HANCOCK JOHN TECHNOLOGY SERIES INC, 497, 1995-03-15

HANCOCK JOHN TECHNOLOGY SERIES INC
497, 1995-03-15

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<PAGE> 1

JOHN HANCOCK

FREEDOM
GLOBAL TECHNOLOGY
FUND
CLASS A AND CLASS B SHARES
PROSPECTUS
MAY 1, 1994
- --------------------------------------------------------------------------------
TABLE OF CONTENTS

<TABLE>
<CAPTION>
Page
----
<S> <C>
Expense Information................................................................... 2
The Fund's Financial Highlights....................................................... 3
Investment Objectives and Policies.................................................... 4
Organization and Management of the Fund............................................... 7
Alternative Purchase Arrangements..................................................... 8
The Fund's Expenses................................................................... 9
Dividends and Taxes................................................................... 11
Performance........................................................................... 12
How to Buy Shares..................................................................... 13
Share Price........................................................................... 14
How to Redeem Shares.................................................................. 20
Additional Services and Programs...................................................... 21
</TABLE>

This Prospectus sets forth information about John Hancock Freedom Global
Technology Fund (the "Fund"), a series of John Hancock Technology Series, Inc.
(the "Company"), that you should know before investing. Please read and retain
it for future reference.
Additional information about the Fund has been filed with the Securities and
Exchange Commission (the "SEC"). You can obtain a copy of the Fund's Statement
of Additional Information, dated May 1, 1994, and incorporated by reference into
this Prospectus, free of charge by writing or telephoning: John Hancock Fund
Services, Inc., Post Office Box 9116, Boston, Massachusetts 02199-9116,
1-800-225-5291, (1-800-554-6713 TDD).
SHARES OF THE FUNDS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR
ENDORSED BY, ANY BANK, AND THE SHARES ARE NOT FEDERALLY INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
<PAGE> 2

EXPENSE INFORMATION

The purpose of the following information is to help you to understand the
various fees and expenses that you will bear, directly or indirectly when you
purchase shares of the Fund. The operating expenses included in the table and
hypothetical example below are based on fees and expenses for the Class A shares
of the Fund for the fiscal year ended December 31, 1993, adjusted to reflect
current fees and expenses. No Class B shares were actually outstanding during
that period. Actual fees and expenses in the future of Class A shares and Class
B shares may be greater or less than those indicated.

<TABLE>
<CAPTION>
CLASS A CLASS B
SHARES** SHARES**
------- -------
<S> <C> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum sales charge imposed on purchases (as a percentage of offering price)............. 5.00%* None
Maximum sales charge imposed on reinvested dividends...................................... None None
Maximum deferred sales charge............................................................. None* 5.00%
Redemption fees+.......................................................................... None None
Exchange fee.............................................................................. None None

ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management fee............................................................................ 1.00% 1.00%
12b-1 fee***.............................................................................. 0.30% 1.00%
Other expenses............................................................................ 1.10% 1.12%
Total Fund operating expenses............................................................. 2.40% 3.12%
</TABLE>

- ---------------
* No sales charge is payable at the time of purchase on investments of $1
million or more, but for such investments a contingent deferred sales charge
may be imposed, as described under the caption "Share Price," in the event
of certain redemption transactions within one year of purchase.
** The information set forth in the foregoing table relates only to the Class A
shares and Class B shares. The Fund has been operating since its
organization primarily with only one class of shares (now designated as
Class A shares). As of the date of this Prospectus, the Board of Directors
has authorized the issuance of two classes of the Fund, designated Class A
and Class B. See "Organization and Management of the Fund."
*** The amount of the 12b-1 fee used to cover service expenses will be up to
0.25% of the Fund's average daily net assets, and the remaining portion will
be used to cover distribution expenses; but in no event will such remaining
portion for Class B shares exceed 0.75% of average daily net assets.
+ Redemption by wire fee (currently $4.00) not included.

<TABLE>
<CAPTION>
EXAMPLE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
You would pay the following expenses for the indicated period of years on a
hypothetical $1,000 investment, assuming 5% annual return:
Class A Shares...................................................................... $ 73 $ 121 $ 172 $310
Class B Shares
--Assuming complete redemption at end of period................................... $ 81 $ 126 $ 184 $326
--Assuming no redemption.......................................................... $ 31 $ 96 $ 163 $326
(This example should not be considered a representation of past or future expenses. Actual expenses may be greater or less than
those shown.)
</TABLE>

The Fund's payment of a distribution fee may result in a long-term shareholder
indirectly paying more than the economic equivalent of the maximum initial
front-end sales charge permitted under the National Association of Securities
Dealers Rules of Fair Practice.
The management and 12b-1 fees referred to above are more fully explained in
this Prospectus under the caption "The Fund's Expenses" and in the Statement of
Additional Information under the captions "Investment Advisory and Other
Services" and "Distribution Contract."

2
<PAGE> 3
THE FUND'S FINANCIAL HIGHLIGHTS

The following selected data has been audited by the Fund's independent
accountants. Price Waterhouse has been the Fund's independent accountants since
January 1, 1992. Their report on the Fund's 1993 financial statements and
selected data is included in the Statement of Additional Information. The Fund's
financial statements and selected data were audited by KPMG Peat Marwick prior
to January 1, 1992. Class B shares are a new class of shares of the Fund.
Accordingly, no historical selected per share data and ratios exist for Class B
shares.
Selected data for a Class A share of the Fund outstanding throughout each
period indicated are as follows:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------------
1993 1992 1991 1990 1989 1988 1987
------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period............. $14.94 $15.60 $12.44 $16.93 $15.31 $13.98 $13.80
------- ------- ------- ------- ------- ------- -------
Net Investment Income (Loss)..................... ( 0.21) ( 0.15)* 0.05 ( 0.04) 0.10 0.15 0.15
Net Realized and Unrealized Gain (Loss) on
Investments, Options and Foreign Currency
Transactions.................................... 4.92 1.00 4.11 ( 3.09) 2.43 1.32 0.26
------- ------- ------- ------- ------- ------- -------
Total from Investment Operations.............. 4.71 0.85 4.16 ( 3.13) 2.53 1.47 0.41
------- ------- ------- ------- ------- ------- -------
Less Distributions:
Dividends from Net Investment Income............. -- -- ( 0.04) -- ( 0.13) ( 0.14) ( 0.23)
Distributions from Net Realized Gain on
Investments, Options and Foreign Currency
Transactions.................................... ( 2.20) ( 1.51) ( 0.96) ( 1.36) ( 0.78) -- --
------- ------- ------- ------- ------- ------- -------
Total Distributions........................... ( 2.20) ( 1.51) ( 1.00) ( 1.36) ( 0.91) ( 0.14) ( 0.23)
------- ------- ------- ------- ------- ------- -------
Net Asset Value, End of Period................... $17.45 $14.94 $15.60 $12.44 $16.93 $15.31 $13.98
======== ======== ======== ======== ======== ======== ========
Total Investment Return at Net Asset Value....... 32.06% 5.70% 33.05% ( 18.46%) 16.61% 10.48% 2.84%
------- ------- ------- ------- ------- ------- -------
RATIOS AND SUPPLEMENTAL DATA
Net Assets, End of Period (000's omitted)........ $41,749 $32,094 $31,580 $28,864 $40,341 $38,594 $44,224
Ratio of Expenses to Average Net Assets.......... 2.10% 2.05%* 2.32% 2.36% 1.90% 1.75% 1.63%
Ratio of Net Investment Income to Average Net
Assets.......................................... ( 1.49%) ( 0.88%)* 0.34% ( 0.28%) 0.60% 0.89% 0.75%
Portfolio Turnover Rate.......................... 86% 76% 67% 38% 30% 12% 9%

<CAPTION>
1986 1985 1984
------- ------- -------
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period............. $13.57 $11.89 $14.10
------- ------- -------
Net Investment Income (Loss)..................... 0.14 0.22 0.37
Net Realized and Unrealized Gain (Loss) on
Investments, Options and Foreign Currency
Transactions.................................... 0.25 1.80 ( 1.95)
------- ------- -------
Total from Investment Operations.............. 0.39 2.02 ( 1.58)
------- ------- -------
Less Distributions:
Dividends from Net Investment Income............. ( 0.16) ( 0.34) ( 0.63)
Distributions from Net Realized Gain on
Investments, Options and Foreign Currency
Transactions.................................... -- -- --
------- ------- -------
Total Distributions........................... ( 0.16) ( 0.34) ( 0.63)
------- ------- -------
Net Asset Value, End of Period................... $13.80 $13.57 $11.89
======== ======== ========
Total Investment Return at Net Asset Value....... 2.89% 17.34% ( 11.47%)
------- ------- -------
RATIOS AND SUPPLEMENTAL DATA
Net Assets, End of Period (000's omitted)........ $56,927 $80,223 $89,331
Ratio of Expenses to Average Net Assets.......... 1.75% 1.30% 1.28%
Ratio of Net Investment Income to Average Net
Assets.......................................... 0.77% 1.65% 2.95%
Portfolio Turnover Rate.......................... 6% 9% 12%
</TABLE>
- ---------------
* Reflects voluntary expense limitation in effect during the year ended
December 31, 1992. As a result of such limitation, expenses of the Fund
reflect reductions of $0.03 per share. Absent such limitation, the ratio of
expenses to average net assets would have been 2.22% and the ratio of net
investment income to average net assets would have been (1.05%).

3
<PAGE> 4

INVESTMENT OBJECTIVES AND POLICIES
The primary investment objective of the Fund is long-term capital growth through
investments principally in equity securities of companies which rely extensively
on technology in their product development or operations. Income is a secondary
objective. The Fund believes that its shares are suitable for investment by
persons who are in search of above average long term rewards. There can be no
assurance that the Fund will achieve its investment objectives.

- -------------------------------------------------------------------------------
THE INVESTMENT OBJECTIVE OF THE FUND IS TO
SEEK LONG-TERM CAPITAL GROWTH THROUGH
INVESTMENTS PRINCIPALLY IN COMPANIES THAT
RELY EXTENSIVELY ON TECHNOLOGY.
- -------------------------------------------------------------------------------

Under normal market conditions, at least 65% of the Fund's total assets are
invested in securities of the technology companies noted above. Management
strives to realize the Fund's primary investment objective through the careful
selection and continuous supervision of the Fund's portfolio of U.S. and foreign
securities, which is primarily comprised of common stocks and securities
convertible into common stocks, including convertible bonds, convertible
preferred stocks and warrants.

Investments in U.S. and foreign companies which rely extensively on technology
in product development or operations may be expected to benefit from scientific
developments and the application of technical advances resulting from improving
technology in many different fields such as computer software and hardware,
semiconductors, telecommunications, biotechnology, defense and commercial
electronics, data storage and retrieval and others. Generally, investments will
be made in securities of a company which relies extensively on technology in
product development or operations only if a significant part of its assets are
invested in, or a significant part of its total revenue or net income is derived
from, this technology.

When market conditions suggest a need for a defensive investment strategy, the
Fund may temporarily invest in short-term obligations of, or securities
guaranteed by, the U.S. Government or its agencies or instrumentalities, high
quality bank certificates of deposit and commercial paper. This temporary
investment is not designed to achieve the Fund's primary investment objective.

COVERED CALL OPTIONS. The Fund may sell covered call options that are listed on
a national securities exchange against its portfolio securities. Portfolio
securities underlying these call options must have an aggregate value
(determined as of the date the calls are sold) not exceeding 5% of the net
assets of the Fund. A call option gives the purchaser of the option the right to
buy, and obligates the writer to sell, the underlying security at the exercise
price at any time during the option period, regardless of the security's market
price upon exercise of the option. If the price of the underlying security rises
above the exercise price and the option is exercised, the Fund loses the
opportunity to profit from that portion of the rise which exceeds the exercise
price.

- -------------------------------------------------------------------------------
THE FUND MAY EMPLOY CERTAIN INVESTMENT
STRATEGIES TO HELP ACHIEVE ITS INVESTMENT
OBJECTIVE.
- -------------------------------------------------------------------------------

SECURITIES OF FOREIGN ISSUERS. The Fund may invest in securities of foreign
issuers. Normally the Fund will invest at least 65% of its net assets in
securities of issuers in at least three countries, which may include the United
States, but will not invest more than 25% of its net assets in any one foreign
country. An investment in foreign securities or the holding of foreign currency
may be affected by changes in currency rates and in exchange control regulations
(e.g., currency

4
<PAGE> 5

blockage). There may be a transaction charge in connection with the exchange of
currency. Foreign companies are not generally subject to the same uniform
accounting, auditing and general reporting standards applicable to domestic
companies and there may be less publicly available information concerning a
foreign company. In addition, there is the possibility of expropriation or
nationalization of companies operating in certain foreign countries. The volume
of trading on foreign stock markets is generally less than on U.S. stock
exchanges. Foreign securities are often more volatile and less liquid than
securities of comparable domestic companies, and transactions with foreign
brokers may involve the payment of higher commissions as a result of imposition
of fixed commissions. Finally, it may be more difficult to obtain and enforce a
legal judgment against a foreign issuer.

FOREIGN CURRENCY TRANSACTIONS FOR HEDGING PURPOSES. The Fund has the ability to
enter into forward foreign currency exchange contracts to protect against
changes in foreign currency exchange rates. A forward foreign currency exchange
contract involves an obligation to purchase or sell a specific currency at a
future date at a price set at the time of the contract. The Fund might purchase
a foreign currency or enter into a forward purchase contract for the currency to
preserve the U.S. dollar price of securities it has the authority to purchase or
has contracted to purchase. Alternatively, it might sell a foreign currency on
either a spot or forward basis to hedge against an anticipated decline in the
dollar value of securities in its portfolio or which it intends or has
contracted to sell. Although this strategy could minimize the risk of loss due
to a decline in the value of the hedged foreign currency, it could also limit
any potential gain which might result from an increase in the value of the
currency.

FIXED INCOME SECURITIES. Consistent with its investment objectives, the Fund
may invest up to 10% of its net assets in fixed income securities of public and
private issuers. These securities include convertible and non-convertible bonds
and debentures, zero coupon bonds, payment-in-kind securities, increasing rate
note securities, participation interests, stripped debt securities and other
derivative debt securities. The value of fixed income securities generally
varies inversely with interest rate changes. Convertible issues, while
influenced by the level of interest rates, are also subject to the changing
value of the underlying common stock into which they are convertible.

The Fund invests only in fixed income securities that, at the time of
investment, are rated CC or higher by Standard & Poor's Corporation ("Standard &
Poor's") or Ca or higher by Moody's Investors Service, Inc. ("Moody's") or their
equivalent, and unrated fixed income securities of comparable quality as
determined by the Adviser. Bonds rated CC or Ca are highly speculative and are
often in default or have other marked shortcomings. Bonds which have a rating of
BBB or lower from Standard & Poor's, Baa or lower from Moody's or an equivalent
rating, and unrated bonds of comparable quality are considered speculative and,
while generally providing greater income than investments in higher quality
securities, involve greater risk of loss of principal and income, including the
possibility of default. These bonds may have greater price volatility,
especially during periods of

5
<PAGE> 6

economic uncertainty or change. In addition, the market for bonds rated BBB, Baa
or lower may be less liquid than the market for higher rated securities.
Therefore, the Adviser's judgment may at times play a greater role in the
performance and valuation of the Fund's investments in these securities.

Maturity generally is not a significant factor in the Adviser's security
selection process. Accordingly, the Fund may invest in fixed income securities
of any maturity.

