-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P6Q2FfbfvJbmrs4LQU0tVAUxOm4RduFwiyFyBEj6HjYqkMKObZjhEsXwWqplLfKg 0TV67cMUq8SO2m381DmetA== 0000928816-11-000191.txt : 20110204 0000928816-11-000191.hdr.sgml : 20110204 20110204132758 ACCESSION NUMBER: 0000928816-11-000191 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20101130 FILED AS OF DATE: 20110204 DATE AS OF CHANGE: 20110204 EFFECTIVENESS DATE: 20110204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HANCOCK JOHN TAX EXEMPT SERIES FUND CENTRAL INDEX KEY: 0000811921 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05079 FILM NUMBER: 11573691 BUSINESS ADDRESS: STREET 1: 601 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-663-3000 MAIL ADDRESS: STREET 1: C/O JOHN HANCOCK FUNDS STREET 2: 601 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: HANCOCK JOHN TAX EXEMPT SERIES TRUST DATE OF NAME CHANGE: 19901023 0000811921 S000000649 Massachusetts Tax-Free Income Fund C000001868 Class A JHMAX C000001869 Class B JHMBX C000001870 Class C JMACX 0000811921 S000000650 New York Tax-Free Income Fund C000001871 Class A JHNYX C000001872 Class B JNTRX C000001873 Class C JNYCX N-CSRS 1 a_taxexemptseries.htm JOHN HANCOCK TAX-EXEMPT SERIES FUND a_taxexemptseries.htm
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
FORM N-CSR 
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED 
MANAGEMENT INVESTMENT COMPANIES 
 
Investment Company Act file number 811- 5079 
 
John Hancock Tax-Exempt Series Fund 
(Exact name of registrant as specified in charter) 
 
601 Congress Street, Boston, Massachusetts 02210 
(Address of principal executive offices) (Zip code) 
 
Salvatore Schiavone
Treasurer
 
601 Congress Street 
 
Boston, Massachusetts 02210 
 
(Name and address of agent for service) 
 
Registrant's telephone number, including area code: 617-663-4497 
 
Date of fiscal year end:  May 31 
 
Date of reporting period:  November 30, 2010 

 

ITEM 1. REPORTS TO STOCKHOLDERS.




A look at performance

For the period ended November 30, 2010

                SEC 30-day  SEC 30-day 
  Average annual total returns (%)  Cumulative total returns (%)    yield (%)  yield (%) 
  with maximum sales charge (POP)  with maximum sales charge (POP)  subsidized  unsubsidized1 
                as of  as of 
  1-year  5-year  10-year  6-months  1-year  5-year  10-year  11-30-10  11-30-10 
Class A  –0.01  2.90  4.10  –3.79  –0.01  15.37  49.42  2.94  2.72 
Class B  –1.07  2.78  3.99  –4.66  –1.07  14.69  47.95  2.37  2.15 
Class C  2.93  3.13  3.85  –0.72  2.93  16.65  45.90  2.37  2.15 

 

Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 4.5% and the applicable contingent deferred sales charge (CDSC) on Class B shares and Class C shares. The returns for Class C shares have been adjusted to reflect the elimination of the front-end sales charge effective 7-15-04. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The fee waivers and expense limitations are contractual at least until 9-30-11. The net expenses are as follows: Class A — 0.94%, Class B — 1.64% and Class C — 1.64%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.09%, Class B — 1.79% and Class C — 1.79%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month end performance data, please call 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares. Please note that a portion of the Fund’s income may be subject to taxes, and on some investors may be subject to the Alternative Minimum Tax (AMT). Also note that capital gains are taxable.

The Fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

1 Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers.

6  New York Tax-Free Income Fund | Semiannual report 

 



  Period  Without  With maximum   
  beginning  sales charge  sales charge  Index 
Class B2  11-30-00  $14,795  $14,795  $16,831 
Class C2  11-30-00  14,590  14,590  16,831 

 

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B and Class C shares, respectively, as of 11-30-10. The Class C shares investment with maximum sales charge has been adjusted to reflect the elimination of the front-end sales charge effective 7-15-04. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

Barclays Capital Municipal Bond Index is an unmanaged index representative of the tax-exempt bond market. It is not possible to invest directly in an index. Index figures do not reflect sales charges or direct expenses, which would have resulted in lower values if they did.

1 NAV represents net asset value and POP represents public offering price.

2 No contingent deferred sales charge applicable.

  Semiannual report | New York Tax-Free Income Fund  7 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

▪ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

▪ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about your fund’s actual ongoing operating expenses, and is based on your fund’s actual return. It assumes an account value of $1,000.00 on June 1, 2010 with the same investment held until November 30, 2010.

  Account value  Ending value on  Expenses paid during 
  on 6-1-10  11-30-10  period ended 11-30-101 
Class A  $1,000.00  $1,007.00  $4.88 
Class B  1,000.00  1,002.70  8.38 
Class C  1,000.00  1,002.70  8.38 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at November 30, 2010, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:


8  New York Tax-Free Income Fund | Semiannual report 

 


Hypothetical example for comparison purposes

This table allows you to compare your fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not your fund’s actual return). It assumes an account value of $1,000.00 on June 1, 2010, with the same investment held until November 30, 2010. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value on  Expenses paid during 
  on 6-1-10  11-30-10  period ended 11-30-101 
Class A  $1,000.00  $1,020.20  $4.91 
Class B  1,000.00  1,016.70  8.44 
Class C  1,000.00  1,016.70  8.44 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 0.97%, 1.67% and 1.67% for Class A, Class B and Class C shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

  Semiannual report | New York Tax-Free Income Fund  9 

 


Portfolio summary

Top 10 Holdings1   
Metropolitan Transportation Authority, 11-15-34, 5.000%  4.4% 
New York State Dormitory Authority, 5-15-19, 5.500%  3.6% 
Oneida County Industrial Development Agency, 7-1-29, Zero  3.4% 
New York City Industrial Development Agency, 3-1-15, 6.250%  3.1% 
Triborough Bridge & Tunnel Authority, 1-1-21, 6.125%  3.0% 
Puerto Rico Sales Tax Financing Authority, 8-1-32, Zero  2.6% 
Long Island Power Authority, 4-1-39, 5.750%  2.5% 
City of New York, 12-1-17, 5.250%  2.5% 
New York Local Assistance Corp., 4-1-17, 5.500%  2.3% 
New York City Municipal Water Finance Authority, 6-15-20, Zero  2.3% 

 

Sector Composition2,3       
General Obligation Bonds  3%  Airport  5% 
Revenue Bonds   Transportation  5% 
Education  13%  Facilities  3% 
Water & Sewer  11%  Tobacco  3% 
Health Care  10%  Pollution  1% 
Development  8%  Other Revenue  25% 
Utilities  8%  Short-Term Investments & Other  5% 

 

Quality Composition2,4   
AAA  12% 
AA  33% 
A  21% 
BBB  14% 
BB  7% 
Not Rated  8% 
Short-Term Investments & Other  5% 

 


1 As a percentage of net assets on 11-30-10. Cash and cash equivalents are not included in Top 10 Holdings.

2 As a percentage of net assets on 11-30-10.

3 Investments focused on one sector may fluctuate more widely than investments across various sectors. Because the Fund may focus on particular sectors, its performance may depend on the performance of those sectors.

