497 1 equity.txt EQUITY TRUST Supplement to the John Hancock Equity Funds Prospectus dated March 1, 2004 Effective June 16, 2004, the Fund's Board of Trustees terminated Fund Asset Management, L.P. d/b/a Mercury Advisers, as subadviser to the health-care sector of the Fund. John Hancock Growth Trends Fund On page 13, the "Your Expenses" table and the Adviser/Subadviser information for the John Hancock Growth Trends Fund have been deleted and replaced with the following: YOUR EXPENSES [Clip Art]Transaction expenses are charged directly to your account. Operating expenses are paid from the fund's assets, and therefore are paid by shareholders indirectly. -------------------------------------------------------------------------------- Shareholder transaction expenses (1) Class A Class B Class C -------------------------------------------------------------------------------- Maximum sales charge (load) 5.00% 5.00% 2.00% Maximum front-end sales charge (load) on purchases as a % of purchase price 5.00% none none Maximum deferred sales charge (load) as a % of purchase or sale price, whichever is less none(2) 5.00% 1.00% -------------------------------------------------------------------------------- Annual operating expenses Class A Class B Class C -------------------------------------------------------------------------------- Management fee 0.75% 0.75% 0.75% Distribution and service (12b-1) fees 0.30% 1.00% 1.00% Other expenses 0.72% 0.72% 0.72% Total fund operating expenses 1.77% 2.47% 2.47% Expense reimbursement (at least until 2-28-05) 0.12% 0.12% 0.12% Net annual operating expenses 1.65% 2.35% 2.35% The hypothetical example below shows what your expenses would be after the expense reimbursement (first year only) if you invested $10,000 over the time frames indicated, assuming you reinvested all distributions and that the average annual return was 5%. The example is for comparison only, and does not represent the fund's actual expenses and returns, either past or future. -------------------------------------------------------------------------------- Expenses Year 1 Year 3 Year 5 Year 10 -------------------------------------------------------------------------------- Class A $659 $1,018 $1,401 $2,470 Class B with redemption $738 $1,058 $1,505 $2,625 Class B without redemption $238 $758 $1,305 $2,625 Class C with redemption $435 $851 $1,392 $2,869 Class C without redemption $336 $851 $1,392 $2,869 (1) A $4.00 fee will be charged for wire redemptions. (2) Except for investments of $1 million or more; see "How sales charges are calculated. ================================================================================ PORTFOLIO MANAGERS FINANCIAL SERVICES ------------------ James K. Schmidt, CFA Joined fund team in 2000 Lisa A. Welch Joined fund team in 2000 HEALTHCARE ---------- Linda I. Miller, CFA Joined fund team in 2004 TECHNOLOGY ---------- Anurag Pandit, CFA Joined fund team in 2003 See page 44 for the management biographies. FUND CODES Class A Ticker JGTAX CUSIP 41014V109 Newspaper GTrendA SEC number 811-4079 JH fund number 46 Class B Ticker JGTBX CUSIP 41014V208 Newspaper GTrendB SEC number 811-4079 JH fund number 146 Class C Ticker JGTCX CUSIP 41014V307 Newspaper GTrendC SEC number 811-4079 JH fund number 546 On pages 42 and 43 under "Business Structure," all references to Fund Asset Management, L.P. have been deleted. On page 44, the following management biographies have been added: Linda I. Miller, CFA -------------------- Vice president Joined John Hancock Advisers in 1995 Began business career in 1980 James K. Schmidt, CFA --------------------- Executive vice president Joined John Hancock Advisers in 1992 Began business career in 1979 Lisa A. Welch ------------- Vice president Joined John Hancock Advisers in 1998 Began business career in 1986 June 16, 2004 EQTPS 6/04> Supplement to the John Hancock Growth Trends Fund Statement of Additional dated March 1, 2004 Effective June 16, 2004, the Fund's Board of Trustees terminated Fund Asset Management, L.P. d/b/a/ Mercury Advisers, as subadviser to the health-care sector of the Fund. June 16, 2004