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Below are descriptions of the main factors that may play a role in shaping the fund’s overall risk profile. The descriptions appear in alphabetical order, not in order of importance. For further details about fund risks, including additional risk factors that are not discussed in this prospectus because they are not considered primary factors, see the fund’s Statement of Additional Information (SAI).

Main risks

Derivatives risk

The risks associated with derivatives vary widely, depending on the type of derivative involved and the way it is being used by the fund. With derivatives that create leverage, the fund could lose more money than it paid for the derivative. With some derivatives, the maximum loss is theoretically unlimited. When the fund uses a derivative for speculative purposes, the derivative could erode existing gains or add to existing losses. When the fund uses a derivative to cancel out other risks (hedging), that derivative can have the effect of lowering the fund’s overall risk. However, to the extent that the derivative does not serve as a perfect hedge, it can add to the fund’s overall risk. Because a derivative is a contract, there is also the risk that the counterparty may fail to honor its contractual responsibilities. If this happens, the fund could lose both the cost of the derivative and any benefit the derivative would have provided.

Foreign investment risk

Prices of foreign securities may change more rapidly and extremely than those of their U.S. counterparts. By U.S. standards, many foreign securities markets are comparatively small, new and lightly regulated, and they may be more heavily influenced by the actions of large investors. Foreign securities markets may have different reporting and accounting standards (which can mean less complete or less reliable information about securities), weak legal and enforcement systems, additional rules for investors from outside their countries, and higher taxes and business costs. Foreign countries may have greater risk of social, economic and political instability (including the risk of war), and greater risk of major shifts in government policy (including the risk of nationalization, which would render a stock worthless). Foreign investments are also subject to currency risk. Changes in the exchange rate with the U.S. dollar could erode investment gains or widen investment losses for the fund. The risks of foreign investing tend to be greater in emerging markets than in countries with larger and more established economies, markets and governments.

Interest rate risk

A rise in interest rates typically causes bond prices to fall. The longer the average maturity of the bonds held by the fund, the more sensitive the fund is likely to be to interest rate changes. Bonds with higher credit quality also tend to be more sensitive to interest rate risk than medium- or lower-quality bonds.

Management risk

A strategy used by the fund management team may fail to produce the intended result. For example, the team may be inaccurate in its assessments of securities, issuers or relative values of certain types of securities, or in its expectations about market trends, economic trends, interest rate trends or other factors. To the extent that the team invests fund assets in securities that are not in the fund’s benchmark index, there is a greater risk that the fund’s performance will deviate from that of its benchmark.

Medium- and lower-quality bonds risk

These typically are more sensitive to market or economic shifts, and more likely to default, when compared to higher quality bonds. A bond’s credit rating is a reflection of an independent rating agency’s assessment of the issuer’s ability to make timely payments of principal and interest. An agency may lower the rating of a bond if it believes the issuer’s creditworthiness has become weaker. This may occur for reasons related to the overall bond market, the issuer’s industry or sector, the issuer itself or the structure of the bond.

Small and medium company risk

Stocks of small and medium companies tend to be more volatile than those of large size companies, and may under-perform stocks of large size companies over any given period of time. Stock investing risk and liquidity risk may be greater for securities of small and medium companies as compared to large-cap companies. Small and medium cap companies may have limited product lines or markets, less access to financial resources or less operating experience, or may depend on a few key employees. Stocks of small and medium cap companies may not be widely known to investors and may be thinly traded or may trade only in certain markets, making it difficult to buy or sell them in large volume.

Stock investing risk

The value of your investment will go up and down in response to stock market movements. Stock prices typically change every day that stock markets are open. The performance of any given stock, group of stocks, or the market as a whole may be negative when measured over any particular period, short or long. Because the fund invests for the long term and does not attempt to time the market, it may remain invested in stocks even during long periods of negative performance. Numerous factors can cause stock prices to fall, ranging from a decline in the financial health of the issuing company to a decline in investor sentiment generally. Stocks may decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs, or overseas competition. The stock market as a whole may decline due to general factors, such as real or perceived adverse economic conditions, significant events, changes in the general outlook for corporate earnings, or changes in interest or currency rates. If an individual company goes out of business, the company’s bond holders have first claim on any remaining assets, which in practice generally means that the company’s stock becomes worthless.

Additional risk

Liquidity risk

To the extent that a security is difficult to sell (whether because the security cannot be traded publicly or because of unusual market conditions), the fund may either be forced to accept a lower price for it or may have to continue to hold it. Either outcome could hurt fund performance.

Balanced Fund – Fund details

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Founded in 1968, John Hancock Advisers, LLC is a wholly owned subsidiary of John Hancock Financial Services, Inc., which in turn is a subsidiary of Manulife Financial Corporation. As of December 31, 2007, John Hancock Advisers, LLC managed approximately $30 billion in assets.

Management fee

During its most recent full fiscal year, the fund paid the investment adviser a management fee consisting of 0.60% of net assets. Out of this fee, the investment adviser in turn paid the fees of the subadviser and certain other service providers. The fee was approved by the board of trustees. The basis for its approval of this fee, and of the investment advisory and subadvisory agreements overall, is discussed in the fund’s December 31, 2007 annual report.

Subadviser

Handles the fund’s day-to-day portfolio management.

MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Below are brief biographical profiles of the leaders of the fund’s investment management team, in alphabetical order. These managers share portfolio management responsibility. For more about these individuals, including information about their compensation, other accounts they manage and any investments they may have in the fund, see the SAI.

Jeffrey N. Given, CFA


•	Joined fund team in 2006

•	Vice president, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Second vice president, John Hancock Advisers, LLC (1993–2005)

•	Began business career in 1993

Roger C. Hamilton


•	Joined fund team in 2003

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005–2007)

•	Vice president and portfolio manager, John Hancock Advisers, LLC (2003–2005)

•	Analyst, John Hancock Advisers, LLC (1994–2003)

•	Began business career in 1979

Timothy M. Malloy


•	Joined fund team in 2006

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005–2007)

•	Second vice president, John Hancock Advisers, LLC (2004–2005)

•	Investment Analyst, Thomas Weisel Partners (2000–2004)

•	Began business career in 1993

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Balanced Fund – Fund details

These tables detail the performance of each share class, including total return information showing how much an investment in the fund has increased or decreased each year. Figures were audited by PricewaterhouseCoopers LLP.

Class A Shares


Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$9.61			$11.15			$11.67			$12.60			$13.39

Net investment income²		0.17			0.19			0.13			0.18			0.25

Net realized and unrealized gain on investments		1.56			0.56			1.41			1.54			2.86

Total from investment operations		1.73			0.75			1.54			1.72			3.11

Less distributions

From net investment income		(0.19	)		(0.23	)		(0.16	)		(0.20	)		(0.24	)

From net realized gain		—			—			(0.45	)		(0.73	)		(0.59	)

		(0.19	)		(0.23	)		(0.61	)		(0.93	)		(0.83	)

Net asset value, end of period		$11.15			$11.67			$12.60			$13.39			$15.67

Total return³ (%)		18.21			6.78	⁴		13.36	⁴		13.75	⁴		23.45



Ratios and supplemental data

Net assets, end of period (in millions)		$88			$86			$92			$111			$241

Ratio of net expenses to average net assets (%)		1.41			1.35			1.35			1.28			1.21	⁵

Ratio of gross expenses to average net assets (%)		1.41			1.39	⁶		1.37	⁶		1.28	⁶		1.22	⁶

Ratio of net investment income to average net assets (%)		1.70			1.72			1.13			1.35			1.68

Portfolio turnover (%)		60			56			88			60			43


Class B Shares
Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$9.61			$11.15			$11.67			$12.60			$13.39

Net investment income²		0.10			0.11			0.05			0.09			0.15

Net realized and unrealized gain on investments		1.56			0.56			1.41			1.54			2.85

Total from investment operations		1.66			0.67			1.46			1.63			3.00

Less distributions

From net investment income		(0.12	)		(0.15	)		(0.08	)		(0.11	)		(0.14	)

From net realized gain		—			—			(0.45	)		(0.73	)		(0.59	)

		(0.12	)		(0.15	)		(0.53	)		(0.84	)		(0.73	)

Net asset value, end of period		$11.15			$11.67			$12.60			$13.39			$15.66

Total return³(%)		17.42			6.05	⁴		12.59	⁴		12.97	⁴		22.54



Ratios and supplemental data

Net assets, end of period (in millions)		$30			$27			$27			$27			$37

Ratio of net expenses to average net assets (%)		2.11			2.04			2.05			1.97			1.91	⁵

Ratio of gross expenses to average net assets (%)		2.11			2.08	⁶		2.07	⁶		1.97	⁶		1.91	⁶

Ratio of net investment income to average net assets (%)		1.00			1.03			0.43			0.66			0.98

Portfolio turnover (%)		60			56			88			60			43

Balanced Fund – Fund details

Financial highlights, continued

Class C Shares


Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$9.61			$11.15			$11.67			$12.60			$13.39

Net investment income²		0.10			0.11			0.05			0.09			0.15

Net realized and unrealized gain on investments		1.56			0.56			1.41			1.54			2.86

Total from investment operations		1.66			0.67			1.46			1.63			3.01

Less distributions

From net investment income		(0.12	)		(0.15	)		(0.08	)		(0.11	)		(0.14	)

From net realized gain		—			—			(0.45	)		(0.73	)		(0.59	)

		(0.12	)		(0.15	)		(0.53	)		(0.84	)		(0.73	)

Net asset value, end of period		$11.15			$11.67			$12.60			$13.39			$15.67

Total return³ (%)		17.42			6.04	⁴		12.59	⁴		12.96	⁴		22.60



Ratios and supplemental data

Net assets, end of period (in millions)		$4			$5			$6			$10			$49

Ratio of net expenses to average net assets (%)		2.11			2.05			2.05			1.97			1.91	⁵

Ratio of gross expenses to average net assets (%)		2.11			2.09	⁶		2.07	⁶		1.97	⁶		1.91	⁶

Ratio of net investment income to average net assets (%)		0.99			1.00			0.43			0.64			0.96

Portfolio turnover (%)		60			56			88			60			43


1		Audited by previous Independent Registered Public Accounting Firm.


2		Based on the average of the shares outstanding.


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


4		Total return would have been lower had certain expenses not been reduced during the periods shown.


5		Includes transfer agent fee earned credits of less than 0.01% to average net assets.


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

Balanced Fund – Fund details

Your account

Each share class has its own cost structure, including a Rule 12b-1 plan that allows it to pay fees for the sale, distribution and service of its shares. Your financial representative can help you decide which share class is best for you.

Class A


•	A front-end sales charge, as described in the section “How sales charges are calculated.”

•	Distribution and service (Rule 12b-1) fees of 0.30%.

Class B


•	No front-end sales charge; all your money goes to work for you right away.

•	Distribution and service (Rule 12b-1) fees of 1.00%.


•	A contingent deferred sales charge (“CDSC”), as described in the section “How sales charges are calculated.”


•	Automatic conversion to Class A shares after eight years, thus reducing future annual expenses.

Class C


•	No front-end sales charge; all your money goes to work for you right away.

•	Distribution and service (Rule 12b-1) fees of 1.00%.

•	A 1.00% CDSC on shares sold within one year of purchase.

•	No automatic conversion to Class A shares, so annual expenses continue at the Class C level throughout the life of your investment.

The maximum amount you may invest in Class B shares with any single purchase request is $99,999.99, and the maximum amount you may invest in Class C shares with any single purchase is $999,999.99. John Hancock Signature Services, Inc. (“Signature Services”), the transfer agent for the fund, may accept a purchase request for Class B shares for $100,000 or more or for Class C shares for $1,000,000 or more when the purchase is pursuant to the Reinstatement Privilege (see “Sales charge reductions and waivers”).

12b-1 fees

Rule 12b-1 fees will be paid to the distributor, John Hancock Funds, LLC (the “Distributor”), and may be used by the Distributor for expenses relating to the distribution of, and shareholder or administrative services for holders of, the shares of the class and for the payment of “service fees” that come within Rule 2830(d)(5) of the Conduct Rules of the Financial Industry Regulatory Authority (formerly the National Association of Security Dealers, Inc.).

Because Rule 12b-1 fees are paid out of the fund assets on an ongoing basis, over time these fees will increase the cost of the investment and may cost shareholders more than paying other types of sales charges.

Other classes of shares of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries

Shares of the fund are primarily sold through financial intermediaries (firms), such as brokers, banks, registered investment advisers, financial planners and retirement plan administrators. These firms may be compensated for selling shares of the fund in two principal ways:


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

Certain firms may request, and the distributor may agree to make, payments in addition to sales commissions and 12b-1 fees out of the distributor’s own resources. These additional payments are sometimes referred to as “revenue sharing.” These payments assist in our efforts to promote the sale of the fund’s shares. The distributor agrees with the firm on the methods for calculating any additional compensation, which may include the level of sales or assets attributable to the firm. Not all firms receive additional compensation and the amount of compensation varies. These payments could be significant to a firm. The distributor determines which firms to support and the extent of the payments it is willing to make. The distributor generally chooses to compensate firms that have a strong capability to distribute shares of the fund and that are willing to cooperate with the distributor’s promotional efforts.

The Distributor hopes to benefit from revenue sharing by increasing the fund’s net assets, which, as well as benefiting the fund, would result in additional management and other fees for the investment adviser and its affiliates. In consideration for revenue sharing, a firm may feature certain funds in its sales system or give preferential access to members of its sales force or management. In addition, the firm may agree to participate in the distributor’s marketing efforts by allowing us to participate in conferences, seminars or other programs attended by the intermediary’s sales force. Although an intermediary may seek revenue sharing payments to offset costs incurred by the firm in servicing its clients that have invested in the fund, the intermediary may earn a profit on these payments. Revenue sharing payments may provide your firm with an incentive to favor the fund.

The SAI discusses the distributor’s revenue sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the Distributor or the fund, as well as about fees and/or commissions it charges.

The Distributor, investment adviser and their affiliates may have other relationships with your firm relating to the provisions of services to the fund, such as providing omnibus account services, transaction processing services, or effecting portfolio transactions for the fund. If your intermediary provides these services, the investment adviser or the fund may compensate the intermediary for these services. In addition, your intermediary may have other compensated relationships with the investment adviser or its affiliates that are not related to the fund.

Rollover program compensation

The broker-dealer of record for a pension, profit-sharing or other plan qualified under Section 401(a) or described in Section 457(b) of the Internal Revenue Code of 1986, as amended, which is funded by certain group annuity contracts issued by John Hancock insurance companies, is eligible to receive ongoing compensation (“Rollover Compensation”) when a plan participant terminates from the qualified plan and rolls over assets into a John Hancock sponsored custodial IRA or a John Hancock custodial Roth IRA invested in shares of John Hancock funds. The Rollover Compensation is paid from a fund’s 12b-1 fees to

Balanced Fund – Your account

the plan’s broker-dealer of record at an annual rate not expected to exceed 0.25% of the average daily net eligible assets held in John Hancock funds (0.15% for the John Hancock Money Market Fund) under the rollover program. Rollover Compensation is made in the first year and continues thereafter, quarterly in arrears. A John Hancock insurance company may also pay the third-party administrator for the plan a one-time nominal fee not expected to exceed $25 per each participant rollover into a John Hancock fund for facilitating the transaction.

Class A sales charges are as follows:

Class A sales charges


	As a % of	As a % of
Your investment	offering price*	your investment


Up to $49,999	5.00%	5.26%


$50,000 – $99,999	4.50%	4.71%


$100,000 – $249,999	3.50%	3.63%


$250,000 – $499,999	2.50%	2.56%


$500,000 – $999,999	2.00%	2.04%


$1,000,000 and over	See below


*		Offering price is the NAV per share plus any initial sales charge.

You may qualify for a reduced Class A sales charge if you own or are purchasing Class A, Class B, Class C, Class I or all classes of R shares of John Hancock open-end mutual funds (John Hancock funds). To receive the reduced sales charge, you must tell your broker or financial representative at the time you purchase a fund’s Class A shares about any other John Hancock mutual funds held by you, your spouse or your children under the age of 21 living in the same household. This includes investments held in a retirement account, an employee benefit plan or with a broker or financial representative other than the one handling your current purchase. John Hancock will credit the combined value, at the current offering price, of all eligible accounts to determine whether you qualify for a reduced sales charge on your current purchase. You may need to provide documentation for these accounts, such as an account statement. For more information about these reduced sales charges, you may visit the fund’s Web site at www.jhfunds.com. You may also consult your broker or financial representative, or refer to the section entitled “Initial sales charge on Class A shares” in the fund’s SAI. You may request a SAI from your broker or financial representative, access the fund’s Web site at www.jhfunds.com or call Signature Services, the fund’s transfer agent, at 1-800-225-5291.

Investments of $1 million or more

Class A shares are available with no front-end sales charge on investments of $1 million or more. There is a CDSC on any Class A shares upon which a commission or finder’s fee was paid that are sold within one year of purchase, as follows:

Class A deferred sales charges on investments of $1 million or more


		CDSC on fund shares
Your investment		being sold


First $1M – $4,999,999		1.00%

Next $1 – $5M above that		0.50%

Next $1 or more above that		0.25%

For purposes of this CDSC, all purchases made during a calendar month are counted as having been made on the first day of that month.

The CDSC is based on the lesser of the original purchase cost or the current market value of the shares being sold, and is not charged on shares you acquired by reinvesting your dividends. To keep your CDSC as low as possible, each time you place a request to sell shares we will first sell any shares in your account that are not subject to a CDSC.

Class B and C

Shares are offered at their NAV per share, without any initial sales charge.

A CDSC may be charged if a commission has been paid and you sell Class B or Class C shares within a certain time after you bought them, as described in the tables below. There is no CDSC on shares acquired through reinvestment of dividends. The CDSC is based on the original purchase cost or the current market value of the shares being sold, whichever is less. The CDSC are as follows:

Class B deferred charges


		CDSC on fund shares
Years after purchase		being sold


1^st year		5.00%


2^nd year		4.00%


3^rd or 4^th year		3.00%


5^th year		2.00%


6^th year		1.00%


After 6^th year		None

Class C deferred charges


		CDSC on fund shares
Years after purchase		being sold


1^st year		1.00%


After 1^st year		None

For purposes of these CDSCs, all purchases made during a calendar month are counted as having been made on the first day of that month.

To keep your CDSC as low as possible, each time you place a request to sell shares we will first sell any shares in your account that carry no CDSC. If there are not enough of these shares to meet your request, we will sell those shares that have the lowest CDSC.

Reducing your Class A sales charges

There are several ways you can combine multiple purchases of shares of John Hancock funds to take advantage of the breakpoints in the sales charge schedule. The first three ways can be combined in any manner.


•	Accumulation Privilege — lets you add the value of any class of shares of any John Hancock funds you already own to the amount of your next Class A investment for the purpose of calculating the sales charge. However, Class A shares of money market funds will not qualify unless you have already paid a sales charge on those shares.

•	Letter of Intention — lets you purchase Class A shares of a fund over a 13-month period and receive the same sales charge as if all shares had been purchased at once. You can use a Letter of Intention to qualify for reduced sales charges if you plan to invest at least $50,000 in a fund’s Class A shares during the next 13 months. The calculation of this amount would include accumulation and combinations as well as your current holdings of all classes of John Hancock funds, which includes any reinvestment of dividends and capital gains distributions. However, Class A shares of money market funds will be excluded unless you have already paid a sales charge. When you sign this letter, the fund agrees to charge you the reduced sales charges

Balanced Fund – Your account

listed above. Completing a Letter of Intention does not obligate you to purchase additional shares. However, if you do not buy enough shares to qualify for the lower sales charges by the earlier of the end of the 13-month period or when you sell your shares, your sales charges will be recalculated to reflect your actual purchase level. Also available for retirement plan investors is a 48-month Letter of Intention, described in the SAI.


•	Combination Privilege — lets you combine shares of all funds for purposes of calculating the Class A sales charge.

To utilize any reduction you must: Complete the appropriate section of your application, or contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Group investment program

A group may be treated as a single purchaser under the accumulation and combination privileges. Each investor has an individual account, but the group’s investments are lumped together for sales charge purposes, making the investors potentially eligible for reduced sales charges. There is no charge or obligation to invest (although initial investments per account opened must satisfy minimum initial investment requirements specified in the section “Opening an account”), and individual investors may close their accounts at any time.

To utilize this program you must: Contact your financial representative or Signature Services to find out how to qualify. Consult the SAI for additional details (see the back cover of this prospectus).

CDSC waivers

As long as Signature Services is notified at the time you sell, the CDSC for each share class will be waived in the following cases:


•	to make payments through certain systematic withdrawal plans


•	certain retirement plans participating in Merrill Lynch, The Princeton Retirement Group, Inc. or PruSolutions^sm programs


•	redemptions pursuant to a fund’s right to liquidate an account less than $1,000

•	redemptions of Class A shares made after one year from the inception of a retirement plan at John Hancock

•	to make certain distributions from a retirement plan

•	because of shareholder death or disability

To utilize this waiver you must: Contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Reinstatement privilege

If you sell shares of a John Hancock fund, you may reinvest some or all of the proceeds back into the same share class of the same John Hancock fund and account from which it was removed, within 120 days without a sales charge, as long as Signature Services or your financial representative is notified before you reinvest. If you paid a CDSC when you sold your shares, you will be credited with the amount of the CDSC.

To utilize this privilege you must: Contact your financial representative or Signature Services.

Waivers for certain investors

Class A shares may be offered without front-end sales charges or CDSCs to the following individuals and institutions:


•	selling brokers and their employees and sales representatives (and their Immediate Family, as defined in the SAI)

•	financial representatives utilizing fund shares in fee-based or wrap investment products under a signed fee-based or wrap agreement with John Hancock Funds, LLC

•	fund trustees and other individuals who are affiliated with these or other John Hancock funds (and their Immediate Family, as defined in the SAI)


•	individuals transferring assets held in a SIMPLE IRA, SEP or SARSEP invested in John Hancock funds directly to an IRA


•	individuals converting assets held in an IRA, SIMPLE IRA, SEP or SARSEP invested in John Hancock funds directly to a Roth IRA

•	individuals recharacterizing assets from an IRA, Roth IRA, SEP, SARSEP or SIMPLE IRA invested in John Hancock funds back to the original account type from which it was converted

•	participants in certain retirement plans with at least 100 eligible employees (one-year CDSC applies)

•	participants in certain 529 plans that have a signed agreement with John Hancock Funds, LLC (one-year CDSC may apply)


•	certain retirement plans participating in Merrill Lynch, The Princeton Retirement Group, Inc. or PruSolutions^sm programs

•

Terminating participants rolling over assets held in a pension, profit-sharing or other plan qualified under Section 401(a) or described in Section 457(b) of the Internal Revenue Code of 1986, as amended, which is funded by certain John Hancock group annuity contracts, directly to a John Hancock custodial IRA or John Hancock custodial Roth IRA investing in John Hancock funds, including subsequent investments.

To utilize a waiver you must: Contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Other waivers

Front-end sales charges and CDSCs are not imposed in connection with the following transactions:


•	exchanges from one John Hancock fund to the same class of any other John Hancock fund (see “Transaction policies” in this prospectus for additional details)


•	dividend reinvestments (see “Dividends and account policies” in this prospectus for additional details)


1	Read this prospectus carefully.

2	Determine how much you want to invest. The minimum initial investments for the Class A, B and C shares of the fund are as follows:


	•	non-retirement account: $1,000

	•	retirement account: $500; there is no minimum initial investment for certain group retirement plans investing using salary deduction or similar group methods of payment

	•	group investments: $250


	•	Monthly Automatic Accumulation Program (“MAAP”): $25 to open; you must invest at least $25 a month


	•	there is no minimum initial investment for fee-based or wrap accounts of selling firms that have executed a fee-based or wrap agreement with John Hancock Funds, LLC


3	All shareholders must complete the account application, carefully following the instructions. If you have any questions, contact your financial representative or call Signature Services at 1-800-225-5291.

Balanced Fund – Your account


4	Complete the appropriate parts of the account privileges application. By applying for privileges now, you can avoid the delay and inconvenience of having to file an additional application if you want to add privileges later.

5	Make your initial investment using the instructions under “Buying shares.” You and your financial representative can initiate any purchase, exchange or sale of shares.

Important information about opening a new account

To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) requires all financial institutions to obtain, verify and record information that identifies each person or entity that opens an account.

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

For investors other than individuals When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN) and may be requested to provide information on persons with authority or control over the account such as name, residential address, date of birth and Social Security number. You may also be asked to provide documents, such as articles of incorporation, trust instruments or partnership agreements and other information that will help Signature Services identify the entity. See the Mutual Fund Account Application for more details.

Balanced Fund – Your account


Opening an account		Adding to an account

By check
• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • Deliver the check and your completed application to your financial representative or mail them to Signature Services (address below).		• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • If your account statement has a detachable investment slip, please complete in its entirety. If no slip is available, include a note specifying the fund name(s), the share class, your account number and the name(s) in which the account is registered. • Deliver the check and your investment slip or note to your financial representative or mail them to Signature Services (address below).




By exchange
• Call your financial representative or Customer Service to request an exchange.		• Log on to the Web site below to process exchanges between funds. • Call EASI-Line for automated service. • Call your financial representative or Customer Service to request an exchange.




By wire
• Deliver your completed application to your financial representative or mail it to Signature Services. • Obtain account number by calling your financial representative or Customer Service. • Obtain your wiring instructions by calling Customer Service.		• Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.
• Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.




By Internet
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the Automated Clearing House (“ACH”) system. • Complete the “Bank Information” section on your account application. • Log on to Web site below to initiate purchases using your authorized bank account.




By phone
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the ACH system. • Complete the “To Purchase, Exchange or Redeem Shares via Telephone” and “Bank Information” sections on your account application. • Call EASI-Line for automated service. • Call Customer Service between 8:00 a.m. and 7:00 p.m., Eastern Time on most business days. To open or add to an account using the Monthly Automatic Accumulation Program, see “Additional investor services.”



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Balanced Fund – Your account

Selling shares


		To sell some or all of your shares

By letter
• Accounts of any type. • Sales of any amount.		• Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the fund’s name(s) in which the account is registered and the dollar value or number of shares you wish to sell. • Include all signatures and any additional documents that may be required (see next page). • Mail the materials to Signature Services. • A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction.




By Internet
• Most accounts. • Sales of up to $100,000.		• Log on to the Web site below to initiate redemptions from your fund.




By phone
• Most accounts. • Sales of up to $100,000.		• Call EASI-Line for automated service. • Call your financial representative or call Customer Service between 8:00 a.m. and 7:00 p.m., Eastern Time on most business days.




By wire or electronic funds transfer (“EFT”)
• Requests by letter to sell any amount. • Requests by Internet or phone to sell up to $100,000.		• To verify that the Internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Customer Service. • Funds requested by wire will be wired the next business day. A $4 fee will be deducted from your account. Your bank may also charge you a fee for this service. • Funds requested by EFT are generally available by the second business day. Your bank may charge you a fee for this service.




By exchange
• Accounts of any type. • Sales of any amount.		• Obtain a current prospectus for the fund into which you are exchanging by Internet or by calling your financial representative or Customer Service. • Log on to the Web site below to process exchanges between your funds. • Call EASI-Line for automated service. • Call your financial representative or Customer Service to request an exchange. To sell shares through a systematic withdrawal plan, see “Additional investor services.”



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations	Mutual Fund Operations	www.jhfunds.com	(24/7 automated service)	1-800-225-5291
John Hancock Signature Services, Inc.	John Hancock Signature Services, Inc.		1-800-338-8080
P.O. Box 9510	164 Corporate Drive
Portsmouth, NH 03802-9510	Portsmouth, NH 03801

Balanced Fund – Your account

Selling shares in writing

In certain circumstances, you will need to make your request to sell shares in writing. You may need to include additional items with your request, unless they were previously provided to Signature Services and are still accurate. These items are shown in the table below. You may also need to include a signature guarantee, which protects you against fraudulent orders. You will need a signature guarantee if:


•	your address of record has changed within the past 30 days;

•	you are selling more than $100,000 worth of shares — This requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock Funds, LLC; or

•	you are requesting payment other than by a check mailed to the address of record and payable to the registered owner(s).

You will need to obtain your signature guarantee from a member of the Signature Guarantee Medallion Program. Most broker-dealers, banks, credit unions and securities exchanges are members of this program. A notary public CANNOT provide a signature guarantee.


Seller		Requirements for written requests

Owners of individual, joint or UGMA/UTMA accounts (custodial accounts for minors)		• Letter of instruction. • On the letter, the signatures of all persons authorized to sign for the account, exactly as the account is registered. • Medallion signature guarantee, if applicable (see above).




Owners of corporate, sole proprietorship, general partner or association accounts		• Letter of instruction. • Corporate business/organization resolution, certified within the past 12 months, or a John Hancock funds business/organization certification form. • On the letter and the resolution, the signature of the person(s) authorized to sign for the account. • Medallion signature guarantee, if applicable (see above).




Owners or trustees of trust accounts		• Letter of instruction. • On the letter, the signature(s) of the trustee(s).
		• Copy of the trust document certified within the past 12 months or a John Hancock funds trust certification form. • Medallion signature guarantee, if applicable (see above).




Joint tenancy shareholders with rights of survivorship with a deceased co-tenant(s)		• Letter of instruction signed by surviving tenant. • Copy of death certificate. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Executors of shareholder estates		• Letter of instruction signed by executor. • Copy of order appointing executor, certified within the past 12 months. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Administrators, conservators, guardians and other sellers or account types not listed above		• Call the Customer Service telephone number below for instructions.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Balanced Fund – Your account

Valuation of shares

The NAV per share for each class of the fund and class is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m., Eastern Time). The fund generally values its portfolio of equity securities and other investments using closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available or are considered by the adviser to be unreliable, the fund may use a security’s fair value. Fair value is the valuation of a security determined on the basis of factors other than market value in accordance with procedures approved by the board of trustees. All methods of determining the value of a security used by the fund, including those discussed below, on a basis other than market value, are forms of fair value. The use of fair value pricing by the fund may cause the NAV of its shares to differ from the NAV that would be calculated only using market prices. The adviser may determine that the closing market price no longer accurately reflects the value of a security for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by the fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the fund determines its NAV. In those circumstances when the fund believes the price of the security may be affected, the fund uses the fair value of the security. In certain circumstances the fund may use a pricing service for this purpose. Foreign stocks or other portfolio securities held by the fund may trade on U.S. holidays and weekends, even though the fund’s shares will not be priced on those days. This may change the fund’s NAV on days when you cannot buy or sell fund shares. For market prices and quotations, as well as for some fair value methods, the fund relies upon securities prices provided by pricing services. Certain types of securities, including some fixed-income securities, are regularly priced using fair value rather than market prices. The fund uses a pricing matrix to determine the value of fixed-income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed-income securities. The fund values debt securities with remaining maturities of 60 days or less at amortized cost. For more information on the valuation of shares, please see the SAI.

Buy and sell prices

When you buy shares, you pay the NAV plus any applicable sales charges, as described earlier. When you sell shares, you receive the NAV minus any applicable deferred sales charges.

Execution of requests

The fund is open on those days when the New York Stock Exchange is open, typically Monday through Friday. Buy and sell requests are executed at the next NAV to be calculated after Signature Services receives your request in good order. In unusual circumstances, the fund has the right to redeem in kind.

At times of peak activity, it may be difficult to place requests by phone. During these times, consider using EASI-Line, accessing www.jhfunds.com or sending your request in writing.

In unusual circumstances, any fund may temporarily suspend the processing of sell requests, or may postpone payment of proceeds for up to three business days or longer, as allowed by federal securities laws.

Telephone transactions

For your protection, telephone requests may be recorded in order to verify their accuracy. Also for your protection, telephone redemption transactions are not permitted on accounts whose names or addresses have changed within the past 30 days. Proceeds from telephone transactions can only be mailed to the address of record.

Exchanges

You may exchange shares of one John Hancock fund for shares of the same class of any other, generally without paying any additional sales charges. The registration for both accounts involved must be identical.

Class B and Class C shares will continue to age from the original date and will retain the same CDSC rate. A CDSC rate that has increased will drop again with a future exchange into a fund with a lower rate. The fund may change or cancel its exchange policies at any time, upon 60 days’ written notice to its shareholders. For further details, see “Additional services and programs” in the SAI (see the back cover of this prospectus).

Excessive trading

The fund is intended for long-term investment purposes only and does not knowingly accept shareholders who engage in “market timing” or other types of excessive short-term trading. Short-term trading into and out of the fund can disrupt portfolio investment strategies and may increase fund expenses for all shareholders, including long-term shareholders who do not generate these costs.

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund reserves the right to restrict, reject or cancel (with respect to cancellations, within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may in its discretion restrict, reject or cancel a purchase or exchange order even if the transaction is not subject to the specific “Limitation on exchange activity” described below if the fund or its agents determine that accepting the order could interfere with the efficient management of the fund’s portfolio or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the fund rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with applicable law, the processing of exchange requests in the event that, in the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the fund’s NAV at the conclusion of the delay period. The fund, through its agents in their sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

The fund’s board of trustees has adopted the following policies and procedures by which the fund, subject to the limitations described below, takes steps reasonably designed to curtail excessive trading practices.

Limitation on exchange activity

Balanced Fund – Your account

The fund, or its agent, cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Exchanges made on the same day in the same account are aggregated for purposes of counting the number and dollar amount of exchanges made by the account holder. The exchange limits referenced above will not be imposed or may be modified under certain circumstances. For example, these exchange limits may be modified for accounts held by certain retirement plans to conform to plan exchange limits, ERISA considerations or Department of Labor regulations. Certain automated or pre-established exchange, asset allocation and dollar cost averaging programs are not subject to these exchange limits. These programs are excluded from the exchange limitation since the fund believes that it is advantageous to shareholders and does not offer an effective means for market timing or excessive trading strategies. These investment tools involve regular and predetermined purchase or redemption requests made well in advance of any knowledge of events affecting the market on the date of the purchase or redemption.

These exchange limits are subject to the fund’s ability to monitor exchange activity, as discussed under “Limitation on the ability to detect and curtail excessive trading practices” below. Depending upon the composition of the fund’s shareholder accounts and in light of the limitations on the ability of the fund to detect and curtail excessive trading practices, a significant percentage of the fund’s shareholders may not be subject to the exchange limitation policy described above. In applying the exchange limitation policy, the fund considers information available to them at the time and reserves the right to consider trading activity in a single account or multiple accounts under common ownership, control or influence.

Limitation on the ability to detect and curtail excessive trading practices

Shareholders seeking to engage in excessive trading practices sometimes deploy a variety of strategies to avoid detection and, despite the efforts of the fund to prevent its excessive trading, there is no guarantee that the fund or its agents will be able to identify such shareholders or curtail its trading practices. The ability of the fund and its agents to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. Because the fund will not always be able to detect frequent trading activity, investors should not assume that the fund will be able to detect or prevent all frequent trading or other practices that disadvantage the fund. For example, the ability of the fund to monitor trades that are placed by omnibus or other nominee accounts is limited in those instances in which the financial intermediary, including a financial adviser, broker, retirement plan administrator or fee-based program sponsor, maintains the records of the fund’s underlying beneficial owners. Omnibus or other nominee account arrangements are common forms of holding shares of the fund, particularly among certain financial intermediaries such as financial advisers, brokers, retirement plan administrators or fee-based program sponsors. These arrangements often permit the financial intermediary to aggregate its clients’ transactions and ownership positions and do not identify the particular underlying shareholder(s) to the fund. However, the fund will work with financial intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and to impose restrictions on excessive trades. In this regard, the fund has entered into information sharing agreements with financial intermediaries pursuant to which these intermediaries are required to provide to the fund, at the fund’s request, certain information relating to their customers investing in the fund through omnibus or other nominee accounts. The fund will use this information to attempt to identify excessive trading practices. Financial intermediaries are contractually required to follow any instructions from the fund to restrict or prohibit future purchases from shareholders that are found to have engaged in excessive trading in violation of the fund’s policies. The fund cannot guarantee the accuracy of the information provided to it from financial intermediaries and so cannot ensure that it will be able to detect abusive trading practices that occur through omnibus or other nominee accounts. As a consequence, the fund’s ability to monitor and discourage excessive trading practices in these types of accounts may be limited.