REPURCHASE AGREEMENTS. The Fund may enter into repurchase agreements with
selected dealers or banks or other recognized financial institutions with
respect to securities issued or guaranteed by the U.S. Government or its
agencies or instrumentalities, bank obligations and prime commercial paper. In a
repurchase agreement, the Fund buys the underlying security subject to the right
and obligation to sell it back to the seller at an agreed upon time and price.
The period of a repurchase agreement is usually short, from overnight to one
week, but can be longer, although the debt security subject to a repurchase
agreement may have a maturity of one year or more. These transactions must be
fully collateralized at all times, but they involve some credit risk to the Fund
if the other party defaults on its obligation and the Fund is delayed in or
prevented from liquidating the collateral.

RESTRICTED SECURITIES. The Fund may purchase restricted securities which can be
offered and sold to "qualified institutional buyers" under Rule 144A under the
Securities Act of 1933 (the "Securities Act"), subject to nonfundamental
restrictions prohibiting the Fund from investing more than 5% of its net assets
in these securities and limiting all illiquid and restricted securities held by
the Fund to not more than 15% of the Fund's net assets. Since it is not possible
to predict with assurance exactly how this market for restricted securities sold
and offered under Rule 144A will develop, the Board of Directors will carefully
monitor the Fund's investments in these securities, focusing on such factors,
among others, as valuation, liquidity and availability of information. This
investment practice could have the effect of reducing the level of liquidity in
the Fund, to the extent that qualified institutional buyers lose interest in
purchasing these restricted securities for a time.

The Fund has adopted certain investment restrictions which are enumerated in
detail in the Statement of Additional Information. Except for the policies on
temporary defensive investments, investments in foreign securities, fixed income
securities, repurchase agreements, financial futures and options, and certain
policies in investments in the technology industries, the investment objective,
policies and the fundamental restrictions of the Fund may not be changed without
shareholder approval.

- -------------------------------------------------------------------------------
THE FUND FOLLOWS CERTAIN POLICIES, SOME OF
WHICH MAY HELP TO REDUCE INVESTMENT RISK.
- -------------------------------------------------------------------------------

TECHNOLOGY INTENSIVE COMPANIES -- CONSIDERATIONS AND RISKS. Securities prices
of the companies in which the Fund will invest have tended to be subject to
greater volatility than securities prices in many other industries due to
particular factors affecting these industries. Competitive pressures may also
have a significant effect on the financial condition of technology intensive
companies. For

6
<PAGE> 7

example, if the development of new technology continues to advance at an
accelerated rate, and the number of companies and product offerings continue to
expand, the companies could become increasingly sensitive to short product
cycles and aggressive pricing. Accordingly, the Fund's performance will be
particularly susceptible to factors affecting these companies as well as the
economy as a whole.

The primary consideration in choosing brokerage firms to carry out the Fund's
transactions is execution at the most favorable price, taking into account the
broker's professional ability and quality of service. Consideration may also be
given to the broker's sales of shares of the Fund. Pursuant to procedures
established by the Directors, the Fund may place securities transactions with
brokers affiliated with the Fund's investment adviser, John Hancock Advisers,
Inc. (the "Adviser"). These brokers include Tucker Anthony Incorporated and
Sutro & Company, Inc., which are indirectly owned by or affiliated with John
Hancock Mutual Life Insurance Company, which in turn indirectly owns the
Adviser.

- -------------------------------------------------------------------------------
BROKERS ARE CHOSEN BASED ON BEST PRICE
AND EXECUTION.
- -------------------------------------------------------------------------------

Portfolio turnover rates of the Fund for recent years are shown in the section
captioned "The Fund's Financial Highlights."

ORGANIZATION AND MANAGEMENT OF THE FUND
The Fund is a diversified series of the Company, an open-end management
investment company organized as a Maryland corporation on January 5, 1990. The
Company currently has two series of shares: the Fund, the predecessor of which
was organized in 1982, and John Hancock Freedom National Aviation & Technology
Fund ("National Aviation & Technology Fund"), the predecessor of which was
organized in 1928. The Directors have authorized the issuance of two classes of
the Fund, designated Class A and Class B. The shares of each class represent an
interest in the same portfolio of investments of the Fund. Each class has equal
rights as to voting, redemption, dividends and liquidation, except that each
bears different distribution and transfer agent fees. Also, Class A and Class B
shareholders have exclusive voting rights with respect to the Rule 12b-1
distribution plan, which has been adopted by holders of those shares in
connection with the shares' distribution. The authorized capital stock of the
Company consists of 200 million shares. The Fund consists of 100 million shares,
$0.20 par value, which are divided into Class A and Class B, each with 50
million shares. The John Hancock Freedom National Aviation & Technology Fund
consists of 80 million shares, $1.25 par value, which are divided into Class A
and Class B, each with 40 million shares. The balance of 20 million shares,
$0.10 par value, are unclassified as to series. The Company is generally not
required to hold annual shareholder meetings, although special shareholder
meetings may be called for such purposes as electing or removing Directors,
changing fundamental restrictions and policies or approving a management
contract. Shareholders have certain rights to remove Directors.

- -------------------------------------------------------------------------------
THE BOARD OF DIRECTORS ELECT OFFICERS AND
RETAIN THE
INVESTMENT ADVISER AND
SUBADVISER WHO ARE RESPON-
SIBLE FOR THE FUND'S DAY-
TO-DAY OPERATIONS SUBJECT TO
THE BOARD'S POLICIES AND
SUPERVISION.
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
JOHN HANCOCK ADVISERS, INC. ADVISES
INVESTMENT COMPANIES HAVING TOTAL ASSETS
OF APPROXIMATELY $10 BILLION.
- -------------------------------------------------------------------------------

7
<PAGE> 8

research and portfolio management services. The Fund, under certain
circumstances, will assist in shareholder communications with other
shareholders.

American Fund Advisors, Inc. (the "Sub-Adviser"), which served as the
Fund's investment adviser from the Fund's commencement of operations in 1983
to 1991, is the Fund's subadviser. The Sub-Adviser was incorporated in 1978
and acts as investment manager or adviser for other institutional and
individual clients. Barry J. Gordon, Chairman and President, and Marc H. Klee,
Senior Vice President, of the Sub-Adviser, each of whom owns more than 25% of
the Sub-Adviser's voting securities, are controlling persons of the
Sub-Adviser. Messrs. Gordon and Klee carry out day to day management of the
Fund. Mr. Gordon was instrumental in the formation of the Sub-Adviser. He has
been co-manager of the Fund along with Mr. Klee for the past five years. Both
have been associated with the Fund in a portfolio management capacity prior to
1988. John Hancock Broker Distribution Services, Inc. ("Broker Services")
distributes shares for all of the John Hancock mutual funds directly and
through selected broker-dealers ("Selling Brokers"). Certain Fund officers are
also officers of the Adviser and Broker Services.

ALTERNATIVE PURCHASE ARRANGEMENTS
You can purchase shares of the Fund at a price equal to their net asset value
per share, plus a sales charge. At your election, this charge may be imposed
either at the time of the purchase (See "Initial Sales Charge Alternative --
Class A Shares) or on a contingent deferred basis (See "Contingent Deferred
Sales Charge Alternative -- Class B Shares"). If you do not specify on your
account application which class of shares you are purchasing, it will be assumed
that you are investing in Class A shares.

CLASS A SHARES. If you elect to purchase Class A shares, you will incur an
initial sales charge unless the amount you purchase is $1 million or more. If
you purchase $1 million or more of Class A shares you will not be subject to an
initial sales charge, but you will incur a sales charge if you redeem your
shares within one year of purchase. Class A shares are subject to ongoing
distribution and service fees at a combined annual rate of up to 0.30% of the
Fund's average daily net assets attributable to the Class A shares. Certain
purchases of Class A shares qualify for reduced initial sales charges. See
"Share Price -- Qualifying for a Reduced Sales Charge."

- -------------------------------------------------------------------------------
INVESTMENTS IN CLASS A SHARES OF THE FUND
ARE SUBJECT TO AN INITIAL SALES CHARGE.
- -------------------------------------------------------------------------------
CLASS B SHARES. You will not incur a sales charge when you purchase Class B
shares, but the shares are subject to a sales charge if you redeem them within
six years of purchase (the "contingent deferred sales charge" or the "CDSC").
Class B shares are subject to ongoing distribution and service fees at a
combined annual rate of up to 1.00% of the Fund's average daily net assets
attributable to the Class B shares. Investing in Class B shares permits all of
your dollars to work from the time you make your investment, but the higher
ongoing distribution fee will cause these shares to have a higher expense ratio
than that of Class A shares. To the extent that any dividends are paid by the
Fund, these higher expenses will result in lower dividends than those paid on
Class A shares.

- -------------------------------------------------------------------------------
INVESTMENTS IN CLASS B SHARES ARE SUBJECT
TO A CONTINGENT DEFERRED SALES CHARGE.
- -------------------------------------------------------------------------------

8
<PAGE> 9

FACTORS TO CONSIDER IN CHOOSING AN ALTERNATIVE
The alternative purchase agreement allows you to choose the most beneficial way
to buy shares given the amount of your purchase, the length of time that you
expect to hold your shares and other circumstances. You should consider whether,
during the anticipated life of your Fund investment, the CDSC and accumulated
fees on Class B shares would be less than the initial sales charge and
accumulated fees on Class A shares purchased at the same time; and to what
extent this differential would be offset by the Class A shares' lower expenses.
To help you make this determination, the table under the caption "Expense
Information" on page 2 of this Prospectus shows examples of the charges
applicable to each class of shares. Class A shares will normally be more
beneficial if you qualify for a reduced sales charge. See "Share
Price--Qualifying for a Reduced Sales Charge."

- -------------------------------------------------------------------------------
YOU SHOULD CONSIDER WHICH CLASS OF THE
FUND WOULD BE MORE BENEFICIAL FOR YOU.
- -------------------------------------------------------------------------------

Class A shares are subject to lower distribution and service fees and,
accordingly, pay correspondingly higher dividends per share, to the extent that
any dividends are paid. However, because initial sales charges are deducted at
the time of purchase, you would not have all of your funds invested initially
and, therefore, would initially own fewer shares. If you do not qualify for
reduced initial sales charges and expect to maintain your investment for an
extended period of time you might consider purchasing Class A shares because the
accumulated distribution and service charges on Class B shares may exceed the
initial sales charge and accumulated distribution and service charges on Class A
shares during the life of your investment.

Alternatively, you might determine that it would be more advantageous to
purchase Class B shares in order to have all of your funds invested initially,
although remaining subject to higher distribution fees and, for a six-year
period, a CDSC.

In the case of Class A shares, distribution expenses that Broker Services incurs
in connection with the sale of the shares will be paid from the proceeds of the
initial sales charge and the ongoing distribution and service fees. In the case
of Class B shares, expenses will be paid from the proceeds of the ongoing
distribution and service fees and the CDSC incurred upon redemption within six
years of purchase. The purpose and function of the CDSC and ongoing distribution
and service fees with respect to the Class B shares are the same as those of the
initial sales charge and ongoing distribution and service fees with respect to
the Class A shares. Sales personnel distributing the Fund's shares may receive
different compensation for selling each class of shares.

Dividends, if any, on Class A and Class B shares will be calculated in the same
manner, at the same time, on the same day and will be in the same amount.
However, each class will bear only its own distribution and service fees, and
shareholder meeting expenses and any incremental transfer agency costs. See
"Dividends and Taxes."

THE FUND'S EXPENSES
The Fund pays a monthly fee to the Adviser for managing the Fund's investment
and business affairs and overseeing the investment activities of the
Sub-Adviser.

9
<PAGE> 10

This fee is equal on an annual basis to a stated percentage of its average daily
net assets as follows:

<TABLE>
<CAPTION>
NET ASSET VALUE ANNUAL RATE
- --------------------------------------------------------------------------------------
<S> <C>
First $100,000,000 1.00%
Amounts over $100,000,000 0.75%
</TABLE>

In addition, the Fund pays a monthly administration fee at the rate of $100,000
per annum to the Adviser.
The Adviser (not the Fund) pays a monthly fee to the Sub-Adviser for managing
the Fund's portfolio securities. This fee is equal on an annual basis to a
stated percentage of the Fund's average daily net assets as follows:

<TABLE>
<CAPTION>
NET ASSET VALUE ANNUAL RATE
- --------------------------------------------------------------------------------------
<S> <C>
First $100,000,000 0.40%
Amounts over $100,000,000 40% of the investment
advisory fee received by
the adviser on amounts
over $100,000,000.
</TABLE>

The investment management fee paid by the Fund is higher than the fee paid by
most mutual funds but is believed to be comparable to the fee paid by funds
which invest in similar securities.

The Class A and Class B shareholders have adopted distribution plans (each a
"Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under
these Plans, the Fund will pay distribution and service fees at an aggregate
annual rate of 0.30% of the Class A shares' average daily net assets and an
aggregate annual rate of 1.00% of the Class B shares' average daily net assets.
In each case, up to 0.25% is for service expenses and the remaining amount (not
to exceed 0.75% for Class B shares) is for distribution expenses. The
distribution fees will be used to reimburse Broker Services for its distribution
expenses including but not limited to: (i) initial and ongoing sales
compensation to Selling Brokers and others (including affiliates of Broker
Services) engaged in the sale of Fund shares, (ii) marketing, promotional and
overhead expenses incurred in connection with the distribution of Fund shares,
and (iii) with respect to Class B shares only, interest expenses on unreimbursed
distribution expenses. The Plans provide that Broker Services will use the
distribution fees to promote sales of shares, and will use the service fees to
compensate Selling Brokers for providing personal and account maintenance
services to shareholders. In the event Broker Services is not fully reimbursed
for payments made or expenses incurred by it under the Class A Plan, these
expenses will not be carried beyond twelve months from the date they were
incurred. Unreimbursed expenses under the Class B Plan will be carried forward
together with interest on the balance of the unreimbursed expenses.

- -------------------------------------------------------------------------------
THE FUND PAYS DISTRIBUTION AND SERVICE
FEES FOR MARKETING AND SALES-RELATED
SHAREHOLDER SERVICING.
- -------------------------------------------------------------------------------

The Adviser may, from time to time, reduce its fee or make other arrangements to
limit the Fund's expenses to a specified percentage of average net assets. The
Adviser retains the right to impose such fee and recover any other payments to
the extent that annual expenses fall below the limit at the end of the fiscal
year.

10
<PAGE> 11

In the event normal operating expenses of the Fund, exclusive of certain
expenses prescribed by state law, for any fiscal year exceed any limitation
imposed by a state where the shares of the Fund are registered for sale, the fee
payable to the Adviser will be reduced to the extent required by such law and
the Adviser will make any additional arrangements that the Adviser is required
by law to make.

- -------------------------------------------------------------------------------
THE FUND'S TOTAL EXPENSES ARE SUBJECT TO
CERTAIN EXPENSE LIMITATIONS.
- -------------------------------------------------------------------------------

In the event that the ratio for 1994 of (i) normal operating expenses of the
Fund, exclusive of extraordinary expenses including but not limited to
distribution and service fees under the Fund's distribution plans under Rule
12b-1 and litigation expenses, to (ii) the Fund's average daily net assets for
such year, exceeds the average expense ratio for the Fund for the three years
ended December 31, 1990 (restated as if the current annual rates for calculating
the management fee and the current expense limitations had been in effect
throughout the three-year period), the fees payable to the Adviser will be
reduced to the extent required to eliminate such excess and the Adviser will
make any additional arrangements necessary to eliminate any remaining such
excess.

The Fund's total expenses for the year ended December 31, 1993 were 2.10% of
average net assets.

