban on short-term profits	yes	no	no
Ban on IPOs	yes	no	no
Disclosure of private placement conflicts	yes	no	no
Seven day blackout period	yes	no	no
Reports and other disclosures outside the code
Broker letter/duplicate confirms	yes	yes	yes
Reports and other disclosures in the code
Annual recertification form	yes	yes	yes
Initial/annual holdings reports	yes	yes	no
Quarterly transaction reports	yes	yes	no

5. Policies Outside of the Code of Ethics

John Hancock Funds have certain policies that are not part of the code of ethics, but are equally important. The two most important of these policies are (1) the Company Conflict and Business Practice Policy; and (2) the Inside Information Policy.

>> Company Conflict & Business Practice Policy

--------------------------------------------------------------------------------
Applies to: Investment Access Persons
Regular Access Persons
Non-Access Persons
--------------------------------------------------------------------------------

A conflict of interest occurs when your private interests interfere or could potentially interfere with your responsibilities at work. You must not place yourself or the company in a position of actual or potential conflict.

This Policy covers a number of important issues for officers and employees of John Hancock Funds. For example, you cannot serve as a director of any company without first obtaining the required written executive approval.

This Policy includes significant requirements to be followed if your personal securities holdings overlap with John Hancock funds investment activity. For example, if you or a member of your family own:

• a 5% or greater interest in a company, John Hancock Funds and its affiliates may not make any investment in that company;

• a 1% or greater interest in a company, you cannot participate in any decision by John Hancock Funds and its affiliates to buy or sell that company's securities;

• ANY interest in a company, you cannot recommend or participate in a decision by John Hancock Funds and its affiliates to buy or sell that company's securities unless your personal interest is fully disclosed at all stages of the investment decision.

(This is just a summary of these requirements--please read Section IV of the Company Conflict and Business Practices Policy for more detailed information.)

Other important issues in this Policy include:

• personal investments or business relationships

• misuse of inside information

• receiving or giving of gifts, entertainment or favors

• misuse or misrepresentation of your corporate position

• disclosure of confidential or proprietary information

• antitrust activities

• political campaign contributions and expenditures on public officials

>> Inside Information Policy and Procedures

--------------------------------------------------------------------------------
Applies to: Investment Access Persons
Regular Access Persons
Non-Access Persons
--------------------------------------------------------------------------------

The antifraud provisions of the federal securities laws generally prohibit persons with material non-public information from trading on or communicating the information to others. Sanctions for violations can include civil injunctions, permanent bars from the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines and jail sentences. While Investment Access persons are most likely to come in contact with material non-public information, the rules (and sanctions) in this area apply to all John Hancock Funds personnel and extend to activities both related and unrelated to your job duties.

The Inside Information Policy and Procedures covers a number of important issues, such as:

• The misuse of material non-public information

• The information barrier procedure

• The "restricted list" and the "watch list"

• broker letters and duplicate confirmation statements (see section 7 of this code of ethics)

>> Policy Regarding Dissemination of Mutual Fund Portfolio Information

--------------------------------------------------------------------------------
Applies to: Investment Access Persons
Regular Access Persons
Non-Access Persons
--------------------------------------------------------------------------------

Information about securities held in a mutual fund cannot be disclosed except in accordance with this Policy, which generally requires time delays of approximately one month and public posting of the information to ensure that it uniformly enters the public domain.

6. Policies in the Code of Ethics

>> Restriction on Gifts

--------------------------------------------------------------------------------
Applies to: Investment Access Persons
Regular Access Persons
Non-Access Persons
--------------------------------------------------------------------------------

You and your family cannot accept preferential treatment or favors (for example, gifts) from securities brokers or dealers or other organizations with which John Hancock Funds might transact business, except in accordance with the Company Conflict and Business Practice Policy. For the protection of both you and John Hancock Funds, the appearance of a possible conflict of interest must be avoided. You should exercise caution in any

instance in which business travel and lodging are paid for by someone other than John Hancock Funds. The purpose of this policy is to minimize the basis for any charge that you used your John Hancock Funds position to obtain for yourself opportunities which otherwise would not be offered to you. Please see the Company Conflict and Business Practice Policy's "Compensation and Gifts" section for additional details regarding restrictions on gifts and exceptions for "nominal value" gifts.

>> John Hancock Mutual Funds Reporting Requirement and Holding Period

--------------------------------------------------------------------------------
Applies to: Investment Access Persons
Regular Access Persons
Non-Access Persons
--------------------------------------------------------------------------------

You must follow the reporting requirement and the holding period requirement specified below if you purchase either:

• a "John Hancock Mutual Fund" (i.e. a '40 Act mutual fund that is advised by John Hancock Advisers, LLC, John Hancock Investment Management Services LLC or by another Manulife entity); or

• a "John Hancock Variable Product" (i.e. contracts funded by insurance company separate accounts that use one or more portfolios of John Hancock Trust). The John Hancock Mutual Funds reporting requirement and the holding period requirement are excluded for the money market funds and any dividend reinvestment, payroll deduction, systematic investment/withdrawal and/or other program trades.

Reporting Requirement: You must report your holdings and your trades in a John Hancock Mutual Fund or a John Hancock Variable Product. This is not a preclearance requirement--you can report your holdings after you trade by submitting duplicate confirmation statements to the JHF Investment Compliance Department. If you are an Investment Access Person or a Regular Access Person, you must also make sure that your holdings in a John Hancock fund or a John Hancock variable product are included in your Initial Holdings Report (upon hire) and Annual Holdings Report (each year end).

If you purchase a John Hancock Variable Product, you must notify the JHF Investment Compliance Department. The JHF Investment Compliance Department will then obtain directly from the contract administrators the personal trade and holdings information regarding the portfolios underlying the Manulife or John Hancock variable insurance contracts.

The JHF Investment Compliance Department will obtain personal securities trades and holdings information in the 401(k) plan for John Hancock funds directly from the plan administrators.