Excessive trading risk

To the extent that the fund or its agents are unable to curtail excessive trading practices in the fund, these practices may interfere with the efficient management of the fund’s portfolio, and may result in the fund engaging in certain activities to a greater extent than it otherwise would, such as maintaining higher cash balances, using its line of credit and engaging in portfolio transactions. Increased portfolio transactions and use of the line of credit would correspondingly increase the fund’s operating costs and decrease the fund’s investment performance. Maintenance of higher levels of cash balances would likewise result in lower fund investment performance during periods of rising markets.

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:

•

A fund that invests a significant portion of its assets in small- or mid-capitalization stocks or securities in particular industries, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities (referred to as price arbitrage).


•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Any frequent trading strategies may interfere with efficient management of the fund’s portfolio. A fund that invests in the types of securities discussed above may be exposed to this risk to a greater degree than a fund that invests in highly liquid securities. These risks would be less significant, for example, in a fund that primarily invests in U.S. government securities, money market instruments, investment-grade corporate issuers or large-capitalization U.S. equity securities. Any successful price arbitrage may cause dilution in the value of the fund shares held by other shareholders.

Account information

John Hancock Funds, LLC is required by law to obtain information for verifying an account holder’s identity. For example, an individual will be required to supply name, residential address, date of birth and Social Security number. If you do not provide the required information, we may not be able to open your account. If verification is unsuccessful, John Hancock Funds, LLC may close your account, redeem your shares

Balanced Fund – Your account

at the next NAV minus any applicable sales charges and take other steps that it deems reasonable.

Certificated shares

The fund no longer issues share certificates. Shares are electronically recorded. Any existing certificated shares can only be sold by returning the certificated shares to Signature Services, along with a letter of instruction or a stock power and a signature guarantee.

Sales in advance of purchase payments

When you place a request to sell shares for which the purchase money has not yet been collected, the request will be executed in a timely fashion but the fund will not release the proceeds to you until your purchase payment clears. This may take up to ten business days after the purchase.

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment, automatic investment or systematic withdrawal) that affects your account balance

•	after any changes of name or residential address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

The fund generally distributes most or all of its net earnings quarterly the form of dividends. Capital gains, if any, are distributed annually, typically after the end of the fund’s fiscal year.

Dividend reinvestments

Most investors have their dividends reinvested in additional shares of the same class of the fund. If you choose this option, or if you do not indicate any choice, your dividends will be reinvested on the dividend record date.

Alternatively, you may choose to have your dividends and capital gains sent directly to your bank account or a check may be mailed if your combined dividend and capital gains amount is $10 or more. However, if the check is not deliverable or the combined dividend and capital gains amount is less than $10, your proceeds will be reinvested. If five or more of your dividend or capital gains checks remain uncashed after 180 days, all subsequent dividends and capital gains will be reinvested. No front-end sales charge or CDSC will be imposed on shares derived from reinvestment of dividends or capital gains distributions.

Taxability of dividends

Dividends you receive from the fund, whether reinvested or taken as cash, are generally considered taxable. Dividends from the fund’s short-term capital gains are taxable as ordinary income. Dividends from the fund’s long-term capital gains are taxable at a lower rate. Whether gains are short term or long term depends on the fund’s holding period. Some dividends paid in January may be taxable as if they had been paid the previous December.

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Any time you sell or exchange shares, it is considered a taxable event for you. Depending on the purchase price and the sale price of the shares you sell or exchange, you may have a gain or a loss on the transaction. You are responsible for any tax liabilities generated by your transactions.

Small accounts (non-retirement only)

If you draw down a non-retirement account so that its total value is less than $1,000, you may be asked to purchase more shares within 30 days. If you do not take action, the fund may close out your account and mail you the proceeds. Alternatively, the fund may charge you $20 a year to maintain your account. You will not be charged a CDSC if your account is closed for this reason.

Monthly Automatic Accumulation Program (“MAAP”)

MAAP lets you set up regular investments from your paycheck or bank account to the fund. You determine the frequency and amount of your investments, and you can terminate your program at any time. To establish:


•	Complete the appropriate parts of your account application.

•	If you are using MAAP to open an account, make out a check for your first investment amount payable to “John Hancock Signature Services, Inc.” in an amount satisfying the applicable minimum initial investment requirements specified in the section “Opening an account.” Deliver your check and application to your financial representative or Signature Services.

Systematic withdrawal plan

This plan may be used for routine bill payments or periodic withdrawals from your account. To establish:


•	Make sure you have at least $5,000 worth of shares in your account.

•	Make sure you are not planning to invest more money in this account (buying shares during a period when you are also selling shares of the same fund is not advantageous to you, because of sales charges).

•	Specify the payee(s). The payee may be yourself or any other party, and there is no limit to the number of payees you may have, as long as they are all on the same payment schedule.


•	Determine the schedule: monthly, quarterly, semiannually, annually or in certain selected months.


•	Fill out the relevant part of the account application. To add a systematic withdrawal plan to an existing account, contact your financial representative or Signature Services.

Retirement plans

The fund’s distributor offers a range of retirement plans, including traditional and Roth IRAs, Coverdell ESAs, SIMPLE plans and SEPs. Using these plans, you can invest in any John Hancock fund (except tax-free income funds) with a low minimum investment of $500 or, for some group plans, no minimum investment at all. To find out more, call Signature Services at 1-800-225-5291.

John Hancock funds do not accept requests to establish new John Hancock custodial 403(b)(7) accounts; do not accept requests for exchanges or transfers into your existing John Hancock custodial 403(b)(7) accounts; and require additional disclosure documentation if you direct John Hancock funds to exchange or transfer some or all of your John Hancock custodial 403(b)(7) account assets to another 403(b)(7) contract or account. Please refer to the SAI for more information regarding these restrictions.

Balanced Fund – Your account

Global Opportunities Fund

Two documents are available with further information on the fund:

Annual/Semiannual report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

The SAI contains more detailed information on all aspects of the fund. The fund’s SAI includes a summary of the fund’s policy regarding disclosure of its portfolio holdings as well as legal and regulatory matters. The current annual report is included in the SAI. A current SAI has been filed with the Securities and Exchange Commission (SEC) and is incorporated by reference into (and is legally a part of) this prospectus.

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510

By EASI-Line: 1-800-338-8080

By phone: 1-800-225-5291

By TDD: 1-800-554-6713

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room call 1-202-551-8090.

For further information on this or any John Hancock fund or service, call 1-800-225-5291 or go to www.jhfunds.com.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Electronic delivery now available at

www.jhfunds.com/edelivery

Fund summary

John Hancock

Day-to-day investment management: MFC Global Investment Management (U.S.), LLC

Class / Ticker A JGPAX B JGPBX C JGPCX

Goal and strategy

The fund seeks long-term capital appreciation.

To pursue this goal, the fund normally invests in a diversified portfolio consisting primarily of global (U.S. and foreign) equity securities of any size. Equity securities include common and preferred stocks and their equivalents.

In managing the portfolio, the management team emphasizes a value-oriented bottom-up approach to individual stock selection. With the aid of proprietary financial models, the management team looks for companies that are selling at what appear to be substantial discounts to their long-term intrinsic values. These companies often have identifiable catalysts for growth, such as new products, business reorganizations or mergers.

The management team uses fundamental financial analysis of individual companies to identify individual companies with substantial cash flows, reliable revenue streams and strong competitive positions and strong management. The fund may attempt to take advantage of short-term market volatility by investing in corporate restructurings or pending acquisitions.

A substantial portion of the fund’s assets may be invested in securities of foreign issuers on an ongoing basis. The fund may invest up to 20% of assets in bonds of any maturity rated as low as CC/Ca and their unrated equivalents (bonds below BBB/Baa are considered junk bonds). The fund may make limited use of certain derivatives (investments whose value is based on securities, indexes or currencies).

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

The fund’s management strategy has a significant influence on fund performance. Stocks of small- and medium-size companies are more volatile than stocks of larger companies. Many smaller companies have short track records, narrow product lines or niche markets, making them highly vulnerable to isolated business setbacks. To the extent that the fund invests in a given industry, its performance will be hurt if that industry performs poorly. In addition, if the management team’s security selection strategies do not perform as expected, the fund could underperform its peers or lose money.

Foreign investments are more risky than domestic investments. Investments in foreign securities may be affected by fluctuations in currency exchange rates, incomplete or inaccurate financial information on companies, social instability and political actions ranging from tax code changes to governmental collapse. These risks are more significant in emerging markets.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Certain derivatives could produce disproportionate losses.

•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.

•	Any bonds held by the fund could be downgraded in credit quality or go into default. Bond prices generally fall when interest rates rise and longer maturity will increase volatility. Junk bond prices can fall on bad news about the economy, an industry or a company.

Global Opportunities Fund – Fund summary

Past performance

Calendar year total returns – Class A (%)

Best quarter: Q4 ’06, 13.47 Worst quarter: Q3 ’06, -1.33

2006

2007

23.38

33.05


Average annual total returns (%)	1 Year		Inception

as of 12-31-07				2-28-05

Class A before tax		26.39		24.28

After tax on distributions		25.45		22.75

After tax on distributions, with sale		17.51		20.35

Class B before tax		27.46		25.24

Class C before tax		31.46		25.94

S&P/Citigroup BMI Global Index		11.94		15.63

MSCI AC World Index*		11.66		14.76


*	Prior to September 1, 2007, the fund compared its performance to the MSCI AC World Index. The fund changed the index to which it compares its performance to the S&P/Citigroup BMI Global Index, which is more comparable to the investment strategy of the fund than the MSCI AC World Index.

Calendar year total returns

Average annual total returns

These include sales charges. Performance of a broad-based index is included for comparison. Indexes have no sales charges and you cannot invest in them directly. All figures assume dividend reinvestment.

MSCI AC World Index, an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.

S&P/Citigroup BMI Global Index, covers both developed and emerging economies and includes over 10,000 companies in more than 53 countries.

Investor costs


Shareholder transaction expenses (%)	Class A			Class B		Class C

Maximum front-end sales charge (load) as a percentage of purchase price		5.00			—		—

Maximum deferred sales charge (load) as a percentage of purchase or redemption price, whichever is less		—	¹		5.00		1.00


Annual operating expenses (%)	Class A		Class B			Class C

Management fee²		0.85		0.85			0.85

Distribution and service (12b-1) fees		0.30		1.00	³		1.00	³

Other expenses		0.99		1.02			1.02

Total fund operating expenses		2.14		2.87			2.87

Contractual expense reimbursement⁴		0.68		0.71			0.71

Net fund operating expenses		1.46		2.16			2.16

Expense example

A hypothetical example showing the expenses on a $10,000 investment during the various times frames is provided below. The example assumes a 5% average annual return and the reinvestment of all dividends and contractual reimbursement. The example is for comparison only and does not reflect actual expenses and returns, either past or future.


Expense example ($)	Class A		Class B			Class C

				Shares sold	Shares kept		Shares sold	Shares kept

1 Year		641		719	219		319	219

3 Years		1,074		1,122	822		822	822

5 Years		1,533		1,651	1,451		1,451	1,451

10 Years		2,798		2,970	2,970		3,144	3,144

Shareholder transaction expenses

These are charged directly to your account. There is also a $4 fee when you sell shares and have the proceeds sent by wire.

Annual operating expenses

These are paid from fund assets; shareholders, therefore, pay these costs indirectly.


1		Except on investments of $1 million or more.


2		The management fees were changed during the previous fiscal year. Rates shown reflect what the management fees would have been during the fiscal year 2007 had the new rates been in effect for the entire year.


3		The distribution and service fees shown reflect the maximum fees applicable to Class B and Class C.


4		The Adviser has contractually agreed to reimburse the fund for certain fund expenses (excluding transfer agent fees, 12b-1 fees, brokerage commissions, interest, and other extraordinary expenses not incurred in the ordinary course of the fund’s business) that exceed 1.05% of the fund’s average net assets. Also, the transfer agent has contractually agreed to limit transfer agent fees, a class specific expense, to 0.15%, each, for Class A, B, and C. These expense reimbursements shall continue in effect until April 30, 2009.

Global Opportunities Fund – Fund summary

Fund details

Main risks

Derivatives risk

Foreign investment risk

Interest rate risk

A rise in interest rates typically causes bond prices to fall. The longer the average maturity, of the bonds held by the fund, the more sensitive the fund is likely to be to interest rate changes. Bonds with higher credit quality also tend to be more sensitive to interest rate risk than medium- or lower-quality bonds.

Management risk

Medium- and lower-quality bonds

Small and medium company risk

Stocks of small and medium companies tend to be more volatile than those of large companies, and may under-perform stocks of large size companies over any given period of time. Stock investing risk and liquidity risk may be greater for securities of small and medium companies as compared to mid-cap or large-cap companies. Small and medium cap companies may have limited product lines or markets, less access to financial resources or less operating experience, or may depend on a few key employees. Stocks of small and medium companies may not be widely known to investors and may be thinly traded or may trade only in certain markets, making it difficult to buy or sell them in large volume.

Stock investing risk

Additional risk

Liquidity risk

Global Opportunities Fund – Fund details

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

During its most recent full fiscal year, the fund paid the investment adviser a management fee consisting of 0.17% of net assets after reimbursement. Out of this fee, the investment adviser in turn paid the fees of the subadviser and certain other service providers. The fee was approved by the board of trustees. The basis for its approval of this fee, and of the investment advisory and subadvisory agreements overall, is discussed in the fund’s December 31, 2007, annual report.

Subadviser

Handles the fund’s day-to-day portfolio management.

MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Below are brief biographical profiles of the leaders of the fund’s investment management team, in alphabetical order. These managers share portfolio management responsibilities. For more about these individuals, including information about their compensation, other accounts they manage and any investments they may have in the fund, see the SAI.

Christopher H. Arbuthnot, CFA


•	Joined fund team in 2008

•	Portfolio manager, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Equity analyst, MFC Global Investment Management (U.S.), LLC (2006–2007)

•	MBA, Kellogg School of Management, Northwestern University (2004–2006)

•	Associate, corporate and investment banking division, Wachovia Securities (2000–2004)

•	Investment analyst, Middlebury Venture Partners (1998–2000)

•	Began business career in 1998

Roger C. Hamilton


•	Joined fund team in 2008

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005–2007)

•	Vice president and portfolio manager, John Hancock Advisers, LLC (2003–2005)

•	Analyst, John Hancock Advisers, LLC (1994–2003)

•	Began business career in 1979

Timothy M. Malloy


•	Managed fund since it began in 2005

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005–2007)

•	Second vice president, John Hancock Advisers, LLC (2004–2005)

•	Investment analyst, Thomas Weisel Partners (2000–2004)

•	Began business career in 1993

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York

One Wall Street

New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC

601 Congress Street

Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends, and processing of buy and sell requests.

John Hancock Signature Services, Inc.

P.O. Box 9510

Portsmouth, NH 03802-9510

Global Opportunities Fund – Fund details

Class A Shares


Per share operating performance	period ended 12-31-05^1,2			12-31-06			12-31-07

Net asset value, beginning of period		$10.00			$11.57			$13.17

Net investment income (loss)³		—	⁴		(0.02	)		(0.02	)

Net realized and unrealized gain on investments		1.88			2.73			4.36

Total from investment operations		1.88			2.71			4.34

Less distributions

From net investment income		—			—	⁴		—

From net realized gain		(0.31	)		(1.11	)		(0.51	)

		(0.31	)		(1.11	)		(0.51	)

Net asset value, end of period		$11.57			$13.17			$17.00

Total return^5,6 (%)		18.85	⁷		23.38			33.05



Ratios and Supplemental Data

Net assets, end of period (in millions)		$3			$4			$28

Ratio of net expenses to average net assets (%)		1.35	⁹		1.35			1.46	¹⁰

Ratio of gross expenses to average net assets¹¹ (%)		2.83	⁹		2.23			2.11

Ratio of net investment income (loss) to average net assets (%)		0.03	⁹		(0.18	)		(0.12	)

Portfolio turnover (%)		77	⁷		61			114


Class B Shares
Per share operating performance	period ended 12-31-05^1,2			12-31-06			12-31-07

Net asset value, beginning of period		$10.00			$11.52			$13.04

Net investment loss³		(0.04	)		(0.08	)		(0.14	)

Net realized and unrealized gain on investments		1.87			2.71			4.36

Total from investment operations		1.83			2.63			4.22

Less distributions

From net realized gain		(0.31	)		(1.11	)		(0.51	)

Net asset value, end of period		$11.52			$13.04			$16.75

Total return^5,6 (%)		18.35	⁷		22.76			32.46



Ratios and Supplemental Data

Net assets, end of period (in millions)		—	⁸		—	⁸		$2

Ratio of net expenses to average net assets (%)		1.85	⁹		1.80			2.12	¹⁰

Ratio of gross expenses to average net assets¹¹ (%)		3.38	⁹		2.68			2.78

Ratio of net investment loss to average net assets (%)		(0.47	)⁹		(0.63	)		(0.88	)

Portfolio turnover (%)		77	⁷		61			114

Global Opportunities Fund – Fund details

Financial highlights, continued

Class C Shares


Per share operating performance	period ended 12-31-05^1,2			12-31-06			12-31-07

Net asset value, beginning of period		$10.00			$11.52			$13.04

Net investment loss³		(0.04	)		(0.08	)		(0.16	)

Net realized and unrealized gain on investments		1.87			2.71			4.38

Total from investment operations		1.83			2.63			4.22

Less distributions

From net realized gain		(0.31	)		(1.11	)		(0.51	)

Net asset value, end of period		$11.52			$13.04			$16.75

Total return^5,6 (%)		18.35	⁷		22.76			32.46



Ratios and Supplemental Data

Net assets, end of period (in millions)		—	⁸		—	⁸		$4

Ratio of net expenses to average net assets (%)		1.85	⁹		1.80			2.13	¹⁰

Ratio of gross expenses to average net assets¹¹ (%)		3.38	⁹		2.68			2.79

Ratio of net investment loss to average net assets (%)		(0.47	)⁹		(0.63	)		(1.01	)

Portfolio turnover (%)		77	⁷		61			114


1		Beginning of operations from 2-28-05 to 12-31-05.


2		Audited by previous Independent Registered Public Accounting Firm.


3		Based on the average of the shares outstanding.


4		Less than $0.01 per share.


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


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


7		Not annualized.


8		Less than $500,000.


9		Annualized.


10		Includes transfer agent fee earned credits of less than 0.01% to average net assets.


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

Global Opportunities Fund – Fund details

Your account

Class A


•	A front-end sales charge, as described in the section “How sales charges are calculated.”

•	Distribution and service (Rule 12b-1) fees of 0.30%.

Class B


•	No front-end sales charge; all your money goes to work for you right away.

•	Distribution and service (Rule 12b-1) fees of 1.00%.


•	A contingent deferred sales charge (“CDSC”), as described in the section “How sales charges are calculated.”


•	Automatic conversion to Class A shares after eight years, thus reducing future annual expenses.

Class C


•	No front-end sales charge; all your money goes to work for you right away.

•	Distribution and service (Rule 12b-1) fees of 1.00%.

•	A 1.00% CDSC on shares sold within one year of purchase.

•	No automatic conversion to Class A shares, so annual expenses continue at the Class C level throughout the life of your investment.

12b-1 fees

Other classes of shares of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

Rollover Program Compensation

Global Opportunities Fund – Your account

Class A sales charges are as follows:

Class A sales charges


	As a % of	As a % of
Your investment	offering price*	your investment


Up to $49,999	5.00%	5.26%


$50,000 – $99,999	4.50%	4.71%


$100,000 – $249,999	3.50%	3.63%


$250,000 – $499,999	2.50%	2.56%


$500,000 – $999,999	2.00%	2.04%


$1,000,000 and over	See below


*		Offering price is the NAV per share plus any initial sales charge.

Investments of $1 million or more

Class A deferred sales charges on investments of $1 million or more


		CDSC on fund shares
Your investment		being sold


First $1M – $4,999,999		1.00%


Next $1 – $5M above that		0.50%


Next $1 or more above that		0.25%

For purposes of this CDSC, all purchases made during a calendar month are counted as having been made on the first day of that month.

Class B and C

Shares are offered at their NAV per share, without any initial sales charge.

Class B deferred charges


		CDSC on fund shares
Years after purchase		being sold


1^st year		5.00%


2^nd year		4.00%


3^rd or 4^th year		3.00%


5^th year		2.00%


6^th year		1.00%


After 6^th year		None

Class C deferred charges


		CDSC on fund shares
Years after purchase		being sold


1^st year		1.00%


After 1^st year		None

For purposes of these CDSCs, all purchases made during a calendar month are counted as having been made on the first day of that month.

Reducing your Class A sales charges


•	Accumulation Privilege — lets you add the value of any class of shares of any John Hancock funds you already own to the amount of your next Class A investment for the purpose of calculating the sales charge. However, Class A shares of money market funds will not qualify unless you have already paid a sales charge on those shares.

•	Letter of Intention — lets you purchase Class A shares of a fund over a 13-month period and receive the same sales charge as if all shares had been purchased at once. You can use a Letter of Intention to qualify for reduced sales charges if you plan to invest at least $50,000 in a fund’s Class A shares during the next 13 months. The calculation of this amount would include accumulation and combinations as well as your current holdings of all classes of John Hancock funds, which includes any reinvestment of dividends and capital gains distributions. However, Class A shares of money market funds will be

Global Opportunities Fund – Your account

excluded unless you have already paid a sales charge. When you sign this letter, the fund agrees to charge you the reduced sales charges listed above. Completing a Letter of Intention does not obligate you to purchase additional shares. However, if you do not buy enough shares to qualify for the lower sales charges by the earlier of the end of the 13-month period or when you sell your shares, your sales charges will be recalculated to reflect your actual purchase level. Also available for retirement plan investors is a 48-month Letter of Intention, described in the SAI.


•	Combination Privilege — lets you combine shares of all funds for purposes of calculating the Class A sales charge.

Group investment program

CDSC waivers

As long as Signature Services is notified at the time you sell, the CDSC for each share class will be waived in the following cases:


•	to make payments through certain systematic withdrawal plans


•	certain retirement plans participating in Merrill Lynch, The Princeton Retirement Group, Inc. or PruSolutions^sm programs


•	redemptions pursuant to a fund’s right to liquidate an account less than $1,000

•	redemptions of Class A shares made after one year from the inception of a retirement plan at John Hancock

•	to make certain distributions from a retirement plan

•	because of shareholder death or disability

To utilize this waiver you must: Contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Reinstatement privilege

To utilize this privilege you must: Contact your financial representative or Signature Services.

Waivers for certain investors

Class A shares may be offered without front-end sales charges or CDSCs to the following individuals and institutions:


•	selling brokers and their employees and sales representatives (and their Immediate Family, as defined in the SAI)

•	financial representatives utilizing fund shares in fee-based or wrap investment products under a signed fee-based or wrap agreement with John Hancock Funds, LLC

•	fund trustees and other individuals who are affiliated with these or other John Hancock funds (and their Immediate Family, as defined in the SAI)

•	individuals transferring assets held in a SIMPLE IRA, SEP, or SARSEP invested in John Hancock funds directly to an IRA

•	individuals converting assets held in an IRA, SIMPLE IRA, SEP or SARSEP invested in John Hancock funds directly to a Roth IRA

•	individuals recharacterizing assets from an IRA, Roth IRA, SEP, SARSEP or SIMPLE IRA invested in John Hancock funds back to the original account type from which it was converted

•	participants in certain retirement plans with at least 100 eligible employees (one-year CDSC applies)

•	participants in certain 529 plans that have a signed agreement with John Hancock Funds, LLC (one-year CDSC may apply)


•	certain retirement plans participating in Merrill Lynch, The Princeton Retirement Group, Inc. or PruSolutions^sm programs

•

To utilize a waiver you must: Contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Other waivers

Front-end sales charges and CDSCs are not imposed in connection with the following transactions:


•	exchanges from one John Hancock fund to the same class of any other John Hancock fund (see “Transaction policies” in this prospectus for additional details)


•	dividend reinvestments (see “Dividends and account policies” in this prospectus for additional details)


1	Read this prospectus carefully.

2	Determine how much you want to invest. The minimum initial investments for the Class A, B and C shares of the fund are as follows:


	•	non-retirement account: $1,000

	•	retirement account: $500; there is no minimum initial investment for certain group retirement plans investing using salary deduction or similar group methods of payment

	•	group investments: $250


	•	Monthly Automatic Accumulation Program (“MAAP”): $25 to open; you must invest at least $25 a month

Global Opportunities Fund – Your account


	•	there is no minimum initial investment for fee-based or wrap accounts of selling firms that have executed a fee-based or wrap agreement with John Hancock Funds, LLC


3	All shareholders must complete the account application, carefully following the instructions. If you have any questions, contact your financial representative or call Signature Services at 1-800-225-5291.

4	Complete the appropriate parts of the account privileges application. By applying for privileges now, you can avoid the delay and inconvenience of having to file an additional application if you want to add privileges later.

5	Make your initial investment using the instructions under “Buying shares.” You and your financial representative can initiate any purchase, exchange or sale of shares.

Important information about opening a new account

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

Global Opportunities Fund – Your account


Opening an account		Adding to an account

By check
• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • Deliver the check and your completed application to your financial representative or mail them to Signature Services (address below).		• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • If your account statement has a detachable investment slip, please complete in its entirety. If the slip is available, include a note specifying the fund name(s), the share class, your account number and the name(s) in which the account is registered. • Deliver the check and your investment slip or note to your financial representative or mail them to Signature Services (address below).




By exchange
• Call your financial representative or Customer Service to request an exchange.		• Log on to the Web site below to process exchanges between funds. • Call EASI-Line for automated service. • Call your financial representative or Customer Service to request an exchange.




By wire
• Deliver your completed application to your financial representative or mail it to Signature Services. • Obtain your account number by calling your financial representative or Customer Service. • Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.		• Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.




By Internet
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the Automated Clearing House (“ACH”) system.
		• Complete the “Bank Information” section on your account application.
		• Log on to Web site below to initiate purchases using your authorized bank account.




By phone
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the ACH system.
		• Complete the “To Purchase, Exchange or Redeem Shares via Telephone” and “Bank Information” sections on your account application.
		• Call EASI-Line for automated service.
		• Call Customer Service between 8:00 a.m. and 7:00 p.m., Eastern Time on most business days.

		To open or add to an account using the Monthly Automatic Accumulation Program, see “Additional investor services.”



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Global Opportunities Fund – Your account


		To sell some or all of your shares

By letter
• Accounts of any type. • Sales of any amount.		• Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the fund’s name(s) in which the account is registered and the dollar value or number of shares you wish to sell. • Include all signatures and any additional documents that may be required (see next page). • Mail the materials to Signature Services. • A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction.




By Internet
• Most accounts. • Sales of up to $100,000.		• Log on to the Web site below to initiate redemptions from your fund.




By phone
• Most accounts. • Sales of up to $100,000.		• Call EASI-Line for automated service. • Call your financial representative or call Customer Service between 8:00 a.m. and 7:00 p.m., Eastern Time on most business days.




By wire or electronic funds transfer (“EFT”)
• Requests by letter to sell any amount. • Requests by Internet or phone to sell up to $100,000.		• To verify that the Internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Customer Service. • Funds requested by wire will be wired the next business day. A $4 fee will be deducted from your account. Your bank may also charge you a fee for this service. • Funds requested by EFT are generally available by the second business day. Your bank may charge you a fee for this service.




By exchange
• Accounts of any type • Sales of any amount.		• Obtain a current prospectus for the fund into which you are exchanging by Internet or by calling your financial representative or Customer Service. • Log on to the Web site below to process exchanges between your funds. • Call EASI-Line for automated service. • Call your financial representative or Customer Service to request an exchange.

		To sell shares through a systematic withdrawal plan, see “Additional investor services.”



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Global Opportunities Fund – Your account

Selling shares in writing


•	your address of record has changed within the past 30 days;

•	you are selling more than $100,000 worth of shares — This requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock Funds, LLC; or

•	you are requesting payment other than by a check mailed to the address of record and payable to the registered owner(s).


Seller		Requirements for written requests

Owners of individual, joint or UGMA/UTMA accounts (custodial accounts for minors)		• Letter of instruction. • On the letter, the signatures of all persons authorized to sign for the account, exactly as the account is registered. • Medallion signature guarantee, if applicable (see above).




Owners of corporate, sole proprietorship, general partner or association accounts		• Letter of instruction. • Corporate business/organization resolution, certified within the past 12 months, or a John Hancock funds business/organization certification form. • On the letter and the resolution, the signature of the person(s) authorized to sign for the account. • Medallion signature guarantee, if applicable (see above).




Owners or trustees of trust accounts		• Letter of instruction. • On the letter, the signature(s) of the trustee(s). • Copy of the trust document certified within the past 12 months or a John Hancock funds trust certification form. • Medallion signature guarantee, if applicable (see above).




Joint tenancy shareholders with rights of survivorship with a deceased co-tenant(s)		• Letter of instruction signed by surviving tenant. • Copy of death certificate. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Executors of shareholder estates		• Letter of instruction signed by executor. • Copy of order appointing executor, certified within the past 12 months. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Administrators, conservators, guardians and other sellers or account types not listed above		• Call the Customer Service telephone number below for instructions.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Global Opportunities Fund – Your account

Valuation of shares

The NAV per share for each class of the fund is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m., Eastern Time). The fund generally values its portfolio of equity securities and other investments using closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available or are considered by the adviser to be unreliable, the fund may use a security’s fair value. Fair value is the valuation of a security determined on the basis of factors other than market value in accordance with procedures approved by the board of trustees. All methods of determining the value of a security used by the fund, including those discussed below, on a basis other than market value, are forms of fair value. The use of fair value pricing by the fund may cause the NAV of its shares to differ from the NAV that would be calculated only using market prices. The adviser may determine that the closing market price no longer accurately reflects the value of a security for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by the fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the fund determines its NAV. In those circumstances when the fund believes the price of the security may be affected, the fund uses the fair value of the security. In certain circumstances the fund may use a pricing service for this purpose. Foreign stocks or other portfolio securities held by the fund may trade on U.S. holidays and weekends, even though the fund’s shares will not be priced on those days. This may change the fund’s NAV on days when you cannot buy or sell fund shares. For market prices and quotations, as well as for some fair value methods, the fund relies upon securities prices provided by pricing services. Certain types of securities, including some fixed-income securities, are regularly priced using fair value rather than market prices. The fund uses a pricing matrix to determine the value of fixed-income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed-income securities. The fund values debt securities with remaining maturities of 60 days or less at amortized cost. For more information on the valuation of shares, please see the SAI.

Buy and sell prices

When you buy shares, you pay the NAV plus any applicable sales charges, as described earlier. When you sell shares, you receive the NAV minus any applicable deferred sales charges.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider using EASI-Line, accessing www.jhfunds.com or sending your request in writing.

Telephone transactions

Exchanges

Excessive trading

Right to reject or restrict purchase and exchange orders

Exchange limitation policies

Limitation on exchange activity

Global Opportunities Fund – Your account

disruptive trading that it believes is likely to be detrimental to the fund. The fund, or its agent, cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Limitation on the ability to detect and curtail excessive trading practices

Excessive trading risk

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:


•	A fund that invests a significant portion of its assets in small- or mid-capitalization stocks or securities in particular industries, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities (referred to as price arbitrage).

•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Account information

Global Opportunities Fund – Your account

John Hancock Funds, LLC may close your account, redeem your shares at the next NAV minus any applicable sales charges and take other steps that it deems reasonable.

Certificated shares

Sales in advance of purchase payments

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment, automatic investment or systematic withdrawal) that affects your account balance

•	after any changes of name or residential address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

The fund generally distributes most or all of its net earnings annually in the form of dividends. The fund generally declares and pays income dividends annually. Capital gains, if any, are distributed annually, typically after the end of the fund’s fiscal year.

Dividend reinvestments

Taxability of dividends

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Small accounts (non-retirement only)

Monthly Automatic Accumulation Program (“MAAP”)


•	Complete the appropriate parts of your account application.

•	If you are using MAAP to open an account, make out a check for your first investment amount payable to “John Hancock Signature Services, Inc.” in an amount satisfying the applicable minimum initial investment requirements specified in the section “Opening an account.” Deliver your check and application to your financial representative or Signature Services.

Systematic withdrawal plan

This plan may be used for routine bill payments or periodic withdrawals from your account. To establish:


•	Make sure you have at least $5,000 worth of shares in your account.

•	Make sure you are not planning to invest more money in this account (buying shares during a period when you are also selling shares of the same fund is not advantageous to you, because of sales charges).

•	Specify the payee(s). The payee may be yourself or any other party, and there is no limit to the number of payees you may have, as long as they are all on the same payment schedule.


•	Determine the schedule: monthly, quarterly, semiannually, annually or in certain selected months.


•	Fill out the relevant part of the account application. To add a systematic withdrawal plan to an existing account, contact your financial representative or Signature Services.

Retirement plans

Global Opportunities Fund – Your account

Two documents are available with further information on the fund:

Annual/Semiannual report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510

By EASI-Line: 1-800-338-8080

By phone: 1-800-225-5291

By TDD: 1-800-554-6713

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room call 1-202-551-8090.

For further information on this or any John Hancock fund or service, call 1-800-225-5291 or go to www.jhfunds.com.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Electronic delivery now available at

www.jhfunds.com/edelivery

Fund summary

John Hancock

Large Cap Equity Fund

Day-to-day investment management: MFC Global Investment Management (U.S.), LLC

Class / Ticker A TAGRX B TSGWX C JHLVX

Goal and strategy

The fund seeks long-term capital appreciation.

To pursue this goal, the fund normally invests at least 80% of its assets in equity securities of large-capitalization companies (companies in the capitalization range of the Standard & Poor’s 500 Index, which was $708 million to $511.9 billion as of December 31, 2007). Equity securities include common and preferred stocks and their equivalents.

In managing the portfolio, the management team looks for companies that are undervalued and/or offer the potential for above-average earnings growth. The management team employs a combination of proprietary financial models and bottom-up, fundamental financial research to identify companies that are selling at what appear to be substantial discounts to their long-term intrinsic value. These companies often have identifiable catalysts for growth, such as new products, business reorganizations or mergers.

The fund manages risk by typically holding between 50 and 150 large companies in a broad range of industries. The fund may focus on particular sectors of the economy. The management team also uses fundamental financial analysis to identify individual companies with substantial cash flows, reliable revenue streams, superior competitive positions and strong management.

The fund may attempt to take advantage of short-term market volatility by investing in corporate restructurings or pending acquisitions.

The fund may invest up to 20% of its assets in bonds of any maturity, with up to 15% of net assets in junk bonds rated as low as CC/Ca and their unrated equivalents. In selecting bonds, the management team looks for the most favorable risk/return ratios.

The fund may invest up to 35% of assets in foreign securities. The fund may also make limited use of certain derivatives (investments whose value is based on indexes, securities or currencies).

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock market movements.

The fund’s management strategy has a significant influence on fund performance. Large-capitalization stocks as a group could fall out of favor with the market, causing the fund to underperform investments that focus on small- or medium-capitalization stocks. In addition, if the managers’ security selection strategies do not perform as expected, the fund could underperform its peers or lose money.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Because fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.


•	Certain derivatives could produce disproportionate losses.

•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.

•	Foreign investments carry additional risks, including potentially unfavorable currency exchange rates, inadequate or inaccurate financial information, and social or political instability.

•	Any bonds held by the fund could be downgraded in credit rating or go into default. Bond prices generally fall when interest rates rise, and longer maturity will increase volatility. Junk bond prices can fall on bad news about the issuer, an industry or the economy in general.