DIVIDENDS AND TAXES
DIVIDENDS. Dividends from the Fund's net investment income and capital gains,
if any, are generally declared annually. Dividends are reinvested in additional
shares of your class unless you elect the option to receive them in cash. If you
elect the cash option and the U.S. Postal Service cannot deliver your checks,
your election will be converted to the reinvestment option. The per share
dividends, if any, on Class B shares will be lower than those for Class A shares
because of the higher expenses attributable to the Class B shares. See "Share
Price."

- -------------------------------------------------------------------------------
YOU SHOULD KEEP YOUR ACCOUNT STATEMENTS
RECEIVED FROM THE FUND FOR YOUR PERSONAL
TAX RECORDS.
- -------------------------------------------------------------------------------
TAXATION. Dividends from the Fund's net investment income and net short-term
capital gains are taxable to you as ordinary income. Dividends from the Fund's
net long-term capital gains are taxable as long-term capital gains. These
dividends are taxable whether you take them in cash or reinvest in additional
shares. Certain dividends may be paid in January of a given year but they may be
taxable to you as if you received them the prior December. The Fund will send
you a statement by January 31 showing the tax status of the dividends you
receive for the prior year.

The Fund intends to qualify as a regulated investment company under Subchapter M
of the Internal Revenue Code of 1986, as amended (the "Code"). As a regulated
investment company, the Fund will not be subject to Federal income taxes on any
net investment income and net realized capital gains that are distributed to its
shareholders at least annually. When you redeem (sell) or exchange shares, you
may realize a gain or loss.

On the account application, you must certify that the social security or other
taxpayer identification number you provide is correct and that you are not
subject to Federal backup withholding tax. If you do not provide this
information or are otherwise subject to such withholding, the Fund may be
required to withhold 31% of your dividends, redemptions and exchanges.

11
<PAGE> 12

The Fund may be subject to foreign withholding taxes on certain of its foreign
investments, if any, which will reduce the yield on those investments.

In addition to Federal taxes, you may be subject to state, local or foreign
taxes, depending on your residence. In some states, any portion of the Fund's
dividends which represents interest received by the Fund on direct U.S.
Government obligations is exempt from tax. You should consult your tax adviser
for specific advice.

PERFORMANCE
The Fund's total return shows the overall dollar or percentage change in value,
assuming the reinvestment of all dividends. Cumulative total return shows the
Fund's performance over a period of time. Average annual total return shows the
cumulative return divided over the number of years included in the period.
Because average annual total return tends to smooth out variations in the Fund's
performance, you should recognize that it is not the same as actual year-to-year
results.

- -------------------------------------------------------------------------------
THE FUND MAY ADVERTISE ITS TOTAL RETURN.
TOTAL RETURN IS BASED ON THE OVERALL
CHANGE IN VALUE OF A HYPOTHETICAL
INVESTMENT IN THE FUND.
- -------------------------------------------------------------------------------
Total return calculations for Class A shares generally include the effect of
paying the maximum sales charge (except as shown in "The Fund's Financial
Highlights"). Investments at a lower sales charge would result in higher
performance figures. Total return for the Class B shares reflects deduction of
the applicable CDSC imposed on a redemption of shares held for the applicable
period. All calculations assume that all dividends are reinvested at net asset
value on the reinvestment dates during the periods. Total return of Class A and
Class B shares will be calculated separately and, because each class of shares
is subject to different expenses, the total return with respect to classes of
the Fund for the same period may differ. The relative performance of the Class A
and Class B shares will be affected by a variety of factors, including the
higher operating expenses attributable to the Class B shares, whether the Fund's
investment performance is better in the earlier or later portions of the period
measured and the level of net assets of the Classes during the period. The Fund
will include the total return of Class A and Class B shares in any advertisement
or promotional materials including Fund performance data. The value of Fund
shares, when redeemed, may be more or less than their original cost. Performance
numbers are historical calculations and are not an indication of future
performance. See "Factors to Consider in Choosing Alternatives." Further
information about the performance of the Fund is contained in the Funds Annual
Report to Shareholders which may be obtained free of charge by writing or
telephoning John Hancock Fund Services, Inc. at the address or telephone number
listed on the front page of this Prospectus.

12
<PAGE> 13

HOW TO BUY SHARES
- -------------------------------------------------------------------------------
The minimum initial investment in Class A and Class B shares is $1,000 ($250
for group investments and $500 for retirement plans). Complete the account
application attached to this Prospectus and indicate whether you are buying
Class A or Class B shares. If you do not specify which class of shares you are
purchasing Fund Services will assume you are investing in Class A shares.

- -------------------------------------------------------------------------------
OPENING AN ACCOUNT.
- -------------------------------------------------------------------------------

<TABLE>
<S> <C> <C>
- --------------------------------------------------------------------------------------
BY CHECK 1. Make your check payable to John Hancock Fund Services, Inc.
("Fund Services").
2. Deliver the completed application and check to your registered
representative, or Selling Broker, or mail it directly to Fund
Services.
- --------------------------------------------------------------------------------------
BY WIRE 1. Obtain an account number by contacting your registered
representative or Selling Broker, or by calling 1-800-225-5291.
2. Instruct your bank to wire funds to:
First Signature Bank & Trust
John Hancock Deposit Account No. 900000260
ABA Routing No. 211475000
For credit to: John Hancock Freedom Global Technology Fund
(Class A or Class B shares)
Your Account Number
Name(s) under which account is registered.
3. Deliver the completed application to your registered
representative or Selling Broker or mail it directly to Fund
Services.
- --------------------------------------------------------------------------------------
1. Complete the "Automatic Investing" and "Bank Information"
MONTHLY sections on the Account Privileges Application designating
AUTOMATIC a bank account from which funds may be drawn.
ACCUMULATION
PROGRAM 2. The amount you elect to invest will be automatically withdrawn
(MAAP) from your bank or credit union account.
- --------------------------------------------------------------------------------------
BUYING ADDITIONAL CLASS A
AND CLASS B SHARES.
- --------------------------------------------------------------------------------------
BY TELEPHONE 1. Complete the "Invest-by-Phone" and "Bank Information" sections
on the Account Privileges Application designating a bank
account from which funds may be drawn. Note that in order to
invest by phone, you must be in a bank or credit union that is
a member of the Automated Clearing House System (ACH).
2. After your authorization form has been processed, you may
purchase additional Class A and Class B shares by calling Fund
Services toll-free at 1-800-225-5291.
3. Give the Fund Services representative the name in which your
account is registered, the Fund name, the class of shares you
own, your account number and the amount you wish to invest.
4. Your investment normally will be credited to your account the
business day following your phone request.
- --------------------------------------------------------------------------------------
BY CHECK 1. Either complete the detachable stub included in your account
statement or include a note with your investment listing the
name of the Fund, the class of shares you own, your account
number and the name(s) in which the account is registered.
2. Make your check payable to John Hancock Fund Services, Inc.
3. Mail the account information and check to:
John Hancock Fund Services, Inc.
P.O. Box 9115
Boston, MA 02205-9115
or deliver it to your registered representative or Selling
Broker.
- --------------------------------------------------------------------------------------
</TABLE>

13
<PAGE> 14
- -------------------------------------------------------------------------------
BUYING ADDITIONAL CLASS A AND CLASS B
SHARES.
(CONTINUED)
- -------------------------------------------------------------------------------
BY WIRE Instruct your bank to wire funds to:
First Signature Bank & Trust
John Hancock Deposit Account No. 900000260
ABA Routing No. 211475000
For credit to: John Hancock Freedom Global Technology Fund
(Class A or Class B shares)
Your Account Number
Name(s) under which account is registered
- -------------------------------------------------------------------------------
Other Requirements. All purchases must be made in U.S. dollars. Checks
written on foreign banks will delay purchases until U.S. funds are received,
and a collection charge may be imposed. Wire purchases normally take two or
more hours to complete and, to be accepted the same day, must be received by
4:00 p.m., New York time. Your bank may charge a fee to wire funds.
Telephone transactions are recorded to verify information. Share
certificates are not issued unless a request is made in writing to Fund
Services. Certificates are not issued unless a request is made in writing to
Fund Services.
- --------------------------------------------------------------------------------
You will receive a statement of your account after any transaction that affects
your share balance or registration (statements related to reinvestment of
dividends and automatic investment/withdrawal plans will be sent to you
quarterly). A tax information statement will be mailed to you by January 31 of
each year.
- --------------------------------------------------------------------------------
YOU WILL RECEIVE STATEMENTS
REGARDING YOUR ACCOUNT WHICH YOU SHOULD
KEEP TO HELP WITH YOUR PERSONAL
RECORDKEEPING.
- --------------------------------------------------------------------------------
SHARE PRICE
The net asset value ("NAV") is the value of one share. The NAV per share is
calculated by dividing the net assets of each class by the number of outstanding
shares of that class. The NAV will be different for each class to the extent
that different amounts of undistributed income are accrued on shares of each
class between dividend declarations.
- --------------------------------------------------------------------------------
THE OFFERING PRICE OF YOUR SHARES IS THEIR
NET ASSET VALUE PLUS A SALES CHARGE, IF
APPLICABLE, WHICH WILL VARY WITH THE
PURCHASE ALTERNATIVE YOU CHOOSE.
- --------------------------------------------------------------------------------
Equity securities in the Fund's portfolio are generally valued at their last
exchange sale price as furnished by a pricing service which utilizes electronic
pricing techniques. If no sale has occurred on the date assets are valued, or if
the security is traded only in the over-the-counter market, it will normally be
valued at its last available bid price. Fixed income securities are generally
valued by a pricing service which uses electronic pricing techniques based upon
general institutional trading. Some securities are valued at fair value based on
procedures approved by the Board of Directors, and for certain other securities,
the amortized cost method is used if the Directors determine in good faith that
this cost approximates fair value, as described more fully in the Statement of
Additional Information. The NAV is calculated once daily as of the close of
regular trading on the New York Stock Exchange (generally at 4:00 P.M., New York
time) on each day that the Exchange is open.

Shares of the Fund are sold at the offering price based on the NAV computed
after your investment request is received in good order by Broker Services. If
you buy shares of the Fund through a Selling Broker, the Selling Broker must
receive your investment before the close of regular trading on the New York
Stock Exchange and transmit it to Broker Services before its close of business
to receive that day's offering price.

14
<PAGE> 15

The Fund offers two classes of shares in this Prospectus: Class A shares which
are subject to an initial sales charge and Class B shares which are subject to a
contingent deferred sales charge. If you do not specify a particular class of
shares, it will be assumed that you are purchasing Class A shares and an initial
sales charge will be assessed.

INITIAL SALES CHARGE ALTERNATIVE--CLASS A SHARES. The offering price you pay
for Class A shares of the Fund equals the NAV next computed after your
investment is received in good order by Broker Services plus a sales charge as
follows:

<TABLE>
<CAPTION>
COMBINED REALLOWANCE
REALLOWANCE TO SELLING
AND SERVICE BROKERS AS A
FEE AS A PERCENTAGE
SALES CHARGE AS SALES CHARGE AS PERCENTAGE OF THE
AMOUNT INVESTED A PERCENTAGE OF A PERCENTAGE OF OF OFFERING OFFERING
(INCLUDING SALES CHARGE) OFFERING PRICE THE AMOUNT INVESTED PRICE(+) PRICE(*)
- ----------------------------------------- ------------------- ----------- ------------
<S> <C> <C> <C> <C>
Less than $50,000 5.00% 5.26% 4.25% 4.01%
$50,000 to $99,999 4.50% 4.71% 3.75% 3.51%
$100,000 to $249,999 3.50% 3.63% 2.85% 2.61%
$250,000 to $499,999 2.50% 2.56% 2.10% 1.86%
$500,000 to $999,999 2.00% 2.04% 1.60% 1.36%
$1,000,000 and over 0.00%(**) 0.00%(**) 0.00%(***) 0.00%(***)
</TABLE>

- ---------------

(*) Upon notice to Selling Brokers with whom it has sales agreements, Broker
Services may reallow an amount up to the full applicable sales charge. A
Selling Broker to whom substantially the entire sales charge is reallowed
or who receives these incentives may be deemed to be an underwriter under
the Securities Act of 1933.
(**) No sales charge is payable at the time of purchase in Class A Shares of $1
million or more, but a contingent deferred sales charge may be imposed, in
the event of certain redemption transactions made within one year of
purchase.
(***) Broker Services may pay a commission and first year's service fee (as
described in (+) below) to Selling Brokers who initiate and are
responsible for purchases of Class A shares of $1 million or more in
aggregate as follows: 1% on sales to $4,999,999, 0.50% on the next $5
million and 0.25% on $10 million and over.
(+) At the time of sale, Broker Services pays to Selling Brokers the first
year's service fee in advance, in an amount equal to 0.25% of the net
assets invested in the Fund. Thereafter, it pays the service fee
periodically in arrears in an amount up to 0.25% of the Fund's average
annual net assets. Selling Brokers receive the fee as compensation for
providing personal and account maintenance services to shareholders.
Sales charges ARE NOT APPLIED to any dividends which are reinvested in
additional shares of the Fund.
In addition to the reallowance allowed to all Selling Brokers, Brokers Services
will pay the following: Round trip airfare to a luxury resort will be given to
each registered representative of a Selling Broker who sells certain amounts of
shares of John Hancock funds. Broker Services will make these incentive payments
out of its own resources. Other than distribution fees, the Fund does not bear
distribution expenses.

15
<PAGE> 16

Broker Services will pay certain affiliated Selling Brokers at an annual rate of
up to 0.05% of the daily net assets of accounts attributable to these brokers.
Under certain circumstances as described below, investors in Class A shares may
be entitled to pay reduced sales charges. See "Qualifying for a reduced Sales
Charge" below.
CONTINGENT DEFERRED SALES CHARGE -- INVESTMENTS OF $1 MILLION OR MORE IN CLASS A
SHARES. Purchases of $1 million or more in Class A shares will be made at net
asset value with no initial sales charge, but if the shares are redeemed within
12 months after the end of the calendar month in which the purchase was made
(the contingent deferred sales charge period), a contingent deferred sales
charge will be imposed. The rate of the CDSC will depend on the amount invested
as follows:

<TABLE>
<CAPTION>
AMOUNT INVESTED CDSC RATE
- ---------------------------------------------------------------------- ---------
<S> <C>
$1 Million to $4,999,999 1.00%
Next $5 Million to $9,999,999 0.50%
Amounts of $10 Million and over 0.25%
</TABLE>

The charge will be assessed on an amount equal to the lesser of the current
market value or the original purchase cost of the Class A shares redeemed.
Accordingly, no CDSC will be imposed on increases in account value above the
initial purchase price, including any dividends which have been reinvested in
additional shares.
In determining whether a CDSC applies to a redemption, the calculation will be
determined in a manner that results in the lowest possible rate being charged.
Therefore, it will be assumed that the redemption is first made from any shares
in your account that are not subject to the CDSC. The CDSC is waived on
redemption in certain circumstances. See "Waiver of Contingent Deferred Sales
Charges" below.
QUALIFYING FOR A REDUCED SALES CHARGE. If you invest more than $50,000 in Class
A shares of the Fund or a combination of funds in the John Hancock family of
funds (except money market funds), you may qualify for a reduced sales charge on
your investments through a LETTER OF INTENTION or through the COMBINATION
PRIVILEGE. You may also be able to use the ACCUMULATION PRIVILEGE to take
advantage of the value of your previous investments in Class A shares of the
John Hancock funds when meeting the breakpoints for a reduced sales charge.

