FREEDOM INVESTMENT TRUST
497, 1995-03-16
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<PAGE>   1
                       John Hancock Regional Bank Fund

       Supplement to Class A and Class B Prospectus dated March 1, 1995


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.

The "INVESTMENT OBJECTIVES AND POLICIES" section is amended as follows:

    The Fund may invest up to 5% of its net assets in a combination of
below-investment grade debt securities of banks and non-financial services
equities.


March 15, 1995
<PAGE>   2





                    John Hancock Global Fund, March 1, 1995
                 John Hancock Global Income Fund, March 1, 1995
          John Hancock Short-Term Strategic Income Fund, March 1, 1995
              John Hancock Managed Tax-Exempt Fund, March 1, 1995
             John Hancock Special Opportunities Fund, March 1, 1995
                 John Hancock International Fund, March 1, 1995
              John Hancock Sovereign Achievers Fund, March 1, 1995
           John Hancock Sovereign U.S. Government Fund, March 1, 1995
               John Hancock Gold & Government Fund, March 1, 1995
               John Hancock Special Equities Fund, March 1, 1995

                  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


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