Large Cap Equity Fund – Fund summary

Past performance

Calendar year total returns – Class A (%)

Best quarter: Q4 ’99, 31.65 Worst quarter: Q3 ’01, –24.00

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

15.94

37.89

–2.93

–3.36

–37.83

23.29

4.14

16.26

20.22

33.77


Average annual total returns (%)	1 Year		5 Years		10 Years		Inception

as of 12-31-07								5-1-98

Class A before tax		27.07		17.93		7.83		—

After tax on distributions		27.07		17.92		6.60		—

After tax on distributions, with sale		17.60		15.86		6.18		—

Class B before tax		27.78		18.05		7.74		—

Class C before tax¹		31.78		18.26		—		6.39

Standard & Poor’s 500 Index		5.49		12.83		5.91		4.50

Calendar year total returns

Average annual total returns

Standard & Poor’s 500 Index, an unmanaged index that includes 500 widely traded stocks


1		Adjusted to reflect elimination of front-end sales charges as of 7-15-04.

Investor costs


Shareholder transaction expenses (%)	Class A				Class B			Class C

Maximum front-end sales charge (load) as a percentage of purchase price		5.00				—			—

Maximum deferred sales charge (load) as a percentage of purchase or redemption price, whichever is less		—	²			5.00			1.00


Annual operating expenses (%)	Class A			Class B			Class C

Management fee		0.625			0.625			0.625

Distribution and service (12b-1) fees		0.25			1.00			1.00

Other expenses		0.265			0.265			0.275

Total fund operating expenses		1.14			1.89			1.90

Expense example


Expense example ($)	Class A		Class B			Class C

				Shares sold	Shares kept		Shares sold	Shares kept

1 Year		610		692	192		293	193

3 Years		844		894	594		597	597

5 Years		1,096		1,221	1,021		1,026	1,026

10 Years		1,817		2,016	2,016		2,222	2,222

Shareholder transaction expenses

These are charged directly to your account. There is also a $4 fee when you sell shares and have the proceeds sent by wire.

Annual operating expenses

These are paid from fund assets; shareholders, therefore, pay these costs indirectly.


2		Except on investments of $1 million or more.

Large Cap Equity Fund – Fund summary

Fund details

Main risks

Derivatives risk

Foreign investment risk

Interest rate risk

Management risk

Medium- and lower-quality bonds

Stock investing risk

Additional risk

Liquidity risk

Large Cap Equity Fund – Fund details

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Oversee the fund’s business activities and retain the services of the various firms that carry out the fund’s operations. The trustees have the power to change investment goals without shareholder approval. The trustees also have the power to change the focus of the fund’s 80% investment policy without shareholder approval. The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street

Boston, MA 02210-2805

Management fee

During its most recent full fiscal year, the fund paid the investment adviser a management fee consisting of 0.625% of net assets. Out of this fee, the investment adviser in turn paid the fees of the subadviser and certain other service providers. The fee was approved by the board of trustees. The basis for its approval of this fee, and of the investment advisory and subadvisory agreements overall, is discussed in the fund’s December 31, 2007 annual report.

Subadviser

Handles the fund’s day-to-day portfolio management.

MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Roger C. Hamilton, CFA


•	Joined fund team in 2004

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005–2007)

•	Vice president and portfolio manager, John Hancock Advisers, LLC (2003–2005)

•	Analyst, John Hancock Advisers, LLC (1994–2003)

•	Began business career in 1979

Timothy M. Malloy


•	Joined fund team in 2006

•	Senior vice president MFC Global Investment Management (U.S.) LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.) LLC (2005–2007)

•	Second vice president, John Hancock Advisers, LLC (2004–2005)

•	Investment analyst, Thomas Weisel Partners (2000–2004)

•	Began business career in 1993

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends, and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Large Cap Equity Fund – Fund details

Class A Shares


Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$11.85			$14.61			$15.19			$17.66			$21.23

Net investment income (loss)²		0.01			0.06			(0.02	)		(0.04	)		0.04

Net realized and unrealized gain on investments		2.75			0.54			2.49			3.61			7.13

Total from investment operations		2.76			0.60			2.47			3.57			7.17

Less distributions

From net investment income		—			(0.02	)		—			—			—

Net asset value, end of period		$14.61			$15.19			$17.66			$21.23			$28.40

Total return³(%)		23.29			4.14	⁴		16.26	⁴		20.22	⁴		33.77



Ratios and supplemental data

Net assets, end of period (in millions)		$376			$325			$343			$463			$1,182

Ratio of net expenses to average net assets (%)		1.35			1.29			1.25			1.21			1.14	⁶

Ratio of gross expenses to average net assets (%)		1.35			1.34	⁵		1.30	⁵		1.23	⁵		1.14

Ratio of net investment income (loss) to average net assets (%)		0.10			0.44			(0.12	)		(0.22	)		0.15

Portfolio turnover (%)		140			97			74			78			40


Class B Shares
Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$11.42			$13.98			$14.45			$16.67			$19.89

Net investment loss²		(0.08	)		(0.05	)		(0.13	)		(0.18	)		(0.15	)

Net realized and unrealized gain on investments		2.64			0.52			2.35			3.40			6.67

Total from investment operations		2.56			0.47			2.22			3.22			6.52

Net asset value, end of period		$13.98			$14.45			$16.67			$19.89			$26.41

Total return³ (%)		22.42			3.36	⁴		15.36	⁴		19.32	⁴		32.78



Ratios and supplemental data

Net assets, end of period (in millions)		$267			$196			$153			$118			$156

Ratio of net expenses to average net assets (%)		2.10			2.04			2.01			1.96			1.89	⁶

Ratio of gross expenses to average net assets (%)		2.10			2.09	⁵		2.06	⁵		1.98	⁵		1.89

Ratio of net investment loss to average net assets (%)		(0.66	)		(0.35	)		(0.88	)		(0.98	)		(0.63	)

Portfolio turnover (%)		140			97			74			78			40

Large Cap Equity Fund – Fund details

Financial highlights, continued

Class C Shares


Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$11.42			$13.98			$14.45			$16.67			$19.89

Net investment loss²		(0.08	)		(0.05	)		(0.13	)		(0.18	)		(0.14	)

Net realized and unrealized gain on investments		2.64			0.52			2.35			3.40			6.66

Total from investment operations		2.56			0.47			2.22			3.22			6.52

Net asset value, end of period		$13.98			$14.45			$16.67			$19.89			$26.41

Total return³(%)		22.42			3.36	⁴		15.36	⁴		19.32	⁴		32.78



Ratios and supplemental data

Net assets, end of period (in millions)		$35			$25			$20			$34			$176

Ratio of net expenses to average net assets (%)		2.10			2.04			2.01			1.96			1.89	⁶

Ratio of gross expenses to average net assets (%)		2.10			2.09	⁵		2.06	⁵		1.98	⁵		1.90

Ratio of net investment loss to average net assets (%)		(0.66	)		(0.36	)		(0.87	)		(0.97	)		(0.58	)

Portfolio turnover (%)		140			97			74			78			40


1		Audited by previous Independent Registered Public Accounting Firm.


2		Based on the average of the shares outstanding.


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


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


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


6		Includes transfer agent fee earned credits of less than 0.01% to average net assets.

Large Cap Equity Fund – Fund details

Your account

Class A


•	A front-end sales charge, as described in the section “How sales charges are calculated.”

•	Distribution and service (Rule 12b-1) fees of 0.25%.

Class B


•	No front-end sales charge; all your money goes to work for you right away.

•	Distribution and service (Rule 12b-1) fees of 1.00%.


•	A contingent deferred sales charge (CDSC), as described in the section “How sales charges are calculated.”


•	Automatic conversion to Class A shares after eight years, thus reducing future annual expenses.

Class C


•	No front-end sales charge; all your money goes to work for you right away.

•	Distribution and service (Rule 12b-1) fees of 1.00%.

•	A 1.00% CDSC on shares sold within one year of purchase.

•	No automatic conversion to Class A shares, so annual expenses continue at the Class C level throughout the life of your investment.

The maximum amount you may invest in Class B shares with any single purchase request is $99,999.99, and the maximum amount you may invest in Class C shares with any single purchase is $999,999.99. John Hancock Signature Services, Inc. (Signature Services), the transfer agent for the fund, may accept a purchase request for Class B shares for $100,000 or more or for Class C shares for $1,000,000 or more when the purchase is pursuant to the Reinstatement Privilege (see “Sales charge reductions and waivers”).

12b-1 fees

Rule 12b-1 fees will be paid to the distributor, John Hancock Funds, LLC (the Distributor), and may be used by the Distributor for expenses relating to the distribution of, and shareholder or administrative services for holders of, the shares of the class and for the payment of “service fees” that come within Rule 2830(d)(5) of the Conduct Rules of the Financial Industry Regulatory Authority (formerly the National Association of Security Dealers, Inc.).

Other classes of shares of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

The distributor hopes to benefit from revenue sharing by increasing the fund’s net assets, which, as well as benefiting the fund, would result in additional management and other fees for the investment adviser and its affiliates. In consideration for revenue sharing, a firm may feature certain funds in its sales system or give preferential access to members of its sales force or management. In addition, the firm may agree to participate in the distributor’s marketing efforts by allowing us to participate in conferences, seminars or other programs attended by the intermediary’s sales force. Although an intermediary may seek revenue sharing payments to offset costs incurred by the firm in servicing its clients that have invested in the fund, the intermediary may earn a profit on these payments. Revenue sharing payments may provide your firm with an incentive to favor the fund.

The SAI discusses the distributor’s revenue sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the distributor or the fund, as well as about fees and/or commissions it charges.

The distributor, investment adviser and their affiliates may have other relationships with your firm relating to the provisions of services to the fund, such as providing omnibus account services, transaction processing services, or effecting portfolio transactions for the fund. If your intermediary provides these services, the investment adviser or the fund may compensate the intermediary for these services. In addition, your intermediary may have other compensated relationships with the investment adviser or its affiliates that are not related to the fund.

Rollover program compensation

The broker-dealer of record for a pension, profit-sharing or other plan qualified under Section 401(a) or described in Section 457(b) of the Internal Revenue Code of 1986, as amended, which is funded by certain group annuity contracts issued by John Hancock insurance companies, is eligible to receive ongoing compensation (Rollover Compensation) when a plan participant terminates from the qualified plan and rolls over assets into a John Hancock sponsored custodial IRA or a John Hancock custodial Roth IRA invested in shares of John Hancock funds. The Rollover Compensation is paid from a fund’s 12b-1 fees to

Large Cap Equity Fund – Your account

Class A sales charges are as follows:

Class A sales charges


	As a % of	As a % of
Your investment	offering price*	your investment


Up to $49,999	5.00%	5.26%


$50,000 – $99,999	4.50%	4.71%


$100,000 – $249,999	3.50%	3.63%


$250,000 – $499,999	2.50%	2.56%


$500,000 – $999,999	2.00%	2.04%


$1,000,000 and over	See below


*		Offering price is the NAV per share plus any initial sales charge.

You may qualify for a reduced Class A sales charge if you own or are purchasing Class A, Class B, Class C, Class I or all classes of R shares of John Hancock open-end mutual funds (John Hancock funds). To receive the reduced sales charge, you must tell your broker or financial representative at the time you purchase a fund’s Class A shares about any other John Hancock mutual funds held by you, your spouse or your children under the age of 21 living in the same household. This includes investments held in a retirement account, an employee benefit plan or with a broker or financial representative other than the one handling your current purchase. John Hancock will credit the combined value, at the current offering price, of all eligible accounts to determine whether you qualify for a reduced sales charge on your current purchase. You may need to provide documentation for these accounts, such as an account statement. For more information about these reduced sales charges, you may visit the fund’s Web site at www.jhfunds.com. You may also consult your broker or financial representative, or refer to the section entitled “Initial Sales Charge on Class A Shares” in the fund’s SAI. You may request a SAI from your broker or financial representative, access the fund’s Web site at www.jhfunds.com or call Signature Services, the fund’s transfer agent at 1-800-225-5291.

Investments of $1 million or more

Class A deferred sales charges on investments of $1 million or more


		CDSC on fund shares
Your investment		being sold


First $1M – $4,999,999		1.00%


Next $1 – $5M above that		0.50%


Next $1 or more above that		0.25%

For purposes of this CDSC, all purchases made during a calendar month are counted as having been made on the first day of that month.

Class B and C

Shares are offered at their NAV per share, without any initial sales charge.

Class B deferred charges


		CDSC on fund shares
Years after purchase		being sold


1^st year		5.00%


2^nd year		4.00%


3^rd or 4^th year		3.00%


5^th year		2.00%


6^th year		1.00%


After 6^th year		None

Class C deferred charges


		CDSC on fund shares
Years after purchase		being sold


1^st year		1.00%


After 1^st year		None

For purposes of these CDSCs, all purchases made during a calendar month are counted as having been made on the first day of that month.

Reducing your Class A sales charges


•	Accumulation Privilege — lets you add the value of any class of shares of any John Hancock funds you already own to the amount of your next Class A investment for the purpose of calculating the sales charge. However, Class A shares of money market funds will not qualify unless you have already paid a sales charge on those shares.

•	Letter of Intention — lets you purchase Class A shares of a fund over a 13-month period and receive the same sales charge as if all shares had been purchased at once. You can use a Letter of Intention to qualify for reduced sales charges if you plan to invest at least $50,000 in a fund’s Class A shares during the next 13 months. The calculation of this amount would include accumulation and combinations as well as your current holdings of all classes of John Hancock funds, which includes any reinvestment of dividends and capital gains distributions. However, Class A shares of money market funds will be excluded unless you have already paid a sales charge. When you sign this letter, the fund agrees to charge you the reduced sales charges listed above. Completing a Letter of Intention does not obligate you

Large Cap Equity Fund – Your account


	to purchase additional shares. However, if you do not buy enough shares to qualify for the lower sales charges by the earlier of the end of the 13-month period or when you sell your shares, your sales charges will be recalculated to reflect your actual purchase level. Also available for retirement plan investors is a 48-month Letter of Intention, described in the SAI.


•	Combination Privilege — lets you combine shares of all funds for purposes of calculating the Class A sales charge.

Group investment program

CDSC waivers

As long as Signature Services is notified at the time you sell, the CDSC for each share class will be waived in the following cases:


•	to make payments through certain systematic withdrawal plans


•	certain retirement plans participating in Merrill Lynch, The Princeton Retirement Group, Inc. or PruSolutions^SM programs


•	redemptions pursuant to a fund’s right to liquidate an account less than $1,000

•	redemptions of Class A shares made after one year from the inception of a retirement plan at John Hancock

•	to make certain distributions from a retirement plan

•	because of shareholder death or disability

To utilize this waiver you must: Contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Reinstatement privilege

To utilize this privilege you must: Contact your financial representative or Signature Services.

Waivers for certain investors

Class A shares may be offered without front-end sales charges or CDSCs to the following individuals and institutions:


•	selling brokers and their employees and sales representatives (and their Immediate Family, as defined in the SAI)

•	financial representatives utilizing fund shares in fee-based or wrap investment products under a signed fee-based or wrap agreement with John Hancock Funds, LLC

•	fund trustees and other individuals who are affiliated with these or other John Hancock funds (and their Immediate Family, as defined in the SAI)


•	individuals transferring assets held in a SIMPLE IRA, SEP or SARSEP invested in John Hancock funds directly to an IRA


•	individuals converting assets held in an IRA, SIMPLE IRA, SEP or SARSEP invested in John Hancock funds directly to a Roth IRA

•	individuals recharacterizing assets from an IRA, Roth IRA, SEP, SARSEP or SIMPLE IRA invested in John Hancock funds back to the original account type from which it was converted

•	participants in certain retirement plans with at least 100 eligible employees (one-year CDSC applies)

•	participants in certain 529 plans that have a signed agreement with John Hancock Funds, LLC (one-year CDSC may apply)


•	certain retirement plans participating in Merrill Lynch, The Princeton Retirement Group, Inc. or PruSolutions^SM programs

•

terminating participants rolling over assets held in a pension, profit-sharing or other plan qualified under Section 401(a) or described in Section 457(b) of the Internal Revenue Code of 1986, as amended, which is funded by certain John Hancock group annuity contracts, directly to a John Hancock custodial IRA or John Hancock custodial Roth IRA investing in John Hancock funds, including subsequent investments.

To utilize a waiver you must: Contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Other waivers

Front-end sales charges and CDSCs are not imposed in connection with the following transactions:


•	exchanges from one John Hancock fund to the same class of any other John Hancock fund (see “Transaction policies” in this prospectus for additional details)


•	dividend reinvestments (see “Dividends and account policies” in this prospectus for additional details)


1	Read this prospectus carefully.

2	Determine how much you want to invest. The minimum initial investments for the Class A, B and C shares of the fund are as follows:


	•	non-retirement account: $1,000

	•	retirement account: $500; there is no minimum initial investment for certain group retirement plans investing using salary deduction or similar group methods of payment

	•	group investments: $250


	•	Monthly Automatic Accumulation Program (“MAAP”): $25 to open; you must invest at least $25 a month


	•	there is no minimum initial investment for fee-based or wrap accounts of selling firms that have executed a fee-based or wrap agreement with John Hancock Funds, LLC


3	All shareholders must complete the account application, carefully following the instructions. If you have any questions, contact your financial representative or call Signature Services at 1-800-225-5291.

Large Cap Equity Fund – Your account


4	Complete the appropriate parts of the account privileges application. By applying for privileges now, you can avoid the delay and inconvenience of having to file an additional application if you want to add privileges later.

5	Make your initial investment using the instructions under “Buying shares.” You and your financial representative can initiate any purchase, exchange or sale of shares.

Important information about opening a new account

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

Large Cap Equity Fund – Your account


Opening an account		Adding to an account

By check
• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • Deliver the check and your investment slip or note to your financial representative or mail them to Signature Services (address below).		• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • If your account statement has a detachable investment slip, please complete in its entirety. If no slip is available, include a note specifying the fund name(s), the share class, your account number and the name(s) in which the account is registered. • Deliver the check and your completed application to your financial representative or mail them to Signature Services (address below).




By exchange
• Call your financial representative or Customer Service to request an exchange.		• Log on to the Web site below to process exchanges between funds. • Call EASI-Line for automated service. • Call your financial representative or Customer Service to request an exchange.




By wire
• Deliver your completed application to your financial representative or mail it to Signature Services. • Obtain account number by calling your financial representative or Customer Service. • Obtain your wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.		• Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.




By Internet
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the Automated Clearing House (“ACH”) system. • Complete the “Bank Information” section on your account application. • Log on to Web site below to initiate purchases using your authorized bank account.




By phone
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the ACH system. • Complete the “To Purchase, Exchange or Redeem Shares via Telephone” and “Bank Information” sections on your account application. • Call EASI-Line for automated service. • Call Customer Service between 8:00 a.m. and 7:00 p.m., Eastern Time on most business days. To open or add to an account using the Monthly Automatic Accumulation Program, see “Additional investor services.”



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Large Cap Equity Fund – Your account


		To sell some or all of your shares

By letter
• Accounts of any type. • Sales of any amount.		• Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the fund’s name(s) in which the account is registered and the dollar value or number of shares you wish to sell. • Include all signatures and any additional documents that may be required (see next page). • Mail the materials to Signature Services. • A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction.




By Internet
• Most accounts. • Sales of up to $100,000.		• Log on to the Web site below to initiate redemptions from your fund.




By phone
• Most accounts. • Sales of up to $100,000.		• Call EASI-Line for automated service. • Call your financial representative or call Customer Service between 8:00 a.m. and 7:00 p.m., Eastern Time on most business days.




By wire or electronic funds transfer (“EFT”)
• Requests by letter to sell any amount. • Requests by Internet or phone to sell up to $100,000.		• To verify that the Internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Customer Service. • Funds requested by wire will be wired the next business day. A $4 fee will be deducted from your account. Your bank may also charge you a fee for this service. • Funds requested by EFT are generally available by the second business day. Your bank may charge you a fee for this service.




By exchange
• Accounts of any type. • Sales of any amount.		• Obtain a current prospectus for the fund into which you are exchanging by Internet or by calling your financial representative or Customer Service. • Log on to the Web site below to process exchanges between your funds. • Call EASI-Line for automated service. • Call your financial representative or Customer Service to request an exchange. To sell shares through a systematic withdrawal plan, see “Additional investor services.”



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Large Cap Equity Fund – Your account

Selling shares in writing


•	your address of record has changed within the past 30 days;

•	you are selling more than $100,000 worth of shares — This requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock Funds, LLC; or

•	you are requesting payment other than by a check mailed to the address of record and payable to the registered owner(s).


Seller		Requirements for written requests

Owners of individual, joint or UGMA/UTMA accounts (custodial accounts for minors)		• Letter of instruction. • On the letter, the signatures of all persons authorized to sign for the account, exactly as the account is registered. • Medallion signature guarantee, if applicable (see above).




Owners of corporate, sole proprietorship, general partner or association accounts		• Letter of instruction. • Corporate business/organization resolution, certified within the past 12 months, or a John Hancock funds business/organization certification form. • On the letter and the resolution, the signature of the person(s) authorized to sign for the account. • Medallion signature guarantee, if applicable (see above).




Owners or trustees of trust accounts		• Letter of instruction. • On the letter, the signature(s) of the trustee(s). • Copy of the trust document certified within the past 12 months or a John Hancock funds trust certification form. • Medallion signature guarantee, if applicable (see above).




Joint tenancy shareholders with rights of survivorship with a deceased co-tenant(s)		• Letter of instruction signed by surviving tenant. • Copy of death certificate. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Executors of shareholder estates		• Letter of instruction signed by executor. • Copy of order appointing executor, certified within the past 12 months. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Administrators, conservators, guardians and other sellers or account types not listed above		• Call the Customer Service telephone number below for instructions.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Large Cap Equity Fund – Your account

Valuation of shares

Buy and sell prices

When you buy shares, you pay the NAV plus any applicable sales charges, as described earlier. When you sell shares, you receive the NAV minus any applicable deferred sales charges.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider using EASI-Line, accessing www.jhfunds.com or sending your request in writing.

Telephone transactions

Exchanges

Class B and Class C shares will continue to age from the original date and will retain the same CDSC rate. A CDSC rate that has increased will drop again with a future exchange into a fund with a lower rate. The fund may change or cancel its exchange policies at any time, upon 60 days’ written notice to its shareholders. For further details, see “Additional Services and Programs” in the SAI (see the back cover of this prospectus).

Excessive trading

Right to reject or restrict purchase and exchange orders

Exchange limitation policies

Limitation on exchange activity

Large Cap Equity Fund – Your account

cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Limitation on the ability to detect and curtail excessive trading practices

Excessive trading risk

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:


•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Account information

Certificated shares

Large Cap Equity Fund – Your account

Sales in advance of purchase payments

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment, automatic investment or systematic withdrawal) that affects your account balance

•	after any changes of name or residential address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

Dividend reinvestments

Taxability of dividends

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Small accounts (non-retirement only)

Monthly Automatic Accumulation Program (“MAAP”)


•	Complete the appropriate parts of your account application.

•	If you are using MAAP to open an account, make out a check for your first investment amount payable to “John Hancock Signature Services, Inc.” in an amount satisfying the applicable minimum initial investment requirements specified in the section “Opening an account.” Deliver your check and application to your financial representative or Signature Services.

Systematic withdrawal plan

This plan may be used for routine bill payments or periodic withdrawals from your account. To establish:


•	Make sure you have at least $5,000 worth of shares in your account.

•	Make sure you are not planning to invest more money in this account (buying shares during a period when you are also selling shares of the same fund is not advantageous to you, because of sales charges).

•	Specify the payee(s). The payee may be yourself or any other party, and there is no limit to the number of payees you may have, as long as they are all on the same payment schedule.


•	Determine the schedule: monthly, quarterly, semiannually, annually or in certain selected months.


•	Fill out the relevant part of the account application. To add a systematic withdrawal plan to an existing account, contact your financial representative or Signature Services.

Retirement plans

Fund securities

The fund’s portfolio securities disclosure policy can be found in the SAI and on the fund’s Web site, www.jhfunds.com. The fund’s Web site also lists fund holdings. Portfolio holding information is posted on the fund’s Web site each month on a one-month lag and is available on the fund’s Web site until the fund files its next Form N-CSR or Form N-Q with the SEC. Portfolio holding information as filed with the SEC on Forms N-CSR and N-Q is also made available on the fund’s Web site.

Large Cap Equity Fund – Your account

Small Cap Intrinsic Value Fund

Two documents are available with further information on the fund:

Annual/Semiannual report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510

By EASI-Line: 1-800-338-8080

By phone: 1-800-225-5291

By TDD: 1-800-554-6713

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room, call 1-202-551-8090.

For further information on this or any John Hancock fund or service, call 1-800-225-5291 or go to www.jhfunds.com.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Electronic delivery now available at

www.jhfunds.com/edelivery

Fund summary

John Hancock

Day-to-day investment management: MFC Global Investment Management (U.S.), LLC

Class / Ticker A JHIAX B JCIBX C JSICX

Goal and strategy

The fund seeks long-term capital appreciation.

To pursue this goal, the fund normally invests at least 80% of its assets in equity securities of small-capitalization companies (companies in the capitalization range of the Russell 2000 Index, which was $27.36 million to $6.15 billion as of December 31, 2007). Equity securities include common and preferred stocks and their equivalents.

The management team uses fundamental financial analysis of individual companies to identify those with substantial cash flows, reliable revenue streams, strong competitive positions and strong management. The fund may attempt to take advantage of short-term market volatility by investing in corporate restructurings or pending acquisitions.

The fund may invest up to 35% of assets in foreign securities. The fund may invest up to 20% of assets in bonds of any maturity rated as low as CC/Ca and their unrated equivalents (bonds below BBB/Baa are considered junk bonds). The fund may make limited use of certain derivatives (investments whose value is based on securities, indexes or currencies).

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

The fund’s management strategy has a significant influence on fund performance. Small-capitalization stocks as a group could fall out of favor with the market, causing the fund to underperform investments that focus on medium- or large-capitalization stocks. Similarly, value stocks could underperform growth stocks. To the extent that the fund invests in a given industry, its performance will be hurt if that industry performs poorly. In addition, if the management team’s security selection strategies do not perform as expected, the fund could underperform its peers or lose money.

Stocks of smaller companies are more volatile than stocks of larger companies. Many smaller companies have short track records, narrow product lines or niche markets, making them highly vulnerable to isolated business setbacks. Also, since common stocks of smaller companies may not be traded as often as common stocks of larger, more established companies, it may be difficult for the fund to sell its securities at a desirable price.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Certain derivatives could produce disproportionate losses.

•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.

•	Foreign investments carry additional risks, including potentially unfavorable currency exchange rates, inadequate or inaccurate financial information, and social or political instability.


•	Any bonds held by the fund could be downgraded in credit quality or go into default. Bond prices generally fall when interest rates rise and longer maturity will increase volatility. Junk bond prices can fall on bad news about the economy, an industry or a company.

Small Cap Intrinsic Value Fund – Fund summary

Past performance

Calendar year total returns – Class A (%)

Best quarter: Q4 ’06, 14.82 Worst quarter: Q4 ’07, –4.21

2006

2007

28.99

9.91


Average annual total returns (%)	1 Year		Inception

as of 12-31-07				2-28-05

Class A before tax		4.41		17.48

After tax on distributions		3.51		15.74

After tax on distributions, with sale		2.87		14.03

Class B before tax		4.13		18.11

Class C before tax		8.13		18.88

Russell 2000 Index		–1.57		8.18

Calendar year total returns

Average annual total returns

Russell 2000 Index, an unmanaged index of 2,000 U.S. small-capitalization companies.

Investor costs


Shareholder transaction expenses (%)	Class A			Class B		Class C

Maximum front-end sales charge (load) as a percentage of purchase price		5.00			—		—

Maximum deferred sales charge (load) as a percentage of purchase or redemption price, whichever is less		—	¹		5.00		1.00


Annual operating expenses (%)	Class A		Class B		Class C

Management fee		0.90		0.90		0.90

Distribution and service (12b-1) fees		0.30		1.00		1.00

Other expenses		0.34		0.34		0.34

Total fund operating expenses		1.54		2.24		2.24

Expense example


Expense example ($)	Class A		Class B			Class C

				Shares sold	Shares kept		Shares sold	Shares kept

1 Year		649		727	227		327	227

3 Years		962		1,000	700		700	700

5 Years		1,297		1,400	1,200		1,200	1,200

10 Years		2,243		2,399	2,399		2,575	2,575

Shareholder transaction expenses

These are charged directly to your account. There is also a $4 fee when you sell shares and have the proceeds sent by wire.

Annual operating expenses

These are paid from fund assets; shareholders, therefore, pay these costs indirectly.


1		Except on investments of $1 million or more.

Small Cap Intrinsic Value Fund – Fund summary

Fund details

Risks of investing

Main risks

Derivatives risk

Foreign investment risk

Interest rate risk

Management risk

Medium- and lower-quality bonds risk

Small company risk

Stocks of small companies tend to be more volatile than those of large or medium-size companies, and may under-perform stocks of either large or medium-size companies over any given period of time. Stock investing risk and liquidity risk may be greater for securities of small companies as compared to mid-cap or large-cap companies. Small-cap companies may have limited product lines or markets, less access to financial resources or less operating experience, or may depend on a few key employees. Stocks of small-cap companies may not be widely known to investors and may be thinly traded or may trade only in certain markets, making it difficult to buy or sell them in large volume.

Stock investing risk

Additional risk

Liquidity risk

Small Cap Intrinsic Value Fund – Fund details

Who’s who

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

During its most recent full fiscal year, the fund paid the investment adviser a management fee consisting of 0.90% of net assets. Out of this fee, the investment adviser in turn paid the fees of the subadviser and certain other service providers. The fee was approved by the board of trustees. The basis for its approval of this fee, and of the investment advisory and subadvisory agreements overall, is discussed in the fund’s December 31, 2007 annual report.

Subadviser

Handles the fund’s day-to-day portfolio management.

MFC Global Investment Management (U.S.), LLC

101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Below are brief biographical profiles of the leaders of the fund’s investment management team, in alphabetical order. These managers share portfolio management responsibilities. For more about these individuals, including information about their compensation, other accounts they manage and any investments they may have in the fund, see the SAI.

Roger C. Hamilton


•	Joined fund team in 2008

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment (U.S.), LLC (2005–2007)

•	Vice president, John Hancock Advisers, LLC (2003–2005)

•	Analyst, John Hancock Advisers, LLC (1994–2003)

•	Began business career in 1979

Timothy M. Malloy


•	Managed fund since it began

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005–2007)

•	Second Vice president, John Hancock Advisers, LLC (2004–2005)

•	Investment analyst, Thomas Weisel Partners (2000–2004)

•	Began business career in 1993

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Small Cap Intrinsic Value Fund – Fund details

Class A Shares


Per share operating performance	Period ended 12-31-05^1,2			12-31-06			12-31-07

Net asset value, beginning of period		$10.00			$10.86			$13.70

Net investment loss³		(0.01	)		(0.07	)⁴		(0.01	)

Net realized and unrealized gain on investments		1.72			3.21			1.36

Total from investment operations		1.71			3.14			1.35

Less distributions

From net realized gain		(0.85	)		(0.30	)		(0.37	)

Net asset value, end of period		$10.86			$13.70			$14.68

Total return⁵ (%)		17.28	^6,7		28.99	⁷		9.91



Ratios and supplemental data

Net assets, end of period (in millions)		$3			$30			$199

Ratio of net expenses to average net assets (%)		1.45	⁸		1.65			1.53	⁹

Ratio of gross expenses to average net assets (%)		4.89	^8,10		2.23	¹⁰		1.54

Ratio of net investment loss to average net assets (%)		(0.08	)⁸		(0.58	)⁴		(0.07	)

Portfolio turnover (%)		97	⁶		82			32


Class B Shares
Per share operating performance	period ended 12-31-05^1,2			12-31-06			12-31-07

Net asset value, beginning of period		$10.00			$10.81			$13.55

Net investment loss³		(0.05	)		(0.16	)⁴		(0.12	)

Net realized and unrealized gain on investments		1.71			3.20			1.35

Total from investment operations		1.66			3.04			1.23

Less distributions

From net realized gain		(0.85	)		(0.30	)		(0.37	)

Net asset value, end of period		$10.81			$13.55			$14.41

Total return⁵ (%)		16.78	^6,7		28.20	⁷		9.13



Ratios and supplemental data

Net assets, end of period (in millions)		—	¹¹		$3			$9

Ratio of net expenses to average net assets (%)		1.95	⁸		2.35			2.23	⁹

Ratio of gross expenses to average net assets (%)		5.39	^8,10		2.93	¹⁰		2.24

Ratio of net investment loss to average net assets (%)		(0.57	)⁸		(1.25	)⁴		(0.82	)

Portfolio turnover (%)		97	⁶		82			32

Small Cap Intrinsic Value Fund – Fund details

Financial highlights, continued

Class C Shares


Per share operating performance	period ended 12-31-05^1,2			12-31-06			12-31-07

Net asset value, beginning of period		$10.00			$10.81			$13.55

Net investment loss³		(0.05	)		(0.16	)⁴		(0.11	)

Net realized and unrealized gain on investments		1.71			3.20			1.34

Total from investment operations		1.66			3.04			1.23

Less distributions

From net realized gain		(0.85	)		(0.30	)		(0.37	)

Net asset value, end of period		$10.81			$13.55			$14.41

Total return⁵ (%)		16.78	^6,7		28.20	⁷		9.13



Ratios and supplemental data

Net assets, end of period (in millions)		—	¹¹		$8			$49

Ratio of net expenses to average net assets (%)		1.95	⁸		2.35			2.23	⁹

Ratio of gross expenses to average net assets (%)		5.39	^8,10		2.93	¹⁰		2.24

Ratio of net investment loss to average net assets (%)		(0.57	)⁸		(1.27	)⁴		(0.76	)

Portfolio turnover (%)		97	⁶		82			32


1		Audited by previous Independent Registered Public Accounting Firm.


2		Beginning of operations from 2-28-05 to 12-31-05.


3		Based on the average of the shares outstanding during the period.


4		Net investment loss per share and ratio of net investment loss to average net assets reflects a special dividend received by the Fund which mounted to $0.03 per share and 0.27% of average net assets.


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


6		Not annualized.


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


8		Annualized.


9		Includes transfer agent fee earned credits of less than 0.01% to average net assets.


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


11		Less than $500,000.

Small Cap Intrinsic Value Fund – Fund details

Your account

Choosing a share class

Class A


•	A front-end sales charge, as described in the section “How sales charges are calculated.”

•	Distribution and service (Rule 12b-1) fees of 0.30%.

Class B


•	No front-end sales charge; all your money goes to work for you right away.

•	Distribution and service (Rule 12b-1) fees of 1.00%.


•	A contingent deferred sales charge (“CDSC”), as described in the section “How sales charges are calculated.”


•	Automatic conversion to Class A shares after eight years, thus reducing future annual expenses.

Class C


•	No front-end sales charge; all your money goes to work for you right away.

•	Distribution and service (Rule 12b-1) fees of 1.00%.

•	A 1.00% CDSC on shares sold within one year of purchase.

•	No automatic conversion to Class A shares, so annual expenses continue at the Class C level throughout the life of your investment.

12b-1 fees

Other classes of shares of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

The SAI discusses the distributor’s revenue sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the distributor or the fund, as well as about fees and/or commissions it charges.

Rollover program compensation

Small Cap Intrinsic Value Fund – Your account

fees to the plan’s broker-dealer of record at an annual rate not expected to exceed 0.25% of the average daily net eligible assets held in John Hancock funds (0.15% for the John Hancock Money Market Fund) under the rollover program. Rollover Compensation is made in the first year and continues thereafter, quarterly in arrears. A John Hancock insurance company may also pay the third-party administrator for the plan a one-time nominal fee not expected to exceed $25 per each participant rollover into a John Hancock fund for facilitating the transaction.

How sales charges are calculated

Class A sales charges are as follows:

Class A sales charges


	As a % of	As a % of
Your investment	offering price*	your investment


Up to $49,999	5.00%	5.26%


$50,000 – $99,999	4.50%	4.71%


$100,000 – $249,999	3.50%	3.63%


$250,000 – $499,999	2.50%	2.56%


$500,000 – $999,999	2.00%	2.04%


$1,000,000 and over	See below


*		Offering price is the NAV per share plus any initial sales charge.

Investments of $1 million or more

Class A deferred sales charges on investments of $1 million or more


		CDSC on fund shares
Your investment		being sold


First $1M – $4,999,999		1.00%


Next $1 – $5M above that		0.50%


Next $1 or more above that		0.25%

For purposes of this CDSC, all purchases made during a calendar month are counted as having been made on the first day of that month.