- -------------------------------------------------------------------------------
YOU MAY QUALIFY FOR A REDUCED SALES CHARGE
ON YOUR INVESTMENTS IN CLASS A SHARES.
- -------------------------------------------------------------------------------

Shareholders of the Fund who were stockholders of record of Nova Fund on May 1,
1987 are permitted for an indefinite period to purchase additional shares at net
asset value, without a sales charge, provided that the purchasing shareholder
(1) held Nova Fund shares continuously from May 1, 1987 to February 21, 1989
(the date Nova Fund's assets were acquired by the Fund's predecessor) and the
Fund shares and shares of the Fund's predecessor from that latter date to the
date of the purchase in question and (2) provides at the time of purchase a
representation that the additional shares are being purchased for investment
purposes and not with a view to distribution.

- -------------------------------------------------------------------------------
FUND EMPLOYEES AND AFFILIATES.
- -------------------------------------------------------------------------------

16
<PAGE> 17

Class A shares of the Fund may be purchased without paying an annual sales
charge by the following:

- - A Trustee/Director or officer of the Trust/Company; a Director or officer of
the Adviser and its affiliates or Selling Brokers; employees or sales
representatives of any of the foregoing; retired officers employees or Directors
of any of the foregoing; a member of the immediate family of any of the
foregoing; or any Fund, pension, profit sharing or other benefit plan for the
individuals described above.

- - Any state, county, city or any instrumentality, department, authority or
agency of these entities (an "eligible governmental authority") which is
prohibited by applicable investment laws from paying a sales charge or
commission when it purchases shares of any registered investment management
company.

- - A bank, trust company, credit union, savings institution or other type of
depository institution, its trust departments or common trust funds (an
"eligible depository institution") if it is purchasing $1 million or more for
non-discretionary customers or accounts.

- - A broker, dealer or registered investment adviser that has entered into an
agreement with Broker Services providing specifically for the use of Fund shares
in fee-based investment products made available to their clients.

- - A client of the Sub-Adviser if the client's funds are transferred directly to
the Fund from accounts managed by the Sub-Adviser.

- - A former participant in an employee benefit plan with John Hancock Mutual
Funds, when s/he withdraws from his/her plan and transfers any or all of his/her
plan distributions directly to the Fund.

- - Class A shares of the Fund may also be purchased without an initial sales
charge in connection with certain liquidation, merger or acquisition
transactions involving other investment companies or personal holding companies.

CONTINGENT DEFERRED SALES CHARGE ALTERNATIVE--CLASS B SHARES. Class B shares
are offered at net asset value per share without a sales charge, so that your
entire initial investment will go to work at the time of purchase. However,
Class B shares redeemed within six years of purchase will be subject to a CDSC
at the rates set forth below. The charge will be imposed on an amount equal to
the lesser of the current market value or the original purchase cost of the
shares being redeemed. Accordingly, you will not be assessed a CDSC on increases
in account value above the initial purchase price, including shares derived from
dividend reinvestment.

In determining whether a CDSC applies to a redemption, the calculation will be
determined in a manner that results in the lowest possible rate being charged.
It will be assumed that your redemption comes first from shares you have held
beyond the six-year CDSC redemption period or those you acquired through
reinvestment of dividends or distributions, and next from the shares you have
held the longest during the six-year period.

17
<PAGE> 18

EXAMPLE:
You have purchased 100 shares at $10 per share. The second year after your
purchase, your investment's net asset value per share has increased by $2 to
$12, and you have gained 10 additional shares through dividend reinvestment. If
you redeem 50 shares at this time, your CDSC will be calculated as follows:

<TABLE>
<S> <C>
- - Proceeds of 50 shares redeemed at $12 per share $600
- - Minus proceeds of 10 shares not subject to CDSC because they were -120
acquired through dividend reinvestment (10 X $12)
- - Minus appreciation on remaining shares, also not subject to CDSC -80
(40 X $2)
-----
- - Amount subject to CDSC $400
-----
</TABLE>

Proceeds from the CDSC are paid to Broker Services. Broker Services uses them in
whole or in part to defray its expenses related to providing the Fund with
distribution services in connection with the sale of the Class B shares, such as
compensating selected Selling Brokers for selling these shares. The combination
of the CDSC and the distribution and service fees makes it possible for the Fund
to sell the Class B shares without deducting a sales charge at the time of the
purchase.
The amount of the CDSC, if any, will vary depending on the number of years from
the time you purchase your Class B shares until the time you redeem them. Solely
for purposes of determining the holding period, any payments you make during the
month will be aggregated and deemed to have been made on the last day of the
month.

<TABLE>
<CAPTION>
CONTINGENT DEFERRED SALES
CHARGE AS A PERCENTAGE OF
YEAR IN WHICH CLASS B SHARES DOLLAR AMOUNT SUBJECT TO
REDEEMED FOLLOWING PURCHASE CDSC
- ---------------------------------------------------- ---------------------------
<S> <C>
First 5.0%
Second 4.0%
Third 3.0%
Fourth 3.0%
Fifth 2.0%
Sixth 1.0%
Seventh and thereafter None
</TABLE>

A commission equal to 3.75% of the amount invested and a first year's service
fee equal to 0.25% of the amount invested are paid to Selling Brokers. The
initial service fee is paid in advance at the time of sale for personal and
account maintenance services provided to shareholders during the twelve months
following the sale, and thereafter the service fee is paid in arrears.

CONVERSION OF CLASS B SHARES. Your Class B shares and an appropriate portion of
both reinvestment income and capital gains on those shares will be converted
into Class A shares automatically no later than the month following eight years
after the shares were purchased resulting in lower annual distribution fees. If
you exchanged Class B shares into the Fund from another John Hancock fund, the
calculation will be based on the time the shares in the original fund were
purchased.

WAIVER OF CONTINGENT DEFERRED SALES CHARGE. The CDSC is waived on redemptions
of Class B shares (and Class A shares subject to CDSC) in the following

18
<PAGE> 19

circumstances: (1) redemptions in connection with a tax-exempt retirement plan
distribution which are mandatory under the Code (i.e., after age 70 1/2), (2)
redemptions involving certain liquidation, merger or acquisition transactions
involving other investment companies or personal holding companies, (3)
redemptions that are due to death or disability or (4) redemptions made pursuant
to the Reinvestment Privilege, as described below. The CDSC is waived on
redemptions of shares following distributions to participants or beneficiaries
of plans qualified under Section 401(a) of the Code or from custodial accounts
under Code Section 403(b)(7), deferred compensation plans under Code Section 457
and other employee benefit plans, and certain returns of excess contributions
made to these plans. In addition, all of these distributions must be permitted
to be made without penalty under the Code. In addition, certain IRA and
retirement plans purchasing shares prior to October 1, 1992 will not be subject
to a CDSC. If you are entitled to a waiver of the CDSC, you must notify Fund
Services either directly or through your Selling Broker at the time you make
your redemption. The waiver will be granted subject to confirmation of your
entitlement to the waiver.

19
<PAGE> 20

HOW TO REDEEM SHARES
You may redeem all or a portion of your shares on any business day. Your shares
will be redeemed at the next NAV calculated after your redemption request is
received in good order by Fund Services less any applicable CDSC. The Fund may
hold payment until reasonably satisfied that investments which were recently
made by check or Invest-by-Phone have been collected (which may take up to 10
calendar days).

- --------------------------------------------------------------------------------
TO ASSURE ACCEPTANCE OF YOUR REDEMPTION
REQUEST, PLEASE FOLLOW THESE PROCEDURES.
- --------------------------------------------------------------------------------

Once your shares are redeemed, the Fund generally sends you payment on the next
business day. When you redeem your shares, you will generally realize a gain or
loss depending usually on the difference between what you paid for them and what
you receive for them, subject to certain tax rules. Under unusual circumstances,
the Fund may suspend redemptions or postpone payment for up to seven days or
longer, as permitted by Federal securities laws.
- --------------------------------------------------------------------------------
<TABLE>
<S><C> <C>
BY TELEPHONE All Fund shareholders are automatically eligible for the
telephone redemption privilege. Call 1-800-225-5291, from
8:00 A.M. to 4:00 P.M. (Eastern Time), Monday through
Friday, excluding days on which the New York Stock Exchange
is closed. Fund Services employs the following procedures
to confirm that instructions received by telephone are
genuine. Your name, the account number, taxpayer
identification number applicable to the account and other
relevant information may be requested. In addition,
telephone instructions are recorded.
You may redeem up to $100,000 by telephone, but the address
on the account must not have changed for the last 30 days.
A check will be mailed to the exact name(s) and address
shown on the account.
If reasonable procedures, such as those described above,
are not followed, the Fund may be liable for any loss due
to unauthorized or fraudulent telephone instructions. In
all other cases, neither the Fund nor Fund Services will be
liable for any loss or expense for acting upon telephone
instructions made in accordance with the telephone
transaction procedures mentioned above.
Telephone redemption is not available for IRAs, other
tax-qualified retirement plans or Fund shares that are in
certificated form.
During periods of extreme economic conditions or market
changes, telephone requests may be difficult to implement
due to a large volume of calls. During these times you
should consider placing redemption requests in writing or
using EASI-Line. EASI-Line is a telephone number which is
listed on account statements.
- --------------------------------------------------------------------------------------
BY WIRE If you have a telephone redemption form on file with the
Fund, redemption proceeds of $1,000 or more can be wired on
the next business day to your designated bank account and a
fee (currently $4.00) will be deducted. You may also use
electronic fund transfer to your assigned bank account and
the funds are usually collectible after two business days.
Your bank may or may not charge for this service.
Redemptions of less than $1,000 will be sent by check or
electronic funds transfer.
This feature may be elected by completing the Telephone
Redemption section on the Account Privileges Application
attached to this Prospectus.
- --------------------------------------------------------------------------------------
IN WRITING Send a stock power or letter of instruction specifying the
name of the Fund, the dollar amount or the number of shares
to be redeemed, your name, class of shares, your account
number, and the additional requirements listed below that
apply to your particular account.
- --------------------------------------------------------------------------------------
</TABLE>

20
<PAGE> 21
<TABLE>
- -------------------------------------------------------------------------------------
<S> <C> <C>
TYPE OF REGISTRATION REQUIREMENTS
Individual, Joint Tenants, Sole A letter of instruction signed (with titles,
Proprietorship, Custodial where applicable) by all persons authorized
(Uniform Gifts or Transfer to to sign for the account, exactly as it is
Minors Act), General Partners registered with the signature(s) guaran-
teed.
Corporation, Association A letter of instruction and a corporate
resolution, signed by person(s) authorized
to act on the account, with the signatures
guaranteed.
Trusts A letter of instruction signed by the
Trustee(s), with a signature guarantee. (If
the Trustee's name is not registered on your
account, also provide a copy of the trust
document, certified within the last 60
days.)
If you do not fall into any of these registration categories, please call
1-800-225-5291 for further instructions.
- -------------------------------------------------------------------------------------
A signature guarantee is a widely accepted way to protect you and the Fund by
verifying the signature on your request. It may not be provided by a notary
public. If the net asset value of the shares redeemed is $100,000 or less,
Broker Services may guarantee the signature. The following institutions may
provide you with a signature guarantee, provided that any such institution
meets credit standards established by Fund Services: (i) a bank; (ii) a
securities broker or dealer, including a government or municipal securities
broker or dealer, that is a member of a clearing corporation or meets certain
net capital requirements; (iii) a credit union having authority to issue
signature guarantees, (iv) a savings and loan association, a building and loan
association, a cooperative bank, a federal savings bank or association; or
(iv) a national securities exchange, a registered securities exchange or a
clearing agency.

------------------------------------------------------------------------------------
WHO MAY GUARANTEE YOUR
SIGNATURE.
- -------------------------------------------------------------------------------------
THROUGH YOUR BROKER. Your broker may be able to initiate the redemption.
Contact your broker for instructions.

------------------------------------------------------------------------------------
ADDITIONAL INFORMATION ABOUT
REDEMPTIONS.
- -------------------------------------------------------------------------------------
If you have certificates for your shares, you must submit them with your stock
power or a letter of instruction. Unless you specify to the contrary, any
outstanding Class A shares will be redeemed before Class B shares. You may not
redeem certificated shares by telephone.
Due to the proportionately high cost of maintaining smaller accounts, the Fund
reserves the right to redeem at net asset value all shares in an account which
holds fewer than 100 shares (except accounts under retirement plans) and to
mail the proceeds to the shareholder or the transfer agent may impose an
annual fee of $10.00. No account will be involuntarily redeemed or additional
fee imposed if the value of the account is in excess of the Fund's minimum
initial investment. No CDSC will be imposed on involuntary redemption of
shares.
Shareholders will be notified before these redemptions are to be made or this
fee is imposed and will have 30 days to purchase additional shares to bring
their account up to the required minimum. Unless the number of shares acquired
by further purchase and dividend reinvestments, if any, exceeds the number of
shares redeemed, repeated redemptions from a smaller account may eventually
trigger this policy.
- ------------------------------------------------------------------------------------
</TABLE>

ADDITIONAL SERVICES AND PROGRAMS
EXCHANGE PRIVILEGE
If your investment objective changes, or if you wish to achieve further
diversification, John Hancock offers other funds with a wide range of investment
goals. Contact your registered representative or Selling Broker and request a
prospectus for the John Hancock funds that interest you. Read the prospectus
carefully before exchanging your shares. You can exchange shares of each class
of the Fund only for shares of the same class of another John Hancock mutual
fund. For this
- --------------------------------------------------------------------------------
YOU MAY EXCHANGE SHARES OF THE FUND ONLY
FOR SHARES OF THE SAME CLASS IN ANOTHER
JOHN HANCOCK MUTUAL FUND.

- --------------------------------------------------------------------------------

21
<PAGE> 22
purpose, John Hancock funds with only one class of shares will be treated
as Class A whether or not they have been so designated.

Under exchange agreements with Broker Services, certain dealers, brokers and
investment advisers may exchange their clients' Fund shares, subject to the
terms of those agreements and Broker Services' right to reject or suspend those
exchanges at any time. Because of the restrictions and procedures under those
agreements, the exchanges may be subject to timing limitations and other
restrictions that do not apply to exchanges requested by shareholders directly,
as described above.
Because Fund performance and shareholders can be hurt by excessive trading, the
Fund reserves the right to terminate the exchange privilege for any person or
group that, in Broker Services' judgment, is involved in a pattern of exchanges
that coincide with a "market timing" strategy that may disrupt the Fund's
ability to invest effectively according to its investment objective and
policies, or might otherwise affect the Fund and its shareholders adversely. The
Fund may also temporarily or permanently terminate the exchange privilege for
any person who makes seven or more exchanges out of the Fund per calendar year.
Accounts under common control or ownership will be aggregated for this purpose.
Although the Fund will attempt to give you prior notice whenever it is
reasonably able to do so, it may impose these restrictions at any time. The Fund
may also terminate or alter the terms of the exchange privilege upon 60 days'
notice to shareholders.

22
<PAGE> 23

An exchange of shares is treated as a redemption of shares of one fund and the
purchase of shares of another for Federal income tax purposes. An exchange may
result in a gain or loss.

When you make an exchange your account registration must be identical in both
the existing and new account. The exchange privilege is available only in states
where the exchange can be made legally.
BY TELEPHONE
1. When you fill out the application for your initial purchase of Fund shares,
you automatically authorize exchanges by telephone unless you check the box
indicating that you do not wish to have the telephone exchange privilege.