4 Ratings are from Moody’s Investor Services, Inc. If not available, we have used S&P ratings. In the absence of ratings from these agencies, we have used Fitch, Inc. ratings. “Not Rated” securities are those with no ratings available. They may have internal ratings similar to those shown. All are as of 11-30-10 and do not reflect subsequent downgrades, if any.

10  New York Tax-Free Income Fund | Semiannual report 

 


Fund’s investments

As of 11-30-10 (unaudited)

    Maturity     
  Rate (%)  date  Par value  Value 
Municipal Bonds 95.04%        $60,440,937 
(Cost $57,746,426)         
 
New York 81.77%        52,001,398 
Albany Parking Authority,         
Auto Parking Revenue, Prerefunded to         
7-15-11, Series A  5.625  07-15-25  $385,000  401,782 
Albany Parking Authority,         
Auto Parking Revenue, Series A  5.625  07-15-25  365,000  368,836 
Brooklyn Arena Local Development Corp.,         
Barclays Center Project  6.375  07-15-43  1,000,000  1,035,920 
Chautauqua Asset Securitization Corp.,         
Tobacco Settlement  6.750  07-01-40  1,000,000  981,100 
City of New York, Series B  5.250  12-01-17  1,500,000  1,573,770 
City of New York, Series E-1  6.250  10-15-28  500,000  573,510 
Herkimer County Industrial         
Development Agency,         
Flots Adult Home, Series A  5.500  03-20-40  975,000  1,028,206 
Long Island Power Authority,         
Electric, Power & Light Revenues, Series A  5.750  04-01-39  1,500,000  1,579,995 
Long Island Power Authority,         
Electric, Power & Light Revenues, Series A  6.000  05-01-33  1,000,000  1,087,320 
Metropolitan Transportation Authority,         
Transit Revenue, Series A  5.250  11-15-28  1,000,000  1,071,090 
Metropolitan Transportation Authority,         
Transit Revenue, Series B  5.000  11-15-34  2,750,000  2,825,900 
Monroe Newpower Corp.,         
Electric, Power & Light Revenues  5.100  01-01-16  1,000,000  1,024,900 
Nassau County Industrial Development Agency,         
North Shore Health Systems Project, Series A  6.250  11-01-21  275,000  279,323 
New York City Industrial Development Agency,         
7 World Trade Center, Series A  6.250  03-01-15  2,000,000  2,000,540 
New York City Industrial Development Agency,         
Airis JFK I LLC Project, Series A AMT  5.500  07-01-28  1,000,000  889,330 
New York City Industrial Development Agency,         
Brooklyn Navy Yard Cogeneration         
Partners AMT  5.650  10-01-28  1,000,000  769,630 
New York City Industrial Development Agency,         
Lycee Francais De NY Project, Series A (D)  5.375  06-01-23  1,000,000  1,019,190 
New York City Industrial Development Agency,         
Polytechnic University Project (D)  5.250  11-01-27  1,000,000  995,520 

 

See notes to financial statements  Semiannual report | New York Tax-Free Income Fund  11 

 


    Maturity     
  Rate (%)  date  Par value  Value 
New York (continued)         
New York City Industrial Development Agency,         
Terminal One Group Association Project         
AMT (P)  5.500  01-01-21  $1,000,000  $1,027,130 
New York City Municipal Water         
Finance Authority,         
Water Revenue, Series A  5.750  06-15-40  1,000,000  1,085,830 
New York City Municipal Water         
Finance Authority,         
Water Revenue, Series D  Zero  06-15-20  2,000,000  1,442,920 
New York City Municipal Water         
Finance Authority,         
Water Revenue, Series FF-2  5.000  06-15-40  1,000,000  1,023,000 
New York City Municipal Water         
Finance Authority,         
Water Revenue, Series GG-1  5.000  06-15-39  1,000,000  1,023,710 
New York City Transitional Finance Authority,         
Government Fund/Grant Revenue, Series S-4  5.500  01-15-39  1,000,000  1,069,480 
New York City Transitional Finance Authority,         
Income Tax Revenue, Series A (Zero Coupon         
steps up to 14.000% on 11-1-11)  Zero  11-01-29  1,000,000  986,530 
New York Liberty Development Corp.  5.625  07-15-47  1,000,000  1,026,120 
New York Local Assistance Corp.,         
Sales Tax Revenue, Series C  5.500  04-01-17  1,225,000  1,446,186 
New York State Dormitory Authority, General         
Purpose, Series E  5.000  02-15-35  1,000,000  1,027,420 
New York State Dormitory Authority,         
Rockefeller University, Series A  5.000  07-01-41  1,000,000  1,051,270 
New York State Dormitory Authority,         
City University, Prerefunded to 7-1-11,         
Series A  5.250  07-01-31  130,000  133,710 
New York State Dormitory Authority,         
Miriam Osborn Memorial Home Association,         
Series B (D)  6.875  07-01-25  750,000  758,265 
New York State Dormitory Authority,         
Mount Sinai School of Medicine  5.125  07-01-39  1,000,000  987,390 
New York State Dormitory Authority,         
North Shore Long Island Jewish Group,         
Prerefunded to 5-1-13  5.375  05-01-23  1,000,000  1,111,520 
New York State Dormitory Authority,         
Orange Regional Medical Center  6.125  12-01-29  750,000  747,083 
New York State Dormitory Authority,         
State University Education Facilities,         
Series A (D)  5.250  05-15-15  1,000,000  1,098,210 
New York State Dormitory Authority,         
State University Education Facilities, Series A  5.500  05-15-19  2,000,000  2,296,720 
New York State Environmental Facilities Corp.,         
Water Revenue, Series A  5.000  06-15-34  1,000,000  1,035,110 
Oneida County Industrial Development Agency,         
Hamilton College Project, Series A (D)  Zero  07-01-29  5,330,000  2,184,927 
Onondaga County Industrial Development         
Agency AMT  6.125  01-01-32  1,000,000  907,280 
Orange County Industrial Development Agency,         
Arden Hill Care Center, Series C  7.000  08-01-31  500,000  443,355 

 

12  New York Tax-Free Income Fund | Semiannual report  See notes to financial statements 

 


    Maturity     
  Rate (%)  date  Par value  Value 
New York (continued)         
Port Authority of New York & New Jersey,         
5th Installment Special Project AMT  6.750  10-01-19  $1,500,000  $1,436,340 
Suffolk County Industrial Development Agency,         
Huntington Hospital Project, Series B  6.000  11-01-22  1,000,000  1,019,190 
Triborough Bridge & Tunnel Authority,         
Highway Revenue Tolls, Escrowed to         
Maturity, Series Y  6.125  01-01-21  1,500,000  1,900,815 
Tsasc, Inc., Tobacco Settlement,         
Prerefunded to 7-15-12, Series 1  5.500  07-15-24  670,000  714,615 
Upper Mohawk Valley Regional Water         
Finance Authority,         
Water Revenue (D)  Zero  04-01-22  2,230,000  1,365,786 
Westchester County Healthcare Corp.,         
Senior Lien, Series A  6.000  11-01-30  1,150,000  1,135,464 
Yonkers Industrial Development Agency,         
Yonkers, Inc., Prerefunded to 2-1-11,         
Series A  6.625  02-01-26  1,000,000  1,010,160 
 