Class B and C

Shares are offered at their NAV per share, without any initial sales charge.

Class B deferred charges


		CDSC on fund shares
Years after purchase		being sold


1^st year		5.00%


2^nd year		4.00%


3^rd or 4^th year		3.00%


5^th year		2.00%


6^th year		1.00%


After 6^th year		None

Class C deferred charges


		CDSC on fund shares
Years after purchase		being sold


1^st year		1.00%


After 1^st year		None

For purposes of these CDSCs, all purchases made during a calendar month are counted as having been made on the first day of that month.

Sales charge reductions and waivers

Reducing your Class A sales charges

There are several ways you can combine multiple purchases shares of John Hancock funds to take advantage of the breakpoints in the sales charge schedule. The first three ways can be combined in any manner.


•	Accumulation Privilege — lets you add the value of any class of shares of any John Hancock funds you already own to the amount of your next Class A investment for the purpose of calculating the sales charge. However, Class A shares of money market funds will not qualify unless you have already paid a sales charge on those shares.

•	Letter of Intention — lets you purchase Class A shares of a fund over a 13-month period and receive the same sales charge as if all shares had been purchased at once. You can use a Letter of Intention to qualify for reduced sales charges if you plan to invest at least $50,000 in a fund’s Class A shares during the next 13 months. The calculation of this amount would include accumulation and combinations as well as your current holdings of all classes of John Hancock funds, which includes any reinvestment of dividends and capital gains distributions. However, Class A shares of money market funds will be excluded unless you have already paid a sales charge. When you sign this letter, the fund agrees to charge you the reduced sales charges

Small Cap Intrinsic Value Fund – Your account


•	Combination Privilege — lets you combine shares of all funds for purposes of calculating the Class A sales charge.

Group investment program

CDSC waivers

As long as Signature Services is notified at the time you sell, the CDSC for each share class will be waived in the following cases:


•	to make payments through certain systematic withdrawal plans

•	certain retirement plans participating in Merrill Lynch, The Princeton Retirement Group, Inc., or PruSolutions^sm programs

•	redemptions pursuant to a fund’s right to liquidate an account less than $1,000

•	redemptions of Class A shares made after one year from the inception of a retirement plan at John Hancock

•	to make certain distributions from a retirement plan

•	because of shareholder death or disability

To utilize this waiver you must: Contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Reinstatement privilege

To utilize this privilege you must: Contact your financial representative or Signature Services.

Waivers for certain investors

Class A shares may be offered without front-end sales charges or CDSCs to the following individuals and institutions:


•	selling brokers and their employees and sales representatives (and their Immediate Family, as defined in the SAI)

•	financial representatives utilizing fund shares in fee-based or wrap investment products under a signed fee-based or wrap agreement with John Hancock Funds, LLC

•	fund trustees and other individuals who are affiliated with these or other John Hancock funds (and their Immediate Family, as defined in the SAI)


•	individuals transferring assets held in a SIMPLE IRA, SEP or SARSEP invested in John Hancock funds directly to an IRA


•	individuals converting assets held in an IRA, SIMPLE IRA, SEP or SARSEP invested in John Hancock funds directly to a Roth IRA

•	individuals recharacterizing assets from an IRA, Roth IRA, SEP, SARSEP or SIMPLE IRA invested in John Hancock funds back to the original account type from which it was converted

•	participants in certain retirement plans with at least 100 eligible employees (one-year CDSC applies)

•	participants in certain 529 plans that have a signed agreement with John Hancock Funds, LLC (one-year CDSC may apply)


•	certain retirement plans participating in Merrill Lynch, The Princeton Retirement Group, Inc. or PruSolutions^sm programs

•

To utilize a waiver you must: Contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Other waivers

Front-end sales charges and CDSCs are not imposed in connection with the following transactions:


•	exchanges from one John Hancock fund to the same class of any other John Hancock fund (see “Transaction policies” in this prospectus for additional details)


•	dividend reinvestments (see “Dividends and account policies” in this prospectus for additional details)

Opening an account


1	Read this prospectus carefully.

2	Determine how much you want to invest. The minimum initial investments for the Class A, B and C shares of the fund are as follows:


	•	non-retirement account: $1,000

	•	retirement account: $500; there is no minimum initial investment for certain group retirement plans investing using salary deduction or similar group methods of payment

	•	group investments: $250


	•	Monthly Automatic Accumulation Program (“MAAP”): $25 to open; you must invest at least $25 a month


	•	there is no minimum initial investment for fee-based or wrap accounts of selling firms that have executed a fee-based or wrap agreement with John Hancock Funds, LLC


3	All shareholders must complete the account application, carefully following the instructions. If you have any questions, contact your financial representative or call Signature Services at 1-800-225-5291.

Small Cap Intrinsic Value Fund – Your account


4	Complete the appropriate parts of the account privileges application. By applying for privileges now, you can avoid the delay and inconvenience of having to file an additional application if you want to add privileges later.

5	Make your initial investment using the instructions under “Buying shares.” You and your financial representative can initiate any purchase, exchange or sale of shares.

Important information about opening a new account

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

Small Cap Intrinsic Value Fund – Your account

Buying shares


Opening an account		Adding to an account

By check
• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • Deliver the check and your completed application to your financial representative or mail them to Signature Services (address below).		• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • If your account statement has a detachable investment slip, please complete in its entirety. If no slip is available, include a note specifying the fund name(s), the share class, your account number and the name(s) in which the account is registered. • Deliver the check and your investment slip or note to your financial representative or mail them to Signature Services (address below).



By exchange
• Call your financial representative or Customer Service to request an exchange.		• Log on to the Web site below to process exchanges between funds. • Call EASI-Line for automated service. • Call your financial representative or Customer Service to request an exchange.



By wire
• Deliver your completed application to your financial representative or mail it to Signature Services. • Obtain account number by calling your financial representative or Customer Service. • Obtain your wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.		• Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.



By Internet
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the Automated Clearing House (“ACH”) system. • Complete the “Bank Information” section on your account application. • Log on to Web site below to initiate purchases using your authorized bank account.



By phone
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the ACH system. • Complete the “To Purchase, Exchange or Redeem Shares via Telephone” and “Bank Information” sections on your account application. • Call EASI-Line for automated service. • Call Customer Service between 8:00 a.m. and 7:00 p.m., Eastern Time on most business days. To open or add to an account using the Monthly Automatic Accumulation Program, see “Additional investor services.”



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Small Cap Intrinsic Value Fund – Your account

Selling shares


		To sell some or all of your shares

By letter
• Accounts of any type. • Sales of any amount.		• Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the fund’s name(s) in which the account is registered and the dollar value or number of shares you wish to sell. • Include all signatures and any additional documents that may be required (see next page). • Mail the materials to Signature Services. • A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction.



By Internet
• Most accounts. • Sales of up to $100,000.		• Log on to the Web site below to initiate redemptions from your fund.



By Phone
• Most accounts. • Sales of up to $100,000.		• Call EASI-Line for automated service. • Call your financial representative or call Customer Service between 8:00 a.m. and 7:00 p.m., Eastern Time on most business days.



By wire or electronic funds transfer (“EFT”)
• Requests by letter to sell any amount. • Requests by Internet or phone to sell up to $100,000.		• To verify that the Internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Customer Service. • Funds requested by wire will be wired the next business day. A $4 fee will be deducted from your account. Your bank may also charge you a fee for this service. • Funds requested by EFT are generally available by the second business day. Your bank may charge you a fee for this service.



By exchange
• Accounts of any type. • Sales of any amount.		• Obtain a current prospectus for the fund into which you are exchanging by Internet or by calling your financial representative or Customer Service. • Log on to the Web site below to process exchanges between your funds. • Call EASI-Line for automated service. • Call your financial representative or Customer Service to request an exchange. To sell shares through a systematic withdrawal plan, see “Additional investor services.”



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations	Mutual Fund Operations	www.jhfunds.com	(24/7 automated service)	1-800-225-5291
John Hancock Signature Services, Inc.	John Hancock Signature Services, Inc.		1-800-338-8080
P.O. Box 9510	164 Corporate Drive
Portsmouth, NH 03802-9510	Portsmouth, NH 03801

Small Cap Intrinsic Value Fund – Your account

Selling shares in writing


•	your address of record has changed within the past 30 days;

•	you are selling more than $100,000 worth of shares — This requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock Funds, LLC; or

•	you are requesting payment other than by a check mailed to the address of record and payable to the registered owner(s).


Seller		Requirements for written requests

Owners of individual, joint or UGMA/UTMA accounts (custodial accounts for minors)		• Letter of instruction. • On the letter, the signatures of all persons authorized to sign for the account, exactly as the account is registered. • Medallion signature guarantee, if applicable (see above).




Owners of corporate, sole proprietorship, general partner or association accounts		• Letter of instruction. • Corporate business/organization resolution, certified within the past 12 months, or a John Hancock funds business/organization certification form. • On the letter and the resolution, the signature of the person(s) authorized to sign for the account. • Medallion signature guarantee, if applicable (see above).




Owners or trustees of trust accounts		• Letter of instruction. • On the letter, the signature(s) of the trustee(s). • Copy of the trust document certified within the past 12 months or a John Hancock funds trust certification form. • Medallion signature guarantee, if applicable (see above).




Joint tenancy shareholders with rights of survivorship with a deceased co-tenant(s)		• Letter of instruction signed by surviving tenant. • Copy of death certificate. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).

Executors of shareholder estates		• Letter of instruction signed by executor. • Copy of order appointing executor, certified within the past 12 months. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Administrators, conservators, guardians and other sellers or account types not listed above		• Call the Customer Service telephone number below for instructions.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Small Cap Intrinsic Value Fund – Your account

Transaction policies

Valuation of shares

The NAV per share for each class of the fund is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m., Eastern Time). The fund generally values its portfolio of equity securities and other investments using closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available or are considered by the adviser to be unreliable, the fund may use a security’s fair value. Fair value is the valuation of a security determined on the basis of factors other than market value in accordance with procedures approved by the board of trustees. All methods of determining the value of a security used by the fund, including those discussed below, on a basis other than market value, are forms of fair value. The use of fair value pricing by a fund may cause the NAV of its shares to differ from the NAV that would be calculated only using market prices. The adviser may determine that the closing market price no longer accurately reflects the value of a security for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by the fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the fund determines its NAV. In those circumstances when the fund believes the price of the security may be affected, the fund uses the fair value of the security. In certain circumstances the fund may use a pricing service for this purpose. Foreign stocks or other portfolio securities held by the fund may trade on U.S. holidays and weekends, even though the fund’s shares will not be priced on those days. This may change the fund’s NAV on days when you cannot buy or sell fund shares. For market prices and quotations, as well as for some fair value methods, the fund relies upon securities prices provided by pricing services. Certain types of securities, including some fixed-income securities, are regularly priced using fair value rather than market prices. The fund uses a pricing matrix to determine the value of fixed-income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed-income securities. The fund values debt securities with remaining maturities of 60 days or less at amortized cost. For more information on the valuation of shares, please see the SAI.

Buy and sell prices

When you buy shares, you pay the NAV plus any applicable sales charges, as described earlier. When you sell shares, you receive the NAV minus any applicable deferred sales charges.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider using EASI-Line, accessing www.jhfunds.com or sending your request in writing.

Telephone transactions

Exchanges

Excessive trading

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund reserves the right to restrict, reject or cancel (with respect to cancellations, within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may in its discretion restrict, reject or cancel a purchase or exchange order even if the transaction is not subject to the specific “Limitation on exchange activity” described on the following page if the fund or its agents determine that accepting the order could interfere with the efficient management of the fund’s portfolio or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the fund rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with applicable law, the processing of exchange requests in the event that, in the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the fund’s NAV at the conclusion of the delay period. The fund, through its agents in their sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

Small Cap Intrinsic Value Fund – Your account

Limitation on exchange activity

Pursuant to the policies and procedures adopted by the board of trustees, the fund, or its agent, may reject or cancel a purchase order, suspend or terminate the exchange privilege or terminate the ability of an investor to invest in John Hancock funds, if the fund, or its agent, determines that a proposed transaction involves market timing or disruptive trading that it believes is likely to be detrimental to the fund. The fund, or its agent, cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Limitation on the ability to detect and curtail excessive trading practices

Excessive trading risk

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:

•


•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Small Cap Intrinsic Value Fund – Your account

Account information

Certificated shares

Sales in advance of purchase payments

Dividends and account policies

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment, automatic investment or systematic withdrawal) that affects your account balance

•	after any changes of name or residential address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

Dividend reinvestments

Taxability of dividends

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Small accounts (non-retirement only)

Additional investor services

Monthly Automatic Accumulation Program (“MAAP”)


•	Complete the appropriate parts of your account application.

•	If you are using MAAP to open an account, make out a check for your first investment amount payable to “John Hancock Signature Services, Inc.” in an amount satisfying the applicable minimum initial investment requirements specified in the section “Opening an account.” Deliver your check and application to your financial representative or Signature Services.

Systematic withdrawal plan

This plan may be used for routine bill payments or periodic withdrawals from your account. To establish:


•	Make sure you have at least $5,000 worth of shares in your account.

•	Make sure you are not planning to invest more money in this account (buying shares during a period when you are also selling shares of the same fund is not advantageous to you, because of sales charges).

•	Specify the payee(s). The payee may be yourself or any other party, and there is no limit to the number of payees you may have, as long as they are all on the same payment schedule.


•	Determine the schedule: monthly, quarterly, semiannually, annually or in certain selected months.


•	Fill out the relevant part of the account application. To add a systematic withdrawal plan to an existing account, contact your financial representative or Signature Services.

Retirement plans

Small Cap Intrinsic Value Fund – Your account

Two documents are available with further information on the fund:

Annual/Semiannual report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510

By EASI-Line: 1-800-338-8080

By phone: 1-800-225-5291

By TDD: 1-800-554-6713

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room call 1-202-551-8090.

For further information on this or any John Hancock fund or service, call 1-800-225-5291 or go to www.jhfunds.com.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Electronic delivery now available at

www.jhfunds.com/edelivery

Fund summary

John Hancock

Sovereign Investors Fund

Day-to-day investment management: Sovereign Asset Management, a division of MFC Global Investment Management (U.S.), LLC

Class / Ticker A SOVIX B SOVBX C SOVCX

Goal and strategy

The fund seeks long-term growth of capital and income without assuming undue market risks.

To pursue this goal, the fund normally invests at least 80% of its stock investments in a diversified portfolio of companies with market capitalizations within the range of the Standard & Poor’s 500 Index. On December 31, 2007, that range was $708 million to $511.9 billion.

At least 65% of the fund’s stock investments are “dividend performers” — companies whose dividend payments have increased steadily for ten years. In managing the portfolio, the managers use fundamental financial analysis to identify individual companies with high-quality income statements, substantial cash reserves and identifiable catalysts for growth, which may be new products or benefits from industry wide growth. The managers generally visit companies to evaluate the strength and consistency of their management strategy. Finally, the managers look for stocks that are reasonably priced relative to their earnings and industry.

The fund may not invest more than 5% of assets in any one security. The fund may invest in bonds of any maturity, with up to 5% of assets in junk bonds rated as low as C and their unrated equivalents.

The fund typically invests in U.S. companies but may invest in dollar-denominated foreign securities. It may also make limited use of certain derivatives (investments whose value is based on indexes).

Under normal conditions, the fund may not invest more than 10% of assets in cash or cash equivalents.

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

The fund’s management strategy has a significant influence on fund performance. Large-capitalization stocks as a group could fall out of favor with the market, causing the fund to underperform investments that focus on small- or medium-capitalization stocks. In addition, if the managers’ securities selection strategies do not perform as expected, the fund could underperform its peers or lose money.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Certain derivatives could produce disproportionate losses.


•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.

•	Foreign investments carry additional risks, including potentially unfavorable currency exchange rates, inadequate or inaccurate financial information, and social or political instability.


•	Any bonds held by the fund could be downgraded in credit quality or go into default. Bond prices generally fall when interest rates rise and longer maturity will increase volatility. Junk bond prices can fall on bad news about the economy, an industry or a company.

Sovereign Investors Fund – Fund summary

Past performance

Calendar year total returns – Class A (%)

Best quarter: Q4 ’98, 15.56 Worst quarter: Q3 ’02, –13.87

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

15.62

5.91

4.08

–6.06

–18.68

19.55

5.23

2.28

14.67

7.83


Average annual total returns (%)	1 Year		5 Years		10 Years		Inception

as of 12-31-07								5-1-98

Class A before tax		2.42		8.62		3.94		—

After tax on distributions		0.60		7.41		2.56		—

After tax on distributions, with sale		3.54		7.21		2.88		—

Class B before tax		2.22		8.68		3.89		—

Class C before tax¹		6.13		8.98		—		2.94

Standard & Poor’s 500 Index		5.49		12.83		5.91		4.50

Calendar year total returns

Average annual total returns

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


1		Adjusted to reflect elimination of front-end sales charges as of 7-15-04.

Investor costs


Shareholder transaction expenses (%)	Class A				Class B			Class C

Maximum front-end sales charge (load) as a percentage of purchase price		5.00				—			—

Maximum deferred sales charge (load) as a percentage of purchase or redemption price, whichever is less		—	²			5.00			1.00


Annual operating expenses (%)	Class A			Class B			Class C

Management fee		0.59			0.59			0.59

Distribution and service (12b-1) fees		0.30			1.00			1.00

Other expenses		0.25			0.26			0.26

Total fund operating expenses		1.14			1.85			1.85

Expense example


Expense example ($)	Class A		Class B			Class C

				Shares sold	Shares kept		Shares sold	Shares kept

1 Year		610		688	188		288	188

3 Years		844		882	582		582	582

5 Years		1,096		1,201	1,001		1,001	1,001

10 Years		1,817		1,984	1,984		2,169	2,169

Shareholder Transaction Expenses

These are charged directly to your account. There is also a $4 fee when you sell shares and have the proceeds sent by wire.

Annual operating expenses

These are paid from fund assets; shareholders, therefore, pay these costs indirectly.


2		Except on investments of $1 million or more.

Sovereign Investors Fund – Fund summary

Fund details

Main risks

Derivatives risk

Foreign investment risk

Interest rate risk

Management risk

Medium- and lower-quality bonds

Stock investing risk

Additional risk

Liquidity risk

Sovereign Investors Fund – Fund details

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Oversee the fund’s business activities and retain the services of the various firms that carry out the fund’s operations.

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

During its most recent full fiscal year, the fund paid the investment adviser a management fee consisting of 0.59% of net assets. Out of this fee, the investment adviser in turn paid the fees of the subadviser and certain other service providers. The fee was approved by the board of trustees. The basis for its approval of this fee, and of the investment advisory and subadvisory agreements overall, is discussed in the fund’s December 31, 2007 annual report.

Subadviser

Handles the fund’s day-to-day portfolio management.

Sovereign Asset Management, A Division of
MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Below are brief biographical profiles of the leaders of the fund’s investment management team, in alphabetical order. For more about these individuals, including information about their compensation, other accounts they manage and any investments they may have in the fund, see the SAI.

Barry H. Evans, CFA


•	Joined fund team in 1996

•	Investment Strategy and Decisions

•	President and chief fixed-income officer, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Senior Vice president, chief fixed-income officer and chief operating officer, John Hancock Advisers, LLC (1986–2005)

•	Began business career in 1986

Christopher P. O’Keefe, CFA


•	Joined fund team in 2007

•	Analysis of Specific Issuers

•	Vice president, MFC Global Investment Management (U.S.), LLC (since 2001)

•	Equity portfolio manager and director of research, Compu-Val Investments (1995–2001)

•	Began business career in 1987

Christopher J. Perry, CFA


•	Joined fund team in 2007

•	Analysis of Specific Issuers

•	Vice president, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Portfolio manager and senior security analyst, Turner Investment Partners (1998–2005)

•	Began business career in 1990

John F. Snyder III


•	Joined fund team in 1983

•	Investment Strategy and Decisions

•	Executive vice president, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Executive vice president, John Hancock Advisers, LLC (1991-2005)

•	Began business career in 1971

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Sovereign Investors Fund – Fund details

Class A Shares


Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$15.81			$18.74			$19.54			$18.51			$18.94

Net investment income²		0.14			0.17			0.18			0.20			0.21

Net realized and unrealized gain on investments		2.93			0.80			0.27			2.51			1.29

Total from investment operations		3.07			0.97			0.45			2.71			1.50

Less distributions

From net investment income		(0.14	)		(0.17	)		(0.18	)		(0.21	)		(0.21	)

From net realized gain		—			—			(1.30	)		(2.07	)		(1.94	)

		(0.14	)		(0.17	)		(1.48	)		(2.28	)		(2.15	)

Net asset value, end of period		$18.74			$19.54			$18.51			$18.94			$18.29

Total return³(%)		19.55			5.23			2.28	⁴		14.67	⁴		7.83



Ratios and supplemental data

Net assets, end of period (in millions)		$998			$936			$818			$810			$758

Ratio of net expenses to average net assets (%)		1.24			1.20			1.19			1.16			1.14	⁶

Ratio of gross expenses to average net assets (%)		1.24			1.20			1.20	⁵		1.17	⁵		1.14

Ratio of net investment income to average net assets (%)		0.85			0.91			0.92			1.04			1.04

Portfolio turnover (%)		47			20			30			36			46


Class B Shares
Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$15.79			$18.71			$19.49			$18.46			$18.89

Net investment income²		0.03			0.03			0.04			0.07			0.07

Net realized and unrealized gain on investments		2.92			0.80			0.27			2.50			1.28

Total from investment operations		2.95			0.83			0.31			2.57			1.35

Less distributions

From net investment income		(0.03	)		(0.05	)		(0.04	)		(0.07	)		(0.07	)

From net realized gain		—			—			(1.30	)		(2.07	)		(1.94	)

		(0.03	)		(0.05	)		(1.34	)		(2.14	)		(2.01	)

Net asset value, end of period		$18.71			$19.49			$18.46			$18.89			$18.23

Total return³ (%)		18.75			4.45			1.57	⁴		13.92	⁴		7.05



Ratios and supplemental data

Net assets, end of period (in millions)		$315			$232			$155			$111			$79

Ratio of net expenses to average net assets (%)		1.94			1.90			1.89			1.86			1.84	⁶

Ratio of gross expenses to average net assets (%)		1.94			1.90			1.90	⁵		1.87	⁵		1.85

Ratio of net investment income to average net assets (%)		0.16			0.18			0.21			0.34			0.33

Portfolio turnover (%)		47			20			30			36			46

Sovereign Investors Fund – Fund details

Financial highlights, continued

Class C Shares


Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$15.81			$18.73			$19.52			$18.49			$18.92

Net investment income²		0.03			0.04			0.04			0.07			0.07

Net realized and unrealized gain on investments		2.92			0.80			0.27			2.50			1.29

Total from investment operations		2.95			0.84			0.31			2.57			1.36

Less distributions

From net investment income		(0.03	)		(0.05	)		(0.04	)		(0.07	)		(0.07	)

From net realized gain		—			—			(1.30	)		(2.07	)		(1.94	)

		(0.03	)		(0.05	)		(1.34	)		(2.14	)		(2.01	)

Net asset value, end of period		$18.73			$19.52			$18.49			$18.92			$18.27

Total return³(%)		18.73			4.50			1.57	⁴		13.90	⁴		7.10



Ratios and supplemental data

Net assets, end of period (in millions)		$32			$27			$17			$15			$15

Ratio of net expenses to average net assets (%)		1.94			1.90			1.89			1.86			1.84	⁶

Ratio of gross expenses to average net assets (%)		1.94			1.90			1.90			1.87	⁵		1.85

Ratio of net investment income to average net assets (%)		0.14			0.19			0.21			0.34			0.34

Portfolio turnover (%)		47			20			30			36			46


1		Audited by previous Independent Registered Public Accounting Firm.


2		Based on the average of the shares outstanding.


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


4		Total return would have been lower had certain expenses not been reduced during the periods shown.


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


6		Includes transfer agent fee earned credits of less than 0.01% to average net assets.

Sovereign Investors Fund – Fund details

Your account

Class A


•	A front-end sales charge, as described in the section “How sales charges are calculated.”

•	Distribution and service (Rule 12b-1) fees of 0.30%.

Class B


•	No front-end sales charge; all your money goes to work for you right away.

•	Distribution and service (Rule 12b-1) fees of 1.00%.


•	A contingent deferred sales charge (“CDSC”), as described in the section “How sales charges are calculated.”


•	Automatic conversion to Class A shares after eight years, thus reducing future annual expenses.

Class C


•	No front-end sales charge; all your money goes to work for you right away.

•	Distribution and service (Rule 12b-1) fees of 1.00%.

•	A 1.00% CDSC on shares sold within one year of purchase.

•	No automatic conversion to Class A shares, so annual expenses continue at the Class C level throughout the life of your investment.

12b-1 fees

Other classes of shares of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

The SAI discusses the Distributor’s revenue sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the distributor or the fund, as well as about fees and/or commissions it charges.

Rollover program compensation

Sovereign Investors Fund – Your account

Class A sales charges are as follows:

Class A sales charges


	As a % of	As a % of
Your investment	offering price*	your investment


Up to $49,999	5.00%	5.26%


$50,000 – $99,999	4.50%	4.71%


$100,000 – $249,999	3.50%	3.63%


$250,000 – $499,999	2.50%	2.56%


$500,000 – $999,999	2.00%	2.04%


$1,000,000 and over	See below


*		Offering price is the NAV per share plus any initial sales charge.

Investments of $1 million or more

Class A deferred sales charges on investments of $1 million or more


		CDSC on fund shares
Your investment		being sold


First $1M – $4,999,999		1.00%


Next $1 – $5M above that		0.50%


Next $1 or more above that		0.25%

For purposes of this CDSC, all purchases made during a calendar month are counted as having been made on the first day of that month.

Class B and C

Shares are offered at their NAV per share, without any initial sales charge.

Class B deferred charges


		CDSC on fund shares
Years after purchase		being sold


1^st year		5.00%


2^nd year		4.00%


3^rd or 4^th year		3.00%


5^th year		2.00%


6^th year		1.00%


After 6^th year		None

Class C deferred charges


		CDSC on fund shares
Years after purchase		being sold


1^st year		1.00%


After 1^st year		None

For purposes of these CDSCs, all purchases made during a calendar month are counted as having been made on the first day of that month.

Reducing your Class A sales charges


•	Accumulation Privilege — lets you add the value of any class of shares of any John Hancock funds you already own to the amount of your next Class A investment for the purpose of calculating the sales charge. However, Class A shares of money market funds will not qualify unless you have already paid a sales charge on those shares.

•	Letter of Intention — lets you purchase Class A shares of a fund over a 13-month period and receive the same sales charge as if all shares had been purchased at once. You can use a Letter of Intention to qualify for reduced sales charges if you plan to invest at least $50,000 in a fund’s Class A shares during the next 13 months. The calculation of this amount would include accumulation and combinations as well as your current holdings of all classes of John Hancock funds, which includes any reinvestment of dividends and capital gains distributions. However, Class A shares of money market funds will be excluded unless you have already paid a sales charge. When you sign this letter, the fund agrees to charge you the reduced sales charges

Sovereign Investors Fund – Your account


•	Combination Privilege — lets you combine shares of all funds for purposes of calculating the Class A sales charge.

Group investment program

CDSC waivers

As long as Signature Services is notified at the time you sell, the CDSC for each share class will be waived in the following cases:


•	to make payments through certain systematic withdrawal plans

•	certain retirement plans participating in Merrill Lynch, The Princeton Retirement Group, Inc., or PruSolutions^sm programs

•	redemptions pursuant to a fund’s right to liquidate an account less than $1,000

•	redemptions of Class A shares made after one year from the inception of a retirement plan at John Hancock

•	to make certain distributions from a retirement plan

•	because of shareholder death or disability

To utilize this waiver you must: Contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Reinstatement privilege

To utilize this privilege you must: Contact your financial representative or Signature Services.

Waivers for certain investors

Class A shares may be offered without front-end sales charges or CDSCs to the following individuals and institutions:


•	selling brokers and their employees and sales representatives (and their Immediate Family, as defined in the SAI)

•	financial representatives utilizing fund shares in fee-based or wrap investment products under a signed fee-based or wrap agreement with John Hancock Funds, LLC

•	fund trustees and other individuals who are affiliated with these or other John Hancock funds (and their Immediate Family, as defined in the SAI)

•	individuals transferring assets held in a SIMPLE IRA, SEP, or SARSEP invested in John Hancock funds directly to an IRA

•	individuals converting assets held in an IRA, SIMPLE IRA, SEP or SARSEP invested in John Hancock funds directly to a Roth IRA

•	individuals recharacterizing assets from an IRA, Roth IRA, SEP, SARSEP or SIMPLE IRA invested in John Hancock funds back to the original account type from which it was converted

•	participants in certain retirement plans with at least 100 eligible employees (one-year CDSC applies)

•	participants in certain 529 plans that have a signed agreement with John Hancock Funds, LLC (one-year CDSC may apply)


•	certain retirement plans participating in Merrill Lynch, The Princeton Retirement Group, Inc. or PruSolutions^sm programs

•

To utilize a waiver you must: Contact your financial representative or Signature Services. Consult the SAI for additional details (see the back cover of this prospectus).

Other waivers

Front-end sales charges and CDSCs are not imposed in connection with the following transactions:


•	exchanges from one John Hancock fund to the same class of any other John Hancock fund (see “Transaction policies” in this prospectus for additional details)


•	dividend reinvestments (see “Dividends and account policies” in this prospectus for additional details)


1	Read this prospectus carefully.

2	Determine how much you want to invest. The minimum initial investments for the Class A, B and C shares of the fund are as follows:


	•	non-retirement account: $1,000

	•	retirement account: $500; there is no minimum initial investment for certain group retirement plans investing using salary deduction or similar group methods of payment

	•	group investments: $250


	•	Monthly Automatic Accumulation Program (“MAAP”): $25 to open; you must invest at least $25 a month


	•	there is no minimum initial investment for fee-based or wrap accounts of selling firms that have executed a fee-based or wrap agreement with John Hancock Funds, LLC


3	All shareholders must complete the account application, carefully following the instructions. If you have any questions, contact your financial representative or call Signature Services at 1-800-225-5291.

Sovereign Investors Fund – Your account


4	Complete the appropriate parts of the account privileges application. By applying for privileges now, you can avoid the delay and inconvenience of having to file an additional application if you want to add privileges later.

5	Make your initial investment using the instructions under “Buying shares.” You and your financial representative can initiate any purchase, exchange or sale of shares.

Important information about opening a new account

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

Sovereign Investors Fund – Your account


Opening an account		Adding to an account

By check
• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • Deliver the check and your completed application to your financial representative or mail them to Signature Services (address below).		• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • If your account statement has a detachable investment slip, please complete in its entirety. If no slip is available, include a note specifying the fund name(s), the share class, your account number and the name(s) in which the account is registered. • Deliver the check and your investment slip or note to your financial representative or mail them to Signature Services (address below).




By exchange
• Call your financial representative or Customer Service to request an exchange.		• Log on to the Web site below to process exchanges between funds. • Call EASI-Line for automated service. • Call your financial representative or Customer Service to request an exchange.




By wire
• Deliver your completed application to your financial representative or mail it to Signature Services. • Obtain account number by calling your financial representative or Customer Service. • Obtain your wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.		• Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.




By Internet
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the Automated Clearing House (“ACH”) system. • Complete the “Bank Information” section on your account application. • Log on to Web site below to initiate purchases using your authorized bank account.




By phone
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the ACH system.
		• Complete the “To Purchase, Exchange or Redeem Shares via Telephone” and “Bank Information” sections on your account application.
		• Call EASI-Line for automated service.
		• Call Customer Service between 8:00 a.m. and 7:00 p.m., Eastern Time on most business days. To open or add to an account using the Monthly Automatic Accumulation Program, see “Additional investor services.”



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Sovereign Investors Fund – Your account


		To sell some or all of your shares

By letter
• Accounts of any type. • Sales of any amount.		• Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the fund’s name(s) in which the account is registered and the dollar value or number of shares you wish to sell. • Include all signatures and any additional documents that may be required (see next page). • Mail the materials to Signature Services. • A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction.




By Internet
• Most accounts. • Sales of up to $100,000.		• Log on to the Web site below to initiate redemptions from your fund.




By phone
• Most accounts. • Sales of up to $100,000.		• Call EASI-Line for automated service. • Call your financial representative or call Customer Service between 8:00 a.m. and 7:00 p.m., Eastern Time on most business days.




By wire or electronic funds transfer (“EFT”)
• Requests by letter to sell any amount. • Requests by Internet or phone to sell up to $100,000.		• To verify that the Internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Customer Service. • Funds requested by wire will be wired the next business day. A $4 fee will be deducted from your account. Your bank may also charge you a fee for this service. • Funds requested by EFT are generally available by the second business day. Your bank may charge you a fee for this service.




By exchange
• Accounts of any type. • Sales of any amount.		• Obtain a current prospectus for the fund into which you are exchanging by Internet or by calling your financial representative or Customer Service. • Log on to the Web site below to process exchanges between your funds. • Call EASI-Line for automated service. • Call your financial representative or Customer Service to request an exchange. To sell shares through a systematic withdrawal plan, see “Additional investor services.”



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations	Mutual Fund Operations	www.jhfunds.com	(24/7 automated service)	1-800-225-5291
John Hancock Signature Services, Inc.	John Hancock Signature Services, Inc.		1-800-338-8080
P.O. Box 9510	164 Corporate Drive
Portsmouth, NH 03802-9510	Portsmouth, NH 03801

Sovereign Investors Fund – Your account

Selling shares in writing


•	your address of record has changed within the past 30 days;

•	you are selling more than $100,000 worth of shares — This requirement is waived for certain entities operating under a signed fax trading agreement with John Hancock Funds, LLC; or

•	you are requesting payment other than by a check mailed to the address of record and payable to the registered owner(s).


Seller		Requirements for written requests

Owners of individual, joint or UGMA/UTMA accounts (custodial accounts for minors)		• Letter of instruction. • On the letter, the signatures of all persons authorized to sign for the account, exactly as the account is registered. • Medallion signature guarantee, if applicable (see above).




Owners of corporate, sole proprietorship, general partner or association accounts		• Letter of instruction. • Corporate business/organization resolution, certified within the past 12 months, or a John Hancock funds business/organization certification form. • On the letter and the resolution, the signature of the person(s) authorized to sign for the account. • Medallion signature guarantee, if applicable (see above).




Owners or trustees of trust accounts		• Letter of instruction. • On the letter, the signature(s) of the trustee(s). • Copy of the trust document certified within the past 12 months or a John Hancock funds trust certification form. • Medallion signature guarantee, if applicable (see above).




Joint tenancy shareholders with rights of survivorship with a deceased co-tenant(s)		• Letter of instruction signed by surviving tenant. • Copy of death certificate. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Executors of shareholder estates		• Letter of instruction signed by executor. • Copy of order appointing executor, certified within the past 12 months. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Administrators, conservators, guardians and other sellers or account types not listed above		• Call the Customer Service telephone number below for instructions.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-338-8080	1-800-225-5291

Sovereign Investors Fund – Your account

Valuation of shares

Buy and sell prices

When you buy shares, you pay the NAV plus any applicable sales charges, as described earlier. When you sell shares, you receive the NAV minus any applicable deferred sales charges.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider using EASI-Line, accessing www.jhfunds.com or sending your request in writing.

Telephone transactions

Exchanges

Excessive trading

Right to reject or restrict purchase and exchange orders

Exchange limitation policies

Limitation on exchange activity

Sovereign Investors Fund – Your account

an investor to invest in John Hancock funds, if the fund, or its agent, determines that a proposed transaction involves market timing or disruptive trading that it believes is likely to be detrimental to the fund. The fund, or its agent, cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Limitation on the ability to detect and curtail excessive trading practices

Excessive trading risk

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:


•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Account information

Sovereign Investors Fund – Your account

Certificated shares

Sales in advance of purchase payments

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment, automatic investment or systematic withdrawal) that affects your account balance

•	after any changes of name or residential address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

The fund generally distributes most or all of its net earnings quarterly in the form of dividends. Capital gains, if any, are distributed annually, typically after the end of the fund’s fiscal year.