2. Call 1-800-225-5291. Have the account number of your current fund and the
exact name in which it is registered available to give to the telephone
representative.
IN WRITING
1. In a letter, request an exchange and list the following:

--the name and class of the fund whose shares you currently own
--your account number
--the name(s) in which the account is registered
--the name of the fund in which you wish your exchange to be invested
--the number of shares, all shares or the dollar amount
you wish to exchange

Sign your request exactly as the account is registered.

2. Mail the request and information to:

John Hancock Fund Services, Inc.
P.O. Box 9116
Boston, Massachusetts 02205-9116

REINVESTMENT PRIVILEGE
1. No sales charge will apply to Class A shares that are reinvested in any of
the other John Hancock funds which are otherwise subject to a sales charge as
long as you reinvest within 120 days of the redemption date. If you paid a
CDSC upon a redemption, you may reinvest at net asset value in the same class
of shares from which you redeemed within 120 days. Your account will be
credited with the amount of the CDSC previously charged, and the reinvested
shares will continue to be subject to a CDSC. For purposes of computing the
CDSC payable upon a subsequent redemption, the holding period of the shares
acquired through reinvestment will include the holding period of the redeemed
shares.

- -------------------------------------------------------------------------------
IF YOU REDEEM SHARES OF THE
FUND, YOU MAY BE ABLE TO
REINVEST THE PROCEEDS IN THIS
FUND OR ANOTHER JOHN HANCOCK FUND WITHOUT
PAYING AN ADDITIONAL SALES CHARGE.
- -------------------------------------------------------------------------------
2. Any portion of your redemption may be reinvested in Fund shares or in shares
of any of the other John Hancock funds, subject to the minimum investment
limit of that fund.

23
<PAGE> 24

3. To reinvest, you must notify Fund Services in writing. Include the account
number and class from which your shares were originally redeemed.
SYSTEMATIC WITHDRAWAL PLAN
1. You may elect the Systematic Withdrawal Plan at any time by completing the
Account Privileges Application which is attached to this Prospectus. You can
also obtain the Application from your registered representative or by calling
1-800-225-5291.

2. To be eligible, you must have at least $5,000 in your account.
3. Payments from your account can be made monthly, quarterly, semi-annually or
annually or on a selected monthly basis to yourself or any other designated
payee.

- -------------------------------------------------------------------------------
YOU CAN PAY ROUTINE BILLS FROM YOUR
ACCOUNT OR MAKE PERIODIC DISBURSEMENTS OF
FUNDS FROM YOUR RETIREMENT ACCOUNT TO
COMPLY WITH IRS REGULATIONS.
- -------------------------------------------------------------------------------
4. There is no limit on the number of payees you may authorize, but all payments
must be made at the same time or intervals.
5. It is not advantageous to maintain a Systematic Withdrawal Plan concurrently
with purchases of additional Class A or Class B shares because you may be
subject to an initial sales charge on your purchases of Class A shares or to
a CDSC on your redemption of Class B shares. In addition, your redemptions
are taxable events.
6. If the U.S. Postal Service cannot deliver your checks, or if deposits to a
bank account are returned for any reason, your redemptions will be
discontinued.
MONTHLY AUTOMATIC ACCUMULATION PROGRAM (MAAP)
1. You may authorize an investment to be drawn automatically each month on your
bank for investment in Fund shares, under the "Automatic Investing" and "Bank
Information" section of the Account Privileges Application.

- -------------------------------------------------------------------------------
YOU CAN MAKE AUTOMATIC
INVESTMENTS AND SIMPLIFY
YOUR INVESTING.
- -------------------------------------------------------------------------------
2. You may also authorize automatic investing through payroll deduction by
completing the "Direct Deposit Investing" section of the Account Privileges
Application.
3. You may terminate your Monthly Automatic Accumulation Program at any time.
4. There is no charge to you for this program, and there is no cost to the Fund.
5. If you have payments being withdrawn from a bank account and we are notified
that the account has been closed, your withdrawals will be discontinued.
GROUP INVESTMENT PROGRAM
1. An individual account will be established for each participant, but the
initial sales charge for Class A shares will be based on the aggregate dollar
amount of all participants' investments. To determine how to qualify for this
program, contact your registered representative or call 1-800-225-5291.

- -------------------------------------------------------------------------------
ORGANIZED GROUPS OF AT LEAST FOUR PERSONS
MAY ESTABLISH ACCOUNTS.
- -------------------------------------------------------------------------------
2. The initial aggregate payment of all participants in the group must be at
least $250.
3. No additional charge is made in connection with this program. There is no
obligation to make investments beyond the minimum, and you may terminate the
program at any time.

24
<PAGE> 25

RETIREMENT PLANS
1. You may use the Fund as a funding medium for various types of qualified
retirement plans, including Individual Retirement Accounts, Keogh Plans (H.R.
10), Pension and Profit-Sharing Plans (including 401(k) plans), Tax Sheltered
Annuity Retirement Plans (403(b) or TSA Plans), and 457 Plans.
2. The initial investment minimum or aggregate minimum for any of the above
plans is $500. However, accounts being established as Group IRA, SEP, SARSEP,
TSA and 401(k) and 457 plans will be accepted without an initial minimum
investment.

25
<PAGE> 26

JOHN HANCOCK
JOHN HANCOCK FREEDOM FREEDOM
GLOBAL TECHNOLOGY GLOBAL
FUND TECHNOLOGY
INVESTMENT ADVISER FUND
John Hancock Advisers, Inc.
101 Huntington Avenue
Boston, Massachusetts 02199-7603

SUB-ADVISER
American Fund Advisors, Inc.
1415 Kellum Place, Suite 205
Garden City, New York 11530
CLASS A AND CLASS B SHARES
PRINCIPAL DISTRIBUTOR PROSPECTUS
John Hancock Broker Distribution MAY 1, 1994
Services, Inc.
101 Huntington Avenue
Boston, Massachusetts 02199-7603
A MUTUAL FUND SEEKING
CUSTODIAN LONG-TERM CAPITAL GROWTH
Investors Bank & Trust Company THROUGH INVESTMENT
24 Federal Street PRINCIPALLY IN EQUITY
Boston, Massachusetts 02110 SECURITIES OF COMPANIES
WHICH RELY EXTENSIVELY
TRANSFER AGENT ON TECHNOLOGY IN THEIR
John Hancock Fund Services, Inc. PRODUCT DEVELOPMENT OR
P.O. Box 9116 OPERATIONS. INCOME IS
Boston, Massachusetts 02205-9116 A SECONDARY OBJECTIVE.

INDEPENDENT ACCOUNTANTS
Price Waterhouse
160 Federal Street
Boston, Massachusetts 02110

101 HUNTINGTON AVENUE
HOW TO OBTAIN INFORMATION BOSTON, MASSACHUSETTS 02199-7603
ABOUT THE FUND TELEPHONE 1-800-225-5291
For Service Information
For Telephone Exchange
call 1-800-225-5291
For Investment-by-Phone
For Telephone Redemption

For TDD call 1-800-554-6713

(LOGO)Printed on recycled paper
JHD-8300P 5-94

<PAGE> 27

JOHN HANCOCK
FREEDOM NATIONAL
AVIATION &
TECHNOLOGY
FUND
CLASS A AND CLASS B SHARES
PROSPECTUS
MAY 1, 1994
- --------------------------------------------------------------------------------
TABLE OF CONTENTS

<TABLE>
<CAPTION>
Page
----
<S> <C>
Expense Information................................................................... 2
The Fund's Financial Highlights....................................................... 3
Investment Objectives and Policies.................................................... 4
Organization and Management of the Fund............................................... 7
Alternative Purchase Arrangements..................................................... 8
The Fund's Expenses................................................................... 10
Dividends and Taxes................................................................... 11
Performance........................................................................... 12
How to Buy Shares..................................................................... 13
Share Price........................................................................... 14
How to Redeem Shares.................................................................. 20
Additional Services and Programs...................................................... 21
</TABLE>

This Prospectus sets forth information about John Hancock Freedom National
Aviation & Technology Fund (the "Fund"), a series of John Hancock Technology
Series, Inc. (the "Company"), that you should know before investing. Please read
and retain it for future reference.
Additional information about the Fund has been filed with the Securities and
Exchange Commission (the "SEC"). You can obtain a copy of the Fund's Statement
of Additional Information, May 1, 1994, and incorporated by reference into this
Prospectus, free of charge by writing to or by telephoning: John Hancock Fund
Services, Inc., Post Office Box 9116, Boston, Massachusetts 02205-9116,
1-800-225-5291, (1-800-554-6713 TDD).
SHARES OF THE FUND ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR
ENDORSED BY, ANY BANK, AND THE SHARES ARE NOT FEDERALLY INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE.

<PAGE> 28

EXPENSE INFORMATION

The purpose of the following information is to help you to understand the
various fees and expenses you will bear, directly or indirectly when you
purchase shares of the Fund. The operating expenses included in the table and
hypothetical example below are based on fees and expenses for the Class A shares
of the Fund for the fiscal year ended December 31, 1993, adjusted to reflect
current expenses. No Class B shares were actually outstanding during that
period. Actual fees and expenses in the future of Class A shares and Class B
shares may be greater or less than those indicated.

<TABLE>
<CAPTION>
CLASS A CLASS B
SHARES** SHARES**
------- -------
<S> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum sales charge imposed on purchases (as a percentage of offering price)............. 5.00%* None
Maximum sales charge imposed on reinvested dividends...................................... None None
Maximum deferred sales charge............................................................. None* 5.00%
Redemption fees+.......................................................................... None None
Exchange fee.............................................................................. None None
ANNUAL FUND OPERATING EXPENSES (as a percentage of average net assets)
Management fee............................................................................ 1.00% 1.00%
12b-1 fee***.............................................................................. 0.30% 1.00%
Other expenses............................................................................ 0.49% 0.51%
Total Fund operating expenses............................................................. 1.79% 2.51%
</TABLE>

- ---------------
* No sales charge is payable at the time of purchase on investments of $1
million or more, but for such investments a contingent deferred sales charge
may be imposed, as described under the caption "Share Price," in the event
of certain redemption transactions within one year of purchase.
** The information set forth in the foregoing table relates only to the Class A
shares and Class B shares. The Fund has been operating since its
organization primarily with only one class of shares (now designated as
Class A shares). As of the date of this Prospectus, the Board of Directors
has authorized the issuance of two classes of the Fund, designated Class A
and Class B. See "Organization and Management of the Fund."
*** The amount of the 12b-1 fee used to cover service expenses will be up to
0.25% of the Fund's average daily net assets, and the remaining portion will
be used to cover distribution expenses; but in no event will such remaining
portion for Class B shares exceed 0.75% of its average daily net assets.
+ Redemption by wire fee (currently $4.00) not included.

<TABLE>
<CAPTION>
EXAMPLE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
You would pay the following expenses for the indicated period of years on a
hypothetical $1,000 investment, assuming a 5% annual return:
Class A Shares...................................................................... $ 67 $ 104 $ 142 $250
Class B Shares
--Assuming complete redemption at end of period................................... $ 75 $ 108 $ 154 $267
--Assuming no redemption.......................................................... $ 25 $ 78 $ 134 $267
(This example should not be considered a representation of past or future expenses. Actual expenses may be greater or less than
those shown.)
</TABLE>

The Fund's payment of a distribution fee may result in a long-term shareholder
indirectly paying more than the economic equivalent of the maximum front-end
initial sales charge permitted under the National Association of Securities
Dealers Rules of Fair Practice.
The management and 12b-1 fees referred to above are more fully explained in
this Prospectus under the caption "The Fund's Expenses" and in the Statement of
Additional Information under the captions "Investment Advisory and Other
Services" and "Distribution Contract."

2
<PAGE> 29

THE FUND'S FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------------------------------------------
1993 1992(A) 1991 1990 1989 1988 1987 1986 1985+ 1984+
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING
PERFORMANCE
Net Asset Value,
Beginning of
Period............... $10.34 $10.91 $8.84 $11.67 $10.31 $8.85 $11.02 $10.63 $9.21 $10.13
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Net Investment Income
(Loss)............... ( 0.07) ( 0.01) 0.05 0.10 0.15 0.14 0.13 0.16 0.19 0.22
Net Realized and
Unrealized Gain
(Loss) on Investments
and Options.......... 2.22 0.31 2.70 ( 2.33) 3.90 2.07 ( 1.39) 1.40 1.72 ( 0.59)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total from
Investment
Operations....... 2.15 0.30 2.75 ( 2.23) 4.05 2.21 ( 1.26) 1.56 1.91 ( 0.37)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Less Distributions:
Dividends from Net
Investment Income.... -- -- ( 0.03) ( 0.10) ( 0.17) ( 0.14) ( 0.17) ( 0.18) ( 0.23) ( 0.20)
Distributions from
Net Realized Gain
on Investments
and Options.......... ( 1.17) ( 0.87) ( 0.65) ( 0.50) ( 2.52) ( 0.61) ( 0.74) ( 0.99) ( 0.26) ( 0.35)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total Distributions... ( 1.17) ( 0.87) ( 0.68) ( 0.60) ( 2.69) ( 0.75) ( 0.91) ( 1.17) ( 0.49) ( 0.55)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Net Asset Value, End
of Period............ $11.32 $10.34 $10.91 $ 8.84 $11.67 $10.31 $ 8.85 $11.02 $10.63 $ 9.21
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
Total Investment
Return at Net Asset
Value................ 20.88% 3.02% 31.09% ( 19.26%) 39.54% 24.86% ( 12.31%) 15.23% 21.41% ( 3.97%)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
RATIOS AND
SUPPLEMENTAL DATA
Net Assets, End of
Period (000's
omitted)............. $77,561 $71,107 $73,344 $62,882 $83,634 $70,292 $60,131 $80,039 $82,880 $77,518
Ratio of Expenses to
Average Net Assets... 1.49% 1.53% 1.64% 1.67% 1.28% 1.38% 1.23% 1.23% 1.14% 1.24%
Ratio of Net
Investment Income
(Loss) to Average
Net Assets........... ( 0.66%) ( 0.07%) 0.42% 0.95% 1.21% 1.40% 1.06% 1.38% 1.92% 2.43%
Portfolio Turnover
Rate................. 23% 34% 28% 29% 21% 12% 14% 10% 5% 6%
</TABLE>

- ---------------
(a) Investment income, expenses, and net investment loss have been calculated
using average shares outstanding.
+ Short-term capital gains previously classified as dividends from net
investment income in 1985 and 1984 have been reclassified to distributions
from net realized gain on investments and options.

3
<PAGE> 30

INVESTMENT OBJECTIVES AND POLICIES
The primary investment objective of the Fund is long-term growth of capital
principally through investments in securities of companies in the aviation and
related industries and in companies which utilize technology extensively in
their product development or operations. Income is a secondary objective. The
Fund believes that its shares are suitable for investment by persons who are in
search of above average long-term rewards. There can be no assurance that the
Fund will achieve its investment objectives.

- -------------------------------------------------------------------------------
THE INVESTMENT OBJECTIVE OF THE FUND IS TO
SEEK LONG-TERM GROWTH OF CAPITAL
PRINCIPALLY THROUGH SECURITIES OF
COMPANIES IN THE AVIATION AND RELATED
INDUSTRIES.
- -------------------------------------------------------------------------------

Under normal market conditions, at least 65% of the Fund's total assets are
invested in the aviation and technology-oriented industries noted above. It is
also intended that at least 25% of the Fund's total assets be concentrated in
the aviation industry and in industries connected with, serving and/or supplying
the aviation industry. Management strives to realize the Fund's primary
investment objective through the careful selection and continuous supervision of
the Fund's portfolio of securities, which is primarily comprised of common
stocks and securities convertible into common stocks, including convertible
bonds, convertible preferred stocks and warrants.