Holding Requirement: You cannot profit from the purchase and sale of a John Hancock Mutual Fund within 30 calendar days. The purpose of this policy is to address the risk, real or perceived, of manipulative market timing or other abusive practices involving short-term personal trading in the John Hancock Mutual Funds. Any profits realized on short-term trades must be surrendered by check payable to John Hancock Advisers, LLC and will be contributed by John Hancock Advisers, LLC to a charity, upon determination by the Compliance and Business Practices Committee. If you donate or gift a security, it is considered a sale. You may request an exemption from this policy for involuntary sales due to unforeseen corporate activity (such as a merger), or for sales due to hardship reasons (such as unexpected medical expenses) by sending an e-mail to the Chief Compliance Officer of your company.

>> Preclearance of Securities Transactions

--------------------------------------------------------------------------------
Applies to: Investment Access Persons
Regular Access Persons

Also, for a limited category of trades:
------------------------------------
Non-Access Persons
--------------------------------------------------------------------------------

Limited Category of Trades for Non-Access Persons: If you are a Non-Access person, you must preclear transactions in securities of any closed-end funds advised by John Hancock Advisers, LLC. A Non-Access person is not required to preclear other trades. However, please keep in mind that a Non-Access person is required to report securities transactions after every trade (even those that are not required to be precleared) by requiring your broker to submit duplicate confirmation statements, as described in section 7 of this code of ethics.

Investment Access persons and Regular Access persons: If you are an Investment Access person or Regular Access person, you must "preclear" (i.e.: receive advance approval of) any personal securities transactions in the categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions". Due to this preclearance requirement, participation in investment clubs is prohibited.

Preclearance of private placements requires some special considerations--the decision will take into account whether, for example: (1) the investment opportunity should be reserved for John Hancock Funds clients; and (2) it is being offered to you because of your position with John Hancock Funds.

How to preclear: You preclear a trade by following the steps outlined in the preclearance procedures, which are attached as Appendix B. Please note that:

• You may not trade until clearance is received.

• Clearance approval is valid only for the date granted (i.e. the preclearance date and the trade date should be the same).

• A separate procedure should be followed for requesting preclearance of a private placement or a derivative, as detailed in Appendix B. The JHF Investment Compliance Department must maintain a five-year record of all clearances of private placement purchases by Investment Access persons, and the reasons supporting the clearances.

The preclearance policy is designed to proactively identify potential "problem trades" that raise front-running, manipulative market timing or other conflict of interest concerns (example: when an Investment Access person trades a security on the same day as a John Hancock fund).

Certain transactions in securities that would normally require pre-clearance are exempt from the pre-clearance requirement in the following situations; (1) shares are being purchased as part of an automatic investment plan; (2) shares are being purchased as part of a dividend reinvestment plan; or (3) transactions are being made in an account over which you have designated a third party as having discretion to trade (you must have approval from the Chief Compliance Officer to establish a discretionary account).

>> Heightened Preclearance of Securities Transactions for "Significant Personal Positions"

--------------------------------------------------------------------------------
Applies to: Investment Access Persons
Regular Access Persons
--------------------------------------------------------------------------------

If you are an Investment Access person or Regular Access person with a personal securities position that is worth $100,000 or more, this is deemed to be a "Significant Personal Position". This applies to any personal securities positions in the categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions". Before you make personal trades to establish, increase or decrease a Significant Personal Position, you must notify either the Chief Fixed Income Officer or the Chief Equity Officer that (1) you intend to trade in a Significant Personal Position and (2) confirm that you are not aware of any clients for whom related trades should be completed first. You must receive their pre-approval to proceed--their approval will be based on their conclusion that your personal trade in a Significant Personal Position will not "front-run" any action that John Hancock Funds should take for a client. This Heightened Preclearance requirement is in addition to, not in place of, the regular preclearance requirement described above--you must also receive the regular preclearance before you trade.

>> Ban on Short-Term Profits

--------------------------------------------------------------------------------
Applies to: Investment Access Persons
--------------------------------------------------------------------------------

If you are an Investment Access person, you cannot profit from the purchase and sale (or sale and purchase) of the same (or equivalent) securities within 60 calendar days. This applies to any personal securities trades in the categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions".

You may invest in derivatives or sell short provided the transaction period exceeds the 60-day holding period (30 days for '40 Act mutual funds advised by John Hancock Advisers, LLC, John Hancock Investment Management Services LLC or another Manulife entity). If you donate or gift a security, it is considered a sale.

The purpose of this policy is to address the risk, real or perceived, of front-running, manipulative market timing or other abusive practices involving short-term personal trading. Any profits realized on short-term trades must be surrendered by check payable to John Hancock Advisers, LLC and will be contributed by John Hancock Advisers, LLC to a charity, upon determination by the Compliance and Business Practices Committee.

You may request an exemption from this policy for involuntary sales due to unforeseen corporate activity (such as a merger), or for sales due to hardship reasons (such as unexpected medical expenses) from the JHF Investment Compliance Department.

>> Ban on IPOs

--------------------------------------------------------------------------------
Applies to: Investment Access Persons
--------------------------------------------------------------------------------

If you are an Investment Access person, you may not acquire securities in an initial public offering (IPO). You may not purchase any newly-issued securities until the next business (trading) day after the offering date. This applies to any personal securities trades in the categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions".

There are two main reasons for this prohibition: (1) these purchases may suggest that persons have taken inappropriate advantage of their positions for personal profit; and (2) these purchases may create at least the appearance that an investment opportunity that should have been available to the John Hancock funds was diverted to the personal benefit of an individual employee.

You may request an exemption for certain investments that do not create a potential conflict of interest, such as: (1) securities of a mutual bank or mutual insurance company received as compensation in a demutualization and other similar non-voluntary stock acquisitions; (2) fixed rights offerings; or (3) a family member's participation as a form of employment compensation in their employer's IPO.

