FREEDOM INVESTMENT TRUST
497, 1997-03-03
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                         JOHN HANCOCK REGIONAL BANK FUND


        Supplement to Prospectus and Statement of Additional Information
                               dated March 1, 1997




Sales of John Hancock  Regional Bank Fund to new investors  will be  temporarily
suspended  effective  on the  earlier of March 12, 1997 or at the end of the day
that the Fund's total assets reach $5.5 billion. Only shareholders with existing
accounts on that date will be able to purchase shares.  It is expected that this
suspension  will be in effect for  several  months,  the timing  will  depend on
market conditions.

New accounts may be opened only by participants  in existing  employer-sponsored
retirement plans that already offer the Regional Bank Fund.

Regional Bank Fund will reject  additional  purchase orders from  transferees if
the purchase appears to have been made for the purpose of evading the March 1997
suspension limitations.




March 2, 1997

010PS-3/97



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