When the adviser determines that market conditions warrant a defensive
investment strategy, the Fund may temporarily invest in short-term obligations
of, or securities guaranteed by, the U.S. Government or its agencies or
instrumentalities, high quality bank certificates of deposit and commercial
paper. This temporary investment is not designed to achieve the Fund's primary
investment objective.

COVERED CALL OPTIONS. The Fund may sell covered call options issued by the
Options Clearing Corporation against its portfolio securities. The portfolio
securities underlying these call options must have an aggregate value
(determined as of the date the calls are sold) not exceeding 25% of the net
assets of the Fund and must be listed on a national securities exchange. A call
option gives the purchaser of the option the right to buy, and obligates the
writer to sell, the underlying security at the exercise price upon exercise of
the option at any time during the option period, regardless of the market price
of the security. If the price of the underlying security rises above the
exercise price and the option is exercised, the Fund loses the opportunity to
profit from that portion of the rise which exceeds the exercise price.

- -------------------------------------------------------------------------------
THE FUND MAY EMPLOY CERTAIN INVESTMENT
STRATEGIES TO HELP ACHIEVE ITS INVESTMENT
OBJECTIVES.
- -------------------------------------------------------------------------------

FOREIGN ISSUERS. The Fund may invest up to 25% of its net assets in securities
of foreign issuers. An investment in foreign securities or the holding of
foreign currency may be affected by changes in currency rates and in exchange
control regulations (e.g., currency blockage). There may be a transaction charge
in connection with the exchange of currency. Foreign companies are not generally
subject to the same uniform accounting, auditing and general reporting standards
applicable to domestic companies, and there may be less publicly available
information concerning a foreign company. In addition, there is the possibility
of expropriation or nationalization of companies operating in certain foreign
countries. The volume of trading on foreign stock markets is generally less than
on U.S. stock exchanges; foreign securities are often more volatile and less
liquid than

4
<PAGE> 31

securities of comparable domestic companies, and transactions with foreign
brokers may involve the payment of higher commissions as a result of imposition
of fixed commissions. Finally, it may be more difficult to obtain and enforce a
legal judgment against a foreign issuer.

FOREIGN CURRENCIES TRANSACTIONS FOR HEDGING PURPOSES. The Fund has the ability
to enter into forward foreign currency exchange contracts to protect against
changes in foreign currency exchange rates. A forward foreign currency exchange
contract involves an obligation to purchase or sell a specific currency at a
future date at a price set at the time of the contract. The Fund might purchase
a foreign currency or enter into a forward purchase contract for the currency to
preserve the U.S. dollar price of securities it has the authority to purchase or
has contracted to purchase. Alternatively, it might sell a foreign currency on
either a spot or forward basis to hedge against an anticipated decline in the
dollar value of securities in its portfolio or which it intends or has
contracted to sell. Although this strategy could minimize the risk of loss due
to a decline in the value of the hedged foreign currency, it could also limit
any potential gain which might result from an increase in the value of the
currency.

FIXED INCOME SECURITIES. Consistent with the Fund's investment objectives, the
Fund may invest up to 10% of its net assets in fixed income securities of public
and private issuers. These securities include convertible and non-convertible
bonds and debentures, zero coupon bonds, payment-in-kind securities, increasing
rate note securities, participation interests, stripped debt securities and
other derivative debt securities. The value of fixed income securities generally
varies inversely with interest rate changes. Convertible issues, while
influenced by the level of interest rates, are also subject to the changing
value of the underlying common stock into which they are convertible.

Maturity generally is not a significant factor in the Adviser's security
selection process. Accordingly, the Fund may invest in fixed income securities
of any maturity.

5
<PAGE> 32

RESTRICTED SECURITIES. The Fund may purchase restricted securities which can be
offered and sold to "qualified institutional buyers" under Rule 144A under the
Securities Act of 1933 (the "Securities Act"), subject to a non-fundamental
restriction on purchases of restricted and illiquid securities. Since it is not
possible to predict with assurance exactly how this market for restricted
securities sold and offered under Rule 144A will develop, the Board of Directors
will carefully monitor the Fund's investments in these securities, focusing on
such factors, among others, as valuation, liquidity and availability of
information. This investment practice could have the effect of increasing the
level of illiquidity in the Fund to the extent that qualified institutional
buyers become for a time uninterested in purchasing these restricted securities.

The Fund has adopted certain investment restrictions which are enumerated in
detail in the Statement of Additional Information. Except for the policies on
temporary defensive investments, investments in foreign securities, fixed income
securities, repurchase agreements, financial futures and options and certain
policies in investments in the aviation and technology industries, the
investment objective, policies and the fundamental restrictions of the Fund may
not be changed without shareholder approval.

AVIATION AND TECHNOLOGY RELATED COMPANIES -- CONSIDERATION AND
RISKS. Securities prices in the industries in which the Fund concentrates its
investments have tended to be subject to greater volatility than those in many
other industries, due to particular factors affecting these industries.
Companies in the aviation and related industries are particularly sensitive to
government regulation, competition, fuel prices, pressures on government budgets
for defense or aerospace contracts, and labor relations problems. Competitive
pressures may also have a significant effect on the financial condition of
companies in technology intensive industries. For example, if the development of
new technology continues to advance at an accelerated rate, and the number of
companies and product offerings continue to expand, the companies could become
increasingly sensitive to short product cycles and aggressive pricing.
Accordingly, the Fund's performance will be particularly susceptible to factors
affecting these industries as well as the economy as a whole.

6
<PAGE> 33

While the Fund in fact normally invests (and intends to continue to invest) in
the securities of many different companies, in theory the Fund could invest in
the securities of as few as 15 companies without violating the various
restrictions now imposed on the Fund's investments by its fundamental investment
policies. To the extent the Fund is non-diversified, it will be more susceptible
to adverse developments affecting any single issuer.

- -------------------------------------------------------------------------------
BROKERS ARE CHOSEN BASED ON BEST PRICE AND
EXECUTION.
- -------------------------------------------------------------------------------

Portfolio turnover rates of the Fund for recent years are shown in the section
captioned "The Fund's Financial Highlights."

ORGANIZATION AND MANAGEMENT OF THE FUND
The Fund is a non-diversified series of the Company, an open-end management
investment company organized as a Maryland corporation on January 5, 1990. The
Fund's predecessor was incorporated on June 23, 1928. The Company currently has
two series of shares: the Fund and the John Hancock Freedom Global Technology
Fund, the predecessor of which was organized in 1982. The Directors have
authorized the issuance of two classes of the Fund, designated Class A and Class
B. The shares of each class represent an interest in the same portfolio of
investments of the Fund. Each class has equal rights as to voting, redemption,
dividends and liquidation, except that each bears different distribution and
transfer agent fees. Also, Class A and Class B shareholders have exclusive
voting rights with respect to the Rule 12b-1 distribution plan, which has been
adopted by holders of those shares in connection with the shares' distribution.
The authorized capital stock of the Company consists of 200 million shares. The
Fund consists of 80 million shares, $1.25 par value, which are divided into
Class A and Class B, each with 40 million shares. The John Hancock Freedom
Global Technology Fund consists of 100 million shares, $0.20 par value, which
are divided into Class A and Class B, each with 50 million shares. The balance
of 20 million shares, $0.10 par value, are unclassified as to any series. The
Company is generally not required to hold annual shareholder meetings, although
shareholder meetings may be called for such purposes as electing or removing
Directors, changing fundamental restrictions and policies or approving a
management contract. Shareholders have certain rights to remove Directors.

- -------------------------------------------------------------------------------
THE BOARD OF DIRECTORS ELECT OFFICERS AND
RETAIN THE INVESTMENT ADVISER AND
SUBADVISER WHO ARE RESPONSIBLE FOR THE
FUND'S DAY-TO-DAY OPERATIONS SUBJECT TO
THE BOARD'S POLICIES AND SUPERVISION.
- -------------------------------------------------------------------------------

7
<PAGE> 34

John Hancock Advisers, Inc., (the "Adviser") was organized in 1968 and is a
wholly-owned indirect subsidiary of the John Hancock Mutual Life Insurance
Company, a financial services company. The Adviser provides the Fund, and other
investment companies in the John Hancock group of funds, with investment
research and portfolio management services. The Fund, under certain
circumstances, will assist in shareholder communications with other
shareholders.

American Fund Advisors, Inc. (the "Sub-Adviser"), which served as the Fund's
investment adviser from 1979 to 1991, is the Fund's subadviser. The Sub-Adviser
was incorporated in 1978 and also acts as investment manager or adviser for
other institutional and individual clients. Barry J. Gordon, Chairman and
President, and Marc H. Klee, Senior Vice President, of the Sub-Adviser, each of
whom owns more than 25% of the Sub-Adviser's voting securities, are controlling
persons of the Sub-Adviser. Messrs. Gordon and Klee carry out day to day
management of the Fund. Mr. Gordon was instrumental in the formation of the
Sub-Adviser. He has been co-manager of the Fund along with Mr. Klee for the past
five years. Both have been associated with the fund in a portfolio management
capacity prior to 1988.

John Hancock Broker Distribution Services, Inc. ("Broker Services") distributes
shares for all of the John Hancock mutual funds directly and through selected
broker-dealers ("Selling Brokers"). Certain Fund officers are also officers of
the Adviser and Broker Services.

CLASS A SHARES. If you elect to purchase Class A shares, you will incur an
initial sales charge unless the amount you purchase is $1 million or more. If
you purchase $1 million or more of Class A shares, you will not be subject to an
initial sales charge but you will incur a sales charge if you redeem your shares
within one year of purchase. Class A shares are subject to ongoing distribution
and service fees at a combined annual rate of up to 0.30% of the Fund's average
daily net assets attributable to the Class A shares. Certain purchases of Class
A shares qualify for reduced initial sales charges. See "Share
Price -- Qualifying for a Reduced Sales Charge."

CLASS B SHARES. You will not incur a sales charge when you purchase Class B
shares, but the shares are subject to a sales charge if you redeem them within
six years of purchase (the "contingent deferred sales charge" or the "CDSC").
Class B shares are subject to ongoing distribution and service fees at a
combined annual rate of up to 1.00% of the Fund's average daily net assets
attributable to the Class B shares. Investing in Class B shares permits all of
your dollars to work from the time you make your investment, but the higher
ongoing distribution fee will cause these shares to have a higher expense ratio
than that of Class A shares. To the extent that any dividends are paid by the
Fund, these higher expenses will also result in lower dividends than those paid
on Class A shares.

8
<PAGE> 35

FACTORS TO CONSIDER IN CHOOSING AN ALTERNATIVE

The alternative purchase arrangement allows you to choose the most beneficial
way to buy shares given the amount of your purchase, the length of time that you
expect to hold your shares and other circumstances. You should consider whether,
during the anticipated life of your Fund investment, the CDSC and accumulated
fees on Class B shares would be less than the initial sales charge and
accumulated fees on Class A shares purchased at the same time; and to what
extent this differential would be offset by Class A share's lower expenses. To
help you make this determination, the table under the caption "Expense
Information" on page 2 of this Prospectus shows examples of the charges
applicable to each class of shares. Class A shares will normally be more
beneficial if you qualify for a reduced sales charge. See "Share
Price -- Qualifying for a Reduced Sales Charge".

- -------------------------------------------------------------------------------
YOU SHOULD CONSIDER WHICH CLASS OF SHARES
WILL BE MORE BENEFICIAL FOR YOU.
- -------------------------------------------------------------------------------

9
<PAGE> 36

shareholder meeting expenses and any incremental transfer agency costs. See
"Dividends and Taxes."

THE FUND'S EXPENSES
The Fund pays a monthly fee to the Adviser for managing the Fund's investment
and business affairs and overseeing the investment activities of the
Sub-Adviser. This fee is equal on an annual basis to a stated percentage of its
average daily net assets as follows:

<TABLE>
<CAPTION>
NET ASSET VALUE ANNUAL RATE
--------------- -----------
<S> <C>
First $100,000,000 1.00%
Amounts over $100,000,000 0.75%
</TABLE>

In addition, the Fund pays a monthly administrative fee at the rate of $100,000
per annum to the Adviser.

The Adviser (not the Fund) pays a monthly fee to the Sub-Adviser for managing
the Fund's portfolio securities. This fee is equal on an annual basis to a
stated percentage of the Fund's average daily net assets as follows:

<TABLE>
<CAPTION>
NET ASSET VALUE ANNUAL RATE
--------------- -----------
<S> <C>
First $100,000,000 0.40%
Amounts over $100,000,000 40% of the investment
advisory fee received by the
Adviser on amounts over
$100,000,000.
</TABLE>

The investment management fee paid by the Fund is higher than the fee paid by
most mutual funds but is believed to be comparable to the fee paid by funds
which invest in similar securities.

The Class A and Class B shareholders have adopted distribution plans (each a
"Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under
these Plans, the Fund will pay distribution and service fees at an aggregate
annual rate of 0.30% of the Class A shares' average daily net assets and an
aggregate annual rate of 1.00% of the Class B shares' average daily net assets.
In each case, up to 0.25% is for service expenses and the remaining amount (not
to exceed 0.75% for Class B shares) is for distribution expenses. The
distribution fees will be used to reimburse Broker Services for its distribution
expenses, including but not limited to: (i) initial and ongoing sales
compensation to Selling Brokers and others (including affiliates of Broker
Services) engaged in the sale of Fund shares, (ii) marketing, promotional and
overhead expenses incurred in connection with the distribution of Fund shares,
and (iii) with respect to Class B shares only, interest expenses on unreimbursed
distribution expenses. The Plans provide that Broker Services will use the
distribution fees to promote sales of shares, and will use the service fees to
compensate Selling Brokers for providing personal and account maintenance
services to shareholders. In the event Broker Services is not fully reimbursed
for payments made or expenses incurred by it under the Class A Plan, these
expenses will not be carried beyond twelve months from the date they were
incurred. Unreimbursed expenses under the Class B Plan will be carried forward
together with interest on the balance of unreimbursed expenses.

10
<PAGE> 37

The Fund's total expenses for the year ended December 31, 1993 were 1.49% of
average net assets.

TAXATION. Dividends from the Fund's net investment income and net short-term
capital gains are taxable to you as ordinary income. Dividends from the Fund's
net long-term capital gains are taxable as long-term capital gains. These
dividends are taxable whether you take them in cash or reinvest in additional
shares. Certain dividends may be paid in January of a given year but they may be
taxable as if you received them the prior December. The Fund will send you a
statement by January 31 showing the tax status of the dividends you received for
the prior year.

11
<PAGE> 38

distributed to its shareholders at least annually. When you redeem (sell) or
exchange shares, you may realize a gain or loss.

On the account application, you must certify that your social security or other
taxpayer identification number you provide is correct and that you are not
subject to Federal back-up withholding tax. If you do not provide this
information or are otherwise subject to back-up withholding, the Fund may be
required to withhold 31% of your dividends, redemptions and exchanges.

The Fund may be subject to foreign withholding taxes on certain of its foreign
investments, if any, which will reduce the yield on those investments.

PERFORMANCE

The Fund's total return shows the overall dollar or percentage change in value,
assuming the reinvestment of all dividends. Cumulative total return shows the
Fund's performance over a period of time. Average annual total return shows the
cumulative return divided over the number of years included in the period.
Because average annual total return tends to smooth out variations in the Fund's
performance, you should recognize that it is not the same as actual year-to-year
results.