Dividend reinvestments

Taxability of dividends

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Small accounts (non-retirement only)

Monthly Automatic Accumulation Program (“MAAP”)


•	Complete the appropriate parts of your account application.

•	If you are using MAAP to open an account, make out a check for your first investment amount payable to “John Hancock Signature Services, Inc.” in an amount satisfying the applicable minimum initial investment requirements specified in the section “Opening an account.” Deliver your check and application to your financial representative or Signature Services.

Systematic withdrawal plan

This plan may be used for routine bill payments or periodic withdrawals from your account. To establish:


•	Make sure you have at least $5,000 worth of shares in your account.

•	Make sure you are not planning to invest more money in this account (buying shares during a period when you are also selling shares of the same fund is not advantageous to you, because of sales charges).

•	Specify the payee(s). The payee may be yourself or any other party, and there is no limit to the number of payees you may have, as long as they are all on the same payment schedule.


•	Determine the schedule: monthly, quarterly, semiannually, annually or in certain selected months.


•	Fill out the relevant part of the account application. To add a systematic withdrawal plan to an existing account, contact your financial representative or Signature Services.

Retirement plans

Sovereign Investors Fund – Your account

Two documents are available with further information on the fund:

Annual/Semiannual report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

The SAI contains more detailed information on all aspects of the fund. The fund’s SAI includes a summary of the fund’s policy regarding disclosure of its portfolio holdings as well as legal and regulatory matters. The current annual report is included in the SAI. A current SAI has been filed with the SEC and is incorporated by reference into (and is legally a part of) this prospectus.

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510

By EASI-Line: 1-800-338-8080

By phone: 1-800-225-5291

By TDD: 1-800-554-6713

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room call 1-202-551-8090.

For further information on this or any John Hancock fund or service, call 1-800-225-5291 or go to www.jhfunds.com.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Electronic delivery now available at

www.jhfunds.com/edelivery

Fund summary

John Hancock

Balanced Fund

Day-to-day investment management: MFC Global Investment Management (U.S.), LLC

Class / Ticker I SVBIX

Goal and strategy

The fund seeks current income, long-term growth of capital and income and preservation of capital.

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Stocks of small- and medium-capitalization companies can be more volatile than those of larger companies.


•	Certain derivatives could produce disproportionate losses.


•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.

•	Any bonds held by the fund could be downgraded in credit quality or go into default. In addition, bond prices generally fall when interest rates rise; this risk is greater for longer maturity bonds. Junk bond prices can fall on bad news about the issuer, an industry or the economy in general.

•	Foreign investments carry additional risks, including potentially unfavorable currency exchange rates, inadequate or inaccurate financial information, and social or political instability.

Balanced Fund – Fund summary

Past performance


Calendar year total returns – Class I (%)

Best quarter: Q2 ’03, 9.92 Worst quarter: Q1 ’03, –0.71



	2003	2004	2005	2006	2007
	18.87	7.31	14.02	14.29	23.89


Average annual total returns (%)	1 Year		5 Years		Inception

as of 12-31-07						3-1-02

Class I before tax		23.89		15.55		9.56

After tax on distributions		21.96		14.01		8.12

After tax on distributions, with sale		15.98		12.78		7.47

Standard & Poor’s 500 Index		5.49		12.83		6.47

Lehman Brother Government/Credit Bond Index		7.23		4.44		5.47

Calendar year total returns

They are shown only for Class I and would be different for other classes. How a fund’s returns vary from year to year can give an idea of its risk; however, as always, past performance (before and after taxes) does not indicate future results. All figures assume dividend reinvestment.

Average annual total returns

Performance of broad-based indexes are included for comparison. Indexes have no sales charges and you cannot invest in them directly. All figures assume dividend reinvestment.

After-tax returns These are shown only for Class I and would be different for other classes. They reflect the highest individual federal marginal income tax rates in effect at the time and do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan.

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

Lehman Brothers Government/Credit Bond Index, an unmanaged index of U.S. government, U.S. corporate and Yankee bonds.

Fund details

Main risks

Derivatives risk

Foreign investment risk

Interest rate risk

Management risk

Medium- and lower-quality bonds risk

Small and medium company risk

Stocks of small and medium companies tend to be more volatile than those of large companies, and may underperform stocks of large size companies over any given period of time. Stock investing risk and liquidity risk may be greater for securities of small and medium companies as compared to large-cap companies. Small and medium-cap companies may have limited product lines or markets, less access to financial resources or less operating experience, or may depend on a few key employees. Stocks of small and medium-cap companies may not be widely known to investors and may be thinly traded or may trade only in certain markets, making it difficult to buy or sell them in large volume.

Stock investing risk

The value of your investment will go up and down in response to stock market movements. Stock prices typically change every day that stock markets are open. The performance of any given stock, group of stocks or the market as a whole may be negative when measured over any particular period, short or long. Because the fund invests for the long term and does not attempt to time the market, it may remain invested in stocks even during long periods of negative performance. Numerous factors can cause stock prices to fall, ranging from a decline in the financial health of the issuing company to a decline in investor sentiment generally. Stocks may decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs or overseas competition. The stock market as a whole may decline due to general factors, such as real or perceived adverse economic conditions, significant events, changes in the general outlook for corporate earnings, or changes in interest or currency rates. If an individual company goes out of business, the company’s bond holders have first claim on any remaining assets, which in practice generally means that the company’s stock becomes worthless.

Additional risk

Liquidity risk

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Balanced Fund – Fund details

Trustees

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

Subadviser

Handles the fund’s day-to-day portfolio management.

MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Jeffrey N. Given, CFA


•	Joined fund team in 2006

•	Vice president, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Second vice president, John Hancock Advisers, LLC (1993–2005)

•	Began business career in 1993

Roger C. Hamilton


•	Joined fund team in 2003

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005–2007)

•	Vice president and portfolio manager, John Hancock Advisers, LLC (2003–2005)

•	Analyst, John Hancock Advisers, LLC (1994–2003)

•	Began business career in 1979

Timothy M. Malloy


•	Joined fund team in 2006

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005–2007)

•	Second vice president, John Hancock Advisers, LLC (2004–2005)

•	Investment Analyst, Thomas Weisel Partners (2000–2004)

•	Began business career in 1993

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends, and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Balanced Fund – Fund details

Class I Shares


Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$9.61			$11.15			$11.67			$12.61			$13.40

Net investment income²		0.23			0.25			0.19			0.24			0.32

Net realized and unrealized gain on investments		1.56			0.55			1.43			1.54			2.85

Total from investment operations		1.79			0.80			1.62			1.78			3.17

Less distributions

From net investment income		(0.25	)		(0.28	)		(0.23	)		(0.26	)		(0.31	)

From net realized gain		—			—			(0.45	)		(0.73	)		(0.59	)

		(0.25	)		(0.28	)		(0.68	)		(0.99	)		(0.90	)

Net asset value, end of period		$11.15			$11.67			$12.61			$13.40			$15.67

Total return³(%)		18.87			7.31			14.02			14.29			23.89



Ratios and supplemental data

Net assets, end of period (in millions)		$7			$6			$7			$4			$30

Ratio of expenses to average net assets (%)		0.89			0.83			0.84			0.80			0.77	⁴

Ratio of gross expenses to average net assets (%)		0.89			0.83			0.84			0.80			0.77

Ratio of net investment income to average net assets (%)		2.22			2.25			1.63			1.81			2.06

Portfolio turnover (%)		60			56			88			60			43


1		Audited by previous Independent Registered Public Accounting Firm.


2		Based on the average of the shares outstanding.


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


4		Includes transfer agent fee earned credits of less than 0.01% to average net assets.

Balanced Fund – Fund details

Your account

Class I shares are offered without any sales charge to certain types of investors, as noted below, if they also meet the minimum initial investment requirement for purchases of Class I shares — See “Opening an account”:


•	Retirement and other benefit plans

•	Endowment funds and foundations

•	Any state, county or city, or its instrumentality, department, authority or agency

•	Accounts registered to insurance companies, trust companies and bank trust departments

•	Investment companies both affiliated and not affiliated with the adviser

•	Investors who participate in fee-based, wrap and other investment platform programs

•	Any entity that is considered a corporation for tax purposes

•	Fund trustees and other individuals who are affiliated with this fund or other John Hancock funds


1	Read this prospectus carefully.

2	Determine if you are eligible, by referring to “Who can buy shares” above.

3	Determine how much you want to invest. The minimum initial investment is $250,000. The minimum initial investment requirement may be waived, in the fund’s sole discretion, for investors in certain fee-based, wrap or other investment platform programs that do not require the fund to pay any type of administrative payments per shareholder account to any third party. The fund may waive the minimum initial investment for other categories of investors at its discretion. There are no minimum investment requirements for subsequent purchases to existing accounts.

4	All shareholders must complete the account application, carefully following the instructions. If you have any questions, contact your financial representative or call Signature Services at 1-888-972-8696.

5	Make your initial investment using the table on the next page.

Important information about opening a new account

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

For investors other than individuals When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN) and may be requested to provide information on persons with authority or control over the account, such as name, residential address, date of birth and Social Security number. You may also be asked to provide documents, such as articles of incorporation, trust instruments or partnership agreements and other information that will help Signature Services identify the entity. Please see the Mutual Fund Account Application for more details.

Other classes of shares of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

The SAI discusses the distributor’s revenue sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the distributor or the fund, as well as about fees and/or commissions it charges.

Balanced Fund – Your account


Opening an account		Adding to an account

By check
• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • Deliver the check and your completed application to your financial representative or mail them to Signature Services (address below).		• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • If your account statement has a detachable investment slip, please complete in its entirety. If no slip is available, include a note specifying the fund name(s), the share class, your account number and the name(s) in which the account is registered. • Deliver the check and your investment slip or note to your financial representative or mail them to Signature Services (address below).




By exchange
• Call your financial representative or Customer Service to request an exchange.		• Call your financial representative or Customer Service to request an exchange. • You may only exchange Class I shares for other Class I shares or Money Market Class A shares.




By wire
• Deliver your completed application to your financial representative or mail it to Signature Services. • Obtain account number by calling your financial representative or Customer Service. • Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.		• Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.




By phone
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the ACH system. • Complete the “To Purchase, Exchange or Redeem Shares via Telephone” and “Bank Information” sections on your account application. • Call EASI-Line for automated service. • Call Customer Service between 8:30 a.m. and 5:00 p.m., Eastern Time on most business days.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Balanced Fund – Your account


		To sell some or all of your shares

By letter
• Accounts of any type. • Sales of any amount.		• Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the fund’s name(s) in which the account is registered and the dollar value or number of shares you wish to sell. • Include all signatures and any additional documents that may be required (see next page). • Mail the materials to Signature Services. • A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction. • Certain requests will require a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.




By phone
Amounts up to $100,000. • Most accounts.		• Redemption proceeds of up to $100,000 may be sent by wire or by check. A check will be mailed to the exact name(s) and address on the account. • To place your request with a representative at John Hancock Funds, call Customer Service between 8:30 a.m. and 5:00 p.m., Eastern Time on most business days or your financial representative.




Amounts up to $5 million
• Available to the following types of accounts: custodial held by banks, trust companies or broker-dealers; endowments and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans and all John Hancock custodial retirement accounts).		• Redemption proceeds exceeding $100,000 must be wired to your designated bank account. • Redemption proceeds exceeding $100,000 and sent by check will require a letter of instruction with a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.




By wire or electronic funds transfer (EFT)
• Requests by letter to sell any amount. • Qualified requests by phone to sell up to $5 million (accounts with telephone redemption privileges).		• To verify that the Internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Customer Service. • Amounts of $5 million or more will be wired the next business day. • Amounts up to $100,000 may be sent by EFT or by check. Funds from EFT transactions are generally available by the second business day. Your bank may charge you a fee for this service.




By exchange
• Accounts of any type. • Sales of any amount.		• Obtain a current prospectus for the fund into which you are exchanging by calling your financial representative or Customer Service. • You may only exchange Class I shares for other Class I shares or Money Market Fund Class A shares. • Call your financial representative or Customer Service to request an exchange.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Balanced Fund – Your account

Selling shares in writing


•	your address of record has changed within the past 30 days;

•	you are selling more than $100,000 worth of shares and are requesting payment by check;


•	you are selling more than $5 million worth of shares from the following types of accounts: custodial accounts held by banks, trust companies or broker-dealers; endowment and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans and all John Hancock custodial retirement accounts);


•	you are requesting payment other than by a check mailed to the address of record and payable to the registered owner(s).

You will need to obtain your Medallion signature guarantee from a member of the Signature Guarantee Medallion Program. Most broker-dealers, banks, credit unions and securities exchanges are members of this program. A notary public CANNOT provide a signature guarantee.


Seller		Requirements for written requests

Owners of individual, joint or UGMA/UTMA accounts (custodial accounts for minors)		• Letter of instruction. • On the letter, the signatures of all persons authorized to sign for the account, exactly as the account is registered. • Medallion signature guarantee, if applicable (see above).




Owners of corporate, sole proprietorship, general partner or association accounts		• Letter of instruction. • Corporate business/organization resolution, certified within the past 12 months, or a John Hancock funds business/organization certification form. • On the letter and the resolution, the signature of the person(s) authorized to sign for the account. • Medallion signature guarantee, if applicable (see above).




Owners or trustees of trust accounts		• Letter of instruction. • On the letter, the signature(s) of the trustee(s). • Copy of the trust document, certified within the past 12 months, or a John Hancock funds trust certification form. • Medallion signature guarantee, if applicable (see above).




Joint tenancy shareholders with rights of survivorship with a deceased co-tenant(s)		• Letter of instruction signed by surviving tenant. • Copy of death certificate. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Executors of shareholder estates		• Letter of instruction signed by executor. • Copy of order appointing executor, certified within the past 12 months. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Administrators, conservators, guardians and other sellers or account types not listed above		• Call the Customer Service telephone number below for instructions.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Balanced Fund – Your account

Valuation of shares

The NAV per share for each fund and class is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m., Eastern Time). The fund generally values its portfolio of equity securities and other investments using closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available or are considered by the adviser to be unreliable, the fund may use a security’s fair value. Fair value is the valuation of a security determined on the basis of factors other than market value in accordance with procedures approved by the board of trustees. All methods of determining the value of a security used by a fund, including those discussed below, on a basis other than market value, are forms of fair value. The use of fair value pricing by the fund may cause the NAV of its shares to differ from the NAV that would be calculated only using market prices. The adviser may determine that the closing market price no longer accurately reflects the value of a security for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by the fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the fund determines its NAV. In those circumstances when the fund believes the price of the security may be affected, the fund uses the fair value of the security. In certain circumstances the fund may use a pricing service for this purpose. Foreign stocks or other portfolio securities held by the fund may trade on U.S. holidays and weekends, even though the fund’s shares will not be priced on those days. This may change the fund’s NAV on days when you cannot buy or sell fund shares. For market prices and quotations, as well as for some fair value methods, the fund relies upon securities prices provided by pricing services. Certain types of securities, including some fixed-income securities, are regularly priced using fair value rather than market prices. The fund uses a pricing matrix to determine the value of fixed-income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed-income securities. The fund values debt securities with remaining maturities of 60 days or less at amortized cost. For more information on the valuation of shares, please see the SAI.

Buy and sell prices

When you buy shares, you pay the NAV. When you sell shares, you receive the NAV.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider sending your request in writing.

Telephone transactions

Exchanges

You may exchange Class I shares for shares of any other John Hancock Class I shares fund or Money Market Fund Class A shares. The registration for both accounts involved must be identical. Note: Once exchanged into Money Market Fund Class A, shares may only be exchanged back to Class I.

Under certain circumstances, an investor who purchases Class I shares in the fund pursuant to a fee-based, wrap or other investment platform program of certain firms as determined by the fund may be afforded an opportunity to make a conversion of Class A shares owned by the investor in the same fund to Class I shares of that fund. Conversion of Class A shares to Class I shares of the same fund in these particular circumstances does not cause the investor to realize taxable gain or loss. For further details, see “Tax status” in the SAI for information regarding taxation upon the redemption or exchange of shares of the fund.

The fund may change or cancel its exchange policies at any time, upon 60 days’ written notice to its shareholders. For further details, see “Additional services and programs” in the SAI (see the back cover of this prospectus).

Excessive trading

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund reserves the right to restrict, reject or cancel (with respect to cancellations, within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may in its discretion restrict, reject or cancel a purchase or exchange order even if the transaction is not subject to the specific “Limitation on exchange activity” described below if the fund or its agent determines that accepting the order could interfere with the efficient management of the fund’s portfolio or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the fund rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with applicable law, the processing of exchange requests in the event that, in the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the fund’s NAV at the conclusion of the delay period. The fund, through its agent in its sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

Balanced Fund – Your account

Limitation on exchange activity

Pursuant to the policies and procedures adopted by the board of trustees, the fund, or its agent, may reject or cancel a purchase order, suspend or terminate the exchange privilege or terminate the ability of an investor to invest in John Hancock Funds, if the fund, or its agent, determines that a proposed transaction involves market timing or disruptive trading that it believes is likely to be detrimental to the fund. The fund, or its agent, cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Exchanges made on the same day in the same account are aggregated for purposes of counting the number and dollar amount of exchanges made by the account holder. The exchange limits referenced above will not be imposed or may be modified under certain circumstances. For example, these exchange limits may be modified for accounts held by certain retirement plans to conform to plan exchange limits, ERISA considerations or Department of Labor regulations. Certain automated or pre-established exchange, asset-allocation and dollar-cost-averaging programs are not subject to these exchange limits. These programs are excluded from the exchange limitation since the fund believes that it is advantageous to shareholders and does not offer an effective means for market timing or excessive trading strategies. These investment tools involve regular and predetermined purchase or redemption requests made well in advance of any knowledge of events affecting the market on the date of the purchase or redemption.

Limitation on the ability to detect and curtail excessive trading practices

Shareholders seeking to engage in excessive trading practices sometimes deploy a variety of strategies to avoid detection and, despite the efforts of the fund to prevent its excessive trading, there is no guarantee that the fund or its agents will be able to identify such shareholders or curtail its trading practices. The ability of the fund and its agents to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. Because the fund will not always be able to detect frequent trading activity, investors should not assume that the fund will be able to detect or prevent all frequent trading or other practices that disadvantage the fund. For example, the ability of the fund to monitor trades that are placed by omnibus or other nominee accounts is limited in those instances in which the financial intermediary, including a financial adviser, broker, retirement plan administrator or fee-based program sponsor, maintains the records of the fund’s underlying beneficial owners. Omnibus or other nominee account arrangements are common forms of holding shares of the fund, particularly among certain financial intermediaries, such as financial advisers, brokers, retirement plan administrators or fee-based program sponsors. These arrangements often permit the financial intermediary to aggregate its clients’ transactions and ownership positions and do not identify the particular underlying shareholder(s) to the fund. However, the fund will work with financial intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and to impose restrictions on excessive trades. In this regard, the fund has entered into information sharing agreements with financial intermediaries pursuant to which these intermediaries are required to provide to the fund, at the fund’s request, certain information relating to their customers investing in the fund through omnibus or other nominee accounts. The fund will use this information to attempt to identify excessive trading practices. Financial intermediaries are contractually required to follow any instructions from the fund to restrict or prohibit future purchases from shareholders that are found to have engaged in excessive trading in violation of the fund’s policies. The fund cannot guarantee the accuracy of the information provided to it from financial intermediaries and so cannot ensure that it will be able to detect abusive trading practices that occur through omnibus or other nominee accounts. As a consequence, the fund’s ability to monitor and discourage excessive trading practices in these types of accounts may be limited.

Excessive trading risk

To the extent that the fund or its agent is unable to curtail excessive trading practices in the fund, these practices may interfere with the efficient management of the fund’s portfolio and may result in the fund engaging in certain activities to a greater extent than it otherwise would, such as maintaining higher cash balances, using its line of credit and engaging in portfolio transactions. Increased portfolio transactions and use of the line of credit would correspondingly increase the fund’s operating costs and decrease the fund’s investment performance. Maintenance of higher levels of cash balances would likewise result in lower fund investment performance during periods of rising markets.

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:

•


•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Balanced Fund – Your account

Account information

Certificated shares

Sales in advance of purchase payments

When you place a request to sell shares for which the purchase money has not yet been collected, the request will be executed in a timely fashion, but the fund will not release the proceeds to you until your purchase payment clears. This may take up to ten business days after the purchase.

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment) that affects your account balance

•	after any changes of name or address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

Dividend reinvestments

Dividends will be reinvested automatically in additional shares of the same fund on the dividend record date. Alternatively, you can choose to have a check for your dividends and capital gains in the amount of $10 or more mailed to you. However, if the check is not deliverable or the combined dividend and capital gains amount is less than $10, your proceeds will be reinvested. If five or more of your dividend or capital gains checks remain uncashed after 180 days, all subsequent dividends and capital gains will be reinvested.

Taxability of dividends

For investors who are not exempt from federal income taxes, dividends you receive from the fund, whether reinvested or taken as cash, are generally considered taxable. Dividends from the fund’s short-term capital gains are taxable as ordinary income. Dividends from the fund’s long-term capital gains are taxable at a lower rate. Whether gains are short term or long term depends on the fund’s holding period. Some dividends paid in January may be taxable as if they had been paid the previous December.

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Any time you sell or exchange shares, it is considered a taxable event for you if you are not exempt from federal income taxes. Depending on the purchase price and the sale price of the shares you sell or exchange, you may have a gain or a loss on the transaction. You are responsible for any tax liabilities generated by your transactions.

Fund securities

The fund’s portfolio securities disclosure policy can be found in the SAI and on the fund’s Web site at www.jhfunds.com. The fund’s Web site also lists fund holdings. Portfolio holding information is posted on the fund’s Web site each month on a one-month lag and is available on the fund’s Web site until the fund files its next Form N-CSR or Form N-Q with the SEC. Portfolio holding information as filed with the SEC on Forms N-CSR and N-Q is also made available on the fund’s Web site.

Balanced Fund – Your account

Global Opportunities Fund

Two documents are available with further information on the fund:

Annual/Semiannual report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510

By EASI-Line: 1-800-597-1897

By phone: 1-888-972-8696

By TDD: 1-800-554-6713

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room, call 1-202-551-8090.

For further information on this or any John Hancock fund or service, call 1-888-972-8696 or go to www.jhfunds.com.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Electronic delivery now available at

www.jhfunds.com/edelivery

Fund summary

John Hancock

Day-to-day investment management: MFC Global Investment Management (U.S.), LLC

Class / Ticker I JGPIX

Goal and strategy

The fund seeks long-term capital appreciation.

The management team uses fundamental financial analysis to identify individual companies with substantial cash flows, reliable revenue streams and strong competitive positions and strong management. The fund may attempt to take advantage of short-term market volatility by investing in corporate restructurings or pending acquisitions.

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Certain derivatives could produce disproportionate losses.


•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.


•	Any bonds held by the fund could be downgraded in credit quality or go into default. In addition, bond prices generally fall when interest rates rise; this risk is greater for longer maturity bonds. Junk bond prices can fall on bad news about the economy, an industry or a company.

Global Opportunities Fund – Fund summary

Past performance

Calendar year total returns – Class I (%)

Best quarter: Q4 ’06, 13.56 Worst quarter: Q3 ’06, –1.25

2006

2007

23.74

33.48


Average annual total returns (%)	1 Year		Inception

as of 12-31-07				2-28-05

Class I before tax		33.48		26.94

After tax on distributions		32.49		25.34

After tax on distributions, with sale		22.13		22.68

MSCI AC World Index*		11.66		14.76

S&P/Citigroup BMI Global Index		11.94		15.63


*	Prior to September 1, 2007, the fund compared its performance to the MSCI AC World Index. The fund changed the index to which it compares its performance to the S&P/Citigroup BMI Global Index, which is more comparable to the investment strategy of the fund than the MSCI AC World Index.

Calendar year total returns

Average annual total returns

Performance of broad-based indexes are included for comparison. Indexes have no sales charges and you cannot invest in them directly. All figures assume dividend reinvestment.

MSCI AC World Index, an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.

S&P/Citigroup BMI Global Index covers both developed and emerging economies and includes over 10,000 companies in more than 53 countries.

Investor costs


Annual operating expenses (%)	Class I

Management fee¹		0.85

Other expenses		0.92

Total fund operating expenses		1.77

Contractual expense reimbursement²		0.68

Net annual operating expenses		1.09

Expense example

A hypothetical example showing the expenses on a $10,000 investment during the various time frames is provided below. The example assumes a 5% average annual return and the reinvestment of all dividends and contractual reimbursement. The example is for comparison only and does not reflect actual expenses and returns, either past or future.


Expense example ($)	Class I

1 Year		111

3 Years		491

5 Years		896

10 Years		2,028

Annual operating expenses

These are paid from fund assets; shareholders, therefore, pay these costs indirectly.


1		The management fees were changed during the previous fiscal year. Rates shown reflect what the management fees would have been during the fiscal year 2007 had the new rates been in effect for the entire year.

2		The adviser has contractually agreed to reimburse the fund for certain fund expenses (excluding transfer agent fees, 12b-1 fees, brokerage commissions, interest and other extraordinary expenses not incurred in the ordinary course of the fund’s business) that exceed 1.05% of the fund’s average net assets. This expense reimbursement shall continue in effect until April 30, 2009.

Global Opportunities Fund – Fund summary

Fund details

Main risks

Derivatives risk

Foreign investment risk

Interest rate risk

Management risk

Medium- and lower-quality bonds risk

Small and medium company risk

Stocks of small and medium companies tend to be more volatile than those of large companies, and may underperform stocks of large companies over any given period of time. Stock investing risk and liquidity risk may be greater for securities of small and medium companies as compared to mid-cap or large-cap companies. Small- and medium-cap companies may have limited product lines or markets, less access to financial resources or less operating experience, or may depend on a few key employees. Stocks of small- and medium-cap companies may not be widely known to investors and may be thinly traded or may trade only in certain markets, making it difficult to buy or sell them in large volume.

Stock investing risk

The value of your investment will go up and down in response to stock market movements. Stock prices typically change every day that stock markets are open. The performance of any given stock, group of stocks or the market as a whole may be negative when measured over any particular period, short or long. Because the fund invests for the long term and does not attempt to time the market, it may remain invested in stocks even during long periods of negative performance. Numerous factors can cause stock prices to fall, ranging from a decline in the financial health of the issuing company to a decline in investor sentiment generally. Stocks may decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs or overseas competition. The stock market as a whole may decline due to general factors, such as real or perceived adverse economic conditions, significant events, changes in the general outlook for corporate earnings, or changes in interest or currency rates. If an individual company goes out of business, the company’s bond holders have first claim on any remaining assets, which in practice generally means that the company’s stock becomes worthless.

Additional risk

Liquidity risk

Global Opportunities Fund – Fund details

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

Subadviser

Handles the fund’s day-to-day portfolio management.

MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Below are brief biographical profiles of the leaders of the fund’s investment management team, in alphabetical order. These managers share portfolio management responsibilities. For more about these individuals, including information about their compensation, other accounts they manage and any investments they may have in the fund, see the SAI.

Christopher H. Arbuthnot, CFA


•	Joined fund team in 2008

•	Portfolio manager, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Equity analyst, MFC Global Investment Management (U.S.), LLC (2006-2007)

•	MBA, Kellogg School of Management, Northwestern University (2004-2006)

•	Associate, corporate and investment banking division, Wachovia Securities (2000-2004)

•	Investment Analyst, Middlebury Venture Partners (1998–2000)

•	Began business career in 1998

Roger C. Hamilton


•	Joined fund team in 2008

•	Senior Vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005-2007)

•	Vice president and portfolio manager, John Hancock Advisers, LLC (2003-2005)

•	Analyst, John Hancock Advisers, LLC (1994–2003)

•	Began business career in 1979

Timothy M. Malloy


•	Managed fund since it began in 2005

•	Senior Vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005-2007)

•	Second Vice president, John Hancock Advisers, LLC (2004–2005)

•	Investment analyst, Thomas Weisel Partners (2000–2004)

•	Began business career in 1993

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Global Opportunities Fund – Fund details

Class I Shares


Per share operating performance	period ended 12-31-05^1,2			12-31-06			12-31-07

Net asset value, beginning of period		$10.00			$11.60			$13.21

Net investment income³		0.03			0.02			0.02

Net realized and unrealized gain on investments		1.88			2.74			4.39

Total from investment operations		1.91			2.76			4.41

Less distributions

From net investment income		—			(0.04	)		—

From net realized gain		(0.31	)		(1.11	)		(0.51	)

		(0.31	)		(1.15	)		(0.51	)

Net asset value, end of period		$11.60			$13.21			$17.11

Total return^4,5(%)		19.15	⁶		23.74			33.48



Ratios and supplemental data

Net assets, end of period (in millions)		—	⁷		—	⁷		$2

Ratio of net expenses to average net assets (%)		1.05	⁸		1.05			1.09	⁹

Ratio of gross expenses to average net assets¹⁰(%)		2.58	⁸		1.93			1.74

Ratio of net investment income to average net assets(%)		0.33	⁸		0.12			0.15

Portfolio turnover (%)		77	⁶		61			114


1		Beginning of operations from 2-28-05 to 12-31-05.


2		Audited by previous Independent Registered Public Accounting Firm.


3		Based on the average of the shares outstanding.


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


5		Total return would have been lower had certain expenses not been reduced during the periods shown.


6		Not annualized.


7		Less than $500,000.


8		Annualized.


9		Includes transfer agent fee earned credits of less than 0.01% to average net assets.


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

Global Opportunities Fund – Fund details

Your account


•	Retirement and other benefit plans

•	Endowment funds and foundations

•	Any state, county or city, or its instrumentality, department, authority or agency

•	Accounts registered to insurance companies, trust companies and bank trust departments

•	Investment companies both affiliated and not affiliated with the adviser

•	Investors who participate in fee-based, wrap and other investment platform programs

•	Any entity that is considered a corporation for tax purposes

•	Fund trustees and other individuals who are affiliated with this fund or other John Hancock funds


1	Read this prospectus carefully.

2	Determine if you are eligible, by referring to “Who can buy shares” above.

3	Determine how much you want to invest. The minimum initial investment is $250,000. The minimum initial investment requirement may be waived, in the fund’s sole discretion, for investors in certain fee-based, wrap or other investment platform programs that do not require the fund to pay any type of administrative payments per shareholder account to any third party. The fund may waive the minimum initial investment for other categories of investors at its discretion. There are no minimum investment requirements for subsequent purchases to existing accounts.

4	All shareholders must complete the account application, carefully following the instructions. If you have any questions, contact your financial representative or call Signature Services at 1-888-972-8696.

5	Make your initial investment using the table on the next page.

Important information about opening a new account

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

For investors other than individuals When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN) and may be requested to provide information on persons with authority or control over the account, such as name, residential address, date of birth and Social Security number. You may also be asked to provide documents, such as articles of incorporation, trust instruments or partnership agreements and other information that will help Signature Services identify the entity. Please see the Mutual Fund Account Application for more details.

Other classes of shares of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

The SAI discusses the distributor’s revenue sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the distributor or the fund, as well as about fees and/or commissions it charges.

Global Opportunities Fund – Your account


Opening an account		Adding to an account

By check
• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • Deliver the check and your completed application to your financial representative or mail them to Signature Services (address below).		• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • If your account statement has a detachable investment slip, please complete in its entirety. If no slip is available, include a note specifying the fund name(s), the share class, your account number and the name(s) in which the account is registered. • Deliver the check and your investment slip or note to your financial representative or mail them to Signature Services (address below).




By exchange
• Call your financial representative or Customer Service to request an exchange.		• Call your financial representative or Customer Service to request an exchange. • You may only exchange Class I shares for other Class I shares or Money Market Class A shares.




By wire
• Deliver your completed application to your financial representative or mail it to Signature Services. • Obtain account number by calling your financial representative or Customer Service. • Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.		• Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.




By phone
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the ACH system. • Complete the “To Purchase, Exchange or Redeem Shares via Telephone” and “Bank Information” sections on your account application. • Call EASI-Line for automated service. • Call Customer Service between 8:30 a.m. and 5:00 p.m., Eastern Time on most business days.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Global Opportunities Fund – Your account


		To sell some or all of your shares

By letter
• Accounts of any type. • Sales of any amount.		• Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the fund’s name(s) in which the account is registered and the dollar value or number of shares you wish to sell. • Include all signatures and any additional documents that may be required (see next page). • Mail the materials to Signature Services. • A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction. • Certain requests will require a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.




By phone
• Amounts up to $100,000. • Most accounts.		• Redemption proceeds of up to $100,000 may be sent by wire or by check. A check will be mailed to the exact name(s) and address on the account. • To place your request with a representative at John Hancock Funds, call Customer Service between 8:30 a.m. and 5:00 p.m., Eastern Time on most business days or your financial representative.




Amounts up to $5 million
• Available to the following types of accounts: custodial held by banks, trust companies or broker-dealers; endowments and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans and all John Hancock custodial retirement accounts).		• Redemption proceeds exceeding $100,000 must be wired to your designated bank account. • Redemption proceeds exceeding $100,000 and sent by check will require a letter of instruction with a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.




By wire or electronic funds transfer (EFT)
• Requests by letter to sell any amount. • Qualified requests by phone to sell up to $5 million (accounts with telephone redemption privileges).		• To verify that the Internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Customer Service. • Amounts of $5 million or more will be wired the next business day. • Amounts up to $100,000 may be sent by EFT or by check. Funds from EFT transactions are generally available by the second business day. Your bank may charge you a fee for this service.




By exchange
• Accounts of any type. • Sales of any amount.		• Obtain a current prospectus for the fund into which you are exchanging by calling your financial representative or Customer Service. • You may only exchange Class I shares for other Class I shares or Money Market Fund Class A shares. • Call your financial representative or Customer Service to request an exchange.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Global Opportunities Fund – Your account

Selling shares in writing


•	your address of record has changed within the past 30 days;

•	you are selling more than $100,000 worth of shares and are requesting payment by check;


•	you are selling more than $5 million worth of shares from the following types of accounts: custodial accounts held by banks, trust companies or broker-dealers; endowment and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans and all John Hancock custodial retirement accounts);


•	you are requesting payment other than by a check mailed to the address of record and payable to the registered owner(s).


Seller		Requirements for written requests

Owners of individual, joint or UGMA/UTMA accounts (custodial accounts for minors)		• Letter of instruction. • On the letter, the signatures of all persons authorized to sign for the account, exactly as the account is registered. • Medallion signature guarantee, if applicable (see above).




Owners of corporate, sole proprietorship, general partner or association accounts		• Letter of instruction. • Corporate business/organization resolution, certified within the past 12 months, or a John Hancock funds business/organization certification form. • On the letter and the resolution, the signature of the person(s) authorized to sign for the account. • Medallion signature guarantee, if applicable (see above).




Owners or trustees of trust accounts		• Letter of instruction. • On the letter, the signature(s) of the trustee(s). • Copy of the trust document, certified within the past 12 months, or a John Hancock funds trust certification form. • Medallion signature guarantee, if applicable (see above).




Joint tenancy shareholders with rights of survivorship with a deceased co-tenant(s)		• Letter of instruction signed by surviving tenant. • Copy of death certificate. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Executors of shareholder estates		• Letter of instruction signed by executor. • Copy of order appointing executor, certified within the past 12 months. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Administrators, conservators, guardians and other sellers or account types not listed above		• Call the Customer Service telephone number below for instructions.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Global Opportunities Fund – Your account

Valuation of shares

The NAV per share for each class of the fund is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m., Eastern Time). The fund generally values its portfolio of equity securities and other investments using closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available or are considered by the adviser to be unreliable, the fund may use a security’s fair value. Fair value is the valuation of a security determined on the basis of factors other than market value in accordance with procedures approved by the board of trustees. All methods of determining the value of a security used by the fund, including those discussed below, on a basis other than market value, are forms of fair value. The use of fair value pricing by the fund may cause the NAV of its shares to differ from the NAV that would be calculated only using market prices. The adviser may determine that the closing market price no longer accurately reflects the value of a security for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by the fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the fund determines its NAV. In those circumstances when the fund believes the price of the security may be affected, the fund uses the fair value of the security. In certain circumstances the fund may use a pricing service for this purpose. Foreign stocks or other portfolio securities held by the fund may trade on U.S. holidays and weekends, even though the fund’s shares will not be priced on those days. This may change the fund’s NAV on days when you cannot buy or sell fund shares. For market prices and quotations, as well as for some fair value methods, the fund relies upon securities prices provided by pricing services. Certain types of securities, including some fixed-income securities, are regularly priced using fair value rather than market prices. The fund uses a pricing matrix to determine the value of fixed-income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed-income securities. The fund’s value debt securities with remaining maturities of 60 days or less at amortized cost. For more information on the valuation of shares, please see the SAI.