>> Disclosure of Private Placement Conflicts

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Applies to: Investment Access Persons
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If you are an Investment Access person and you own securities purchased in a private placement, you must disclose that holding when you participate in a decision to purchase or sell that same issuer's securities for a John Hancock fund. This applies to any private placement holdings in the categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions". Private placements are securities exempt from SEC registration under section 4(2), section 4(6) or rules 504 -506 of the Securities Act of 1933.

The investment decision must be subject to an independent review by investment personnel with no personal interest in the issuer.

The purpose of this policy is to provide appropriate scrutiny in situations in which there is a potential conflict of interest.

>> Seven Day Blackout Period

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Applies to: Investment Access Persons
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If you are a portfolio manager (or were identified to the JHF Investment Compliance Department as part of a portfolio management team) you are prohibited from buying or selling a security within seven calendar days before and after that security is traded for a fund that you manage unless no conflict of interest exists in relation to that security (as determined by the Compliance and Ethics Committee).

In addition, all investment access persons are prohibited from knowingly buying or selling a security within seven calendar days before and after that security is traded for a John Hancock fund unless no conflict of interest exists in relation to that security. This applies to any personal securities trades in the categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions". If a John Hancock fund trades in a security within seven calendar days before or after you trade in that security, you may be required to demonstrate that you did not know that the trade was being considered for that John Hancock fund.

You will be required to sell any security purchased in violation of this policy unless it is determined that no conflict of interest exists in relation to that security (as determined by the Compliance and Ethics Committee). Any profits realized on trades determined by the Compliance and Ethics Committee to be in violation of this policy must be surrendered by check payable to John Hancock Advisers, LLC and will be contributed by John Hancock Advisers, LLC to a charity.

7. Reports and Other Disclosures Outside the Code of Ethics

>> Broker Letter/Duplicate Confirm Statements

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Applies to: Investment Access Persons
Regular Access Persons
Non-Access Persons
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As required by the Inside Information Policy, you must inform your stockbroker that you are employed by an investment adviser or broker. Your broker is subject to certain rules designed to prevent favoritism toward your accounts. You may not accept negotiated commission rates that you believe may be more favorable than the broker grants to accounts with similar characteristics.

When a brokerage account is opened for which you have a beneficial interest, before any trades are made, you must:

• Notify the broker-dealer with which you are opening an account that you are a registered associate of John Hancock Funds;

• Ask the firm in writing to have duplicate written confirmations of any trade, as well as statements or other information concerning the account, sent to the John Hancock Funds Investment Compliance Department (contact: Fred Spring), 8th Floor, 101 Huntington Avenue, Boston, MA 02199; and

• Notify the JHF Investment Compliance Department, in writing, that you have an account before you place any trades.

This applies to any personal securities trades in the categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions" as well as trades in John Hancock Mutual Funds and John Hancock Variable Products. The JHF Investment Compliance Department may rely on information submitted by your broker as part of your reporting requirements under this code of ethics.

8. Reports and Other Disclosures In the Code of Ethics

>> Initial Holdings Report and Annual Holdings Report

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Applies to: Investment Access Persons
Regular Access Persons
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You must file an initial holdings report within 10 calendar days after becoming an Investment Access person or a Regular Access person. The information must be current as of a date no more than 45 days prior to your becoming an Investment Access person or a Regular Access person.

You must also file an annual holdings report (as of December 31st) within 45 calendar days after the calendar year end. This applies to any personal securities holdings in the categories described above in the section "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions" as well as holdings in John Hancock Mutual Funds and John Hancock Variable Products.

Your reports must include:

• the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable security;

• the name of any broker, dealer or bank with which you maintain an account; and

• the date that you submit the report.

>> Quarterly Transaction Certification

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Applies to: Investment Access Persons
Regular Access Persons
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On a quarterly basis, Investment Access Persons and Regular Access persons are required to certify transactions in their brokerage accounts and the John Hancock Funds 401(k) Plan. Within 30 calendar days after the end of each calendar quarter you will be asked to log into the John Hancock Personal Trading and Reporting System to verify that the system has captured accurately all transactions for the preceding calendar quarter for accounts and trades which are required to be reported pursuant to the above noted section entitled "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions". Even if you have no transactions to report you will be asked to complete the certification.

For each transaction you must report the following information:

• the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved;

• the nature of the transaction (i.e. purchase, sale or any other type of acquisition or disposition);

• the price at which the transaction was effected;

• the name of the broker, dealer or bank with or through which the transaction was effected; and

>> Quarterly Brokerage Account Certification

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Applies to: Investment Access Persons
Regular Access Persons
Non-Access Persons
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Each quarter, all Investment Access Persons, Regular Access Persons and Non-Access Persons will be required to provide a complete list of all brokerage accounts as described above in the section entitled "Which Accounts and Securities are Subject to the Code's Personal Trading Restrictions". This includes all brokerage accounts, including brokerage accounts that only contain securities exempt from reporting.

You will be asked to log into the John Hancock Personal Trading and Reporting System and verify that all brokerage accounts are listed and the following information is accurate:

• Account number;

• Account registration;

• Brokerage firm

>> Annual Certification

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Applies to: Investment Access Persons
Regular Access Persons
Non-Access Persons
Limited Access Persons
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At least annually (or additionally when the code of ethics has been significantly changed), you must provide a certification at a date designated by the Investment Compliance Department that:

(1) you have read and understood this code of ethics;

(2) you recognize that you are subject to its policies; and

(3) you have complied with its requirements.

You are required to make this certification to demonstrate that you understand the importance of these policies and your responsibilities under the code of ethics.

9. Limited Access Persons

There is an additional category of persons called "Limited Access" persons. This category consists only of directors of John Hancock Advisers, LLC, trustees of the John Hancock Financial Trends Fund, Inc. or an "interested person" of the John Hancock funds who:

(a) are not also officers of John Hancock Advisers, LLC; and

(b) do not ordinarily obtain information about fund portfolio trades

An "interested person" of the John Hancock funds has the meaning given to the term in Section 2(a)(19) of the '40 Act.

A more detailed definition of Limited Access persons, and a list of the policies that apply to them, is attached as Appendix C.