- -------------------------------------------------------------------------------
THE FUND MAY ADVERTISE ITS TOTAL RETURN.
TOTAL RETURN IS BASED ON THE AVERAGE
CHANGE IN VALUE OF A HYPOTHETICAL
INVESTMENT IN THE FUND
- -------------------------------------------------------------------------------

Total return calculations for Class A shares generally include the effect of
paying the maximum sales charge (except as shown in "The Fund's Financial
Highlights"). Investments at lower sales charges would result in higher
performance figures. Total return for the Class B shares reflects deduction of
the applicable CDSC imposed on a redemption of shares held for the applicable
period. All calculations assume that all dividends are reinvested at net asset
value on the reinvestment dates during the periods. Total return of Class A and
Class B shares will be calculated separately and, because each class of shares
is subject to different expenses, the total return with respect to that class
for the same period may differ. The relative performance of the Class A and
Class B shares will be affected by a variety of factors, including the higher
operating expenses attributable to the Class B shares, whether the Fund's
investment performance is better in the earlier or later portions of the period
measured and the level of net assets of the Classes during the period. The Fund
will include the total return of Class A and Class B shares in any advertisement
or promotional materials including the Fund performance data. The value of Fund
shares, when redeemed, may be more of less than their original cost. Performance
numbers are historical calculations and are not an indication of future
performance. See "Factors to Consider in Choosing an Alternative." Further
information about the performance of the Fund is contained in the Fund's Annual
Report to Shareholders which may be obtained free of charge by writing or
telephoning John Hancock Fund Services, Inc. at the address or telephone number
listed on the front page of this Prospectus.

12
<PAGE> 39

HOW TO BUY SHARES
- --------------------------------------------------------------------------------
The minimum initial investment in Class A and Class B shares is $1,000 ($250
for group investments and $500 for retirement plans). Complete the application
attached to this Prospectus and indicate whether you are buying Class A or
Class B shares. If you do not specify which class of shares you are purchasing,
Fund services will assume you are investing in Class A shares.
- --------------------------------------------------------------------------------
OPENING AN ACCOUNT.
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
BY CHECK 1. Make your check payable to John Hancock Fund Services, Inc.
("Fund Services").
2. Deliver the completed application and check to your registered
representative, or Selling Broker, or mail it directly to Fund
Services.
- ------------------------------------------------------------------------------------------
BY WIRE 1. Obtain an account number by contacting your registered
representative or Selling Broker, or by calling 1-800-225-5291.
2. Instruct your bank to wire funds to:
First Signature Bank and Trust
John Hancock Deposit Account No. 900000260
ABA Routing No. 211475000
For Credit To: John Hancock Freedom National Aviation &
Technology Fund
(Class A or Class B Shares)
Your Account Number
Name(s) under which account is registered.
3. Deliver the completed application to your registered
representative or Selling Broker, or mail it directly to Fund
Services.
- ------------------------------------------------------------------------------------------
MONTHLY 1. Complete the "Automatic Investing" and "Bank Information"
AUTOMATIC sections on the Account Privileges Application designating a
ACCUMULATION bank account from which funds may be drawn.
- ------------------------------------------------------------------------------------------

BUYING ADDITIONAL CLASS A
AND CLASS B SHARES.

- ------------------------------------------------------------------------------------------
PROGRAM
(MAAP) 2. The amount you elect to invest will be automatically withdrawn
from your bank or credit union account.
- ------------------------------------------------------------------------------------------
BY TELEPHONE 1. Complete the "Invest-by-Phone" and "Bank Information" section
on the Account Privileges Application designating a bank
account from which funds may be drawn. Note that in order to
invest by phone, you must be in a bank or credit union that is
a member of the Automated Clearing House System (ACH).
2. After your authorization form has been processed, you may
purchase additional Class A or Class B shares by calling Fund
Services toll-free at 1-800-225-5291.
3. Give the Fund Services representative the name in which the
account is registered, the Fund name, the class of shares you
own, your account number, and the amount you wish to invest.
4. Your investment normally will be credited to your account the
business day following your phone request.
- ------------------------------------------------------------------------------------------
BY CHECK 1. Either complete the detachable stub included in your account
statement or include a note with your investment listing the
name of the Fund, the class of shares you own, your account
number and the name(s) in which the account is registered.
2. Make your check payable to John Hancock Fund Services, Inc.
3. Mail the account information and check to:
John Hancock Fund Services, Inc.
P.O. Box 9115
Boston, MA 02205-9115
or deliver it to your registered representative or Selling
Broker.
- ------------------------------------------------------------------------------------------
</TABLE>

13
<PAGE> 40

<TABLE>
- -------------------------------------------------------------------------------------------
BUYING ADDITIONAL CLASS A AND CLASS B
SHARES.
(CONTINUED)

<S> <C> <C> <C> <C>
BY WIRE Instruct your bank to wire funds to:

- -------------------------------------------------------------------------------------------

First Signature Bank and Trust
John Hancock Deposit Account No. 900000260
ABA Routing No. 211475000
For credit to: John Hancock Freedom National Aviation &
Technology Fund
(Class A or Class B Shares)
Your Account Number
Name(s) under which account is registered.
- -------------------------------------------------------------------------------------------
Other Requirements. All purchases must be made in U.S. dollars. Checks written on
foreign banks will delay purchases until U.S. funds are received and a collection
charge may be imposed. Shares of the Fund are priced at the offering price based
on the net asset value computed after Broker Services receives notification of the
dollar equivalent from the Fund's custodian bank. Wire purchases normally take two
or more hours to complete and, to be accepted the same day, must be received by
4:00 p.m., New York time. Your bank may charge a fee to wire funds. Telephone
transactions are recorded to verify information. Certificates are not issued
unless a request is made in writing to Fund Services.
- -------------------------------------------------------------------------------------------

You will receive a statement of your account after any transaction that affects
your share balance or registration (statements related to reinvestment of
dividends and automatic investment/withdrawal plans will be sent to you
quarterly). A tax information statement will be mailed to you by January 31 of
each year.

- -------------------------------------------------------------------------------------------
YOU WILL RECEIVE STATEMENTS REGARDING YOUR
ACCOUNT WHICH YOU SHOULD KEEP TO HELP WITH
YOUR PERSONAL RECORDKEEPING.
- -------------------------------------------------------------------------------------------
SHARE PRICE
The net asset value ("NAV") is the value of one share. The NAV per share is
calculated by dividing the net assets of each class by the number of outstanding
shares of that class. The NAV will be different for each class to the extent
that different amounts of undistributed income are accrued on shares of each
class between dividend declarations.

- -------------------------------------------------------------------------------------------
THE OFFERING PRICE OF SHARES IS THEIR NET
ASSET VALUE PLUS A SALES CHARGE, IF
APPLICABLE, WHICH WILL VARY WITH THE
PURCHASE ALTERNATIVE YOU CHOOSE.
- -------------------------------------------------------------------------------------------

Equity securities in the Fund's portfolio are generally valued at their last
exchange sale price as furnished by a pricing service which utilizes electronic
pricing techniques. If no sale has occurred on the date assets are valued, or if
the security is traded only in the over-the-counter market, it will normally be
valued at its last available bid price. Fixed-income securities are generally
valued by a pricing service which uses electronic pricing techniques based upon
general institutional trading. Some securities are valued at fair value based on
procedures approved by the Board of Directors, and for certain other securities,
the amortized cost method is used if the Directors determine in good faith that
such cost approximates fair value, as described more fully in the Statement of
Additional Information. The NAV is calculated once daily as of the close of
regular trading on the New York Stock Exchange (generally at 4:00 p.m., New York
time) on each day that the Exchange is open.

</TABLE>

14
<PAGE> 41

and transmit it to Broker Services before its close of business to receive that
day's offering price.

The Fund offers two classes of shares in this prospectus: Class A shares which
are subject to an initial sales charge and Class B shares which are subject to a
contingent deferred sales charge. If you do not specify a particular class of
shares, it will be assumed that you are purchasing Class A shares and an initial
sales charge will be assessed.

INITIAL SALES CHARGE ALTERNATIVE -- CLASS A SHARES. The offering price you pay
for Class A shares of the Fund equals the NAV next computed after your
investment is received in good order by Broker Services plus a sales charge as
follows:

- ---------------

(+) At the time of sale, Broker Services pays to Selling Brokers the first
year's service fee in advance, in an amount equal to 0.25% of the net
assets invested in the Fund at the time of sale, and thereafter pays the
service fee periodically in arrears in an amount up to 0.25% of the Fund's
average annual net assets. Selling Brokers receive the fee as compensation
for providing personal and account maintenance services to shareholders.

Sales charges ARE NOT APPLIED to any dividends which are reinvested in
additional shares of the Fund.

In addition to the reallowance allowed to all Selling Brokers, Brokers Services
will pay the following: Round trip airfare to a luxury resort will be given to
each registered representative of a Selling Broker who sells certain amounts of
shares of John Hancock funds. Broker Services will make these incentive payments
out of

15
<PAGE> 42

its own resources. Other than distribution fees, the Fund does not bear
distribution expenses.

Broker Services will pay certain affiliated Selling Brokers at an annual rate of
up to 0.05% of the daily net assets of accounts attributable to these brokers.

Under certain circumstances as described below, investors in Class A shares may
be entitled to pay reduced sales charges. See "Qualifying For a Reduced Sales
Charge" below.

CONTINGENT DEFERRED SALES CHARGE -- INVESTMENTS OF $1 MILLION OR MORE IN CLASS A
SHARES. Purchases of $1 million or more in Class A shares will be made at net
asset value with no initial sales charge, but if the shares are redeemed within
12 months after the end of the calendar month in which the purchase was made
(the contingent deferred sales charge period), a contingent deferred sales
charge will be imposed. The rate of the CDSC will depend on the amount invested
as follows:

<TABLE>
<CAPTION>
AMOUNT INVESTED CDSC RATE
- ---------------------------------------------------------------------- ---------
<S> <C>
$1 million to $4,999,999 1.00%
Next $5 million to $9,999,999 0.50%
Amounts of $10 million and over 0.25%
</TABLE>

In determining whether a CDSC applies to a redemption, the calculation will be
determined in a manner that results in the lowest possible rate being charged.
Therefore, it will be assumed that the redemption is first made from any shares
in your account that are not subject to the CDSC. The CDSC is waived on
redemption in certain circumstances. See "Waiver of Contingent Deferred Sales
Charges."

QUALIFYING FOR A REDUCED SALES CHARGE. If you invest more than $50,000 in Class
A shares of the Fund or a combination of funds in the John Hancock family of
funds (except money market funds), you may qualify for a reduced sales charge on
your investments through a LETTER OF INTENTION or through the COMBINATION
PRIVILEGE. You may also be able to use the ACCUMULATED PRIVILEGE to take
advantage of the value of your previous investments in Class A shares of the
John Hancock funds when meeting the breakpoints for a reduced sales charge.

Shareholders of the Fund who held shares of the Fund's predecessor prior to May
1, 1984 (the effective date of the imposition of a sales charge) are permitted
for an indefinite period to purchase additional shares at net asset value,
without a sales charge, provided that the purchasing shareholder (1) held Fund
shares and shares of its predecessor continuously from April 30, 1984 to the
date of the purchase in question and (2) provides at the time of purchase a
representation that the additional shares are being purchased for investment
purposes and not with a view to distribution.

- -------------------------------------------------------------------------------
SALES TO CERTAIN
SHAREHOLDERS
- -------------------------------------------------------------------------------

16
<PAGE> 43

Class A shares of the Fund may be purchased without paying an initial sales
charge by the following:

- -------------------------------------------------------------------------------
SPECIAL TRANSACTIONS
- -------------------------------------------------------------------------------

- - A Trustee/Director or officer of the Trust/Company, a Director or officer of
the Adviser and its affiliates or Selling Brokers; employees or sales
representatives of any of the foregoing; retired officers employees or Directors
of any of the foregoing; a member of the immediate family of any of the
foregoing; or any Fund, pension, profit sharing or other benefit plan for the
individuals described above.

- - A client of the Sub-Adviser if the client's funds are transferred directly to
the Fund from accounts managed by the Sub-Adviser.

- - A former participant in an employee benefit plan with John Hancock Mutual
Funds, when s/he withdraws from his/her plan and transfers any or all of his/her
plan distributions directly to the Fund.

CONTINGENT DEFERRED SALES CHARGE ALTERNATIVE--CLASS B SHARES. Class B shares
are offered at net asset value per share without a sales charge, so that your
entire initial investment will go to work at the time of purchase. However,
Class B shares redeemed within six years of purchase will be subject to a CDSC
at the rates set forth below. The charge will be assessed on an amount equal to
the lesser of the current market value or the original purchase cost of the
shares being redeemed. Accordingly, you will not be assessed a CDSC on increases
in account value above the initial purchase price, including shares derived from
dividend reinvestment.

In determining whether a CDSC applies to a redemption, the calculation will be
determined in a manner that results in the lowest possible rate being charged.
It will be assumed that your redemption comes first from shares you have held
beyond the six-year CDSC redemption period or those you acquired through
reinvestment of dividends; and next from the shares you have held the longest
during the six-year period.

17
<PAGE> 44

The amount of the CDSC, if any, will vary depending on the number of years from
the time you purchase your Class B shares until the time you redeem them. Solely
for purposes of determining this holding period, any payments you make during
the month will be aggregated and deemed to have been made on the last day of the
month.

WAIVER OF CONTINGENT DEFERRED SALES CHARGE. The CDSC is waived on redemptions
of Class B shares (and Class A shares subject to CDSC) in the following
circumstances: (1) redemptions in connection with a tax-exempt retirement plan
distribution which are mandatory under the Code (i.e., after age 70 1/2), (2)

18
<PAGE> 45

redemptions involving certain liquidation, merger or acquisition transactions
involving other investment companies or personal holding companies, (3)
redemptions that are due to death or disability or (4) redemptions made pursuant
to the Reinvestment Privilege, as described below. The CDSC is waived on
redemptions of shares following distributions to participants or beneficiaries
of plans qualified under Section 401(a) of the Code or from custodial accounts
under Code Section 403(b)(7), deferred compensation plans under Code Section 457
and other employee benefit plans, and certain returns of excess contributions
made to these plans. In addition, all of these distributions must be permitted
to be made without penalty under the Code. In addition, certain IRA and
retirement plans purchasing shares prior to October 1, 1992 will not be subject
to a CDSC. If you are entitled to a waiver of the CDSC, you must notify Fund
Services either directly or through your Selling Broker at the time you make
your redemption. The waiver will be granted subject to confirmation of your
entitlement to the waiver.

19
<PAGE> 46

HOW TO REDEEM SHARES

You may redeem all or a portion of your shares on any business day. Your shares
will be redeemed at the next NAV calculated after your redemption request is
received in good order by Fund Services less any applicable CDSC. The Fund may
hold payment until reasonably satisfied that investments which were recently
made by check or Invest-by-Phone have been collected (which may take up to 10
calendar days).

- -------------------------------------------------------------------------------
TO ASSURE ACCEPTANCE OF YOUR REDEMPTION
REQUEST, PLEASE FOLLOW THESE PROCEDURES.
- -------------------------------------------------------------------------------

<TABLE>
<S> <C> <C> <C>
BY TELEPHONE All Fund shareholders are automatically eligible for the
telephone redemption privilege. Call 1-800-225-5291, from
8:00 A.M. to 4:00 P.M. (Eastern Time), Monday through
Friday, excluding days on which the New York Stock Exchange
is closed. Fund Services employs the following procedures
to confirm that instructions received by telephone are
genuine. Your name, the account number, taxpayer
identification number applicable to the account and other
relevant information may be requested. In addition,
telephone instructions are recorded.