Guam 0.79%        505,950 
Guam Government, Series A  5.750  12-01-34  500,000  505,950 
 
Puerto Rico 10.07%        6,401,574 
Puerto Rico Aqueduct & Sewer Authority,         
Water Revenue (D)(P)  10.021  07-01-11  1,000,000  1,067,060 
Puerto Rico Public Building Authority,         
Lease Revenue, Series A (D)  6.250  07-01-12  1,110,000  1,179,686 
Puerto Rico Public Finance Corp.,         
Prerefunded to 2-1-12, Series E  5.500  08-01-29  1,005,000  1,060,958 
Puerto Rico Sales Tax Financing Authority,         
Sales Tax Revenue, Series A (Zero Coupon         
Steps up to 6.750% on 8-1-16)  Zero  08-01-32  2,000,000  1,624,940 
Puerto Rico Sales Tax Financing Corp.  5.000  08-01-35  1,000,000  966,910 
Puerto Rico Sales Tax Financing Corp., Series C  5.375  08-01-38  500,000  502,020 
 
Virgin Islands 2.41%        1,532,015 
Virgin Islands Public Finance Authority, Series A  6.750  10-01-37  1,000,000  1,047,470 
Virgin Islands Public Finance Authority,         
Series A1-1  5.000  10-01-29  500,000  484,545 
 
Short-Term Investments 3.89%        $2,476,000 
(Cost $2,476,000)         
 
Repurchase Agreement 3.89%        2,476,000 
Repurchase Agreement with State Street Corp.         
dated 11-30-10 at 0.010% to be repurchased         
at $2,476,001 on 12-1-10, collateralized by         
$2,270,000 Federal Home Loan Mortgage         
Corp., 4.500% due 7-15-13 (valued at         
$2,531,050, including interest)      $2,476,000  2,476,000 
 
Total investments (Cost $60,222,426)† 98.93%      $62,916,937 
 
Other assets and liabilities, net 1.07%      $679,256 
 
Total net assets 100.00%        $63,596,193 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

See notes to financial statements  Semiannual report | New York Tax-Free Income Fund  13 

 


Notes to Schedule of Investments

AMT Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax.

(D) Bond is insured by one of these companies:

Insurance coverage  As a percentage of total investments 
ACA Financial Guaranty Corp.  4.41% 
Ambac Financial Group, Inc.  4.05% 
National Public Finance Guarantee Corp.  6.91% 

 

(P) Variable rate obligation. The coupon rate shown represents the rate at period end.

† At 11-30-10, the aggregate cost of investment securities for federal income tax purposes was $60,118,244. Net unrealized appreciation aggregated $2,798,693, of which $3,403,932 related to appreciated investment securities and $605,239 related to depreciated investment securities.

The Fund has the following sector composition as of 11-30-10 (as a percentage of total net assets):

General Obligation Bonds  3% 
 
Revenue Bonds   
Education  13% 
Water & Sewer  11% 
Health Care  10% 
Development  8% 
Utilities  8% 
Airport  5% 
Transportation  5% 
Facilities  3% 
Tobacco  3% 
Pollution  1% 
Other Revenue  25% 
Short-Term Investments & Other  5% 

 

14  New York Tax-Free Income Fund | Semiannual report  See notes to financial statements 

 

F I N A N C I A L   S T A T E M E N T S


Financial statements

Statement of assets and liabilities 11-30-10 (unaudited)

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets   
Investments, at value (Cost $60,222,426)  $62,916,937 
Cash  11 
Receivable for fund shares sold  52,509 
Interest receivable  835,570 
Receivable due from adviser  652 
Other receivables and prepaid assets  7,146 
 
Total assets  63,812,825 
 
Liabilities   
Payable for fund shares repurchased  111,476 
Distributions payable  65,185 
Payable to affiliates   
Accounting and legal services fees  814 
Transfer agent fees  3,630 
Distribution and service fees  7,083 
Trustees’ fees  3,035 
Other liabilities and accrued expenses  25,409 
 
Total liabilities  216,632 
 
Net assets   
Capital paid-in  $61,151,621 
Undistributed net investment income  26,074 
Accumulated net realized loss on investments  (276,013) 
Net unrealized appreciation (depreciation) on investments  2,694,511 
 
Net assets  $63,596,193 
 
Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($52,617,238 ÷ 4,369,296 shares)  $12.04 
Class B ($2,456,928 ÷ 203,987 shares)1  $12.04 
Class C ($8,522,027 ÷ 707,545 shares)1  $12.04 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95.5%)2  $12.61 

 

1 Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

See notes to financial statements  Semiannual report | New York Tax-Free Income Fund  15 

 

F I N A N C I A L   S T A T E M E N T S


Statement of operations For the six-month period ended 11-30-10
(unaudited)

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Interest  $1,630,600 
 
Expenses   
Investment management fees (Note 4)  162,326 
Distribution and service fees (Note 4)  136,404 
Accounting and legal services fees (Note 4)  4,831 
Transfer agent fees (Note 4)  27,280 
Trustees’ fees (Note 4)  2,951 
State registration fees  4,037 
Printing and postage  4,224 
Professional fees  24,628 
Custodian fees  5,528 
Registration and filing fees  9,580 
Other  3,541 
 
Total expenses  385,330 
Less expense reductions (Note 4)  (30,836) 
 
Net expenses  354,494 
 
Net investment income  1,276,106 
 
Realized and unrealized gain (loss)   
Net realized gain on investments  41,900 
Change in net unrealized appreciation (depreciation) of investments  (906,555) 
 
Net realized and unrealized loss  (864,655) 
 
Increase in net assets from operations  $411,451 

 

16  New York Tax-Free Income Fund | Semiannual report  See notes to financial statements 

 

F I N A N C I A L   S T A T E M E N T S


Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Six months   
  ended  Year 
  11-30-10  ended 
  (Unaudited)  5-31-10 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $1,276,106  $2,578,663 
Net realized gain  41,900  90,793 
Change in net unrealized appreciation (depreciation)  (906,555)  3,013,989 
 
Increase in net assets resulting from operations  411,451  5,683,445 
 
Distributions to shareholders     
From net investment income     
Class A  (1,084,747)  (2,189,305) 
Class B  (47,710)  (135,730) 
Class C  (137,514)  (235,815) 
 
Total distributions  (1,269,971)  (2,560,850) 
 
From Fund share transactions (Note 5)  62,640  3,759,354 
 
Total increase (decrease)  (795,880)  6,881,949 
 
Net assets     
Beginning of period  64,392,073  57,510,124 
 
End of period  $63,596,193  $64,392,073 
 
Undistributed net investment income  $26,074  $19,939 

 

See notes to financial statements  Semiannual report | New York Tax-Free Income Fund  17 

 


Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended  11-30-101  5-31-10  5-31-092  8-31-08  8-31-07  8-31-06  8-31-05 
 
Per share operating performance               
Net asset value, beginning               
of period  $12.20  $11.60  $11.96  $12.03  $12.40  $12.61  $12.46 
Net investment income3  0.25  0.51  0.38  0.51  0.52  0.52  0.52 
Net realized and unrealized gain               
(loss) on investments  (0.16)  0.60  (0.36)  (0.07)  (0.37)  (0.21)  0.15 
Total from investment operations  0.09  1.11  0.02  0.44  0.15  0.31  0.67 
Less distributions               
From net investment income  (0.25)  (0.51)  (0.38)  (0.51)  (0.52)  (0.52)  (0.52) 
Net asset value, end of period  $12.04  $12.20  $11.60  $11.96  $12.03  $12.40  $12.61 
Total return (%)4  0.705,6  9.715  0.286  3.735  1.185  2.545  5.50 
 