10. Subadvisers

A subadviser to a John Hancock fund has a number of code of ethics responsibilities, as described in Appendix D.

11. Reporting Violations

If you know of any violation of our code of ethics, you have a responsibility to promptly report it to the Chief Compliance Officer of your company. You should also report any deviations from the controls and procedures that safeguard John Hancock Funds and the assets of our clients. You can request confidential treatment of your reporting action.

12. Interpretation and Enforcement

This code of ethics cannot anticipate every situation in which personal interests may be in conflict with the interests of our clients and fund investors. You should be responsive to the spirit and intent of this code of ethics as well as its specific provisions.

When any doubt exists regarding any code of ethics provision or whether a conflict of interest with clients or fund investors might exist, you should

discuss the situation in advance with the Chief Compliance Officer of your company. The code of ethics is designed to detect and prevent fraud against clients and fund investors, and to avoid the appearance of impropriety. If you feel inequitably burdened by any policy, you should feel free to contact your Chief Compliance Officer or the Compliance and Business Practices Committee. Exceptions may be granted where warranted by applicable facts and circumstances. For example, exemption from some Personal Trading Requirements may be granted for transactions effected pursuant to an automatic investment plan.

To provide assurance that policies are effective, the JHF Investment Compliance Department will monitor and check personal securities transaction reports and certifications against fund portfolio transactions. Additional administration and recordkeeping procedures are described in Appendix E.

The Chief Compliance Officer of your company has general administrative responsibility for this code of ethics as it applies to the access persons of your company; an appropriate Compliance Department will administer procedures to review personal trading reports. The Compliance and Business Practices Committee of John Hancock Funds approves amendments to the code of ethics and dispenses employee/officer sanctions for violations of the code of ethics. The Boards of Trustees/Directors of the open-end mutual funds and closed-end funds also approve amendments to the code of ethics and dispenses sanctions for access persons of the Funds who are not employees/officers. Accordingly, the Investment Compliance Department will refer violations to the Compliance and Business Practices Committee and/or the Boards of Trustees/Directors of the John Hancock '40 Act funds, respectively, for review and appropriate action. The following factors will be considered when determining a fine or other disciplinary action:

• the person's position and function (senior personnel may be held to a higher standard);

• the amount of the trade;

• whether the funds or accounts hold the security and were trading the same day;

• whether the violation was by a family member.

• whether the person has had a prior violation and which policy was involved.

• whether the employee self-reported the violation.

You can request reconsideration of any disciplinary action by submitting a written request.

No less frequently than annually, a written report of all material violations and sanctions, significant conflicts of interest and other related issues will be submitted to the boards of directors of the John

Hancock funds for their review. Sanctions for violations could include (but are not limited to) fines, limitation of personal trading activity, suspension or termination of the violator's position with John Hancock Funds and/or a report to the appropriate regulatory authority.

13. Education of Employees

The JHF Investment Compliance Department will provide a paper copy or electronic version of the Code of Ethics (and any amendments) to each person subject to this Code of Ethics. The JHF Investment Compliance Department will also administer training of employees on the principles and procedures of the code of ethics.

Appendix A: Categories of Personnel

You have been notified about which of these categories applies to you, based on the JHF Investment Compliance Department's understanding of your current role. If you have a level of investment access beyond that category, or if you are promoted or change duties and as a result should more appropriately be included in a different category, it is your responsibility to immediately notify the Chief Compliance Officer of your company.

1) Investment Access person: You are an Investment Access person if you are an employee of John Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC, a John Hancock fund, or Manulife Financial Corporation or its subsidiaries who, in connection with your regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by a John Hancock fund.

(examples: portfolio managers, analysts, traders)

2) Regular Access person: You are a Regular Access person if you do not fit the definition of Investment Access Person, but you do fit one of the following two sub-categories:

• You are an officer (vice president and higher) or director of John Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC or a John Hancock fund, unless you qualify as a Limited Access person--please see Appendix C for this definition.)

• You are an employee of John Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC, a John Hancock fund or Manulife Financial Corporation or its subsidiaries , or a director, officer (vice president and higher) or employee of John Hancock Funds, LLC who has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund or who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic.

(examples: Investment Operations personnel, Investment Compliance Department personnel, most Fund Financial Management personnel, investment administrative personnel, Technology Resources personnel with access to investment systems, attorneys and some legal administration personnel)

3) Non-Access person: You are a non-access person if you are an employee of John Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC, John Hancock Funds, LLC or a John Hancock fund who does not fit the definitions of any of the other three categories (Investment Access Person, Regular Access Person or Limited Access Person). To be a non-access person, you must not have access to information regarding the purchase or sale of securities by a John Hancock fund or nonpublic information regarding the portfolio holdings in connection with your regular functions or duties.

(examples: wholesalers, inside wholesalers, certain administrative staff)

4) Limited Access Person: Please see Appendix C for this definition.

Appendix B: Preclearance Procedures

You should read the Code of Ethics to determine whether you must obtain a preclearance before you enter into a securities transaction. If you are required to obtain a preclearance, you should follow the procedures detailed below.

1. Pre-clearance for Public Securities including Derivatives, Futures, Options and Selling Short:

A request to pre-clear should be entered into the John Hancock Personal Trading & Reporting System.

The John Hancock Personal Trading & Reporting System is located under your Start Menu on your Desktop. It can be accessed by going to Programs/Personal Trading & Reporting/ Personal Trading & Reporting and by entering your Web Security Services user id and password.

If the John Hancock Personal Trading & Reporting System is not on your Desktop, please contact the HELP Desk at (617) 572-6950 for assistance.

The Trade Request Screen:

At times you may receive a message like "System is currently unavailable". The system is scheduled to be offline from 8:00 PM until 7:00 AM each night.

[GRAPHIC: Trade Request Screen]

Ticker/Security Cusip: Fill in either the ticker, cusip or security name with the proper information of the security you want to buy or sell. Then

click the [Lookup] button. Select one of the hyperlinks for the desired security, and the system will populate the proper fields Ticker, Security Cusip, Security Name and Security Type automatically on the Trade Request Screen.