Buy and sell prices

When you buy shares, you pay the NAV. When you sell shares, you receive the NAV.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider sending your request in writing.

Telephone transactions

Exchanges

You may exchange Class I shares for shares of any other John Hancock Class I share fund or Money Market Fund Class A shares. The registration for both accounts involved must be identical. Note: Once exchanged into Money Market Fund Class A, shares may only be exchanged back to Class I.

Excessive trading

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund reserves the right to restrict, reject or cancel (with respect to cancellations, within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may in its discretion restrict, reject or cancel a purchase or exchange order even if the transaction is not subject to the specific “Limitation on exchange activity” described below if the fund or its agent determines that accepting the order could interfere with the efficient management of the fund’s portfolio or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the fund rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with applicable law, the processing of exchange requests in the event that, in the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the fund’s NAV at the conclusion of the delay period. The fund, through its agent in its sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

Global Opportunities Fund – Your account

Limitation on exchange activity

Pursuant to the policies and procedures adopted by the board of trustees, the fund, or its agent, may reject or cancel a purchase order, suspend or terminate the exchange privilege or terminate the ability of an investor to invest in John Hancock Funds, if the fund, or its agent, determines that a proposed transaction involves market timing or disruptive trading that it believes is likely to be detrimental to the fund. The fund, or its agent, cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Exchanges made on the same day in the same account are aggregated for purposes of counting the number and dollar amount of exchanges made by the account holder. The exchange limits referenced above will not be imposed or may be modified under certain circumstances. For example, these exchange limits may be modified for accounts held by certain retirement plans to conform to plan exchange limits, ERISA considerations or Department of Labor regulations. Certain automated or pre-established exchange, asset-allocation and dollar-cost-averaging programs are not subject to these exchange limits. These programs are excluded from the exchange limitation since the fund believes that it is advantageous to shareholders and does not offer an effective means for market timing or excessive trading strategies. These investment tools involve regular and predetermined purchase or redemption requests made well in advance of any knowledge of events affecting the market on the date of the purchase or redemption.

Limitation on the ability to detect and curtail excessive trading practices

Shareholders seeking to engage in excessive trading practices sometimes deploy a variety of strategies to avoid detection and, despite the efforts of the fund to prevent its excessive trading, there is no guarantee that the fund or its agents will be able to identify such shareholders or curtail its trading practices. The ability of the fund and its agents to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. Because the fund will not always be able to detect frequent trading activity, investors should not assume that the fund will be able to detect or prevent all frequent trading or other practices that disadvantage the fund. For example, the ability of the fund to monitor trades that are placed by omnibus or other nominee accounts is limited in those instances in which the financial intermediary, including a financial adviser, broker, retirement plan administrator or fee-based program sponsor, maintains the records of the fund’s underlying beneficial owners. Omnibus or other nominee account arrangements are common forms of holding shares of the fund, particularly among certain financial intermediaries, such as financial advisers, brokers, retirement plan administrators or fee-based program sponsors. These arrangements often permit the financial intermediary to aggregate its clients’ transactions and ownership positions and do not identify the particular underlying shareholder(s) to the fund. However, the fund will work with financial intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and to impose restrictions on excessive trades. In this regard, the fund has entered into information sharing agreements with financial intermediaries pursuant to which these intermediaries are required to provide to the fund, at the fund’s request, certain information relating to their customers investing in the fund through omnibus or other nominee accounts. The fund will use this information to attempt to identify excessive trading practices. Financial intermediaries are contractually required to follow any instructions from the fund to restrict or prohibit future purchases from shareholders that are found to have engaged in excessive trading in violation of the fund’s policies. The fund cannot guarantee the accuracy of the information provided to it from financial intermediaries and so cannot ensure that it will be able to detect abusive trading practices that occur through omnibus or other nominee accounts. As a consequence, the fund’s ability to monitor and discourage excessive trading practices in these types of accounts may be limited.

Excessive trading risk

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:

•


•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Global Opportunities Fund – Your account

Account information

Certificated shares

Sales in advance of purchase payments

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment) that affects your account balance

•	after any changes of name or address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

Dividend reinvestments

Taxability of dividends

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Fund securities

Global Opportunities Fund – Your account

Two documents are available with further information on the fund:

Annual/Semiannual report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510

By EASI-Line: 1-800-597-1897

By phone: 1-888-972-8696

By TDD: 1-800-554-6713

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room, call 1-202-551-8090

For further information on this or any John Hancock fund or service, call 1-888-972-8696 or go to www.jhfunds.com.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Electronic delivery now available at

www.jhfunds.com/edelivery

Fund summary

John Hancock

Large Cap Equity Fund

Day-to-day investment management: MFC Global Investment Management (U.S.), LLC

Class / Ticker I JLVIX

Goal and strategy

The fund seeks long-term capital appreciation.

The fund may attempt to take advantage of short-term market volatility by investing in corporate restructurings or pending acquisitions.

The fund may invest up to 35% of assets in foreign securities. The fund may also make limited use of certain derivatives (investments whose value is based on indexes, securities or currencies).

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Because the fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.


•	Certain derivatives could produce disproportionate losses.

•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.

•	Foreign investments carry additional risks, including potentially unfavorable currency exchange rates, inadequate or inaccurate financial information, and social or political instability.


•	Any bonds held by the fund could be downgraded in credit quality or go into default. Bond prices generally fall when interest rates rise and longer maturity will increase volatility. Junk bond prices can fall on bad news about the issuer, an industry or the economy in general.

Large Cap Equity Fund – Fund summary

Past performance

Calendar year total returns – Class I (%)

Best quarter: Q2 ’03, 12.52 Worst quarter: Q2 ’02, –19.74

2002

2003

2004

2005

2006

2007

–37.55

24.85

4.68

16.75

20.78

34.36


Average annual total returns (%)	1 Year		5 Years		Inception

as of 12-31-07						3-1-01

Class I before tax		34.36		19.88		5.70

After tax on distributions		34.34		19.82		5.41

After tax on distributions, with sale		22.33		17.61		4.76

Standard & Poor’s 500 Index		5.49		12.83		4.29

Calendar year total returns

Average annual total returns

Performance of a broad-based index is included for comparison. Indexes have no sales charges and you cannot invest in them directly. All figures assume dividend reinvestment.

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

Investor costs


Annual operating expenses (%)	Class I

Management fee		0.625

Other expenses		0.135

Total fund operating expenses		0.76

Expense example

A hypothetical example showing the expenses on a $10,000 investment during the various time frames is provided below. The example assumes a 5% average annual return and the reinvestment of all dividends The example is for comparison only and does not reflect actual expenses and returns, either past or future.


Expense example ($)	Class I

1 Year		78

3 Years		243

5 Years		422

10 Years		942

Annual operating expenses

These are paid from fund assets; shareholders, therefore, pay these costs indirectly.

Large Cap Equity Fund – Fund summary

Fund details

Main risks

Derivatives risk

Foreign investment risk

Interest rate risk

Management risk

Medium- and lower-quality bonds risk

Stock investing risk

The value of your investment will go up and down in response to stock market movements. Stock prices typically change every day that stock markets are open. The performance of any given stock, group of stocks or the market as a whole may be negative when measured over any particular period, short or long. Because the fund invests for the long term and does not attempt to time the market, it may remain invested in stocks even during long periods of negative performance. Numerous factors can cause stock prices to fall, ranging from a decline in the financial health of the issuing company to a decline in investor sentiment generally. Stocks may decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs or overseas competition. The stock market as a whole may decline due to general factors, such as real or perceived adverse economic conditions, significant events, changes in the general outlook for corporate earnings, or changes in interest or currency rates. If an individual company goes out of business, the company’s bond holders have first claim on any remaining assets, which in practice generally means that the company’s stock becomes worthless.

Additional risk

Liquidity risk

Large Cap Equity Fund – Fund details

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Oversee the fund’s business activities and retain the services of the various firms that carry out the fund’s operations. The trustees have the power to change investment goals without shareholder approval. The trustees also have the power to change the focus of fund’s 80% investment policy without shareholder approval. The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

Subadviser

Handles the fund’s day-to-day portfolio management.

MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Roger C. Hamilton


•	Joined fund team in 2004


•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)


•	Vice president, MFC Global Investment Management (U.S.), LLC (2005–2007)


•	Vice president and portfolio manager, John Hancock Advisers, LLC (2003–2005)


•	Analyst, John Hancock Advisers, LLC (1994–2003)


•	Began business career in 1979

Timothy M. Malloy


•	Joined fund team in 2006


•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)


•	Vice president, MFC Global Investment Management (U.S.), LLC (2005–2007)


•	Second vice president, John Hancock Advisers, LLC (2004–2005)


•	Investment Analyst, Thomas Weisel Partners (2000–2004)


•	Began business career in 1993

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s NAV.

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends, and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Large Cap Equity Fund – Fund details

Class I Shares


Per share operating performance	period ended 12-31-03¹			12-31-04¹			12-31-05¹			12-31-06		12-31-07

Net asset value, beginning of period		$11.91			$14.87			$15.46			$18.05		$21.80

Net investment income²		0.08			0.15			0.06			0.11		0.19

Net realized and unrealized gain on investments		2.88			0.54			2.53			3.64		7.30

Total from investment operations		2.96			0.69			2.59			3.75		7.49

Less distributions

From net investment income		—			(0.10	)		—			—		(0.01	)

Net asset value, end of period		$14.87			$15.46			$18.05			$21.80		$29.28

Total return³(%)		24.85			4.68			16.75			20.78		34.36



Ratios and supplemental data

Net assets, end of period (in millions)		—	⁴		—	⁴		—	⁴		$4		$271

Ratio of net expenses to average net assets (%)		0.84			0.79			0.78			0.77		0.75	⁵

Ratio of gross expense to average net assets (%)		0.84			0.79			0.78			0.77		0.76

Ratio of net investment income to average net assets (%)		0.62			0.98			0.35			0.54		0.69

Portfolio turnover (%)		140			97			74			78		40


1		Audited by previous Independent Registered Public Accounting Firm.

2		Based on the average of the shares outstanding.

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

4		Less than $500,000.

5		Includes transfer agent fee earned credits of less than 0.01% to average net assets.

Large Cap Equity Fund – Fund details

Your account


•	Retirement and other benefit plans

•	Endowment funds and foundations

•	Any state, county or city, or its instrumentality, department, authority or agency

•	Accounts registered to insurance companies, trust companies and bank trust departments

•	Investment companies both affiliated and not affiliated with the adviser

•	Investors who participate in fee-based, wrap and other investment platform programs

•	Any entity that is considered a corporation for tax purposes

•	Fund trustees and other individuals who are affiliated with this fund or other John Hancock funds


1	Read this prospectus carefully.

2	Determine if you are eligible, by referring to “Who can buy shares” above.

3	Determine how much you want to invest. The minimum initial investment is $250,000. The minimum initial investment requirement may be waived, in the fund’s sole discretion, for investors in certain fee-based, wrap or other investment platform programs that do not require the fund to pay any type of administrative payments per shareholder account to any third party. The fund may waive the minimum initial investment for other categories of investors at its discretion. There are no minimum investment requirements for subsequent purchases to existing accounts.

4	All shareholders must complete the account application, carefully following the instructions. If you have any questions, contact your financial representative or call Signature Services at 1-888-972-8696.

5	Make your initial investment using the table on the next page.

Important information about opening a new account

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

For investors other than individuals When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN) and may be requested to provide information on persons with authority or control over the account, such as name, residential address, date of birth and Social Security number. You may also be asked to provide documents, such as articles of incorporation, trust instruments or partnership agreements and other information that will help Signature Services identify the entity. Please see the Mutual Fund Account Application for more details.

Other classes of shares of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

The SAI discusses the distributor’s revenue sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the distributor or the fund, as well as about fees and/or commissions it charges.

The distributor, investment adviser and their affiliates may have other relationships with your firm relating to the provisions of services to the fund, such as providing omnibus account services, transaction processing services or effecting portfolio transactions for the fund. If your intermediary provides these services, the investment adviser or the fund may compensate the intermediary for these services. In addition, your intermediary may have other compensated relationships with the investment adviser or its affiliates that are not related to the fund.

Large Cap Equity Fund – Your account


Opening an account		Adding to an account

By check
• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • Deliver the check and your completed application to your financial representative or mail them to Signature Services (address below).		• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • If your account statement has a detachable investment slip, please complete in its entirety. If no slip is available, include a note specifying the fund name(s), the share class, your account number and the name(s) in which the account is registered. • Deliver the check and your investment slip or note to your financial representative or mail them to Signature Services (address below).




By exchange
• Call your financial representative or Customer Service to request an exchange.		• Call your financial representative or Customer Service to request an exchange. • You may only exchange Class I shares for other Class I shares or Money Market Class A shares.




By wire
• Deliver your completed application to your financial representative or mail it to Signature Services. • Obtain account number by calling your financial representative or Customer Service. • Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.		• Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.




By phone
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the ACH system. • Complete the “To Purchase, Exchange or Redeem Shares via Telephone” and “Bank Information” sections on your account application. • Call EASI-Line for automated service. • Call Customer Service between 8:30 a.m. and 5:00 p.m., Eastern Time on most business days.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Large Cap Equity Fund – Your account


		To sell some or all of your shares

By letter
• Accounts of any type. • Sales of any amount.		• Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the fund’s name(s) in which the account is registered and the dollar value or number of shares you wish to sell. • Include all signatures and any additional documents that may be required (see next page). • Mail the materials to Signature Services. • A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction. • Certain requests will require a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.



By phone
Amounts up to $100,000. • Most accounts.		• Redemption proceeds of up to $100,000 may be sent by wire or by check. A check will be mailed to the exact name(s) and address on the account. • To place your request with a representative at John Hancock Funds, call Customer Service between 8:30 a.m. and 5:00 p.m., Eastern Time on most business days or your financial representative.



Amounts up to $5 million
• Available to the following types of accounts: custodial held by banks, trust companies or broker-dealers; endowments and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans and all John Hancock custodial retirement accounts).		• Redemption proceeds exceeding $100,000 must be wired to your designated bank account. • Redemption proceeds exceeding $100,000 and sent by check will require a letter of instruction with a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.



By wire or electronic funds transfer (EFT)
• Requests by letter to sell any amount. • Qualified requests by phone to sell up to $5 million (accounts with telephone redemption privileges).		• To verify that the Internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Customer Service. • Amounts of $5 million or more will be wired the next business day. • Amounts up to $100,000 may be sent by EFT or by check. Funds from EFT transactions are generally available by the second business day. Your bank may charge you a fee for this service.



By exchange
• Accounts of any type. • Sales of any amount.		• Obtain a current prospectus for the fund into which you are exchanging by calling your financial representative or Customer Service. • You may only exchange Class I shares for other Class I shares or Money Market Fund Class A shares. • Call your financial representative or Customer Service to request an exchange.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Large Cap Equity Fund – Your account

Selling shares in writing


•	your address of record has changed within the past 30 days;

•	you are selling more than $100,000 worth of shares and are requesting payment by check;


•	you are selling more than $5 million worth of shares from the following types of accounts: custodial accounts held by banks, trust companies or broker-dealers; endowment and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans and all John Hancock custodial retirement accounts); or


•	you are requesting payment other than by a check mailed to the address of record and payable to the registered owner(s).


Seller		Requirements for written requests

Owners of individual, joint or UGMA/UTMA accounts (custodial accounts for minors)		• Letter of instruction. • On the letter, the signatures of all persons authorized to sign for the account, exactly as the account is registered. • Medallion signature guarantee, if applicable (see above).

Owners of corporate, sole proprietorship, general partner or association accounts		• Letter of instruction. • Corporate business/organization resolution, certified within the past 12 months, or a John Hancock funds business/organization certification form. • On the letter and the resolution, the signature of the person(s) authorized to sign for the account. • Medallion signature guarantee, if applicable (see above).

Owners or trustees of trust accounts		• Letter of instruction. • On the letter, the signature(s) of the trustee(s). • Copy of the trust document, certified within the past 12 months, or a John Hancock funds trust certification form. • Medallion signature guarantee, if applicable (see above).

Joint tenancy shareholders with rights of survivorship with a deceased co-tenant(s)		• Letter of instruction signed by surviving tenant. • Copy of death certificate. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).

Executors of shareholder estates		• Letter of instruction signed by executor. • Copy of order appointing executor, certified within the past 12 months. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).

Administrators, conservators, guardians and other sellers or account types not listed above		• Call the Customer Service telephone number below for instructions.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Large Cap Equity Fund – Your account

Valuation of shares

The NAV per share for each class of the fund is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m. Eastern Time). The fund generally values its portfolio of equity securities and other investments using closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available or are considered by the adviser to be unreliable, the fund may use a security’s fair value. Fair value is the valuation of a security determined on the basis of factors other than market value in accordance with procedures approved by the board of trustees. All methods of determining the value of a security used by the fund, including those discussed below, on a basis other than market value, are forms of fair value. The use of fair value pricing by the fund may cause the NAV of its shares to differ from the net asset value that would be calculated only using market prices. The adviser may determine that the closing market price no longer accurately reflects the value of a security for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by the fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the fund determines its net asset value. In those circumstances when the fund believes the price of the security may be affected, the fund uses the fair value of the security. In certain circumstances the fund may use a pricing service for this purpose. Foreign stocks or other portfolio securities held by the fund may trade on U.S. holidays and weekends, even though the fund’s shares will not be priced on those days. This may change the fund’s NAV on days when you cannot buy or sell fund shares. For market prices and quotations, as well as for some fair value methods, the fund relies upon securities prices provided by pricing services. Certain types of securities, including some fixed-income securities, are regularly priced using fair value rather than market prices. The fund uses a pricing matrix to determine the value of fixed-income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed-income securities. The fund values debt securities with remaining maturities of 60 days or less at amortized cost. For more information on the valuation of shares, please see the SAI.

Buy and sell prices

When you buy shares, you pay the NAV. When you sell shares, you receive the NAV.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider sending your request in writing.

Telephone transactions

Exchanges

Excessive trading

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund reserves the right to restrict, reject or cancel (with respect to cancellations, within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may in its discretion restrict, reject or cancel a purchase or exchange order even if the transaction is not subject to the specific “Limitation on exchange activity” described below if the fund or its agent determines that accepting the order could interfere with the efficient management of the fund’s portfolio or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the fund rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with applicable law, the processing of exchange requests in the event that, in the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the fund’s NAV at the conclusion of the delay period. The fund, through its agent in its sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

Large Cap Equity Fund – Your account

Limitation on exchange activity

Pursuant to the policies and procedures adopted by the board of trustees, the fund, or its agent, may reject or cancel a purchase order, suspend or terminate the exchange privilege or terminate the ability of an investor to invest in John Hancock Funds, if the fund, or its agent, determines that a proposed transaction involves market timing or disruptive trading that it believes is likely to be detrimental to the fund. The fund, or its agent, cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Exchanges made on the same day in the same account are aggregated for purposes of counting the number and dollar amount of exchanges made by the account holder. The exchange limits referenced above will not be imposed or may be modified under certain circumstances. For example, these exchange limits may be modified for accounts held by certain retirement plans to conform to plan exchange limits, ERISA considerations or Department of Labor regulations. Certain automated or pre-established exchange, asset-allocation and dollar-cost-averaging programs are not subject to these exchange limits. These programs are excluded from the exchange limitation since the fund believes that it is advantageous to shareholders and does not offer an effective means for market timing or excessive trading strategies. These investment tools involve regular and predetermined purchase or redemption requests made well in advance of any knowledge of events affecting the market on the date of the purchase or redemption.

Limitation on the ability to detect and curtail excessive trading practices

Shareholders seeking to engage in excessive trading practices sometimes deploy a variety of strategies to avoid detection and, despite the efforts of the fund to prevent its excessive trading, there is no guarantee that the fund or its agents will be able to identify such shareholders or curtail its trading practices. The ability of the fund and its agents to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. Because the fund will not always be able to detect frequent trading activity, investors should not assume that the fund will be able to detect or prevent all frequent trading or other practices that disadvantage the fund. For example, the ability of the fund to monitor trades that are placed by omnibus or other nominee accounts is limited in those instances in which the financial intermediary, including a financial adviser, broker, retirement plan administrator or fee-based program sponsor, maintains the records of the fund’s underlying beneficial owners. Omnibus or other nominee account arrangements are common forms of holding shares of the fund, particularly among certain financial intermediaries, such as financial advisers, brokers, retirement plan administrators or fee-based program sponsors. These arrangements often permit the financial intermediary to aggregate its clients’ transactions and ownership positions and do not identify the particular underlying shareholder(s) to the fund. However, the fund will work with financial intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and to impose restrictions on excessive trades. In this regard, the fund has entered into information sharing agreements with financial intermediaries pursuant to which these intermediaries are required to provide to the fund, at the fund’s request, certain information relating to their customers investing in the fund through omnibus or other nominee accounts. The fund will use this information to attempt to identify excessive trading practices. Financial intermediaries are contractually required to follow any instructions from the fund to restrict or prohibit future purchases from shareholders that are found to have engaged in excessive trading in violation of the fund’s policies. The fund cannot guarantee the accuracy of the information provided to it from financial intermediaries and so cannot ensure that it will be able to detect abusive trading practices that occur through omnibus or other nominee accounts. As a consequence, the fund’s ability to monitor and discourage excessive trading practices in these types of accounts may be limited.

Excessive trading risk

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:


•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Account information

Large Cap Equity Fund – Your account

John Hancock Funds, LLC may close your account, redeem your shares at the next NAV and take any other steps that it deems reasonable.

Certificated shares

Sales in advance of purchase payments

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment) that affects your account balance

•	after any changes of name or address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

Dividend reinvestments

Taxability of dividends

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Fund securities

Large Cap Equity Fund – Your account

Small Cap Intrinsic Value Fund

Two documents are available with further information on the fund:

Annual/Semiannual report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510

By EASI-Line: 1-800-597-1897

By phone: 1-888-972-8696

By TDD: 1-800-554-6713

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room, call 1-202-551-8090

For further information on this or any John Hancock fund or service, call 1-888-972-8696 or go to www.jhfunds.com.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Electronic delivery now available at

www.jhfunds.com/edelivery

Fund summary

John Hancock

Day-to-day investment management: MFC Global Investment Management (U.S.), LLC

Class / Ticker I JHIIX

Goal and strategy

The fund seeks long-term capital appreciation.

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Certain derivatives could produce disproportionate losses.

•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.

•	Foreign investments carry additional risks, including potentially unfavorable currency exchange rates, inadequate or inaccurate financial information, and social or political instability.


•	Any bonds held by the fund could be downgraded in credit quality or go into default. Bond prices generally fall when interest rates rise and longer maturity will increase volatility. Junk bond prices can fall on bad news about the economy, an industry or a company.

Small Cap Intrinsic Value Fund – Fund summary

Past performance

Calendar year total returns – Class I (%)

Best quarter: Q4 ’06, 14.89 Worst quarter: Q4 ’07, –4.13

2006

2007

29.55

10.39


Average annual total returns (%)	1 Year		Inception

as of 12-31-07				2-28-05

Class I before tax		10.39		20.09

After tax on distributions		9.42		18.32

After tax on distributions, with sale		6.75		16.31

Russell 2000 Index		−1.57		8.18

Calendar year total returns

Average annual total returns

Performance of a broad-based index is included for comparison. Indexes have no sales charges and you cannot invest in them directly. All figures assume dividend reinvestment.

Russell 2000 Index, an unmanaged index of 2,000 U.S. small-capitalization companies.

Investor costs


Annual operating expenses (%)	Class I

Management fee		0.90

Other expenses		0.20

Total fund operating expenses		1.10

Expense example

A hypothetical example showing the expenses on a $10,000 investment during the various time frames is provided below. The example assumes a 5% average annual return and the reinvestment of all dividends The example is for comparison only and does not reflect actual expenses and returns, either past or future.


Expense example ($)	Class I

1 Year		112

3 Years		350

5 Years		606

10 Years		1,340

Annual operating expenses

These are paid from fund assets; shareholders, therefore, pay these costs indirectly.

Small Cap Intrinsic Value Fund – Fund summary

Fund details

Main risks

Derivatives risk

Foreign investment risk

Interest rate risk

Management risk

Medium- and lower-quality bonds risk

These typically are more sensitive to market or economic shifts and more likely to default, when compared to higher quality bonds. A bond’s credit rating is a reflection of an independent rating agency’s assessment of the issuer’s ability to make timely payments of principal and interest. An agency may lower the rating of a bond if it believes the issuer’s creditworthiness has become weaker. This may occur for reasons related to the overall bond market, the issuer’s industry or sector, the issuer itself or the structure of the bond.

Small company risk

Stocks of small companies tend to be more volatile than those of large-or medium-size companies, and may underperform stocks of either large- or medium-size companies over any given period of time. Stock investing risk and liquidity risk may be greater for securities of small companies as compared to mid-cap or large-cap companies. Small-cap companies may have limited product lines or markets, less access to financial resources or less operating experience, or may depend on a few key employees. Stocks of small-cap companies may not be widely known to investors and may be thinly traded or may trade only in certain markets, making it difficult to buy or sell them in large volume.

Stock investing risk

The value of your investment will go up and down in response to stock market movements. Stock prices typically change every day that stock markets are open. The performance of any given stock, group of stocks or the market as a whole may be negative when measured over any particular period, short or long. Because the fund invests for the long term and does not attempt to time the market, it may remain invested in stocks even during long periods of negative performance. Numerous factors can cause stock prices to fall, ranging from a decline in the financial health of the issuing company to a decline in investor sentiment generally. Stocks may decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs or overseas competition. The stock market as a whole may decline due to general factors, such as real or perceived adverse economic conditions, significant events, changes in the general outlook for corporate earnings, or changes in interest or currency rates. If an individual company goes out of business, the company’s bond holders have first claim on any remaining assets, which in practice generally means that the company’s stock becomes worthless.

Additional risk

Liquidity risk

Small Cap Intrinsic Value Fund – Fund details

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Oversee the fund’s business activities and retain the services of the various firms that carry out the fund’s operations. The trustees have the power to change investment goals without shareholder approval. The trustees also have the power to change the focus of fund’s 80% investment policy without shareholder approval. The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

Subadviser

Handles the fund’s day-to-day portfolio management.

MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Below are brief biographical profiles of the leaders of the fund’s investment management team, in alphabetical order. These managers share portfolio management responsibilities. For more about these individuals, including information about their compensation, other accounts they manage and any investments they may have in the fund, see the SAI.

Roger C. Hamilton


•	Joined fund team in 2008

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005-2007)

•	Vice president, John Hancock Advisers, LLC (2003-2005)

•	Analyst, John Hancock Advisers, LLC (1994-2003)

•	Began business career in 1979

Timothy M. Malloy


•	Managed fund since it began in 2005

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005-2007)

•	Second vice president, John Hancock Advisers, LLC (2004–2005)

•	Investment analyst, Thomas Weisel Partners (2000–2004)

•	Began business career in 1993

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s NAV.

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends, and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Small Cap Intrinsic Value Fund – Fund details

Class I Shares


Per share operating performance	period ended 12-31-05^1,2			12-31-06			12-31-07

Net asset value, beginning of period		$10.00			$10.89			$13.80

Net investment income (loss)³		0.02			(0.03	)⁴		0.09

Net realized and unrealized gain on investments		1.72			3.24			1.34

Total from investment operations		1.74			3.21			1.43

Less distributions

From net investment income		—			—			(0.01	)

From net realized gain		(0.85	)		(0.30	)		(0.37	)

		(0.85	)		(0.30	)		(0.38	)

Net asset value, end of period		$10.89			$13.80			$14.85

Total return⁵(%)		17.58	^6,7		29.55	⁷		10.39



Ratios and supplemental data

Net assets, end of period (in millions)		—	⁸		$1			$82

Ratio of net expenses to average net assets (%)		1.15	¹⁰		1.20			1.09	¹¹

Ratio of gross expenses to average net assets (%)		4.59	^9,10		1.78	⁹		1.10

Ratio of net investment income (loss) to average net assets (%)		0.22	¹⁰		(0.27	)⁴		0.57

Portfolio turnover (%)		97	⁶		82			32


1		Audited by previous Independent Registered Public Accounting Firm.


2		Beginning of operations from 2-28-05 to 12-31-05.


3		Based on the average of the shares outstanding during the period.


4		Net investment loss per share and ratio of net investment loss to average net assets reflects a special dividend received by the Fund which mounted to $0.03 per share and 0.23% of average net assets.


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


6		Not annualized.


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


8		Less than $500,000.


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


10		Annualized.


11		Includes transfer agent fee earned credits of less than 0.01% to average net assets.

Small Cap Intrinsic Value Fund – Fund details

Your account


•	Retirement and other benefit plans

•	Endowment funds and foundations

•	Any state, county or city, or its instrumentality, department, authority or agency

•	Accounts registered to insurance companies, trust companies and bank trust departments

•	Investment companies both affiliated and not affiliated with the adviser

•	Investors who participate in fee-based, wrap and other investment platform programs

•	Any entity that is considered a corporation for tax purposes

•	Fund trustees and other individuals who are affiliated with this fund or other John Hancock funds


1	Read this prospectus carefully.

2	Determine if you are eligible, by referring to “Who can buy shares” above.

3	Determine how much you want to invest. The minimum initial investment is $250,000. The minimum initial investment requirement may be waived, in the fund’s sole discretion, for investors in certain fee-based, wrap or other investment platform programs that do not require the fund to pay any type of administrative payments per shareholder account to any third party. The fund may waive the minimum initial investment for other categories of investors at its discretion. There are no minimum investment requirements for subsequent purchases to existing accounts.

4	All shareholders must complete the account application, carefully following the instructions. If you have any questions, contact your financial representative or call Signature Services at 1-888-972-8696.

5	Make your initial investment using the table on the next page.

Important information about opening a new account

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

For investors other than individuals When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN) and may be requested to provide information on persons with authority or control over the account, such as name, residential address, date of birth and Social Security number. You may also be asked to provide documents, such as articles of incorporation, trust instruments or partnership agreements and other information that will help Signature Services identify the entity. Please see the Mutual Fund Account Application for more details.

Other classes of shares of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

The SAI discusses the distributor’s revenue sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the distributor or the fund, as well as about fees and/or commissions it charges.

The distributor, investment adviser and their affiliates may have other relationships with your firm relating to the provisions of services to the fund, such as providing omnibus account services, transaction processing services or effecting portfolio transactions for the fund. If your intermediary provides these services, the investment adviser or the fund may compensate the intermediary for these services. In addition, your intermediary may have other compensated relationships with the investment adviser or its affiliates that are not related to the fund.

Small Cap Intrinsic Value Fund – Your account


Opening an account		Adding to an account

By check
• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.”		• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.”
• Deliver the check and your completed application to your financial representative or mail them to Signature Services (address below).		• If your account statement has a detachable investment slip, please complete in its entirety. If no slip is available, include a note specifying the fund name(s), the share class, your account number and the name(s) in which the account is registered. • Deliver the check and your investment slip or note to your financial representative or mail them to Signature Services (address below).




By exchange
• Call your financial representative or Customer Service to request an exchange.		• Call your financial representative or Customer Service to request an exchange.
		• You may only exchange Class I shares for other Class I shares or Money Market Class A shares.




By wire
• Deliver your completed application to your financial representative or mail it to Signature Services. • Obtain account number by calling your financial representative or Customer Service. • Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.		• Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.




By phone
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the ACH system. • Complete the “To Purchase, Exchange or Redeem Shares via Telephone” and “Bank Information” sections on your account application. • Call EASI-Line for automated service. • Call Customer Service between 8:30 a.m. and 5:00 p.m., Eastern Time on most business days.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Small Cap Intrinsic Value Fund – Your account


		To sell some or all of your shares

By letter
• Accounts of any type. • Sales of any amount.		• Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the fund’s name(s) in which the account is registered and the dollar value or number of shares you wish to sell. • Include all signatures and any additional documents that may be required (see next page). • Mail the materials to Signature Services. • A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction. • Certain requests will require a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.




By phone
Amounts up to $100,000 • Most accounts		• Redemption proceeds of up to $100,000 may be sent by wire or by check. A check will be mailed to the exact name(s) and address on the account. • To place your request with a representative at John Hancock Funds, call Customer Service between 8:30 a.m. and 5:00 p.m., Eastern Time on most business days or your financial representative.




Amounts up to $5 million
• Available to the following types of accounts: custodial held by banks, trust companies or broker-dealers; endowments and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans and all John Hancock custodial retirement accounts).		• Redemption proceeds exceeding $100,000 must be wired to your designated bank account. • Redemption proceeds exceeding $100,000 and sent by check will require a letter of instruction with a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.




By wire or electronic funds transfer (EFT)
• Requests by letter to sell any amount • Qualified requests by phone to sell up to $5 million (accounts with telephone redemption privileges).		• To verify that the Internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Customer Service. • Amounts of $5 million or more will be wired the next business day. • Amounts up to $100,000 may be sent by EFT or by check. Funds from EFT transactions are generally available by the second business day. Your bank may charge you a fee for this service.




By exchange
• Accounts of any type. • Sales of any amount.		• Obtain a current prospectus for the fund into which you are exchanging by calling your financial representative or Customer Service. • You may only exchange Class I shares for other Class I shares or Money Market Fund Class A shares. • Call your financial representative or Customer Service to request an exchange.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Small Cap Intrinsic Value Fund – Your account

Selling shares in writing


•	your address of record has changed within the past 30 days;

•	you are selling more than $100,000 worth of shares and are requesting payment by check;


•	you are selling more than $5 million worth of shares from the following types of accounts: custodial accounts held by banks, trust companies or broker-dealers; endowment and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans and all John Hancock custodial retirement accounts); or


•	you are requesting payment other than by a check mailed to the address of record and payable to the registered owner(s).


Seller		Requirements for written requests

Owners of individual, joint or UGMA/UTMA accounts (custodial accounts for minors)		• Letter of instruction. • On the letter, the signatures of all persons authorized to sign for the account, exactly as the account is registered. • Medallion signature guarantee, if applicable (see above).




Owners of corporate, sole proprietorship, general partner or association accounts		• Letter of instruction. • Corporate business/organization resolution, certified within the past 12 months, or a John Hancock funds business/organization certification form. • On the letter and the resolution, the signature of the person(s) authorized to sign for the account. • Medallion signature guarantee, if applicable (see above).




Owners or trustees of trust accounts		• Letter of instruction. • On the letter, the signature(s) of the trustee(s). • Copy of the trust document, certified within the past 12 months, or a John Hancock funds trust certification form. • Medallion signature guarantee, if applicable (see above).