Ratios and supplemental data               
Net assets, end of period               
(in millions)  $53  $54  $46  $44  $40  $43  $44 
Ratios (as a percentage of average               
net assets):               
Expenses before reductions  1.077  1.10  1.197,8  1.04  1.03  1.03  1.06 
Expenses net of fee waivers  0.977  1.10  1.197,8  1.04  1.03  1.03  1.06 
Net investment income  4.057  4.27  4.507  4.28  4.22  4.20  4.18 
Portfolio turnover (%)  7  7  22  25  17  32  25 
   

 

1 Semiannual period from 6-1-10 to 11-30-10. Unaudited.
2 For the nine-month period ended 5-31-09. The Fund changed its fiscal year end from August 31 to May 31.
3 Based on the average daily shares outstanding.
4 Does not reflect the effect of sales charges, if any.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Annualized.
8 Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.

18  New York Tax-Free Income Fund | Semiannual report  See notes to financial statements 

 


CLASS B SHARES Period ended  11-30-101  5-31-10  5-31-092  8-31-08  8-31-07  8-31-06  8-31-05 
 
Per share operating performance               
Net asset value, beginning               
of period  $12.21  $11.60  $11.96  $12.03  $12.40  $12.61  $12.46 
Net investment income3  0.21  0.42  0.32  0.43  0.43  0.43  0.43 
Net realized and unrealized gain               
(loss) on investments  (0.17)  0.61  (0.36)  (0.07)  (0.37)  (0.21)  0.15 
Total from investment operations  0.04  1.03  (0.04)  0.36  0.06  0.22  0.58 
Less distributions               
From net investment income  (0.21)  (0.42)  (0.32)  (0.43)  (0.43)  (0.43)  (0.43) 
Net asset value, end of period  $12.04  $12.21  $11.60  $11.96  $12.03  $12.40  $12.61 
Total return (%)4  0.275,6  9.035  (0.24)6  3.015  0.485  1.835  4.77 
 
Ratios and supplemental data               
Net assets, end of period               
(in millions)  $2  $3  $6  $8  $11  $14  $17 
Ratios (as a percentage of average               
net assets):               
Expenses before reductions  1.767  1.80  1.897,8  1.74  1.73  1.73  1.76 
Expenses net of fee waivers  1.677  1.80  1.897,8  1.74  1.73  1.73  1.76 
Net investment income  3.357  3.57  3.807  3.57  3.52  3.50  3.48 
Portfolio turnover (%)  7  7  22  25  17  32  25 
 

 

1 Semiannual period from 6-1-10 to 11-30-10. Unaudited.
2 For the nine-month period ended 5-31-09. The Fund changed its fiscal year end from August 31 to May 31.
3 Based on the average daily shares outstanding.
4 Does not reflect the effect of sales charges, if any.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Annualized.
8 Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.

CLASS C SHARES Period ended  11-30-101  5-31-10  5-31-092  8-31-08  8-31-07  8-31-06  8-31-05 
 
Per share operating performance               
Net asset value, beginning               
of period  $12.21  $11.60  $11.96  $12.03  $12.40  $12.61  $12.46 
Net investment income3  0.21  0.43  0.32  0.43  0.43  0.43  0.43 
Net realized and unrealized gain               
(loss) on investments  (0.17)  0.60  (0.36)  (0.07)  (0.37)  (0.21)  0.15 
Total from investment operations  0.04  1.03  (0.04)  0.36  0.06  0.22  0.58 
Less distributions               
From net investment income  (0.21)  (0.42)  (0.32)  (0.43)  (0.43)  (0.43)  (0.43) 
Net asset value, end of period  $12.04  $12.21  $11.60  $11.96  $12.03  $12.40  $12.61 
Total return (%)4  0.275,6  9.045  (0.24)6  3.015  0.485  1.835  4.77 
 
Ratios and supplemental data               
Net assets, end of period               
(in millions)  $9  $8  $6  $3  $4  $3  $5 
Ratios (as a percentage of average               
net assets):               
Expenses before reductions  1.777  1.80  1.897,8  1.74  1.73  1.73  1.76 
Expenses net of fee waivers  1.677  1.80  1.897,8  1.74  1.73  1.73  1.76 
Net investment income  3.347  3.56  3.797  3.57  3.51  3.50  3.48 
Portfolio turnover (%)  7  7  22  25  17  32  25 
 

 

1 Semiannual period from 6-1-10 to 11-30-10. Unaudited.
2 For the nine-month period ended 5-31-09. The Fund changed its fiscal year end from August 31 to May 31.
3 Based on the average daily shares outstanding.
4 Does not reflect the effect of sales charges, if any.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Annualized.
8 Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.

See notes to financial statements  Semiannual report | New York Tax-Free Income Fund  19 

 


Notes to financial statements
(unaudited)

Note 1 — Organization

John Hancock New York Tax-Free Income Fund (the Fund) is a diversified series of John Hancock Tax-Exempt Series Fund (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek a high level of current income, consistent with preservation of capital, that is exempt from federal, New York State and New York City personal income taxes.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these techniques are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes significant unobservable inputs wh en market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of November 30, 2010, all investments are categorized as Level 2 under the hierarchy described above. During the six months ended November 30, 2010, there were no significant transfers in or out of Level 2 assets.

In order to value the securities, the Fund uses the following valuation techniques. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

20  New York Tax-Free Income Fund | Semiannual report 

 


Repurchase agreements. The Fund may enter into repurchase agreements. When a Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to a Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of Operations. For the six months ended November 30, 2010, the Fund had no borrowings under the line of credit.

Expenses. The majority of expenses are directly attributable to an individual fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses, and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net asset value of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, for all classes, are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, the Fund had a capital loss carryforward of $415,985 available to offset future net realized capital gains as of May 31, 2010. The capital loss carryforward expires as follows: May 31, 2011 — $414,533, and May 31, 2012 — $1,452.

As of May 31, 2010, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

  Semiannual report | New York Tax-Free Income Fund  21 

 


Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares dividends daily and pays them monthly. Capital gain distributions, if any, are distributed annually.

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Permanent book-tax differences are primarily attributable to amortization and accretion on debt securities.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 — Fees and transactions with affiliates

John Hancock Advisers, LLC (the Adviser) serves as investment adviser for the Fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Fund. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.500% of the first $250,000,000 of the Fund’s average daily net assets, (b) 0.450% of the next $250,000,000, (c) 0.425% of the next $500,000,000, (d) 0.400% of the next $250,000,000 and (e) 0.300% of the Fund’s average daily net assets in excess of $1,250,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (formerly MFC Global Investment Management (U.S.), LLC), an indirect owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the six months ended November 30, 2010 were equivalent to an annual effective rate of 0.50% of the Fund’s average daily net assets.

Effective July 1, 2010, the Adviser contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excluded taxes, portfolio brokerage commissions, interest, litigation and extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements were such that these expenses would not exceed 0.94%, 1.64% and 1.64% for Class A, Class B and Class C shares, respectively. The fee waivers and/or reimbursements will continue in effect until September 30, 2011.