If You Don't Know the Ticker, Cusip, or Security Name:

If you do not know the full ticker, you may type in the first few letters followed by an asterisk * and click the [Lookup] button. For example, let's say you want to buy some shares of Intel, but all you can remember of the ticker is that it begins with int, so you enter int* for Ticker. If any tickers beginning with int are found, they are displayed on a new screen. Select the hyperlink of the one you want, and the system will populate Security Cusip, Security Name and Security Type automatically on the Trade Request Screen. If you do not know the full cusip, you may type in the first few numbers followed by an asterisk * and click the [Lookup] button. For example, let's say you want to buy some shares of Microsoft, but all you can remember of the cusip is that it begins with 594918, so you enter 594918* for Ticker. If any cusips beginning with 594918 are found, they are displayed on a new screen. Select the hyperlink of the one you want, and the system will fill in Ticker, Security Name and Security Type automatically on the Trade Request Screen. If you do not know the Ticker but have an idea of what the Security Name is, you may type in an asterisk, a few letters of the name and an asterisk * and click the [Lookup] button. For example, let's say you want to buy some shares of American Brands, so you enter *amer* for Security Name. Any securities whose names have amer in them are displayed on a new screen, where you are asked to select the hyperlink of the one you want, and the system will fill in Ticker, Cusip and Security Type automatically on the Trade Request Screen.

Other Items on the Trade Request Screen:

Brokerage Account: Click on the dropdown arrow to the right of the Brokerage Account field to choose the account to be used for the trade.

Transaction Type: Choose one of the values displayed when you click the dropdown arrow to the right of this field.

Trade Date: You may only submit trade requests for the current date.

Note: One or more of these fields may not appear on the Request Entry screen if the information is not required. Required fields are determined by the Investment Compliance Department.

Click the [Submit Request] button to send the trade request to your Investment Compliance department.

Once you click the [Submit Request] button, you will be asked to confirm the values you have entered. Review the information and click the [Confirm] button if all the information is correct. After which, you will receive

immediate feedback in your web browser. (Note: We suggest that you print out this confirmation and keep it as a record of the trade you have made). After this, you can either submit another trade request or logout.

Attention Investment Access Persons: If the system identifies a potential violation of the Ban on Short Term Profits Rule, your request will be sent to the Investment Compliance Department for review and you will receive feedback via the e-mail system.

Starting Over:

To clear everything on the screen and start over, click the [Clear Screen] button.

Exiting Without Submitting the Trade Request:

If you decide not to submit the trade request before clicking the [Submit Request] button, simply exit from the browser by clicking the [X] button on the upper right or by pressing [Alt+F4], or by clicking the Logout hyperlink on the lower left side of the screen.

Ticker/Security Name Lookup Screen:

You arrive at this screen from the Trade Request Screen, where you've clicked the [Lookup] button (see above, "If You Don't Know the Ticker, Cusip, or Security Name"). If you see the security you want to trade, you simply select its corresponding hyperlink, and you will automatically return to the Trade Request Screen, where you finish making your trade request. If the security you want to trade is not shown, that means that it is not recognized by the system under the criteria you used to look it up. Keep searching under other names (click the [Return to Request] button) until you are sure that the security is not in the system. If you determine that the desired security is not in the system, please contact a member of the Investment Compliance department to add the security for you. Contacts are listed below:

Fred Spring (617) 375-4987

Adding Brokerage Accounts:

To access this functionality, click on the Add Brokerage Account hyperlink on the left frame of your browser screen. You will be prompted to enter the Brokerage Account Number, Brokerage Account Name, Date Opened, and Broker. When you click the [Create New Brokerage Account] button, you will receive a message that informs you whether the account was successfully created.

[GRAPHIC: Add Brokerage Account screen]

3. Pre-clearance for Private Placements and Initial Public Offerings:

You may request a preclearance of private placement securities or an Initial Public Offering by contacting Fred Spring via email (please "cc." Frank Knox on all such requests). Please keep in mind that the code of ethics prohibits Investment Access persons from purchasing securities in an initial public offering.

The request must include:

|_| the associate's name;

|_| the associate's John Hancock Funds' company;

|_| the complete name of the security;

|_| the seller (i.e the selling party if identified and/or the broker-dealer or placement agent) and whether or not the associate does business with those individuals or entities on a regular basis;

|_| the basis upon which the associate is being offered this investment opportunity;

|_| any potential conflict, present or future, with fund trading activity and whether the security might be offered as inducement to later recommend publicly traded securities for any fund or to trade through a particular broker-dealer or placement agent; and

|_| the date of the request.

Clearance of private placements or initial public offerings may be denied for any appropriate reason, such as if the transaction could create the appearance of impropriety. Clearance of initial public offerings will also be denied if the transaction is prohibited for a person due to his or her access category under the code of ethics.

Appendix C: Limited Access Persons

There are three types of Limited Access Persons--(1) Certain directors of the Adviser and (2) the trustees of the John Hancock Financial Trends Fund, Inc. and (3) the directors of the John Hancock open-end funds and closed-end funds who are not Excluded Independent Directors

(1) Certain Directors of the Adviser:

You are a Limited Access person if you are a director of John Hancock Advisers, LLC or MFC Global Investment Management (U.S.), LLC and you meet the three following criteria:

(a) you are not also an officer of John Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC or a John Hancock fund;

(b) you do not have access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any John Hancock fund or account; and

(c) you are not involved in making securities recommendations to clients and do not have access to such recommendations that are nonpublic.

(examples: directors of John Hancock Advisers, LLC or MFC Global Investment Management (U.S.), LLC who are not involved in the daily operations of the adviser)

If you are a Limited Access Person who fits this definition, the following policies apply to your category. These policies are described in detail in the code of ethics.