You may redeem up to $100,000 by telephone, but the address
on the account must not have changed for the last 30 days.
A check will be mailed to the exact name(s) and address
shown on the account.

If reasonable procedures, such as those described above,
are not followed, the Fund may be liable for any loss due
to unauthorized or fraudulent telephone instructions. In
all other cases, neither the Fund nor Fund Services will be
liable for any loss or expense for acting upon telephone
instructions made in accordance with the telephone
transactions procedures mentioned above.

Telephone redemption is not available for IRAs, other
tax-qualified retirement plans or Fund shares that are in
certificated form.

During periods of extreme economic conditions or market
changes, telephone requests may be difficult to implement
due to a large volume of calls. During these times you
should consider placing redemption requests in writing or
using EASI-Line. EASI-Line is a telephone number which is
listed on account statements.
- ---------------------------------------------------------------------------------
BY WIRE If you have a telephone redemption form on file with the
Fund, redemption proceeds of $1,000 or more can be wired on
the next business day to your designated bank account and a
fee (currently $4.00) will be deducted. You may also use
electronic funds transfer to your assigned bank account and
the funds are usually collectible after two business days.
Your bank may or may not charge for this service.
Redemptions of less than $1,000 will be sent by check or
electronic funds transfer.
This feature may be elected by completing the Telephone
Redemption section on the Account Privileges Application
attached to this Prospectus.
- ---------------------------------------------------------------------------------
IN WRITING Send a stock power or Letter of Instruction specifying the
name of the Fund, the dollar amount or the number of shares
to be redeemed, your name, class of shares, your account
number, and the additional requirements listed below that
apply to your particular account.
- ---------------------------------------------------------------------------------
</TABLE>

20
<PAGE> 47
<TABLE>
<S> <C> <C> <C>
TYPE OF REGISTRATION REQUIREMENTS
Individual, Joint Tenants, Sole A letter of instruction signed (with titles
Proprietorship, Custodial where applicable) by all persons authorized
(Uniform Gifts or Transfer to to sign for the account, exactly as it is
Minors Act), General Partners registered, accompanied by signature
guarantee(s).
Corporation, Association A letter of instruction and a corporate
resolution, signed by person(s) authorized
to act on the account, accompanied by
signature guarantee(s).
Trusts A letter of instruction signed by the
Trustee(s) with a signature guarantee. (If
the Trustee's name is not registered on your
account, also provide a copy of the trust
document, certified within the last 60
days.)
If you do not fall into any of these registration categories please call
1-800-225-5291 for further instructions.
- ---------------------------------------------------------------------------------
A signature guarantee is a widely accepted way to protect you and the Fund by
verifying the signature on your request. It may not be provided by a notary
public. If the net asset value of the shares redeemed is $100,000 or less,
Broker Services may guarantee the signature. The following institutions may
provide you with a signature guarantee, provided that any such institution meets
credit standards established by Fund Services: (i) a bank; (ii) a securities
broker or dealer, including a government or municipal securities broker or
dealer, that is a member of a clearing corporation or meets certain net capital
requirements; (iii) a credit union having authority to issue signature
guarantees; (iv) a savings and loan association, a building and loan
association, a cooperative bank, a federal savings bank or association; or (v) a
national securities exchange, a registered securities exchange or a clearing
agency.
</TABLE>
- -------------------------------------------------------------------------------
WHO MAY GUARANTEE YOUR
SIGNATURE.
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------
THROUGH YOUR BROKER. Your broker may be able to initiate the redemption.
Contact your broker for instructions.
</TABLE>
- -------------------------------------------------------------------------------
ADDITIONAL INFORMATION
ABOUT REDEMPTIONS.
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
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If you have certificates for your shares, you must submit them with your stock
power or a letter of instruction. Unless you specify to the contrary, any
outstanding Class A shares will be redeemed before Class B shares or you may not
redeem certificated shares by telephone.
Due to the proportionately high cost of maintaining smaller accounts, the Funds
reserves the right to redeem at net asset value all shares in an account which
holds fewer than 100 shares (except accounts under retirement plans) and to mail
the proceeds to the shareholder or the transfer agent may impose an annual fee
of $10.00. No account will be involuntarily redeemed or additional fee imposed
if the value of the account is in excess of the funds minimum initial
investment. No CDSC will be imposed on involuntary redemptions of shares.
Shareholders will be notified before these redemptions are to be made or this
fee is imposed and will have 30 days to purchase additional shares to bring
their account up to the required minimum. Unless the number of shares acquired
by further purchase and dividend reinvestments, if any, exceeds the number of
shares redeemed, repeated redemptions from a smaller account may eventually
trigger this policy.
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ADDITIONAL SERVICES AND PROGRAMS

EXCHANGE PRIVILEGE
If your investment objective changes, or if you wish to achieve further
diversification, John Hancock offers other funds with a wide range of investment
goals. Contact your registered representative or Selling Broker and request a
prospectus for the John Hancock funds that interest you. Read the prospectus
carefully before exchanging your shares. You can exchange shares of each class
of the Fund only for shares of the same class of another John Hancock fund. For
this purpose, John Hancock funds with only one class of shares will be treated
as Class A whether or not they have been so designated.
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YOU MAY EXCHANGE SHARES OF THE FUND ONLY
FOR SHARES OF THE SAME CLASS IN ANOTHER
JOHN HANCOCK MUTUAL FUND.
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<PAGE> 48

Exchanges between funds which are not subject to a CDSC are based on their
respective net asset values. No sales charge or transaction charge is imposed.
Class B shares of the fund which are subject to a CDSC may be exchanged for
Class B shares of another John Hancock fund without incurring the CDSC; however,
these shares will be subject to the CDSC schedule of the shares acquired (except
that exchanges into John Hancock Short-Term Strategic Income Fund and John
Hancock Limited Term Government Fund will be subject to the initial Fund's
CDSC). For purposes of computing the CDSC payable upon redemption of shares
acquired in an exchange, the holding period of the original shares is added to
the holding period of the shares acquired in an exchange.
You may exchange Class B shares of any John Hancock fund into shares of John
Hancock Cash Management Fund at net asset value. Shares so acquired will
continue to be subject to a CDSC upon redemption. The rate of the CDSC will be
the rate in effect on the original fund at the time of the exchange.
If you exchange Class B shares purchased prior to January 1, 1994 (except John
Hancock Short-Term Strategic Income Fund) for Class B shares of any other John
Hancock fund, you will continue to be subject to the CDSC schedule that was in
effect when they were purchased. See "Contingent Deferred Sales Charge
Alternative -- Class B shares."
The Fund reserves the right to require that you keep previously exchanged shares
(and reinvested dividends) in the Fund for 90 days before you are permitted a
new exchange.
Under exchange agreements with Broker Services, certain dealers, brokers and
investment advisers may exchange their clients' Fund shares, subject to the
terms of those agreements and Broker Services' right to reject or suspend those
exchanges at any time. Because of the restrictions and procedures under those
agreements, the exchanges may be subject to timing limitations and other
restrictions that do not apply to exchanges requested by shareholders directly,
as described above.
Because Fund performance and shareholders can be hurt by excessive trading, the
Fund reserves the right to terminate the exchange privilege for any person or
group that, in Broker Services' judgment, is involved in a pattern of exchanges
that coincide with a "market timing" strategy that may disrupt the Fund's
ability to invest effectively according to its investment objective and
policies, or might otherwise affect the Fund and its shareholders adversely. The
Fund may also temporarily or permanently terminate the exchange privilege for
any person who makes seven or more exchanges out of the Fund per calendar year.
Accounts under common control or ownership will be aggregated for this purpose.
Although the Fund will attempt to give you prior notice whenever it is
reasonably able to do so, it may impose these restrictions at any time. The Fund
may also terminate or alter the terms of the exchange privilege upon 60 days'
notice to shareholders.
An exchange of shares is treated as a redemption of shares of one fund and the
purchase of shares of another for Federal income tax purposes. An exchange may
result in a gain or loss.

22
<PAGE> 49

When you make an exchange, your account registration must be identical in both
the existing and new account. The exchange privilege is available only in states
where the exchange can be made legally.

BY TELEPHONE
1. When you fill out the application for your initial purchase of Fund shares,
you automatically authorize exchanges by telephone unless you check the box
indicating that you do not wish to have the telephone exchange.

2. Call 1-800-225-5291. Have the account number of your current fund and the
exact name in which it is registered available to give to the telephone
representative.

IN WRITING
1. In a letter, request an exchange and list the following:
--the name and class of the fund whose shares you currently own
--your account number
--the name(s) in which the account is registered
--the name of the fund in which you wish your exchange to be invested
--the number of shares, all shares or the dollar amount you
wish to exchange

Sign your request exactly as the account is registered.

2. Mail the request and information to:
John Hancock Fund Services, Inc.
P.O. Box 9116
Boston, Massachusetts 02205-9116.

2. Any portion of your redemption may be reinvested in Fund shares or in shares
of any of the other John Hancock funds, subject to the minimum investment
limit of that fund.

3. To reinvest, you must notify Fund Services in writing. Include the account
number and class from which your shares were originally redeemed.

23
<PAGE> 50

SYSTEMATIC WITHDRAWAL PLAN

1. You may elect the Systematic Withdrawal Plan at any time by completing the
Account Privileges Application which is attached to this Prospectus. You can
also obtain the Application from your registered representative or by calling
1-800-225-5291.

2. To be eligible, you must have at least $5,000 in your account.

3. Payments from your account can be made monthly, quarterly, semi-annually or
annually or on a selected monthly basis to yourself or any other designated
payee.

4. There is no limit on the number of payees you may authorize, but all payments
must be made at the same time or intervals.
5. It is not advantageous to maintain a Systematic Withdrawal Plan concurrently
with purchases of additional Class A or Class B shares because you may be
subject to an initial sales charge on your purchases of Class A shares and to
a CDSC on your redemption of Class B shares. In addition, your redemptions
are taxable events.
6. If the U.S. Postal Service cannot deliver your checks, or if deposits to a
bank account are returned for any reason, your redemptions will be
discontinued.

MONTHLY AUTOMATIC ACCUMULATION PROGRAM (MAAP)
1. You may authorize an investment to be drawn automatically each month on your
bank for investment in Fund shares, in an amount under the "Automatic
Investing" and "Bank Information" section of the Account Privileges
Application.

3. You may terminate your Monthly Automatic Accumulation Program at any time.
4. There is no charge to you for this program, and there is no cost to the Fund.
5. If you have payments being withdrawn from a bank account and we are notified
that the account has been closed, your withdrawals will be discontinued.

GROUP INVESTMENT PROGRAM
1. An individual account will be established for each participant, but the
initial sales charge for Class A shares will be based on the aggregate dollar
amount of all participants' investments. To determine how to qualify for this
program, contact your registered representative or call 1-800-225-5291.

2. The initial aggregate payment of all participants in the group must be at
least $250.
3. No additional charge is made in connection with this program. There is no
obligation to make payments beyond the minimum, and you may terminate the
program at any time.

24
<PAGE> 51

RETIREMENT PLANS
1. You may use the Fund as a funding medium for various types of qualified
retirement plans, including Individual Retirement Accounts, Keogh Plans (H.R.
10), Pension and Profit-Sharing Plans (including 401(k) plans), Tax Sheltered
Annuity Retirement Plans (403(b) or TSA Plans) and 457 Plans.
2. The initial investment minimum or aggregate minimum for any of the above
plans is $500. However, accounts being established as Group IRA, SEP, SARSEP,
TSA, 401(k) and 457 Plans will be accepted without an initial minimum
investment.

25
<PAGE> 52

(NOTES)
<PAGE> 53

(NOTES)
<PAGE> 54

JOHN HANCOCK
JOHN HANCOCK FREEDOM FREEDOM
NATIONAL AVIATION & NATIONAL
TECHNOLOGY FUND AVIATION &
TECHNOLOGY
INVESTMENT ADVISER FUND
John Hancock Advisers, Inc.
101 Huntington Avenue
Boston, Massachusetts 02199-7603

SUB-ADVISER
American Fund Advisors, Inc.
1415 Kellum Place, Suite 205
Garden City, New York 11530

PRINCIPAL DISTRIBUTOR
John Hancock Broker Distribution
Services, Inc.
101 Huntington Avenue CLASS A AND CLASS B SHARES
Boston, Massachusetts 02199-7603 PROSPECTUS
MAY 1, 1994
CUSTODIAN
Investors Bank & Trust Company
24 Federal Street
Boston, Massachusetts 02110 A MUTUAL FUND SEEKING LONG-TERM
GROWTH OF CAPITAL THROUGH INVESTMENTS
IN SECURITIES OF COMPANIES IN THE
TRANSFER AGENT AVIATION AND RELATED INDUSTRIES
John Hancock Fund Services, Inc. AND COMPANIES WHICH UTILIZE
P.O. Box 9116 TECHNOLOGY EXTENSIVELY IN THEIR
Boston, Massachusetts 02205-9116 PRODUCT DEVELOPMENT OF OPERATIONS
INCOME IS A SECONDARY OBJECTIVE.

INDEPENDENT ACCOUNTANTS
Price Waterhouse
160 Federal Street
Boston, Massachusetts 02110

HOW TO OBTAIN INFORMATION
ABOUT THE FUND

For Service Information
For Telephone Exchange
call 1-800-225-5291
For Investment-by-Phone

For Telephone Redemption 101 HUNTINGTON AVENUE
BOSTON, MASSACHUSETTS
02199-7603
For TDD TELEPHONE 1-800-225-5291
call 1-800-554-6713

JHD-8500P 5-94
(LOGO) PRINTED ON RECYCLED PAPER
<PAGE> 55
John Hancock Sovereign Bond Fund, May 1, 1994
John Hancock Growth Fund, May 1, 1994
John Hancock Special Value Fund, April 1, 1994
John Hancock Sovereign Investors Fund, May 1, 1994
John Hancock Sovereign Balanced Fund, May 1, 1994
John Hancock Limited Term Government Fund, May 1, 1994
John Hancock Global Technology Fund, May 1, 1994
John Hancock National Aviation & Technology Fund, May 1, 1994
John Hancock Tax-Exempt Income Fund, May 1, 1994

Supplement to Class A and Class B Prospectus

The "Qualifying for a Reduced Sales Charge" section under SHARE PRICE is
supplemented as follows:

Effective March 15, 1995, participant directed defined contribution
plans with at least 100 eligible employees at the inception of the Fund
account may purchase Class A shares of the Fund without an initial sales
charge but if the shares are redeemed within 12 months after the end of the
calendar year in which the purchase was made, a contingent deferred sales
charge will be imposed at the rate for Class A shares described in the
prospectus.

March 15, 1995
<PAGE> 56
JOHN HANCOCK NATIONAL AVIATION & TECHNOLOGY FUND

SUPPLEMENT TO CLASS A AND CLASS B PROSPECTUS

On March 14, 1995, the Trustees of the John Hancock National Aviation &
Technology Fund (the "Fund") voted to recommend that the shareholders
approve a tax free reorganization of the Fund, as described below.

Under the terms of the reorganization, subject to shareholder approval at a
shareholder meeting scheduled to be held on July 28, 1995, the Fund would
transfer all of its assets and liabilities to John Hancock Global Technology
Fund ("Global Technology Fund") in a tax free exchange for shares of equal
value of Global Technology Fund. Further information regarding the proposed
reorganization will be contained in proxy statement and prospectus which is
scheduled to be mailed to shareholders on or about June 15, 1995.

March 15, 1995

8500S-3/95