Accordingly, these expense reductions amounted to $25,553, $1,308 and $3,975 for Class A, Class B and Class C shares, respectively, for the six months ended November 30, 2010.

22  New York Tax-Free Income Fund | Semiannual report 

 


Accounting and legal services. Pursuant to the service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. The accounting and legal services fees incurred for the six months ended November 30, 2010 amounted to an annual rate of 0.01% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B and Class C shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b–1 FEE 
Class A  0.30% 
Class B  1.00% 
Class C  1.00% 

 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $75,081 for the six months ended November 30, 2010. Of this amount, $645 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $69,789 was paid as sales commissions to broker-dealers and $4,647 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended November 30, 2010, CDSCs received by the Distributor amounted to $1,446 and $33 for Class B and Class C shares, respectively.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services or Transfer Agent), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain revenues that Signature Services received in connection with the service they provide to the funds. Signature Services Cost is calculated m onthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

  Semiannual report | New York Tax-Free Income Fund  23 

 


Prior to July 1, 2010, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.01% for all classes, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $17.50 per shareholder account for all classes.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Class level expenses. Class level expenses for the six months ended November 30, 2010 were:

  DISTRIBUTION AND  TRANSFER 
CLASS  SERVICE FEES  AGENT FEES 
Class A  $80,677  $22,625 
Class B  14,328  1,215 
Class C  41,399  3,440 
Total  $136,404  $27,280 

 

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within other receivables and prepaid assets and payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 5 — Fund share transactions

Transactions in Fund shares for the six months ended November 30, 2010 and for the year ended May 31, 2010 were as follows:

  Six months ended 11-30-10  Year ended 5-31-10 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  326,528  $4,017,229  884,951  $10,513,550 
Distributions reinvested  62,964  773,140  130,995  1,569,696 
Repurchased  (426,655)  (5,241,899)  (592,810)  (7,108,543) 
 
Net increase (decrease)  (37,163)  ($451,530)  423,136  $4,974,703 
 
Class B shares         
Sold  11,344  $138,938  28,266  $339,500 
Distributions reinvested  2,526  31,030  7,807  93,215 
Repurchased  (53,433)  (658,947)  (287,991)  (3,404,798) 
 
Net decrease  (39,563)  ($488,979)  (251,918)  ($2,972,083) 
 
Class C shares         
Sold  120,218  $1,477,627  247,379  $2,951,876 
Distributions reinvested  6,226  76,458  10,249  123,073 
Repurchased  (44,899)  (550,936)  (110,153)  (1,318,215) 
 
Net increase  81,545  $1,003,149  147,475  $1,756,734 
 
Net increase  4,819  $62,640  318,693  $3,759,354 

 

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $4,600,130 and $5,520,218, respectively, for the six months ended November 30, 2010.

24  New York Tax-Free Income Fund | Semiannual report 

 


Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock New York Tax-Free Income Fund (the Fund), a series of John Hancock Tax-Exempt Series Fund (the Trust), met in-person on May 2–4 and June 6–8, 2010 to consider the approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the approval of the investment subadvisory agreement (the Subadvisory Agreement) among the Adviser, John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the Subadviser) and the Trust on behalf of the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the Agreements.

Activities and composition of the Board

The Board consists of eleven individuals, nine of whom are Independent Trustees. Independent Trustees are generally those individuals who are unaffiliated with the Fund, the Adviser and the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform the various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairperson. The Board has established four standing committees that are composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts/Operations Committee. Additionally, Investment Performance Committee A is a standing committee of the Board that is composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee A oversees and monitors matters relating to the investment performance of the Fund. The Board has also designated a Vice Chairperson to serve in the absence of the Chairperson, who also serves as Chairman of the Board’s Nominating, Governance and Administration Committee. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

Pursuant to the 1940 Act, the Board is required to consider the continuation of the Agreements on an annual basis. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. In this regard, the Board reviews reports of the Adviser at least quarterly, which include, among other things, Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadviser to the Fund and its shareholders.

Prior to the May 2–4, 2010 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included information independently compiled and prepared by Morningstar, Inc. (Morningstar) on Fund fees and expenses, and the investment performance of the Fund. This Fund information is assembled in a format that permits comparison with similar information from a category of relevant funds (the Category) and a peer group of comparable funds (the Peer Group) as determined by Morningstar, and its benchmark index. Other material provided for the Fund review included (a) information on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser and its affiliates that result from being the Adviser or Subadviser to the Fund; (b) a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charge d to other clients, such as institutional clients and other investment companies, under similar investment mandates, as well as the performance of such other clients; (c) the impact of economies

  Semiannual report | New York Tax-Free Income Fund  25 

 


of scale; (d) a summary of aggregate amounts paid by the Fund to the Adviser; and (e) sales and redemption data regarding the Fund’s shares.

At an in-person meeting held on May 2–4, 2010, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May 2–4, 2010 meeting, the Board presented the Adviser and Subadviser with questions and requests for additional information and the Adviser and Subadviser responded to these requests with additional written information in advance of the June 6–8, 2010 Board meeting. The Board also reviewed these additional materials relating to its consideration of the Agreements.

At an in-person meeting held on June 6–8, 2010, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement between the Adviser and the Fund and the Subadvisory Agreement among the Adviser, the Subadviser and the Trust on behalf of the Fund, each for an additional one-year term. The Board considered all factors it believed relevant with respect to the Fund, including, among other factors: (a) the nature, extent and quality of the services provided by the Adviser and the Subadviser; (b) the investment performance of the Fund and portfolio management of the Subadviser; (c) the advisory fees and the cost of the services and profits to be realized by the Adviser and certain affiliates from their relationship with the Fund; (d) economies of scale; and (e) other factors.

The Board also considered other matters important to the approval process, such as payments made to the Adviser or its affiliates relating to the distribution of Fund shares and other services. The Board reviewed services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser, and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. Each Trustee may have attributed different weights to the various items considered.

The key factors considered by the Board and the conclusions reached are described below.

Nature, extent and quality of services

The Board, including the Independent Trustees, reviewed the nature, extent and quality of services provided by the Adviser and the Subadviser, including the investment advisory services and the resulting performance of the Fund. The Board reviewed the Adviser’s and Subadviser’s senior management personnel responsible for investment operations, including the senior investment officers. The Board also reviewed the materials provided by the Fund’s portfolio management team discussing Fund performance and the Fund’s investment objective, strategies and outlook.

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Adviser and the Subadviser responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.

The Board considered the Subadviser’s history and experience with the Fund. The Board considered the Adviser’s execution of its oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and regulation, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser’s and Subadviser’s compliance departments.

26  New York Tax-Free Income Fund | Semiannual report 

 


In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser’s administration, accounting, legal and compliance departments and considered the Adviser’s policies and procedures for assuring compliance with applicable laws and regulations.

The Board also received information about the nature, extent and quality of services and fee rates offered by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to such other clients under similar investment mandates, the services provided to such other clients as compared to the services provided to the Fund, the performance of such other clients, and other factors relating to such other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and those services they provide to other clients which, to the extent the other client is not a mutual fund, may generally be attributable to the greater frequency of shareholder redemptions in a mutual fund, the higher turnover o f mutual fund assets, the more burdensome regulatory and legal obligations of mutual funds, and the higher marketing costs for mutual funds.