• General principles

• Inside information policy and procedures

• Broker letter/Duplicate Confirms*

• Initial/annual holdings reports*

• Quarterly transaction reports*

• Annual recertification

• Preclearance requirement LIMITED: You only need to preclear any direct or indirect acquisition of beneficial ownership in any security in an initial public offering (an IPO) or in a limited offering (i.e. a private placement). To request preclearance of these securities, contact

Fredrick Spring at fspring@jhancock.com and/or Frank Knox at Frank_Knox@manulifeusa.com.

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*A Limited Access Person may complete this requirement under the code of
ethics of another Manulife/John Hancock adviser or fund by the applicable
regulatory deadlines and arrange for copies of the required information to
be sent to the John Hancock Funds Compliance Department.

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(2) The Independent Directors of the Funds: If you are a trustee of the John Hancock Financial Trends Fund, Inc. or a director to a John Hancock fund and an "interested person" of the fund within the meaning of the Investment Company Act of 1940, the following policies apply to your category. These policies are described in detail in the code of ethics.

• General principles

• Annual recertification

• Quarterly transaction report, but only if you knew (or should have known) that during the 15 calendar days before or after you trade a security, either:

(i) a John Hancock fund purchased or sold the same security, or

(ii) a John Hancock fund or John Hancock Advisers, LLC considered purchasing or selling the same security.

This policy applies to holdings in your personal accounts, those of a spouse, "significant other" or family members sharing your household, as well as all accounts over which you have discretion or give advice or information. If this situation occurs, it is your responsibility to contact the Chief Compliance Officer of your company and he will assist you with the requirements of the quarterly transaction report.

This means that the independent directors of the funds will not usually be required to file a quarterly transaction report--they are only required to file in the situation described above and only if they are not Excluded Independent Directors.

Appendix D: Subadvisers

Each subadviser to a John Hancock fund is subject to its own code of ethics, which must meet the requirements of Rule 17j-1 and Rule 204A-1.

Approval of Code of Ethics

Each subadviser to a John Hancock fund must provide a copy of its code of ethics to the trustees of the relevant John Hancock funds for approval initially and within 60 calendar days of any material amendment. The trustees will give their approval if they determine that the code:

• contains provisions reasonably necessary to prevent the subadviser's Access Persons (as defined in Rule 17j-1) from engaging in any conduct prohibited by Rule 17j-1;

• requires the subadviser's Access Persons to make reports to at least the extent required in Rule 17j-1(d);

• requires the subadviser to institute appropriate procedures for review of these reports by management or compliance personnel (as contemplated by Rule 17j-1(d)(3));

• provides for notification of the subadviser's Access Persons in accordance with Rule 17j-1(d)(4); and

• requires the subadviser's Access Persons who are Investment Personnel to obtain the pre-clearances required by Rule 17j-1(e);

Reports and Certifications

Each subadviser must provide an annual report and certification to John Hancock Advisers, LLC and the fund's trustees in accordance with Rule 17j-1(c)(2)(ii). The subadviser must also provide other reports or information that John Hancock Advisers, LLC may reasonably request.

Recordkeeping Requirements

The subadviser must maintain all records for its Access Persons as required by Rule 17j-1(f).

Appendix E: Administration and Recordkeeping

Adoption and Approval

The trustees of a John Hancock fund must approve the code of ethics of an adviser, subadviser or affiliated principal underwriter before initially retaining its services.

Any material change to a code of ethics of a John Hancock fund, John Hancock Funds, LLC, John Hancock Advisers, LLC or a subadviser to a fund must be approved by the trustees of the John Hancock funds, including a majority of trustees who are not interested persons, no later than six months after adoption of the material change.

Administration

No less frequently than annually, John Hancock Funds, LLC, John Hancock Advisers, LLC, each subadviser and each John Hancock fund will furnish to the trustees of each John Hancock fund a written report that:

• describes issues that arose during the previous year under the code of ethics or the related procedures, including, but not limited to, information about material code or procedure violations, and

• certifies that each entity has adopted procedures reasonably necessary to prevent its access persons from violating its code of ethics.

Recordkeeping

The Investment Compliance Department will maintain:

• a copy of the current code of ethics for John Hancock Funds, LLC, John Hancock Advisers, LLC, MFC Global Investment Management (U.S.), LLC, and each John Hancock fund, and a copy of each code of ethics in effect at any time within the past five years.

• a record of any violation of the code of ethics, and of any action taken as a result of the violation, for six years.

• a copy of each report made by an Access person under the code of ethics, for six years (the first two years in a readily accessible place).

• a record of all persons, currently or within the past five years, who are or were required to make reports under the code of ethics. This record will also indicate who was responsible for reviewing these reports.

• a copy of each code of ethics report to the trustees, for six years (the first two years in a readily accessible place).

• a record of any decision, and the reasons supporting the decision, to approve the acquisition by an Investment Access person of initial public offering securities or private placement securities, for six years.

Appendix F: Chief Compliance Officers

Entity	Chief Compliance Officer
John Hancock Advisers, LLC	Frank Knox
MFC Global Investment Management (U.S.), LLC	Frank Knox
Each open-end and closed-end fund advised	Frank Knox
by John Hancock Advisers, LLC
John Hancock Funds, LLC	Michael Mahoney

EX-99

JOHN HANCOCK FUNDS

GOVERNANCE COMMITTEE CHARTER

A. Composition. The Governance Committee shall be composed entirely of Trustees who are "independent" as defined in the rules of the New York Stock Exchange ("NYSE") and the NASDAQ Stock Market, Inc. ("NASDAQ") or any other exchange, as applicable, and are not "interested persons" as defined in the Investment Company Act of 1940 of any of the funds, or of any fund's investment adviser or principal underwriter (the "Independent Trustees") 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 Governance Committee.

B. Overview. The overall charter of the Governance Committee is to make recommendations to the Board on issues related to corporate governance applicable to the Independent Trustees and to the composition and operation of the Board, and to assume duties, responsibilities and functions to recommend nominees to the Board, together with such additional duties, responsibilities and functions as are delegated to it from time to time.