Joint tenancy shareholders with rights of survivorship with a deceased co-tenant(s)		• Letter of instruction signed by surviving tenant. • Copy of death certificate. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Executors of shareholder estates		• Letter of instruction signed by executor. • Copy of order appointing executor, certified within the past 12 months. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Administrators, conservators, guardians and other sellers or account types not listed above		• Call the Customer Service telephone number below for instructions.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Small Cap Intrinsic Value Fund – Your account

Valuation of shares

The NAV per share for each class of the fund is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m., Eastern Time). The fund generally values its portfolio of equity securities and other investments using closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available or are considered by the adviser to be unreliable, the fund may use a security’s fair value. Fair value is the valuation of a security determined on the basis of factors other than market value in accordance with procedures approved by the board of trustees. All methods of determining the value of a security used by the fund, including those discussed below, on a basis other than market value, are forms of fair value. The use of fair value pricing by the fund may cause the NAV of its shares to differ from the net asset value that would be calculated only using market prices. The adviser may determine that the closing market price no longer accurately reflects the value of a security for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by the fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the fund determines its net asset value. In those circumstances when the fund believes the price of the security may be affected, the fund uses the fair value of the security. In certain circumstances the fund may use a pricing service for this purpose. Foreign stocks or other portfolio securities held by the fund may trade on U.S. holidays and weekends, even though the fund’s shares will not be priced on those days. This may change the fund’s NAV on days when you cannot buy or sell fund shares. For market prices and quotations, as well as for some fair value methods, the fund relies upon securities prices provided by pricing services. Certain types of securities, including some fixed-income securities, are regularly priced using fair value rather than market prices. The fund uses a pricing matrix to determine the value of fixed-income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed-income securities. The fund values debt securities with remaining maturities of 60 days or less at amortized cost. For more information on the valuation of shares, please see the SAI.

Buy and sell prices

When you buy shares, you pay the NAV. When you sell shares, you receive the NAV.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider sending your request in writing.

Telephone transactions

Exchanges

Excessive trading

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund reserves the right to restrict, reject or cancel (with respect to cancellations, within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may in its discretion restrict, reject or cancel a purchase or exchange order even if the transaction is not subject to the specific “Limitation on exchange activity” described below if the fund or its agent determines that accepting the order could interfere with the efficient management of the fund’s portfolio or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the fund rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with applicable law, the processing of exchange requests in the event that, in the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the fund’s NAV at the conclusion of the delay period. The fund, through its agent in its sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

Small Cap Intrinsic Value Fund – Your account

Limitation on exchange activity

Pursuant to the policies and procedures adopted by the board of trustees, the fund, or its agent, may reject or cancel a purchase order, suspend or terminate the exchange privilege or terminate the ability of an investor to invest in John Hancock Funds, if the fund, or its agent, determines that a proposed transaction involves market timing or disruptive trading that it believes is likely to be detrimental to the fund. The fund, or its agent, cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Exchanges made on the same day in the same account are aggregated for purposes of counting the number and dollar amount of exchanges made by the account holder. The exchange limits referenced above will not be imposed or may be modified under certain circumstances. For example, these exchange limits may be modi-fied for accounts held by certain retirement plans to conform to plan exchange limits, ERISA considerations or Department of Labor regulations. Certain automated or pre-established exchange, asset-allocation and dollar-cost-averaging programs are not subject to these exchange limits. These programs are excluded from the exchange limitation since the fund believes that it is advantageous to shareholders and does not offer an effective means for market timing or excessive trading strategies. These investment tools involve regular and predetermined purchase or redemption requests made well in advance of any knowledge of events affecting the market on the date of the purchase or redemption.

Limitation on the ability to detect and curtail excessive trading practices

Shareholders seeking to engage in excessive trading practices sometimes deploy a variety of strategies to avoid detection and, despite the efforts of the fund to prevent its excessive trading, there is no guarantee that the fund or its agents will be able to identify such shareholders or curtail its trading practices. The ability of the fund and its agents to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. Because the fund will not always be able to detect frequent trading activity, investors should not assume that the fund will be able to detect or prevent all frequent trading or other practices that disadvantage the fund. For example, the ability of the fund to monitor trades that are placed by omnibus or other nominee accounts is limited in those instances in which the financial intermediary, including a financial adviser, broker, retirement plan administrator or fee-based program sponsor, maintains the records of the fund’s underlying beneficial owners. Omnibus or other nominee account arrangements are common forms of holding shares of the fund, particularly among certain financial intermediaries, such as financial advisers, brokers, retirement plan administrators or fee-based program sponsors. These arrangements often permit the financial intermediary to aggregate its clients’ transactions and ownership positions and do not identify the particular underlying shareholder(s) to the fund. However, the fund will work with financial intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and to impose restrictions on excessive trades. In this regard, the fund has entered into information sharing agreements with financial intermediaries pursuant to which these intermediaries are required to provide to the fund, at the fund’s request, certain information relating to their customers investing in the fund through omnibus or other nominee accounts. The fund will use this information to attempt to identify excessive trading practices. Financial intermediaries are contractually required to follow any instructions from the fund to restrict or prohibit future purchases from shareholders that are found to have engaged in excessive trading in violation of the fund’s policies. The fund cannot guarantee the accuracy of the information provided to it from financial intermediaries and so cannot ensure that it will be able to detect abusive trading practices that occur through omnibus or other nominee accounts. As a consequence, the fund’s ability to monitor and discourage excessive trading practices in these types of accounts may be limited.

Excessive trading risk

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:


•	A fund that invests a significant portion of its assets in small-or mid-capitalization stocks or securities in particular industries, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities (referred to as price arbitrage).

•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Small Cap Intrinsic Value Fund – Your account

Account information

Certificated shares

Sales in advance of purchase payments

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment) that affects your account balance

•	after any changes of name or address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

Dividend reinvestments

Taxability of dividends

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Fund securities

Small Cap Intrinsic Value Fund – Your account

Two documents are available with further information on the fund:

Annual/Semiannual Report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510

By EASI-Line: 1-800-597-1897

By phone: 1-888-972-8696

By TDD: 1-800-554-6713

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room, call 1-202-551-8090

For further information on this or any John Hancock fund or service, call 1-888-972-8696 or go to www.jhfunds.com.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Electronic delivery now available at

www.jhfunds.com/edelivery

Fund summary

John Hancock

Sovereign Investors Fund

Day-to-day investment management: Sovereign Asset Management, a division of MFC Global Investment Management (U.S.), LLC

Class / Ticker I SOIIX

Goal and strategy

The fund seeks long-term growth of capital and income without assuming undue market risks.

At least 65% of the fund’s stock investments are “dividend performers” — companies whose dividend payments have increased steadily for ten years. In managing the portfolio, the managers use fundamental financial analysis to identify individual companies with high-quality income statements, substantial cash reserves and identifiable catalysts for growth, which may be new products or benefits from industrywide growth. The managers generally visit companies to evaluate the strength and consistency of their management strategy. Finally, the managers look for stocks that are reasonably priced relative to their earnings and industry.

Under normal conditions, the fund may not invest more than 10% of assets in cash or cash equivalents.

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

The fund’s management strategy has a significant influence on fund performance. Large-capitalization stocks as a group could fall out of favor with the market, causing the fund to underperform investments that focus on medium- or large-capitalization stocks. In addition, if the managers’ security selection strategies do not perform as expected, the fund could underperform its peers or lose money.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Certain derivatives could produce disproportionate losses.

•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.

•	Foreign investments carry additional risks, including potentially unfavorable currency exchange rates, inadequate or inaccurate financial information, and social or political instability.


•	Any bonds held by the fund could be downgraded in credit quality or go into default. Bond prices generally fall when interest rates rise and longer maturity will increase volatility. Junk bond prices can fall on bad news about the economy, an industry or a company.

Sovereign Investors Fund – Fund summary

Past performance


Calendar year total returns – Class I (%)

Best quarter: Q2 ’07, 7.22 Worst quarter: Q3 ’04, −2.25




	2004	2005	2006	2007
	5.73	2.76	15.21	8.35


Average annual total returns (%)	1 Year		Inception

as of 12-31-07				12-1-03

Class I before tax		8.35		8.74

After tax on distributions		6.27		7.15

After tax on distributions, with sale		7.50		7.14

Standard & Poor’s 500 Index		5.49		10.06

Calendar year total returns

Average annual total returns

Performance of a broad-based index is included for comparison. Indexes have no sales charges and you cannot invest in them directly. All figures assume dividend reinvestment.

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

Investor costs


Annual operating expenses (%)	Class I

Management fee		0.59

Other expenses		0.12

Total fund operating expenses		0.71

Expense example

A hypothetical example showing the expenses on a $10,000 investment during the various time frames is provided below. The example assumes a 5% average annual return and the reinvestment of all dividends The example is for comparison only and does not reflect actual expenses and returns, either past or future.


Expense example ($)	Class I

1 Year		73

3 Years		227

5 Years		395

10 Years		883

Annual operating expenses

These are paid from fund assets; shareholders, therefore, pay these costs indirectly.

Sovereign Investors Fund – Fund summary

Fund details

Main risks

Derivatives risk

Foreign investment risk

Interest rate risk

Management risk

Medium- and lower-quality bonds risk

Stock investing risk

The value of your investment will go up and down in response to stock market movements. Stock prices typically change every day that stock markets are open. The performance of any given stock, group of stocks or the market as a whole may be negative when measured over any particular period, short or long. Because the fund invests for the long term and does not attempt to time the market, it may remain invested in stocks even during long periods of negative performance. Numerous factors can cause stock prices to fall, ranging from a decline in the financial health of the issuing company to a decline in investor sentiment generally. Stocks may decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs or overseas competition. The stock market as a whole may decline due to general factors, such as real or perceived adverse economic conditions, significant events, changes in the general outlook for corporate earnings, or changes in interest or currency rates. If an individual company goes out of business, the company’s bond holders have first claim on any remaining assets, which in practice generally means that the company’s stock becomes worthless.

Additional risk

Liquidity risk

Sovereign Investors Fund – Fund details

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Oversee the fund’s business activities and retain the services of the various firms that carry out the funds operations.

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

Subadviser

Handles the fund’s day-to-day portfolio management.

Sovereign Asset Management, a division of
MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Barry H. Evans, CFA


•	Joined fund team in 1996

•	Investment strategy and decisions

•	President and chief fixed-income officer, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Senior Vice president, chief fixed-income officer and chief operating officer, John Hancock Advisers, LLC (1986–2005)

•	Began business career in 1986

Christopher P. O’Keefe, CFA


•	Joined fund team in 2007

•	Analysis of specific issuers

•	Vice president, MFC Global Investment Management (U.S.), LLC (since 2001)

•	Equity portfolio manager and director of research, Compu-Val Investments (1995–2001)

•	Began business career in 1987

Christopher J. Perry, CFA


•	Joined fund team in 2007

•	Analysis of specific issuers

•	Vice president, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Portfolio manager and senior security analyst, Turner Investment Partners (1998–2005)

•	Began business career in 1990

John F. Snyder III


•	Joined fund team in 1983

•	Investment strategy and decisions

•	Executive vice president, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Executive vice president, John Hancock Advisers, LLC (1991–2005)

•	Began business career in 1971

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends, and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Sovereign Investors Fund – Fund details

Class I Shares


Per share operating performance	period ended 12-31-03^1,2			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$18.09			$18.74			$19.54			$18.51			$18.93

Net investment income³		0.01			0.26			0.27			0.28			0.30

Net realized and unrealized gain on investments		0.67			0.80			0.27			2.52			1.29

Total from investment operations		0.68			1.06			0.54			2.80			1.59

Less distributions

From net investment income		(0.03	)		(0.26	)		(0.27	)		(0.31	)		(0.29	)

From net realized gain		—			—			(1.30	)		(2.07	)		(1.94	)

		(0.03	)		(0.26	)		(1.57	)		(2.38	)		(2.23	)

Net asset value, end of period		$18.74			$19.54			$18.51			$18.93			$18.29

Total return⁴(%)		3.78	⁵		5.73			2.76			15.21			8.35




Ratios and supplemental data

Net assets, end of period (in millions)		$3			$3			$3			—	⁶		—	⁶

Ratio of expenses to average net assets (%)		0.70	⁷		0.72			0.72			0.71			0.71	⁹

Ratio of net investment income to average net assets (%)		0.92	⁷		1.38			1.40			1.44			1.54

Portfolio turnover (%)		47	⁸		20			30			36			46


1		Audited by previous Independent Registered Public Accounting Firm.


2		Class I shares began operations on 12-1-03.


3		Based on the average of the shares outstanding.


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


5		Not annualized.


6		Less than $500,000.


7		Annualized.


8		Portfolio turnover shown is calculated for the Fund for the full fiscal year.


9		Includes transfer agent fee earned credits of less than 0.01% to average net assets.

Sovereign Investors Fund – Fund details

Your account


•	Retirement and other benefit plans

•	Endowment funds and foundations

•	Any state, county or city, or its instrumentality, department, authority or agency

•	Accounts registered to insurance companies, trust companies and bank trust departments

•	Investment companies both affiliated and not affiliated with the adviser

•	Investors who participate in fee-based, wrap and other investment platform programs

•	Any entity that is considered a corporation for tax purposes

•	Fund trustees and other individuals who are affiliated with this fund or other John Hancock funds


1	Read this prospectus carefully.

2	Determine if you are eligible, by referring to “Who can buy shares” above.

3	Determine how much you want to invest. The minimum initial investment is $250,000. The minimum initial investment requirement may be waived, in the fund’s sole discretion, for investors in certain fee-based, wrap or other investment platform programs that do not require the fund to pay any type of administrative payments per shareholder account to any third party. The fund may waive the minimum initial investment for other categories of investors at its discretion. There are no minimum investment requirements for subsequent purchases to existing accounts.

4	All shareholders must complete the account application, carefully following the instructions. If you have any questions, contact your financial representative or call Signature Services at 1-888-972-8696.

5	Make your initial investment using the table on the next page.

Important information about opening a new account

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

For investors other than individuals When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN) and may be requested to provide information on persons with authority or control over the account, such as name, residential address, date of birth and Social Security number. You may also be asked to provide documents, such as articles of incorporation, trust instruments or partnership agreements and other information that will help Signature Services identify the entity. Please see the Mutual Fund Account Application for more details.

Other classes of shares of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

The SAI discusses the distributor’s revenue sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the distributor or the fund, as well as about fees and/or commissions it charges.

Sovereign Investors Fund – Your account


Opening an account		Adding to an account

By check
• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • Deliver the check and your completed application to your financial representative or mail them to Signature Services (address below).		• Make out a check for the investment amount, payable to “John Hancock Signature Services, Inc.” • If your account statement has a detachable investment slip, please complete in its entirety. If no slip is available, include a note specifying the fund name(s), the share class, your account number and the name(s) in which the account is registered. • Deliver the check and your investment slip or note to your financial representative or mail them to Signature Services (address below).




By exchange
• Call your financial representative or Customer Service to request an exchange.		• Call your financial representative or Customer Service to request an exchange. • You may only exchange Class I shares for other Class I shares or Money Market Class A shares.




By wire
• Deliver your completed application to your financial representative or mail it to Signature Services. • Obtain account number by calling your financial representative or Customer Service. • Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.		• Obtain wiring instructions by calling Customer Service. • Instruct your bank to wire the amount of your investment. Specify the fund name(s), the share class, your account number and the name(s) in which the account is registered. Your bank may charge a fee to wire funds.




By phone
See “By exchange” and “By wire.”		• Verify that your bank or credit union is a member of the ACH system. • Complete the “To Purchase, Exchange or Redeem Shares via Telephone” and “Bank Information” sections on your account application. • Call EASI-Line for automated service. • Call Customer Service between 8:30 a.m. and 5:00 p.m., Eastern Time on most business days.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Sovereign Investors Fund – Your account


		To sell some or all of your shares

By letter
• Accounts of any type. • Sales of any amount.		• Write a letter of instruction or complete a stock power indicating the fund name, the share class, your account number, the fund’s name(s) in which the account is registered and the dollar value or number of shares you wish to sell. • Include all signatures and any additional documents that may be required (see next page). • Mail the materials to Signature Services. • A check will be mailed to the name(s) and address in which the account is registered, or otherwise according to your letter of instruction. • Certain requests will require a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.




By phone
Amounts up to $100,000 • Most accounts		• Redemption proceeds of up to $100,000 may be sent by wire or by check. A check will be mailed to the exact name(s) and address on the account. • To place your request with a representative at John Hancock Funds, call Customer Service between 8:30 a.m. and 5:00 p.m., Eastern Time on most business days or your financial representative.




Amounts up to $5 million
• Available to the following types of accounts: custodial held by banks, trust companies or broker-dealers; endowments and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans and all John Hancock custodial retirement accounts).		• Redemption proceeds exceeding $100,000 must be wired to your designated bank account. • Redemption proceeds exceeding $100,000 and sent by check will require a letter of instruction with a Medallion signature guarantee. Please refer to “Selling shares in writing” on the next page.




By wire or electronic funds transfer (EFT)
• Requests by letter to sell any amount. • Qualified requests by phone to sell up to $5 million (accounts with telephone redemption privileges).		• To verify that the Internet or telephone redemption privilege is in place on an account, or to request the form to add it to an existing account, call Customer Service.
		• Amounts of $5 million or more will be wired the next business day. • Amounts up to $100,000 may be sent by EFT or by check. Funds from EFT transactions are generally available by the second business day. Your bank may charge you a fee for this service.




By exchange
• Accounts of any type. • Sales of any amount.		• Obtain a current prospectus for the fund into which you are exchanging by calling your financial representative or Customer Service. • You may only exchange Class I shares for other Class I shares or Money Market Fund Class A shares. • Call your financial representative or Customer Service to request an exchange.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Sovereign Investors Fund – Your account

Selling shares in writing


•	your address of record has changed within the past 30 days;

•	you are selling more than $100,000 worth of shares and are requesting payment by check;


•	you are selling more than $5 million worth of shares from the following types of accounts: custodial accounts held by banks, trust companies or broker-dealers; endowment and foundations; corporate accounts; group retirement plans; and pension accounts (excluding IRAs, 403(b) plans and all John Hancock custodial retirement accounts);


•	you are requesting payment other than by a check mailed to the address of record and payable to the registered owner(s).


Seller		Requirements for written requests

Owners of individual, joint or UGMA/UTMA accounts (custodial accounts for minors)		• Letter of instruction. • On the letter, the signatures of all persons authorized to sign for the account, exactly as the account is registered.
		• Medallion signature guarantee, if applicable (see above).




Owners of corporate, sole proprietorship, general partner or association accounts		• Letter of instruction. • Corporate business/organization resolution, certified within the past 12 months, or a John Hancock funds business/organization certification form. • On the letter and the resolution, the signature of the person(s) authorized to sign for the account. • Medallion signature guarantee, if applicable (see above).




Owners or trustees of trust accounts		• Letter of instruction. • On the letter, the signature(s) of the trustee(s). • Copy of the trust document, certified within the past 12 months, or a John Hancock funds trust certification form. • Medallion signature guarantee, if applicable (see above).




Joint tenancy shareholders with rights of survivorship with a deceased co-tenant(s)		• Letter of instruction signed by surviving tenant. • Copy of death certificate. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Executors of shareholder estates		• Letter of instruction signed by executor. • Copy of order appointing executor, certified within the past 12 months. • Medallion signature guarantee, if applicable (see above). • Inheritance tax waiver (if applicable).




Administrators, conservators, guardians and other sellers or account types not listed above		• Call the Customer Service telephone number below for instructions.



Regular mail	Express delivery	Web site	EASI-Line	Customer service
Mutual Fund Operations John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510	Mutual Fund Operations John Hancock Signature Services, Inc. 164 Corporate Drive Portsmouth, NH 03801	www.jhfunds.com	(24/7 automated service) 1-800-597-1897	1-888-972-8696

Sovereign Investors Fund – Your account

Valuation of shares

Buy and sell prices

When you buy shares, you pay the NAV. When you sell shares, you receive the NAV.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider sending your request in writing.

Telephone transactions

Exchanges

Excessive trading

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund reserves the right to restrict, reject or cancel (with respect to cancellations, within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may in its discretion restrict, reject or cancel a purchase or exchange order even if the transaction is not subject to the specific “Limitation on exchange activity” described below if the fund or its agent determines that accepting the order could interfere with the efficient management of the fund’s portfolio or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the fund rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with applicable law, the processing of exchange requests in the event that, in the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the fund’s NAV at the conclusion of the delay period. The fund, through its agent in its sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

Sovereign Investors Fund – Your account

Limitation on exchange activity

Pursuant to the policies and procedures adopted by the board of trustees, the fund, or its agent, may reject or cancel a purchase order, suspend or terminate the exchange privilege or terminate the ability of an investor to invest in John Hancock Funds, if the fund, or its agent, determines that a proposed transaction involves market timing or disruptive trading that it believes is likely to be detrimental to the fund. The fund, or its agent, cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Exchanges made on the same day in the same account are aggregated for purposes of counting the number and dollar amount of exchanges made by the account holder. The exchange limits referenced above will not be imposed or may be modified under certain circumstances. For example, these exchange limits may be modified for accounts held by certain retirement plans to conform to plan exchange limits, ERISA considerations or Department of Labor regulations. Certain automated or pre-established exchange, asset-allocation and dollar-cost-averaging programs are not subject to these exchange limits. These programs are excluded from the exchange limitation since the fund believes that it is advantageous to shareholders and does not offer an effective means for market timing or excessive trading strategies. These investment tools involve regular and predetermined purchase or redemption requests made well in advance of any knowledge of events affecting the market on the date of the purchase or redemption.

Limitation on the ability to detect and curtail excessive trading practices

Shareholders seeking to engage in excessive trading practices sometimes deploy a variety of strategies to avoid detection and, despite the efforts of the fund to prevent its excessive trading, there is no guarantee that the fund or its agents will be able to identify such shareholders or curtail its trading practices. The ability of the fund and its agents to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. Because the fund will not always be able to detect frequent trading activity, investors should not assume that the fund will be able to detect or prevent all frequent trading or other practices that disadvantage the fund. For example, the ability of the fund to monitor trades that are placed by omnibus or other nominee accounts is limited in those instances in which the financial intermediary, including a financial adviser, broker, retirement plan administrator or fee-based program sponsor, maintains the records of the fund’s underlying beneficial owners. Omnibus or other nominee account arrangements are common forms of holding shares of the fund, particularly among certain financial intermediaries, such as financial advisers, brokers, retirement plan administrators or fee-based program sponsors. These arrangements often permit the financial intermediary to aggregate its clients’ transactions and ownership positions and do not identify the particular underlying shareholder(s) to the fund. However, the fund will work with financial intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and to impose restrictions on excessive trades. In this regard, the fund has entered into information sharing agreements with financial intermediaries pursuant to which these intermediaries are required to provide to the fund, at the fund’s request, certain information relating to their customers investing in the fund through omnibus or other nominee accounts. The fund will use this information to attempt to identify excessive trading practices. Financial intermediaries are contractually required to follow any instructions from the fund to restrict or prohibit future purchases from shareholders that are found to have engaged in excessive trading in violation of the fund’s policies. The fund cannot guarantee the accuracy of the information provided to it from financial intermediaries and so cannot ensure that it will be able to detect abusive trading practices that occur through omnibus or other nominee accounts. As a consequence, the fund’s ability to monitor and discourage excessive trading practices in these types of accounts may be limited.

Excessive trading risk

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:


•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Account information

Sovereign Investors Fund – Your account

John Hancock Funds, LLC may close your account, redeem your shares at the next NAV and take any other steps that it deems reasonable.

Certificated shares

Sales in advance of purchase payments

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment) that affects your account balance

•	after any changes of name or address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

Dividend reinvestments

Taxability of dividends

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Fund securities

Sovereign Investors Fund – Your account

Global Opportunities Fund

Two documents are available with further information on the fund:

Annual/Semiannual report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Signature Services, Inc. P.O. Box 9510 Portsmouth, NH 03802-9510

By EASI-Line: 1-800-597-1897

By phone: 1-888-972-8696

By TDD: 1-800-554-6713

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room, call 1-202-551-8090

For further information on this or any John Hancock fund or service, call 1-888-972-8696 or go to www.jhfunds.com.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Electronic delivery now available at

www.jhfunds.com/edelivery

Fund summary

John Hancock

Day-to-day investment management: MFC Global Investment Management (U.S.), LLC

Class / Ticker NAV JGPNX

Goal and strategy

The fund seeks long-term capital appreciation.

The management team uses fundamental financial analysis to identify individual companies with substantial cash flows, reliable revenue streams, strong competitive positions and strong management. The fund may attempt to take advantage of short-term market volatility by investing in corporate restructurings or pending acquisitions.

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Certain derivatives could produce disproportionate losses.

•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.


•	Any bonds held by the fund could be downgraded in credit quality or go into default. Bond prices generally fall when interest rates rise and longer maturity. Junk bond prices can fall on bad news about the economy, an industry or a company.

Global Opportunities Fund – Fund summary

Past performance

Since Class NAV shares have no operational history, annual returns for Class I have been provided. Total expenses for Class NAV should be lower than those of Class I shares.

Calendar year total returns – Class I (%)

Best quarter: Q4 ’06, 13.56 Worst quarter: Q3 ’06, –1.25

2006

2007

23.74

33.48


Average annual total returns (%)	1 Year		Inception

as of 12-31-07				2-28-05

Class I before tax		33.48		26.94

After tax on distributions		32.49		25.34

After tax on distributions, with sale		22.13		22.68

S&P/Citigroup BMI Global Index		11.94		15.63

MSCI AC World Index*		11.66		14.76


*	Prior to September 1, 2007, the fund compared its performance to the MSCI AC World Index. The fund changed the index to which it compares its performance to the S&P/Citigroup BMI Global Index, which is more comparable to the investment strategy of the fund than the MSCI AC World Index.

Calendar year total returns

They are shown only for Class I and would be different for other classes. How a fund’s returns vary from year to year can give an idea of its risk; however, as always, past performance does not indicate future results. All figures assume dividend reinvestment.

Average annual total returns

Performance of broad-based indexes are included for comparison. Indexes have no sales charges and you cannot invest in them directly. All figures assume dividend reinvestment.

S&P/Citigroup BMI Global Index covers both developed and emerging economies and includes over 10,000 companies in more than 53 countries.

MSCI AC World Index, an unmanaged free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.

Fund details

Below are descriptions of the main factors that may play a role in shaping the funds overall risk profile. The descriptions appear in alphabetical order, not in order of importance. For further details about fund risks, including additional risk factors that are not discussed in this prospectus because they are not considered primary factors, see the fund’s Statement of Additional Information (SAI).

Main risks

Derivatives risk

The risks associated with derivatives vary widely, depending on the type of derivative involved and the way it is being used by the fund. With derivatives that create leverage, the fund could lose more money than it paid for the derivative. With some derivatives, the maximum loss is theoretically unlimited. When the fund uses a derivative for speculative purposes, the derivative could erode existing gains or add to existing losses. When the fund uses a derivative to cancel out other risks (hedging), that derivative can have the effect of lowering the fund’s overall risk. However, to the extent that the derivative does not serve as a perfect hedge, it can add to the funds overall risk. Because a derivative is a contract, there is also the risk that the counterparty may fail to honor its contractual responsibilities. If this happens, the fund could lose both the cost of the derivative and any benefit the derivative would have provided.

Foreign investment risk

Interest rate risk

Management risk

Medium- and lower-quality bonds risk

Small and medium company risk

Stocks of small and medium companies tend to be more volatile than those of large size companies, and may under perform stocks of large companies over any given period of time. Stock investing risk and liquidity risk may be greater for securities of small and medium companies as compared to mid-cap or large-cap companies. Small- and medium-cap companies may have limited product lines or markets, less access to financial resources or less operating experience, or may depend on a few key employees. Stocks of small and medium cap companies may not be widely known to investors and may be thinly traded or may trade only in certain markets, making it difficult to buy or sell them in large volume.

Stock investing risk

Numerous factors can cause stock prices to fall, ranging from a decline in the financial health of the issuing company to a decline in investor sentiment generally. Stocks may decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs or overseas competition. The stock market as a whole may decline due to general factors, such as real or perceived adverse economic conditions, significant events, changes in the general outlook for corporate earnings, or changes in interest or currency rates. If an individual company goes out of business, the company’s bond holders have first claim on any remaining assets, which in practice generally means that the company’s stock becomes worthless.

Additional risk

Liquidity risk

Global Opportunities Fund – Fund details

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

Subadviser

Handles the fund’s day-to-day portfolio management.

MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Below are brief biographical profiles of the leaders of the fund’s investment management team, in alphabetical order. These managers share portfolio management responsibilities. For more about these individuals, including information about their compensation, other accounts they manage and any investments they may have in the fund, see the SAI.

Christopher H. Arbuthnot, CFA


•	Joined fund team in 2008


•	Portfolio manager, MFC Global Investment Management (U.S.), LLC (since 2008)


•	Equity analyst, MFC Global Investment Management (U.S.), LLC (2006-2007)


•	MBA, Kellogg School of Management, Northwestern University (2004-2006)


•	Associate, corporate and investment banking division, Wachovia Securities (2000-2004)


•	Investment analyst, Middlebury Venture Partners (1998-2000)


•	Began business career in 1998

Roger C. Hamilton


•	Joined fund team in 2008


•	Senior Vice president, MFC Global Investment Management (U.S.), LLC (since 2008)


•	Vice president, MFC Global Investment Management (U.S.), LLC (2005-2007)


•	Vice president and portfolio manager, John Hancock Advisers, LLC (2003-2005)


•	Analyst, John Hancock Advisers, LLC (1994-2003)


•	Began business career in 1979

Timothy M. Malloy


•	Managed fund since it began in 2005


•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)


•	Vice president, MFC Global Investment Management (U.S.), LLC (2005-2007)


•	Second vice president, John Hancock Advisers, LLC (2004-2005)


•	Investment analyst, Thomas Weisel Partners (2000-2004)

•	Began business career in 1993

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends, and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Global Opportunities Fund – Fund details

Your account

Class NAV shares are available to certain types of investors as noted below:


•	Class NAV shares are sold to certain affiliated funds, each of which is a fund of funds that invests in various other funds of JHF II and JHF III. Class NAV shares are also sold to retirement plans and to certain institutional investors, including the Education Trust of Alaska, the issuer of interest in the John Hancock Freedom 529 plan.

Class NAV Cost Structure


•	No sales charges

•	No distribution and service (Rule 12b-1) fees

Other share classes of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares


1	Read this prospectus carefully.


2	Determine if you are eligible, referring to “Who can buy shares” above.


3	Permitted entities generally may open an account and purchase Class NAV shares, as the case may be, by contacting any broker, dealer, or other financial service firm authorized to sell Class NAV shares of the fund. There is no minimum initial investment for Class NAV shares.

Valuation of shares

The NAV per share for the fund and class is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4 p.m., Eastern Time). The fund generally values its portfolio of equity securities and other investments using closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available or are considered by the adviser to be unreliable, a fund may use a security’s fair value. Fair value is the valuation of a security determined on the basis of factors other than market value in accordance with procedures approved by the board of trustees. All methods of determining the value of a security used by a fund, including those discussed below, on a basis other than market value, are forms of fair value. The use of fair value pricing by a fund may cause the NAV of its shares to differ from the net asset value that would be calculated only using market prices. The adviser may determine that the closing market price no longer accurately reflects the value of a security for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by a fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the fund determines its NAV. In those circumstances when the fund believes the price of the security may be affected, the fund uses the fair value of the security. In certain circumstances a fund may use a pricing service for this purpose. Foreign stocks or other portfolio securities held by a fund may trade on U.S. holidays and weekends, even though the fund’s shares will not be priced on those days. This may change the fund’s NAV on days when you cannot buy or sell fund shares. For market prices and quotations, as well as for some fair value methods, the fund relies upon securities prices provided by pricing services. Certain types of securities, including some fixed-income securities, are regularly priced using fair value rather than market prices. The fund uses a pricing matrix to determine the value of fixed-income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed-income securities. The fund values debt securities with remaining maturities of 60 days or less at amortized cost. For more information on the valuation of shares, please see the SAI.

Buy and sell prices

When you buy shares, you pay the NAV. When you sell shares, you receive the NAV.

Execution of requests

At times of peak activity, it may be difficult to place requests by telephone. During these times, consider accessing www.jhfunds.com or sending your request in writing.

In unusual circumstances, the fund may temporarily suspend the processing of sell requests or may postpone payment of proceeds for up to three business days or longer, as allowed by federal securities laws.

Excessive trading

The fund is intended for long-term investment purposes only and does not knowingly accept shareholders who engage in “market timing” or other types of excessive short-term trading. Short-term trading into and out of a fund can disrupt portfolio investment strategies and may increase expenses for all shareholders, including long-term shareholders who do not generate these costs.

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund reserves the right to restrict, reject or cancel (with respect to cancellations, within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may in its discretion restrict, reject or cancel a purchase or exchange order, even if the transaction is not subject to the specific “Limitation on exchange activity” described below if the fund or its agents determine that accepting the order could interfere with the efficient management of the fund’s portfolio or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the fund rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with applicable law, the processing of exchange requests in the event that, in

Global Opportunities Fund – Your account

the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the fund’s NAVs at the conclusion of the delay period. The fund, through its agents in their sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

The fund’s board of trustees has adopted the following policies and procedures by which the fund, subject to the limitations described below, take steps reasonably designed to curtail excessive trading practices.

Limitation on exchange activity

Exchanges made on the same day in the same account are aggregated for purposes of counting the number and dollar amount of exchanges made by the account holder. The exchange limits referenced above will not be imposed or may be modified under certain circumstances. For example, these exchange limits may be modified for accounts held by certain retirement plans to conform to plan exchange limits, ERISA considerations or Department of Labor regulations. Certain automated or pre-established exchange, asset allocation and dollar cost averaging programs are not subject to these exchange limits. These programs are excluded from the exchange limitation since the fund believed that it is advantageous to shareholders and does not offer an effective means for market timing or excessive trading strategies. These investment tools involve regular and predetermined purchase or redemption requests made well in advance of any knowledge of events affecting the market on the date of the purchase or redemption.

Limitation on the ability to detect and curtail excessive trading practices

Shareholders seeking to engage in excessive trading practices sometimes deploy a variety of strategies to avoid detection, and, despite the efforts of the fund to prevent its excessive trading, there is no guarantee that the fund or its agents will be able to identify such shareholders or curtail its trading practices. The ability of the fund and its agents to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. Because the fund will not always be able to detect frequent trading activity, investors should not assume that the fund will be able to detect or prevent all frequent trading or other practices that disadvantage the fund. For example, the ability of the fund to monitor trades that are placed by omnibus or other nominee accounts is limited in those instances in which the financial intermediary, including a financial adviser, broker, retirement plan administrator or fee-based program sponsor, maintains the records of the fund’s underlying beneficial owners. Omnibus or other nominee account arrangements are common forms of holding shares of the fund, particularly among certain financial intermediaries, such as financial advisers, brokers, retirement plan administrators or fee-based program sponsors. These arrangements often permit the financial intermediary to aggregate its clients’ transactions and ownership positions and do not identify the particular underlying shareholder(s) to the fund. However, the fund will work with financial intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and to impose restrictions on excessive trades. In this regard, the fund has entered into information sharing agreements with financial intermediaries pursuant to which these intermediaries are required to provide to the fund, at the fund’s request, certain information relating to their customers investing in the fund through omnibus or other nominee accounts. The fund will use this information to attempt to identify excessive trading practices. Financial intermediaries are contractually required to follow any instructions from the fund to restrict or prohibit future purchases from shareholders that are found to have engaged in excessive trading in violation of the fund’s policies. The fund cannot guarantee the accuracy of the information provided to it from financial intermediaries and so cannot ensure that it will be able to detect abusive trading practices that occur through omnibus or other nominee accounts. As a consequence, the fund’s ability to monitor and discourage excessive trading practices in these types of accounts may be limited.

Excessive trading risk

To the extent that the fund or its agents are unable to curtail excessive trading practices in the fund, these practices may interfere with the efficient management of the fund, and may result in the fund engaging in certain activities to a greater extent than it otherwise would, such as maintaining higher cash balances, using its line of credit and engaging in portfolio transactions. Increased portfolio transactions and use of the line of credit would correspondingly increase the fund’s operating costs and decrease the fund’s investment performance. Maintenance of higher levels of cash balances would likewise result in lower fund investment performance during periods of rising markets.

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:


•	A fund that invests a significant portion of its assets in small- or mid-capitalization stocks or securities in particular industries that may trade infrequently or are fair valued as discussed under “Valuation of shares.” These types of securities entail a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities (referred to as price arbitrage).

•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.


•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an

Global Opportunities Fund – Your account


	effort to benefit from their understanding of the value of those types of securities.