Fund performance

The Board, including the Independent Trustees, reviewed and considered the performance history of the Fund. The Board was provided with reports, independently prepared by Morningstar, which included a comprehensive analysis of the Fund’s performance. The Board also reviewed a narrative and statistical analysis of the Morningstar data that was prepared by the Adviser, which analyzed various factors that may affect the Morningstar rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Morningstar Category and Peer Group as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Morningstar to select the funds in the Category and the Peer Group. The Board also considered updated performance information provided by the Adviser at its May and June 2010 meetings. The Board regularly reviews the performance of the Fund throughout the year and atta ches more importance to performance over relatively longer periods of time, typically three to five years.

  1 YEAR  3 YEAR  5 YEAR  10 YEAR 
NY Tax-Free Income Fund  13.18%  3.28%  3.53%  5.15% 
Barclays Capital Municipal Bond Index  12.91%  4.41%  4.32%  5.75% 
Muni NY Long Category Median  15.46%  3.53%  3.67%  5.19% 
Morningstar 15(c) Peer Group Median  16.82%  3.41%  3.70%  5.21% 

 

The Board noted that the Subadviser remained consistent with its investment style and adhered to its investment mandates.

The Board considered presentations made by the Subadviser and the Adviser on the investment management style of the Subadviser and noted that the Subadviser has improved performance over the one-year period due to its positioning in shorter duration bonds. The Board concluded that the Fund’s underperformance was being responsibly addressed by the Adviser and Subadviser.

Expenses and fees

The Board, including the Independent Trustees, reviewed the Fund’s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Category and Peer

Semiannual report | New York Tax-Free Income Fund  27 

 


Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadviser to other types of clients with similar investment mandates, including separately managed institutional accounts.

In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the Peer Group median. The Board also considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and total operating expense ratio after taking the fee waiver arrangement applicable to the Advisory Agreement rate into account (Net Expense Ratio). The Board considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Peer Group and Category medians. As part of its analysis, the Board reviewed the Adviser’s methodology in allocating its costs to the management of the Fund. The Board considered expenses and fee rates to be higher or lower if they were over or under 10 basis points, respectively; slightly higher or slightly lower if they were above or below 6–10 basis points, respectively; and inline if they were above or below by 5 basis points.

The Board noted that the investment advisory rate was inline with the Category and Peer Group medians. The Board reviewed the Fund’s Gross and Net Expense Ratios of 1.13% for the Fund’s Class A shares. The Board noted that the Fund’s Gross Expense Ratio was slightly higher than the Peer Group median and higher than the Category median. The Board also noted that the Fund’s Net Expense Ratio was higher than the Peer Group Category medians. The Board favorably considered the impact of fee waivers towards ultimately lowering the Fund’s Gross Expense Ratio.

The Board viewed favorably the Adviser’s new contractual agreement to waive all or a portion of its Advisory Agreement Rate and reimburse or pay operating expenses to the extent necessary to maintain the Fund’s Gross Expense Ratio at 0.94% for Class A shares, excluding certain expenses such as taxes, brokerage commissions, interest, litigation and extraordinary expenses, until September 30, 2011.

The Board also received and considered information relating to the Fund’s Gross Expense Ratio and Net Expense Ratio that reflected a proposed change in the methodology for calculating transfer agent fees.

The Board received and reviewed statements relating to the Adviser’s financial condition and profitability with respect to the services it provides the Fund. The Board was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by the Adviser for services provided to the Fund. The Board reviewed the Adviser’s profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2009 compared to available aggregate profitability data provided for the year ended December 31, 2008.

The Board received and considered a detailed profitability analysis of the Adviser based on the Advisory Agreement, as well as on other relationships between the Fund and the Adviser and its affiliates. The Board also considered a comparison of the Adviser’s profitability to that of other similar investment advisers whose profitability information is publicly available. The Board reviewed the Adviser’s profitability with respect to other fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Adviser, the types of funds

28  New York Tax-Free Income Fund | Semiannual report 

 


managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited.

The Board considered the profitability information with respect to the Subadviser, which is affiliated with the Adviser. In addition, as noted above, the Board considered the methodologies involved in allocating such profit to the Subadviser.

Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase and whether there should be changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale, for example through the use of breakpoints in the advisory fee based upon the assets of the Fund. The Board also considered the Adviser’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. To ensure that any economies are reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the Agreement fee rate.

Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser, or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community, and the engagement of their affiliates and/or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

Board determination

The Board, including the Independent Trustees, unanimously approved the continuation of the Advisory Agreement between the Adviser and the Fund for an additional one-year term and the Subadvisory Agreement among the Adviser, the Subadviser and the Trust on behalf of the Fund for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board, including a majority of the Independent Trustees, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at a decision to approve the Agreements, the Board did not identify any single factor listed above, or any group of factors listed above, as all-important or controlling, but considered all factors together, and different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by the advice of independent legal counsel in making this determination. The Board noted that contractual fee arrangements for the Fund reflect the results of several years of review by the Board and certain predecessor Trustees, and discussions between such Trustees (and predecessor Trustees) and the Adviser. Certain aspects of the arrangements may be the subject of more attention in some years than in others, and the Trustees’ conclusions may be based in part on their consideration of these arrangements in prior years.

  Semiannual report | New York Tax-Free Income Fund  29 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky,* Chairperson***  John Hancock Advisers, LLC 
James F. Carlin   
William H. Cunningham  Subadviser 
Deborah C. Jackson*  John Hancock Asset Management 
Charles L. Ladner  (formerly MFC Global Investment 
Stanley Martin*  Management (U.S.), LLC) 
Hugh McHaffie†** 
Dr. John A. Moore  Principal distributor 
Patti McGill Peterson  John Hancock Funds, LLC 
Gregory A. Russo   
John G. Vrysen†  Custodian 
State Street Bank and Trust Company 
Officers  
Keith F. Hartstein  Transfer agent 
President and Chief Executive Officer  John Hancock Signature Services, Inc. 
Andrew G. Arnott   Legal counsel 
Senior Vice President** and Chief Operating Officer  K&L Gates LLP 
Thomas M. Kinzler  The report is certified under the Sarbanes-Oxley  
Secretary and Chief Legal Officer  Act, which requires mutual funds and other public 
companies to affirm that, to the best of their 
Francis V. Knox, Jr.  knowledge, the information in their financial reports 
Chief Compliance Officer  is fairly and accurately stated in all material respects. 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone**   
Treasurer   
 
*Member of the Audit Committee   
**Effective 8-31-10   
***Effective 1-1-11   
†Non-Independent Trustee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

30  New York Tax-Free Income Fund | Semiannual report 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock New York Tax-Free Income Fund.  760SA 11/10 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  1/11 

 




A look at performance

For the period ended November 30, 2010

                SEC 30-day    SEC 30-day   
  Average annual total returns (%)  Cumulative total returns (%)  yield (%)    yield (%)   
  with maximum sales charge (POP)  with maximum sales charge (POP)  subsidized    unsubsidized1   
as of as of
  1-year  5-year  10-year  6-months  1-year  5-year  10-year  11-30-10  11-30-10 
Class A  –1.25  2.76  4.34  –4.51  –1.25  14.56  52.89  2.94  2.83 
Class B  –2.39  2.63  4.24  –5.35  –2.39  13.83  51.42  2.37  2.26 
Class C  1.66  2.99  4.09  –1.35  1.66  15.88  49.33  2.37  2.26 


Performance figures assume all distributions are reinvested. Public offering price (POP) figures reflect maximum sales charges on Class A shares of 4.5% and the applicable contingent deferred sales charge (CDSC) on Class B shares and Class C shares. The returns for Class C shares have been adjusted to reflect the elimination of the front-end sales charge effective 7-15-04. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. The fee waivers and expense limitations are contractual at least until 9-30-11. The net expenses are as follows: Class A — 0.95%, Class B — 1.65% and Class C — 1.65%. Had the fee waivers and expense limitations not been in place, the gross expenses would be as follows: Class A — 1.01%, Class B — 1.71% and Class C — 1.71%.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month end performance data, please call 1–800–225–5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares. Please note that a portion of the Fund’s income may be subject to taxes, and some investors may be subject to the Alternative Minimum Tax (AMT). Also note that capital gains are taxable.

The Fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

1 Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers.

6  Massachusetts Tax-Free Income Fund | Semiannual report 

 


 

 
  Period  Without  With maximum   
  beginning  sales charge  sales charge  Index 
Class B2  11-30-00  $15,142  $15,142  $16,831 
Class C2  11-30-00  14,933  14,933  16,831 

 

Assuming all distributions were reinvested for the period indicated, the table above shows the value of a $10,000 investment in the Fund’s Class B and Class C shares, respectively, as of 11-30-10. The Class C shares investment with maximum sales charge has been adjusted to reflect the elimination of the front-end sales charge effective 7-15-04. Performance of the classes will vary based on the difference in sales charges paid by shareholders investing in the different classes and the fee structure of those classes.

Barclays Capital Municipal Bond Index is an unmanaged index representative of the tax-exempt bond market.

It is not possible to invest directly in an index. Index figures do not reflect sales charges or direct expenses, which would have resulted in lower values if they did.

1 NAV represents net asset value and POP represents public offering price.

2 No contingent deferred sales charge applicable.

Semiannual report | Massachusetts Tax-Free Income Fund  7 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

 ■ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

 ■ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about your fund’s actual ongoing operating expenses, and is based on your fund’s actual return. It assumes an account value of $1,000.00 on June 1, 2010 with the same investment held until November 30, 2010.

  Account value  Ending value  Expenses paid during 
  on 6-1-10  on 11-30-10  period ended 11-30-101 
Class A  $1,000.00  $999.80  $4.81 
Class B  1,000.00  995.50  8.30 
Class C  1,000.00  996.30  8.31 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at November 30, 2010, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:


 
8  Massachusetts Tax-Free Income Fund | Semiannual report 

 


Hypothetical example for comparison purposes

This table allows you to compare your fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not your fund’s actual return). It assumes an account value of $1,000.00 on June 1, 2010, with the same investment held until November 30, 2010. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 6-1-10  on 11-30-10  period ended 11-30-101 
Class A  $1,000.00  $1,020.30  $4.86 
Class B  1,000.00  1,016.70  8.39 
Class C  1,000.00  1,016.70  8.39 


Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 0.96%, 1.66% and 1.66% for Class A, Class B and Class C shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Semiannual report | Massachusetts Tax-Free Income Fund  9 

 


Portfolio summary

Top 10 Holdings1       
Massachusetts Development Finance Agency, 10-15-40, 5.000%  4.3% 
Massachusetts State Department of Transportation, 1-1-37, 5.000%  2.7% 
Boston Housing Authority, 4-1-27, 5.000%    2.5% 
Holyoke Gas & Electric Department,12-1-31, 5.000%  2.5% 
Massachusetts Water Resources Authority, 8-1-29, 5.250%  2.2% 
Massachusetts Industrial Finance Agency, 12-1-20, 6.750%  2.2% 
Massachusetts Bay Transportation Authority, 7-1-33, 5.250%  2.1% 
Puerto Rico Sales Tax Financing Authority, 8-1-32, Zero  1.9% 
Commonwealth of Massachusetts, 12-1-24, 5.500%  1.8% 
Massachusetts Health & Educational Facilities Authority, 12-15-31, 9.200%  1.8% 
 
Sector Composition2,3       
 
General Obligation Bonds  7%  Housing  10% 
Revenue Bonds    Pollution  3% 
Education  18%  Utilities  2% 
Water & Sewer  15%  Development  1% 
Health Care  14%  Other Revenue  16% 
Transportation  12%  Short-Term Investments & Other  2% 

 

Quality Composition2,4
AAA  11% 
AA  31% 
A  22% 
BBB  20% 
Not Rated  14% 
Short-Term Investments & Other  2% 

 


1 As a percentage of net assets on 11-30-10. Cash and cash equivalents are not included in Top 10 Holdings.

2 As a percentage of net assets on 11-30-10.

3 Investments focused on one sector may fluctuate more widely than investments across multiple sectors. Because the Fund may focus on particular sectors, its performance may depend on the performance of those sectors.

4 Ratings are from Moody’s Investor Services, Inc. If not available, we have used S&P ratings. In the absence of ratings from these agencies, we have used Fitch, Inc. ratings. “Not Rated” securities are those with no ratings available. They may have internal ratings similar to those shown. All are as of 11-30-10 and do not reflect subsequent downgrades, if any.

10  Massachusetts Tax-Free Income Fund | Semiannual report 

 


Fund’s investments

As of 11-30-10 (unaudited)

    Maturity     
  Rate (%)  date  Par value  Value 
Municipal Bonds 97.99%        $126,407,985 
(Cost $124,097,267)         
 
Massachusetts 84.72%        109,284,195 
Boston Housing Authority,         
Capital Program Revenue (D)  4.500  04-01-26  $1,000,000  968,690 
Boston Housing Authority,         
Capital Program Revenue (D)  5.000  04-01-27  3,255,000  3,274,628 
Boston Housing Authority,         
Capital Program Revenue (D)  5.000  04-01-28  2,000,000  1,997,560 
Boston Industrial Development Financing         
Authority, Harbor Electric Energy Company         
Project AMT  7.375  05-15-15  130,000  130,532 
Boston Water & Sewer Commission,         
Sewer Revenue, Series A  5.750  11-01-13  275,000  297,094 
Boston Water & Sewer Commission,         
Water Revenue, Series A  5.000  11-01-30  1,000,000  1,074,370 
Commonwealth of Massachusetts,         
Public Improvements (D)  5.500  11-01-17  1,000,000  1,210,220 
Commonwealth of Massachusetts,         
Public Improvements, Series C  5.500  11-01-15  1,000,000  1,183,050 
Commonwealth of Massachusetts, Series C (D)  5.500  12-01-24  2,000,000  2,381,240 
Commonwealth of Massachusetts, Series E (D)  5.000  11-01-25  1,000,000  1,133,220 
Freetown Lakeville Regional School District (D)  5.000  07-01-23  1,000,000  1,030,140 
Holyoke Gas & Electric Department,         
Natural Gas Revenue, Series A (D)  5.000  12-01-31  3,410,000  3,203,218 
Massachusetts Bay Transportation Authority,         
Sales Tax Revenue, Series A  5.000  07-01-31  2,000,000  2,141,620 
Massachusetts Bay Transportation Authority,         
Sales Tax Revenue, Series A  5.250  07-01-31  1,000,000  1,104,220 
Massachusetts Bay Transportation Authority,         
Sales Tax Revenue, Series A  5.250  07-01-35  1,310,000  1,442,742 
Massachusetts Bay Transportation Authority,         
Sales Tax Revenue, Series A-2  Zero  07-01-26  2,500,000  1,236,500 
Massachusetts Bay Transportation Authority,         
Transit Revenue, Series A  7.000  03-01-14  1,000,000  1,130,050 
Massachusetts Bay Transportation Authority,         
Transit Revenue, Series B  5.250  07-01-33  2,500,000  2,749,025 
Massachusetts Development Finance Agency,         
Bentley University  5.000  07-01-28  750,000  756,795 
Massachusetts Development Finance Agency,         
Belmont Hill School, Prerefunded to 9-1-11  5.000  09-01-31  1,000,000  1,044,920 