C. Specific Responsibilities. The Governance Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall deem necessary or appropriate:

1. Except where the funds are legally required to nominate individuals recommended by others, to recommend to the Board of Trustees individuals for nomination to serve as Trustees.

2. To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Governance Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.

3. To consider and recommend 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.

4. To consider and recommend the duties and compensation of the Chairman of the Board.

5. To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.

6. To evaluate, from time to time, the retirement policies for the Independent Trustees.

7. To develop and recommend to the Board guidelines for corporate governance ("Corporate Governance Guidelines") for the funds that take into account the rules of the NYSE and any applicable law or regulation, and to periodically review and assess the Corporate Governance Guidelines and recommend any proposed changes to the Board for approval.

8. To monitor all expenditures 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: legal, consulting, and D&O insurance costs; association dues, including Investment Company Institute membership dues; meeting expenditures and policies relating to

reimbursement of travel expenses and expenses associated with offsite meetings; expenses associated with Trustee attendance at educational or informational conferences; and publication expenses.

9. 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 "interested persons" as defined in the Investment Company Act of 1940 of any of the funds or any fund's investment adviser or principal underwriter, or by the Governance Committee, from time to time, other than as may be engaged directly by another Committee.

10. To periodically review the Board's committee structure and the charters of the Board's committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.

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.

12. 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 Governance Committee may deem necessary or appropriate.

D. Additional Responsibilities. 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.

E. Governance. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or 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.

F. Miscellaneous. 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' 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.

G. Review. The Committee shall review this Charter periodically and recommend such changes to the Board of Trustees as it deems desirable.

ANNEX A

General Criteria

1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.

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.

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.

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.

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.

Application of Criteria to Existing Trustees

The renomination of existing Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above. In addition, the Governance Committee shall consider the existing Trustee's performance on the Board and any committee.

Review of Shareholder Nominations

Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Governance Committee. In evaluating a nominee recommended by a shareholder, the Governance Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder's candidate among the slate of its designated nominees, the candidate's name will be placed on the funds' proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder's candidate will be treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the funds' proxy statement.

As long as an existing Independent Trustee continues, in the opinion of the Governance Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of an existing Trustee rather than a new candidate. Consequently, while the Governance Committee will consider nominees recommended by shareholders to serve as trustees, the Governance Committee may only act upon such recommendations if there is a vacancy on the Board, or the Governance Committee determines that the selection of a new or additional Trustee is in the best interests of the fund. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Governance Committee will, in addition to any shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Governance Committee. The Governance Committee may retain a consultant to assist the Committee in a search for a qualified candidate.

EX-99

JOHN HANCOCK FUNDS

PROXY VOTING POLICIES

John Hancock Advisers, LLC
MFC Global Investment Management (U.S.), LLC
(formerly known as Sovereign Asset Management LLC)
Proxy Voting Guidelines

We believe in placing our clients' interests first. Before we invest in a particular stock or bond, our team of portfolio managers and research analysts look closely at the company by examining its earnings history, its management team and its place in the market. Once we invest, we monitor all our clients' holdings, to ensure that they maintain their potential to produce results for investors.

As part of our active investment management strategy, we keep a close eye on each company we invest in. Routinely, companies issue proxies by which they ask investors like us to vote for or against a change, such as a new management team, a new business procedure or an acquisition. We base our decisions on how to vote these proxies with the goal of maximizing the value of our clients' investments.

Currently, John Hancock Advisers, LLC ("JHA") and MFC Global Investment Management (U.S.), LLC ("MFC") manage open-end funds, closed-end funds and portfolios for institutions and high-net-worth investors. Occasionally, we utilize the expertise of an outside asset manager by means of a subadvisory agreement. In all cases, JHA or MFC makes the final decision as to how to vote our clients' proxies. There is one exception, however, and that pertains to our international accounts. The investment management team for international investments votes the proxies for the accounts they manage. Unless voting is specifically retained by the named fiduciary of the client, JHA and MFC will vote proxies for ERISA clients.

In order to ensure a consistent, balanced approach across all our investment teams, we have established a proxy oversight group comprised of associates from our investment, operations and legal teams. The group has developed a set of policies and procedures that detail the standards for how JHA and MFC vote proxies. The guidelines of JHA have been approved and adopted by each fund client's board of trustees who have voted to delegate proxy voting authority to their investment adviser, JHA. JHA and MFC's other clients have granted us the authority to vote proxies in our advisory contracts or comparable documents.

JHA and MFC have hired a third party proxy voting service which has been instructed to vote all proxies in accordance with our established guidelines except as otherwise instructed.

In evaluating proxy issues, our proxy oversight group may consider information

from many sources, including the portfolio manager, management of a company presenting a proposal, shareholder groups, and independent proxy research services. Proxies for securities on loan through securities lending programs will generally not be voted, however a decision may be made to recall a security for voting purposes if the issue is material.

Below are the guidelines we adhere to when voting proxies. Please keep in mind that these are purely guidelines. Our actual votes will be driven by the particular circumstances of each proxy. From time to time votes may ultimately be cast on a case-by-case basis, taking into consideration relevant facts and circumstances at the time of the vote. Decisions on these matters (case-by-case, abstention, recall) will normally be made by a portfolio manager under the supervision of the chief investment officer and the proxy oversight group. We may abstain from voting a proxy if we conclude that the effect on our clients' economic interests or the value of the portfolio holding is indeterminable or insignificant.

Proxy Voting Guidelines

Board of Directors

We believe good corporate governance evolves from an independent board.

We support the election of uncontested director nominees, but will withhold our vote for any nominee attending less than 75% of the board and committee meetings during the previous fiscal year. Contested elections will be considered on a case by case basis by the proxy oversight group, taking into account the nominee's qualifications. We will support management's ability to set the size of the board of directors and to fill vacancies without shareholder approval but will not support a board that has fewer than 3 directors or allows for the removal of a director without cause.

We will support declassification of a board and block efforts to adopt a classified board structure. This structure typically divides the board into classes with each class serving a staggered term.