Any frequent trading strategies may interfere with efficient management of the fund. A fund that invests in the types of securities discussed above may be exposed to this risk to a greater degree than a fund that invests in highly liquid securities. These risks would be less significant, for example, in a fund that primarily invests in U.S. government securities, money market instruments, investment-grade corporate issuers or large-capitalization U.S. equity securities. Any successful price arbitrage may cause dilution in the value of the fund shares held by other shareholders.

Account information

John Hancock Funds, LLC is required by law to obtain information for verifying an account holder’s identity. For example, an individual will be required to supply name, residential address, date of birth and social security number. If you do not provide the required information, we may not be able to open your account. If verification is unsuccessful, John Hancock Funds, LLC may close your account, redeem your shares at the next NAV and take any steps that it deems reasonable.

Certificated shares

The fund does not issue share certificates. Shares are electronically recorded.

Sales in advance of purchase payments

Account statements

In general, you will receive account statements as follows


•	after every transaction (except a dividend reinvestment, automatic investment or systematic withdrawal) that affects your account balance

•	after any changes of name or residential address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

Dividend reinvestments

Most investors have their dividends reinvested in additional shares of the same fund and class. If you choose this option, or if you do not indicate any choice, your dividends will be reinvested on the dividend record date. Alternatively, you can choose to have a check for your dividends and capital gains in the amount of $10 or more mailed to you. However, if the check is not deliverable or the combined dividend and capital gains amount is less than $10, your proceeds will be reinvested. If five or more of your dividend or capital gains checks remain uncashed after 180 days, all subsequent dividends and capital gains will be reinvested.

Taxability of dividends

For investors who are not exempt from federal income taxes, dividends you receive from a fund, whether reinvested or taken as cash, are generally considered taxable. Dividends from a fund’s short-term capital gains are taxable as ordinary income. Dividends from a fund’s long-term capital gains are taxable at a lower rate. Whether gains are short-term or long-term depends on the fund’s holding period. Some dividends paid in January may be taxable as if they had been paid the previous December.

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Any time you sell or exchange shares, it is considered a taxable event for you if your investment is not exempt from federal income taxes. Depending on the purchase price and the sale price of the shares you sell or exchange, you may have a gain or a loss on the transaction. You are responsible for any tax liabilities generated by your transactions.

Fund securities

The fund’s portfolio securities disclosure policy can be found in the SAI and on the fund’s Web site, www.jhfunds.com. The fund’s Web site also lists fund holdings. Portfolio holding information is posted on the fund’s Web site each month on a one month lag and is available on the fund’s Web site until a fund files its next form N-CSR or Form N-Q with the SEC. Portfolio holding information as filed with the SEC on Forms N-CSR and N-Q is also made available on the fund’s Web site.

Global Opportunities Fund – Your account

Two documents are available with further information on the fund:

Annual/Semiannual report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Global Opportunities Fund 601 Congress Street Boston, MA 02210-2805

By phone: 1-800-344-1029

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room call 1-202-551-8090.

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Fund summary

John Hancock

Small Cap Intrinsic Value Fund

Day-to-day investment management: MFC Global Investment Management (U.S.), LLC

Class / Ticker NAV – JSIFX

Goal and strategy

The fund seeks long-term capital appreciation.

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

The fund’s management strategy has a significant influence on fund performance. Small-capitalization stocks as a group could fall out of favor with the market, causing the fund to underperform investments that focus on medium- or large-capitalization stocks. Similarly, value stocks could underperform growth stocks. To the extent that the fund invests in a given industry, its performance will be hurt if that industry performs poorly. In addition, if the managers’ security selection strategies do not perform as expected, the fund could underperform its peers or lose money.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Certain derivatives could produce disproportionate losses.

•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.

•	Foreign investments carry additional risks, including potentially unfavorable currency exchange rates, inadequate or inaccurate financial information, and social or political instability.


•	Any bonds held by the fund could be downgraded in credit quality or go into default. Bond prices generally fall when interest rates rise and longer maturity will increase volatility. Junk bond prices can fall on bad news about the economy, an industry or a company.

Small Cap Intrinsic Value Fund – Fund summary

Fund details

Risks of investing

Main risks

Derivatives risk

The risks associated with derivatives vary widely, depending on the type of derivative involved and the way it is being used by the fund. With derivatives that create leverage, the fund could lose more money than it paid for the derivative. With some derivatives, the maximum loss is theoretically unlimited. When the fund uses a derivative for speculative purposes, the derivative could erode existing gains or add to existing losses. When the fund uses a derivative to cancel out other risks (hedging), that derivative can have the effect of lowering the fund’s overall risk. However, to the extent that the derivative does not serve as a perfect hedge, it can add to the funds overall risk. Because a derivative is a contract, there is also the risk that the counterparty may fail to honor its contractual responsibilities. If this happens, the fund could lose both the cost of the derivative and any benefit the derivative would have provided.

Foreign investment risk

Interest rate risk

Management risk

Medium- and lower-quality bonds risk

Small company risk

Stock investing risk

Numerous factors can cause stock prices to fall, ranging from a decline in the financial health of the issuing company to a decline in investor sentiment generally. Stocks may decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs, or overseas competition. The stock market as a whole may decline due to general factors, such as real or perceived adverse economic conditions, significant events, changes in the general outlook for corporate earnings, or changes in interest or currency rates. If an individual company goes out of business, the company’s bond holders have first claim on any remaining assets, which in practice generally means that the company’s stock becomes worthless.

Additional risk

Liquidity risk

Small Cap Intrinsic Value Fund – Fund details

Who’s who

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Oversee the fund’s business activities and retain the services of the various firms that carry out the fund’s operations. The trustees have the power to change investment goals without shareholder approval. The trustees also have the power to change the focus of fund’s 80% investment policy without shareholder approval. The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

Subadviser

Handles the funds day-to-day portfolio management.

MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Below are brief biographical profiles of the leaders of the fund’s investment management team, in alphabetical order. These managers share portfolio management responsibilities. For more about these individuals, including information about their compensation, other accounts they manage and any investments they may have in the fund, see the SAI.

Roger C. Hamilton


•	Joined fund team in 2008

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005-2007)

•	Vice president, John Hancock Advisers, LLC (2003-2005)

•	Analyst, John Hancock Advisers, LLC (1994-2003)

•	Began business career in 1979

Timothy M. Malloy


•	Managed fund since it began in 2005

•	Senior vice president, MFC Global Investment Management (U.S.), LLC (since 2008)

•	Vice president, MFC Global Investment Management (U.S.), LLC (2005-2007)

•	Second Vice president, John Hancock Advisers, LLC (2004-2005)

•	Investment analyst, Thomas Weisel Partners (2000-2004)

•	Began business career in 1993

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Small Cap Intrinsic Value Fund – Fund details

Your account

Who can buy shares

Class NAV shares are available to certain types of investors as noted below:


•	Class NAV shares are sold to certain affiliated funds, each of which is a fund of funds that invests in various other funds of JHF II and JHF III. Class NAV shares are also sold to retirement plans and to certain institutional investors, including the Education Trust of Alaska, the issuer of interest in the John Hancock Freedom 529 plan.

Class NAV Cost Structure


•	No sales charges

•	No distribution and service (Rule 12b-1) fees

Other share classes of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Opening an account


1	Read this prospectus carefully.

2	Determine if you are eligible, referring to “Who can buy shares” above.

3	Permitted entities generally may open an account and purchase Class NAV shares, as the case may be, by contacting any broker, dealer or other financial service firm authorized to sell Class NAV shares of the fund. There is no minimum initial investment for Class NAV shares.

Transaction policies

Valuation of shares

The net asset value (NAV) per share for each fund and class is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m. Eastern Time). The fund generally values its portfolio of equity securities and other investments using closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available or are considered by the adviser to be unreliable, the fund may use a security’s fair value. Fair value is the valuation of a security determined on the basis of factors other than market value in accordance with procedures approved by the board of trustees. All methods of determining the value of a security used by a fund, including those discussed below, on a basis other than market value, are forms of fair value. The use of fair value pricing by the fund may cause the NAV of its shares to differ from the net asset value that would be calculated only using market prices. The adviser may determine that the closing market price no longer accurately reflects the value of a security for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by a fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the fund determines its net asset value. In those circumstances when the fund believes the price of the security may be affected, the fund uses the fair value of the security. In certain circumstances the fund may use a pricing service for this purpose. Foreign stocks or other portfolio securities held by the fund may trade on U.S. holidays and weekends, even though the fund’s shares will not be priced on those days. This may change the fund’s NAV on days when you cannot buy or sell fund shares. For market prices and quotations, as well as for some fair value methods, the fund relies upon securities prices provided by pricing services. Certain types of securities, including some fixed-income securities, are regularly priced using fair value rather than market prices. The fund uses a pricing matrix to determine the value of fixed-income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed-income securities. The fund’s value debt securities with remaining maturities of 60 days or less at amortized cost. For more information on the valuation of shares, please see the SAI.

Buy and sell prices

When you buy shares, you pay the NAV. When you sell shares, you receive the NAV.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider accessing www.jhfunds.com or sending your request in writing.

Excessive trading

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund reserves the right to restrict, reject or cancel (with respect to cancellations, within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may in its discretion restrict, reject or cancel a purchase or exchange order even if the transaction is not subject to the specific “Limitation on exchange activity” described below if the funds or its agent determines that accepting the order could interfere with the efficient management of the fund’s portfolio or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the fund rejects or cancels an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with

Small Cap Intrinsic Value Fund – Your account

applicable law, the processing of exchange requests in the event that, in the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the fund’s NAVs at the conclusion of the delay period. The fund, through its agent in its sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

Limitation on exchange activity

Pursuant to the policies and procedures adopted by the board of trustees, the fund, or its agent, may reject or cancel a purchase order, suspend or terminate the exchange privilege or terminate the ability of an investor to invest in John Hancock Funds, if the fund, or its agent, determines that a proposed transaction involves market timing or disruptive trading that it believes is likely to be detrimental to the fund. The fund, or its agent, cannot ensure that it will be able to identify all cases of market timing or disruptive trading, although it attempts to have adequate procedures in place to do so. The fund, or its agent, may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in the fund are inherently subjective and will be made in a manner believed to be in the best interest of the fund’s shareholders. The fund does not have any arrangement to permit market timing or disruptive trading.

Exchanges made on the same day in the same account are aggregated for purposes of counting the number and dollar amount of exchanges made by the account holder. The exchange limits referenced above will not be imposed or may be modified under certain circumstances. For example: These exchange limits may be modified for accounts held by certain retirement plans to conform to plan exchange limits, ERISA considerations or Department of Labor regulations. Certain automated or pre-established exchange, asset allocation and dollar cost averaging programs are not subject to these exchange limits. These programs are excluded from the exchange limitation since the fund believes that it is advantageous to shareholders and does not offer an effective means for market timing or excessive trading strategies. These investment tools involve regular and predetermined purchase or redemption requests made well in advance of any knowledge of events affecting the market on the date of the purchase or redemption.

Limitation on the ability to detect and curtail excessive trading practices

Excessive trading risk

To the extent that the fund or its agent is unable to curtail excessive trading practices in the fund, these practices may interfere with the efficient management of the fund’s portfolio, and may result in the fund engaging in certain activities to a greater extent than it otherwise would, such as maintaining higher cash balances, using its line of credit and engaging in portfolio transactions. Increased portfolio transactions and use of the line of credit would correspondingly increase the fund’s operating costs and decrease the fund’s investment performance. Maintenance of higher levels of cash balances would likewise result in lower fund investment performance during periods of rising markets.

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:


•	A fund that invests a significant portion of its assets in small-or mid-capitalization stocks or securities in particular industries, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities (referred to as price arbitrage).

•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk

Small Cap Intrinsic Value Fund – Your account


	of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

Account information

John Hancock Funds, LLC is required by law to obtain information for verifying an account holder’s identity. For example, an individual will be required to supply name, residential address, date of birth and social security number. If you do not provide the required information, we may not be able to open your account. If verification is unsuccessful, John Hancock Funds, LLC may close your account, redeem your shares at the next NAV and take any other steps that it deems reasonable.

Certificated shares

The fund no longer issues share certificates. Shares are electronically recorded.

Sales in advance of purchase payments

Dividends and account policies

Account statements

In general, you will receive account statements as follows:


•	after every transaction (except a dividend reinvestment) that affects your account balance

•	after any changes of name or address of the registered owner(s)

•	in all other circumstances, at least quarterly

Every year you should also receive, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

Dividend reinvestments

Most investors have their dividends reinvested in additional shares of the same fund and class. If you choose this option, or if you do not indicate any choice, your dividends will be reinvested automatically in additional shares of the same fund on the dividend record date. Alternatively, you can choose to have a check for your dividends and capital gains in the amount of $10 or more mailed to you. However, if the check is not deliverable or the combined dividend and capital gains amount is less than $10, your proceeds will be reinvested. If five or more of your dividend or capital gains checks remain uncashed after 180 days, all subsequent dividends and capital gains will be reinvested.

Taxability of dividends

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Additional investor services

Fund securities

The fund’s portfolio securities disclosure policy can be found in the SAI and on the fund’s Web site at www.jhfunds.com. The fund’s Web site also lists fund holdings. Portfolio holding information is posted on the fund’s Web site each month on a one-month lag and is available on the fund’s Web site until the fund files its next Form N-CSR or Form N-Q with the Securities and Exchange Commission (“SEC”). Portfolio holding information as filed with the SEC on Forms N-CSR and N-Q is also made available on the fund’s Web site.

Small Cap Intrinsic Value Fund – Your account

Two documents are available with further information on the fund:

Annual/Semiannual Report to shareholders

Includes financial statements, a discussion of the market conditions and investment strategies that significantly affected performance, as well as the auditors’ report (in annual report only).

Statement of Additional Information (SAI)

To obtain a free copy of these documents

There are several ways you can get a current annual/semiannual report or SAI from John Hancock:

Online: www.jhfunds.com


By mail:	John Hancock Small Cap Intrinsic Value Fund 601 Congress Street Boston, MA 08210-2805

By phone: 1-800-344-1029

You can also view or obtain copies of these documents through the SEC:

Online: www.sec.gov

By e-mail (duplicating fee required): publicinfo@sec.gov


By mail (duplicating fee required):	Public Reference Section Securities and Exchange Commission Washington, DC 20549-0102

In person: at the SEC’s Public Reference Room in Washington, DC.
For access to the Reference Room call 1-202-551-8090

John Hancock Funds, LLC

MEMBER FINRA

601 Congress Street

Boston, MA 02210-2805

www.jhfunds.com

Fund summary

John Hancock

Sovereign Investors Fund

Day-to-day investment management: Sovereign Asset Management, a division of MFC Global Investment Management (U.S.), LLC

Class / Ticker R1 SVIRX

Goal and strategy

The fund seeks long-term growth of capital and income without assuming undue market risks.

Under normal conditions, the fund may not invest more than 10% of assets in cash or cash equivalents.

In abnormal circumstances, the fund may temporarily invest extensively in investment-grade short-term securities. In these and other cases, the fund might not achieve its goal.

The fund may trade securities actively, which could increase its transaction costs (thus lowering performance) and increase your taxable distributions.

Main risks

The value of your investment will fluctuate in response to stock and bond market movements.

The fund’s management strategy has a significant influence on fund performance. Large-capitalization stocks as a group could fall out of favor with the market, causing the fund to underperform funds that focus on small- or medium-capitalization stocks. In addition, if the managers’ securities selection strategies do not perform as expected, the fund could underperform its peers or lose money.

To the extent that the fund makes investments with additional risks, these risks could increase volatility or reduce performance:


•	Certain derivatives, could produce disproportionate losses.

•	In a down market, higher-risk securities and derivatives could become harder to value or to sell at a fair price.


•	Foreign investments carry additional risks, including potentially unfavorable currency exchange rates, inadequate or inaccurate financial information and social or political instability.


•	Any bonds held by the fund could be downgraded in credit quality or go into default. Bond prices generally fall when interest rates rise and longer maturity will increase volatility. Junk bond prices can fall on bad news about the economy, an industry or a company

Sovereign Investors Fund – Fund summary

Past performance


Calendar year total returns – Class R1 (%)

Best quarter: Q2 ’07, 7.00 Worst quarter: Q4 ’07, –2.34



	2004	2005	2006	2007
	5.22	1.75	13.22	7.21


Average annual total returns (%)	1 Year		Inception

as of 12-31-07				8-5-03

Class R1 before tax		7.21		9.08

After tax on distributions		5.48		7.88

After tax on distributions, with sale		6.77		7.68

Standard & Poor’s 500 Index		5.49		12.03

Calendar year total returns

The graph shows how the fund’s total return has varied from year to year, while the table shows performance over time (along with broad-based market indexes for reference). This information may help provide an indication of the fund’s risks. All figures assume dividend reinvestment. Past performance (before and after taxes) does not indicate future results.

Average annual total returns

Performance of a broad-b ased index is included for comparison . Indexes have no sales charges and you cannot invest in them directly. All figures assume dividend reinvestment.

After-tax returns These are shown for Class R1 shares and would be different for other classes. They are calculated using the historical highest individual federal marginal income-tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. Since Class R1 shares are only offered to retirement plans, the after-tax returns shown may not be relevant to Class R1 shareholders.

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

Investor costs


Annual operating expenses (%)	Class R1

Management fee		0.59

Distribution and service (12b-1) fees		0.50

Service plan fees¹		0.08

Other expenses		0.55

Total fund operating expenses		1.72

Expense example

A hypothetical example showing the expenses on a $10,000 investment during the various time frames is provided below. The example assumes a 5% average annual return and the reinvestment of all dividends The example is for comparison only and does not reflect actual expenses and returns, either past or future.


Expense example ($)	Class R1

1 Year		175

3 Years		542

5 Years		933

10 Years		2,030

Annual operating expenses

These are paid from fund assets; shareholders, therefore, pay these costs indirectly.


1		Class R1 shares have a service plan that is separate from the Rule 12b-1 plan. Under the service plan, the fund may pay a fee of up to 0.25% for certain other services to retirement plans or participants. Service plan fees shown are actual fees paid for the previous fiscal year.

Sovereign Investors Fund – Fund summary

Fund details

Main risks

Derivatives risk

The risks associated with derivatives vary widely, depending on the type of derivative involved and the way it is being used by the fund. With derivatives that create leverage, the fund could lose more money than it paid for the derivative. With some derivatives, the maximum loss is theoretically unlimited. When the fund uses a derivative for speculative purposes, the derivative could erode existing gains or add to existing losses. When the fund uses a derivative to cancel out other risks (hedging), that derivative can have the effect of lowering the funds overall risk. However, to the extent that the derivative does not serve as a perfect hedge, it can add to the fund’s overall risk. Because a derivative is a contract, there is also the risk that the counterparty may fail to honor its contractual responsibilities. If this happens, the fund could lose both the cost of the derivative and any benefit the derivative would have provided.

Foreign investment risk

Prices of foreign securities may change more rapidly and extremely than those of their U.S. counterparts. By U.S. standards, many foreign securities markets are comparatively small, new and lightly regulated, and they may be more heavily influenced by the actions of large investors. Foreign securities markets may have different reporting and accounting standards (which can mean less complete or less reliable information about securities), weak legal and enforcement systems, additional rules for investors from outside their countries, and higher taxes and business costs. Foreign countries may have greater risk of social, economic and political instability (including the risk of war), and greater risk of major shifts in government policy (including the risk of nationalization, which would render a stock worthless). Foreign investments are also subject to currency risk. Changes in the exchange rate with the U. S. dollar could erode investment gains or widen investment losses for the fund. The risks of foreign investing tend to be greater in emerging markets than in countries with larger and more established economies, markets and governments.

Interest rate risk

Management risk

Medium- and lower-quality bonds

Stock investing risk

Numerous factors can cause stock prices to fall, ranging from a decline in the financial health of the issuing company to a decline in investor sentiment generally. Stocks may decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs, or overseas competition. The stock market as a whole may decline due to general factors, such as real or perceived adverse economic conditions, significant events, changes in the general outlook for corporate earnings, or changes in interest or currency rates. If an individual company goes out of business, the company’s bond holders have first claim on any remaining assets, which in practice generally means that the company’s stock becomes worthless.

Additional risk

Liquidity risk

Sovereign Investors Fund – Fund details

Below are the names of the various entities involved with the fund’s investment and business operations, along with brief descriptions of the role each entity performs.

Trustees

Oversee the fund’s business activities and retain the services of the various firms that carry out the funds operations.

Investment adviser

Manages the fund’s business and investment activities.

John Hancock Advisers, LLC
601 Congress Street
Boston, MA 02210-2805

Management fee

Subadviser

Handles the fund’s day-to-day portfolio management.

Sovereign Asset Management, a division of
MFC Global Investment Management (U.S.), LLC
101 Huntington Avenue
Boston, MA 02199


•	Founded in 1979, currently manages more than $30 billion (as of 12-31-07)

•	Subsidiary of John Hancock Financial Services, Inc.

•	Supervised by the adviser, John Hancock Advisers, LLC

Barry H. Evans, CFA


•	Joined fund team in 1996

•	Investment strategy and decisions

•	President and chief fixed-income officer, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Senior Vice president, chief fixed-income officer and chief operating officer, John Hancock Advisers, LLC (1986-2005)

•	Began business career in 1986

Christopher P. O’Keefe, CFA


•	Joined fund team in 2007

•	Analysis of specific issuers

•	Vice president, MFC Global Investment Management (U.S.), LLC (since 2001)

•	Equity portfolio manager and director of research, Compu-Val Investments (1995-2001)

•	Began business career in 1987

Christopher J. Perry, CFA


•	Joined fund team in 2007

•	Analysis of specific issuers

•	Vice president, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Portfolio manager and senior security analyst, Turner Investment Partners (1998-2005)

•	Began business career in 1990

John F. Snyder III


•	Joined fund team in 1983

•	Investment strategy and decisions

•	Executive vice president, MFC Global Investment Management (U.S.), LLC (since 2005)

•	Executive vice president, John Hancock Advisers, LLC (1991-2005)

•	Began business career in 1971

Custodian

Holds the fund’s assets, settles all portfolio trades and collects most of the valuation data required for calculating the fund’s net asset value (NAV).

The Bank of New York
One Wall Street
New York, NY 10286

Principal distributor

Markets the fund and distributes shares through selling brokers, financial planners and other financial representatives.

John Hancock Funds, LLC
601 Congress Street
Boston, MA 02210-2805

Transfer agent

Handles shareholder services, including recordkeeping and statements, distribution of dividends and processing of buy and sell requests.

John Hancock Signature Services, Inc.
P.O. Box 9510
Portsmouth, NH 03802-9510

Sovereign Investors Fund – Fund details

Class R1 Shares


Per share operating performance	period ended 12-31-03^1,2			12-31-04¹			12-31-05¹			12-31-06			12-31-07

Net asset value, beginning of period		$16.63			$18.75			$19.54			$18.45			$18.75

Net investment income³		0.02			0.19			0.07			0.06			0.09

Net realized and unrealized gain on investments		2.11			0.79			0.28			2.38			1.28

Total from investment operations		2.13			0.98			0.35			2.44			1.37

Less distributions

From net investment income		(0.01	)		(0.19	)		(0.14	)		(0.07	)		(0.10	)

From net realized gain		—			—			(1.30	)		(2.07	)		(1.94	)

		(0.01	)		(0.19	)		(1.44	)		(2.14	)		(2.04	)

Net asset value, end of period		$18.75			$19.54			$18.45			$18.75			$18.08

Total return⁴ (%)		12.84	⁵		5.22			1.75			13.22			7.21



Ratios and Supplemental Data

Net assets, end of period (in millions)		—	⁶		—	⁶		—	⁶		—	⁶		—	⁶

Ratio of expenses to average net assets (%)		1.69	⁷		1.13			1.74			1.92			1.72	⁹

Ratio of net investment income to average net assets (%)		0.27	⁷		1.00			0.37			0.31			0.46

Portfolio turnover (%)		47	⁸		20			30			36			46


1		Audited by previous Independent Registered Public Accounting Firm.


2		Class R1 shares began operations on 8-5-03.


3		Based on the average of the shares outstanding.


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


5		Not annualized.


6		Less than $500,000.


7		Annualized.


8		Portfolio turnover shown is calculated for the Fund for the full fiscal year.


9		Includes transfer agent fee earned credits of less than 0.01% to average net assets.

Sovereign Investors Fund – Fund details

Your account

Who can buy shares

Class R1 shares are available to certain types of investors, as noted below:


•	401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans (eligible retirement plans).

•	The plan’s recordkeeper or financial service firm must have an agreement with John Hancock Funds, LLC to utilize Class R1 shares in certain investment products or programs.

•	Class R1 shares are available only to retirement plans, traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SAR-SEPs, SIMPLE IRAs where the shares are held on the books of the funds through investment only omnibus accounts (either at the plan level or at the level of the financial service firm) that trade through the National Securities Clearing Corporation (NSCC).

Class R1 shares are not available to retail or institutional non-retirement accounts, traditional and Roth IRAs, Coverdell Educational Savings Accounts, SEPs, SAR-SEPs, SIMPLE IRAs or Individual 403(b) plans.

Class R1 shares cost structure

Class R1 shares are offered without any front-end or contingent deferred sales charges.

Class R1 shares have a Rule 12b-1 plan and a separate Service Plan. Under the 12b-1 plan, the fund pays a fee of up to 0.50% for the sale, distribution and service of its shares, including services to retirement plans or plan participants. In addition, under the Service Plan, the fund may pay a separate service fee of up to 0.25% for certain other services to retirement plans or participants.

Because 12b-1 fees are paid on an ongoing basis, they will increase the cost of your investment and may cost shareholders more than other types of sales charges.

Other share classes of the fund, which have their own expense structure, may be offered in separate prospectuses.

Your broker-dealer or agent may charge you a fee to effect transactions in fund shares.

Additional payments to financial intermediaries


•	directly, by the payment of sales commissions, if any; and

•	indirectly, as a result of the fund paying Rule 12b-1 fees.

Not all firms receive additional compensation and the amount of compensation varies. These payments could be significant to a firm. The distributor determines which firms to support and the extent of the payments it is willing to make. The distributor generally chooses to compensate firms that have a strong capability to distribute shares of the fund and that are willing to cooperate with the distributor’s promotional efforts.

The Statement of Additional Information (SAI) discusses the distributor’s revenue sharing arrangements in more detail. Your intermediary may charge you additional fees other than those disclosed in this prospectus. You can ask your firm about any payments it receives from the distributor or the fund, as well as about fees and/or commissions it charges.

The distributor, investment adviser and their affiliates may have other relationships with your firm relating to the provisions of services to the fund, such as providing omnibus account services, transaction processing services or effecting portfolio transactions for the fund. If your intermediary provides these services, the investment adviser or the fund may compensate the intermediary for these services. In addition, your intermediary may have other compensated relationships with the investment adviser or its affiliates that are not related to the fund.


1	Read this prospectus carefully.


2	Determine if you are eligible, referring to “Who Can Buy Shares.”


3	Eligible retirement plans generally may open an account and purchase Class R1 shares by contacting any broker, dealer or other financial service firm authorized to sell Class R1 shares of the fund. Additional shares may be purchased through a retirement plan’s administrator or recordkeeper. There is no minimum initial investment for Class R1 shares.

Important information about opening a new account

To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), requires all financial institutions to obtain, verify and record information that identifies each person or entity that opens an account.

For individual investors opening an account When you open an account, you will be asked for your name, residential address, date of birth and Social Security number.

Sovereign Investors Fund – Your account

account such as name, residential address, date of birth and Social Security number. You may also be asked to provide documents, such as articles of incorporation, trust instruments or partnership agreements and other information that will help Signature Services identify the entity. See the Mutual Fund Account Application for more details.

Information for plan participants

Plan participants generally must contact their plan service provider to purchase, redeem or exchange shares.

The administrator of a retirement plan or employee benefits office can provide participants with detailed information on how to participate in the plan, elect a fund as an investment option, elect different investment options, alter the amounts contributed to the plan or change allocations among investment options. For questions about participant accounts, participants should contact their employee benefits office, the plan administrator or the organization that provides recordkeeping services for the plan.

Financial service firms may provide some of the shareholder servicing and account maintenance services required by retirement plan accounts and their plan participants, including transfers of registration, dividend payee changes and generation of confirmation statements, and may arrange for plan administrators to provide other investment or administrative services. Financial service firms may charge retirement plans and plan participants transaction fees and/or other additional amounts for such services. Similarly, retirement plans may charge plan participants for certain expenses. These fees and additional amounts could reduce an investment return in Class R1 shares of the funds.

Valuation of shares

The net asset value (NAV) per share for the fund and its classes is determined each business day at the close of regular trading on the New York Stock Exchange (typically 4:00 p.m., Eastern Time). The fund generally values its portfolio of equity securities, fixed-income securities and other investments using closing market prices or readily available market quotations. When closing market prices or market quotations are not readily available, or are considered by the Adviser to be unreliable, a fund will use a security’s fair value. Fair value is the valuation of a security determined on the basis of factors other than market value in accordance with procedures approved by the board of trustees. All methods of determining the value of a security used by a fund, including those discussed below, on a basis other than market value, are forms of fair value. The use of fair value pricing by a fund may cause the NAV of its shares to differ from the NAV that would be calculated only using market prices. The Adviser may determine that the closing market price no longer accurately reflects the value of a security for a variety of reasons that affect either the relevant securities markets generally or the specific issuer. For example, with respect to non-U.S. securities held by a fund, developments relating to specific events, the securities markets or the specific issuer may occur between the time the primary market closes and the time the fund determines its NAV. In those circumstances when the fund believes the price of the security may be affected, the fund uses the fair value of the security. In certain circumstances a fund may use a pricing service for this purpose. Foreign stocks or other portfolio securities held by a fund may trade on U.S. holidays and weekends, even though the fund’s shares will not be priced on those days. This may change the fund’s NAV on days when you cannot buy or sell fund shares. For market prices and quotations, as well as for some fair value methods, the funds rely upon securities prices provided by pricing services. Certain types of securities, including some fixed-income securities, are regularly priced using fair value rather than market prices. The fund uses a pricing matrix to determine the value of fixed-income securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed-income securities. The fund values debt securities with remaining maturities of 60 days or less at amortized cost. For more information on the valuation of shares, please see the SAI.

Execution of requests

At times of peak activity, it may be difficult to place requests by phone. During these times, consider using EASI-Line or sending your request in writing.

In unusual circumstances, the fund may temporarily suspend the processing of sell requests, or may postpone payment of proceeds for up to three business days or longer, as allowed by federal securities laws.

Telephone transactions

Exchanges

You may exchange Class R1 shares for Class R1 shares of other John Hancock Funds that are available through your plan, or Money Market Fund Class A shares without paying any additional sales charges. The registration for both accounts involved must be identical. Note: Once exchanged into Money Market Fund Class A, shares may only be exchanged back into Class R1 shares.

Excessive trading

The fund is intended for long-term investment purposes only and does not knowingly accept shareholders who engage in “market timing” or other types of excessive short-term trading. Short-term trading into and out of a fund can disrupt portfolio investment strategies and may increase fund expenses for all shareholders, including long-term shareholders who do not generate these costs.

Right to reject or restrict purchase and exchange orders

Purchases and exchanges should be made primarily for investment purposes. The fund’s reserve the right to restrict, reject or cancel (with respect to cancellations, within one day of the order), for any reason and without any prior notice, any purchase or exchange order, including transactions representing excessive trading and transactions accepted by any shareholder’s financial intermediary. For example, the fund may in it’s discretion restrict, reject or cancel a purchase or exchange order even if the transaction is not subject to the specific “Limitation on exchange activity” described below if the fund’s or their agents determine that accepting the order could interfere with the efficient management of a fund’s portfolio or otherwise not be in the fund’s best interest in light of unusual trading activity related to your account. In the event that the funds reject or cancel an exchange request, neither the redemption nor the purchase side of the exchange will be processed. If you would like the redemption request to be processed even if the purchase order is rejected, you should submit separate

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redemption and purchase orders rather than placing an exchange order. The fund reserves the right to delay for up to one business day, consistent with applicable law, the processing of exchange requests in the event that, in the fund’s judgment, such delay would be in the fund’s best interest, in which case both the redemption and purchase side of the exchange will receive the funds’ NAV at the conclusion of the delay period. The fund, through it’s agents in their sole discretion, may impose these remedial actions at the account holder level or the underlying shareholder level.

Exchange limitation policies

The fund’s board of trustees has adopted the following policies and procedures by which the fund is subject to the limitations described below, take steps reasonably designed to curtail excessive trading practices.

Limitation on exchange activity

Exchanges made on the same day in the same account are aggregated for purposes of counting the number and dollar amount of exchanges made by the account holder. The exchange limits referenced above will not be imposed or may be modified under certain circumstances. For example, these exchange limits may be modified for accounts held by certain retirement plans to conform to plan exchange limits, ERISA considerations or Department of Labor regulations. Certain automated or pre-established exchange, asset allocation and dollar cost averaging programs are not subject to these exchange limits. These programs are excluded from the exchange limitation since the fund believes that they are advantageous to shareholders and do not offer an effective means for market timing or excessive trading strategies. These investment tools involve regular and predetermined purchase or redemption requests made well in advance of any knowledge of events affecting the market on the date of the purchase or redemption.

These exchange limits are subject to the fund’s ability to monitor exchange activity, as discussed under “Limitation on the ability to detect and curtail excessive trading practices” below. Depending upon the composition of a fund’s shareholder accounts and in light of the limitations on the ability of the fund to detect and curtail excessive trading practices, a significant percentage of a fund’s shareholders may not be subject to the exchange limitation policy described above. In applying the exchange limitation policy, the fund considers information available to them at the time and reserve the right to consider trading activity in a single account or multiple accounts under common ownership, control or influence.

Limitation on the ability to detect and curtail excessive trading practices

Excessive trading risk

While excessive trading can potentially occur in any fund, certain types of funds are more likely than others to be targets of excessive trading. For example:


•	A fund that invests a material portion of its assets in securities of non-U.S. issuers may be a potential target for excessive trading if investors seek to engage in price arbitrage based upon general trends in the securities markets that occur subsequent to the close of the primary market for such securities.

•	A fund that invests a significant portion of its assets in below investment-grade (junk) bonds, that may trade infrequently or are fair valued as discussed under “Valuation of shares,” entails a greater risk of excessive trading, as investors may seek to trade fund shares in an effort to benefit from their understanding of the value of those types of securities.

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Any frequent trading strategies may interfere with efficient management of a fund’s portfolio. A fund that invests in the types of securities discussed above may be exposed to this risk to a greater degree than a fund that invests in highly liquid securities. These risks would be less significant, for example, in a fund that primarily invests in U.S. government securities, money market instruments, investment-grade corporate issuers or large-capitalization U.S. equity securities. Any successful price arbitrage may cause dilution in the value of the fund shares held by other shareholders.

Account information

Certificated shares

Sales in advance of purchase payments

Account statements

In general, you will receive account statements from your recordkeeper.

Every year you should also receive from your recordkeeper, if applicable, a Form 1099 tax information statement, mailed by January 31.

Dividends

Dividend reinvestments

Most investors have their dividends reinvested in additional shares of the same fund and class. If you choose this option, or if you do not indicate any choice, your dividends will be reinvested on the dividend record date. Alternatively, you can choose to have a check for your dividends and capital gains in the amount of $10 or more mailed to you. However, if the check is not deliverable or the combined amount is less than $10, your proceeds will be reinvested. If five or more of your dividend or capital gains checks remain uncashed after 180 days, all subsequent dividends and capital gains will be reinvested.

Taxability of dividends

The Form 1099 that is mailed to you every January details your dividends and their federal tax category, although you should verify your tax liability with your tax professional.

Taxability of transactions

Fund securities

The fund’s portfolio securities disclosure policy can be found in the fund’s SAI and on the fund’s Web site, www.jhfunds.com. The fund’s Web site also lists fund holdings. Portfolio holding information is posted on the fund’s Web site each month on a one-month lag and is available on the fund’s Web site until a fund files its next Form N-CSR or Form N-Q with the Securities and Exchange Commission (SEC). Portfolio holding information as filed with the SEC on Forms N-CSR and N-Q is also made available on the fund’s Web site.

Sovereign Investors Fund – Your account