In addition, we support proposals for board indemnification and limitation of director liability, as long as they are consistent with corporate law and shareholders' interests. We believe that this is necessary to attract qualified board members.

Selection of Auditors

We believe an independent audit committee can best determine an auditor's qualifications.

We will vote for management proposals to ratify the board's selection of auditors, and for proposals to increase the independence of audit committees.

Capitalization

We will vote for a proposal to increase or decrease authorized common or preferred stock and the issuance of common stock, but will vote against a proposal to issue or convert preferred or multiple classes of stock if the board has unlimited rights to set the terms and conditions of the shares, or if the shares have voting rights inferior or superior to those of other shareholders.

In addition, we will support a management proposal to: create or restore preemptive rights; approve a stock repurchase program; approve a stock split or reverse stock split; and, approve the issuance or exercise of stock warrants

Acquisitions, mergers and corporate restructuring

Proposals to merge with or acquire another company will be voted on a case-by-case basis, as will proposals for recapitalization, restructuring, leveraged buyout, sale of assets, bankruptcy or liquidation. We will vote against a reincorporation proposal if it would reduce shareholder rights. We will vote against a management proposal to ratify or adopt a poison pill or to establish a supermajority voting provision to approve a merger or other business combination. We would however support a management proposal to opt out of a state takeover statutory provision, to spin-off certain operations or divisions and to establish a fair price provision.

Corporate Structure and Shareholder Rights

In general, we support proposals that foster good corporate governance procedures and that provide shareholders with voting power equal to their equity interest in the company.

To preserve shareholder rights, we will vote against a management proposal to restrict shareholders' right to: call a special meeting and to eliminate a shareholders' right to act by written consent. In addition, we will not support a management proposal to adopt a supermajority vote requirement to change certain by-law or charter provisions or a non-technical amendment to by-laws or a charter that reduces shareholder rights.

Equity-based compensation

Equity-based compensation is designed to attract, retain and motivate talented executives and independent directors, but should not be so significant as to materially dilute shareholders' interests.

We will vote against the adoption or amendment of a stock option plan if the:

• plan dilution is more than 10% of outstanding common stock,

• plan allows for non-qualified options to be priced at less than 85% of the fair market value on the grant date,

• company allows or has allowed the re-pricing or replacement of underwater options in the past fiscal year (or the exchange of underwater options).

With respect to the adoption or amendment of employee stock purchase plans or a stock award plan, we will vote against management if:

• the plan allows stock to be purchased at less than 85% of fair market value;

• this plan dilutes outstanding common equity greater than 10%;

• all stock purchase plans, including the proposed plan, exceed 15% of outstanding common equity.

Other Business

For routine business matters which are the subject of many proxy related questions, we will vote with management proposals to:

• change the company name;

• approve other business;

• adjourn meetings;

• make technical amendments to the by-laws or charters;

• approve financial statements;

• approve an employment agreement or contract.

Shareholder Proposals

Shareholders are permitted per SEC regulations to submit proposals for inclusion in a company's proxy statement. We will generally vote against shareholder proposals and in accordance with the recommendation of management except as

follows where we will vote for proposals:;

• calling for shareholder ratification of auditors;

• calling for auditors to attend annual meetings;

• seeking to increase board independence;

• requiring minimum stock ownership by directors;

• seeking to create a nominating committee or to increase the independence of the nominating committee;

• seeking to increase the independence of the audit committee.

Corporate and social policy issues

We believe that "ordinary business matters" are primarily the responsibility of management and should be approved solely by the corporation's board of directors.

Proposals in this category, initiated primarily by shareholders, typically request that the company disclose or amend certain business practices. We generally vote against business practice proposals and abstain on social policy issues, though we may make exceptions in certain instances where we believe a proposal has substantial economic implications.

John Hancock Advisers, LLC
MFC Global Investment Management (U.S.), LLC
(formerly known as Sovereign Asset Management LLC)
Proxy Voting Procedures

The role of the proxy voting service

John Hancock Advisers, LLC ("JHA") and MFC Global Investment Management (U.S.), LLC ("MFC") have hired a proxy voting service to assist with the voting of client proxies. The proxy service coordinates with client custodians to ensure that proxies are received for securities held in client accounts and acted on in a timely manner. The proxy service votes all proxies received in accordance with the proxy voting guidelines established and adopted by JHA and MFC. When it is unclear how to apply a particular proxy voting guideline or when a particular proposal is not covered by the guidelines, the proxy voting service will contact the proxy oversight group coordinator for a resolution.

The role of the proxy oversight group and coordinator

The coordinator will interact directly with the proxy voting service to resolve any issues the proxy voting service brings to the attention of JHA or MFC. When a question arises regarding how a proxy should be voted the coordinator contacts the firm's investment professionals and the proxy oversight group for a resolution. In addition the coordinator ensures that the proxy voting service receives responses in a timely manner. Also, the coordinator is responsible for identifying whether, when a voting issue arises, there is a potential conflict of interest situation and then escalating the issue to the firm's Executive Committee. For securities out on loan as part of a securities lending program, if a decision is made to vote a proxy, the coordinator will manage the return/recall of the securities so the proxy can be voted.

The role of mutual fund trustees

The boards of trustees of our mutual fund clients have reviewed and adopted the proxy voting guidelines of the funds' investment adviser, JHA. The trustees will periodically review the proxy voting guidelines and suggest changes they deem advisable.

Conflicts of interest

Conflicts of interest are resolved in the best interest of clients.

With respect to potential conflicts of interest, proxies will be voted in accordance with JHA's or MFC's predetermined policies. If application of the predetermined policy is unclear or does not address a particular proposal, a special internal review by the JHA Executive Committee or MFC Executive Committee will determine the vote. After voting, a report will be made to the client (in the case of an investment company, to the fund's board of trustees), if requested. An example of a conflict of interest created with respect to a proxy solicitation is when JHA or MFC must vote the proxies of companies that they provide investment advice to or are currently seeking to provide investment advice to, such as to pension plans.