 

See notes to financial statements  Semiannual report | Massachusetts Tax-Free Income Fund  11 

 


    Maturity     
  Rate (%)  date  Par value  Value 
Massachusetts (continued)         
Massachusetts Development Finance Agency,         
Brandeis University, Series 0-1  5.000  10-01-40  $1,000,000  $981,680 
Massachusetts Development Finance Agency,         
Carleton Willard Village  5.625  12-01-30  450,000  444,942 
Massachusetts Development Finance Agency,         
Combined Jewish Philanthropies, Series A  5.250  02-01-22  1,840,000  1,933,086 
Massachusetts Development Finance Agency,         
Curry College, Series A (D)  4.500  03-01-25  1,000,000  884,790 
Massachusetts Development Finance Agency,         
Curry College, Series A (D)  5.250  03-01-26  1,000,000  967,310 
Massachusetts Development Finance Agency,         
Dominion Energy Brayton Point AMT (P)  5.000  02-01-36  2,000,000  1,903,660 
Massachusetts Development Finance Agency,         
Draper Laboratory  5.875  09-01-30  2,000,000  2,147,020 
Massachusetts Development Finance Agency,         
Emerson College, Series A  5.000  01-01-40  2,000,000  1,891,600 
Massachusetts Development Finance Agency,         
Harvard University, Series B  5.000  10-15-40  5,190,000  5,492,421 
Massachusetts Development Finance Agency,         
Linden Ponds, Inc., Series A  5.750  11-15-35  1,500,000  1,064,610 
Massachusetts Development Finance Agency,         
Massachusetts College of Pharmacy,         
Series E (D)  5.000  07-01-37  1,000,000  1,004,410 
Massachusetts Development Finance Agency,         
New England Conservatory of Music  5.250  07-01-38  2,000,000  1,852,000 
Massachusetts Development Finance Agency,         
Ogden Haverhill Project, Series B AMT  5.500  12-01-19  1,500,000  1,501,110 
Massachusetts Development Finance Agency,         
Orchard Cove  5.250  10-01-26  1,000,000  833,570 
Massachusetts Development Finance Agency,         
Plantation Apartments, Series A AMT  5.000  12-15-24  2,320,000  2,345,288 
Massachusetts Development Finance Agency,         
The Groves in Lincoln, Series A  7.750  06-01-39  700,000  726,187 
Massachusetts Development Finance Agency,         
VOA Concord Assisted Living, Prerefunded to         
10-20-11, Series A  6.900  10-20-41  1,000,000  1,101,920 
Massachusetts Development Finance Agency,         
Series A, Southeastern Massachusetts         
System, Series A (D)  5.625  01-01-16  500,000  514,615 
Massachusetts Health & Educational         
Facilities Authority, Mass Eye & Ear Infirmary  5.375  07-01-35  2,000,000  1,940,200 
Massachusetts Health & Educational Facilities         
Authority, Boston College, Series L  4.750  06-01-31  1,000,000  1,001,980 
Massachusetts Health & Educational Facilities         
Authority, Civic Investments, Prerefunded to         
12-15-12, Series B  9.200  12-15-31  2,000,000  2,349,660 
Massachusetts Health & Educational Facilities         
Authority, Emerson Hospital, Series E (D)  5.000  08-15-35  1,000,000  798,000 
Massachusetts Health & Educational Facilities         
Authority, Harvard Pilgrim Health Care,         
Series A (D)  5.000  07-01-18  1,000,000  1,001,130 
Massachusetts Health & Educational Facilities         
Authority, Lahey Clinic Medical Center,         
Series C (D)  5.000  08-15-23  1,000,000  1,013,570 

 

12  Massachusetts Tax-Free Income Fund | Semiannual report  See notes to financial statements 

 


    Maturity     
  Rate (%)  date  Par value  Value 
Massachusetts (continued)         
Massachusetts Health & Educational Facilities         
Authority, Partners HealthCare System  5.000  07-01-22  $1,000,000  $1,066,040 
Massachusetts Health & Educational Facilities         
Authority, Partners HealthCare, Prerefunded         
to 7-1-11, Series C  5.750  07-01-32  970,000  1,010,381 
Massachusetts Health & Educational Facilities         
Authority, Partners HealthCare, Series C  5.750  07-01-32  30,000  30,490 
Massachusetts Health & Educational Facilities         
Authority, Partners HealthCare, Series J1  5.000  07-01-34  1,000,000  994,470 
Massachusetts Health & Educational Facilities         
Authority, South Shore Hospital  5.750  07-01-29  365,000  365,022 
Massachusetts Health & Educational Facilities         
Authority, Springfield College  5.625  10-15-40  2,000,000  2,018,620 
Massachusetts Health & Educational Facilities         
Authority, Sterling & Francine Clark, Series A  5.000  07-01-36  1,000,000  1,009,660 
Massachusetts Health & Educational Facilities         
Authority, Suffolk University, Series A  6.250  07-01-30  1,000,000  1,056,320 
Massachusetts Health & Educational Facilities         
Authority, Tufts University  5.375  08-15-38  350,000  370,206 
Massachusetts Health & Educational Facilities         
Authority, University of Massachusetts         
Worcester Campus, Prerefunded to 10-1-11,         
Series B (D)  5.250  10-01-31  1,500,000  1,561,695 
Massachusetts Health & Educational Facilities         
Authority, Wheelock College, Prerefunded to         
10-1-11, Series B (D)  5.625  10-01-30  1,000,000  1,042,180 
Massachusetts Health & Educational Facilities         
Authority, Williams College, Series H  5.000  07-01-33  1,500,000  1,522,815 
Massachusetts Health & Educational Facilities         
Authority, Woods Hole Oceanographic,         
Series B  5.375  06-01-30  1,000,000  1,057,800 
Massachusetts Housing Finance Agency,         
Series A AMT (D)  5.800  07-01-30  910,000  909,927 
Massachusetts Housing Finance Agency,         
Series B  4.700  12-01-16  1,255,000  1,303,569 
Massachusetts Industrial Finance Agency,         
Aquarion Water Company AMT  6.750  12-01-20  2,780,000  2,781,529 
Massachusetts Industrial Finance Agency,         
Aquarion Water Company AMT  6.900  12-01-29  1,210,000  1,210,085 
Massachusetts Industrial Finance Agency,         
Ogden Haverhill Project, Series A AMT  5.600  12-01-19  500,000  501,180 
Massachusetts Port Authority,         
Boston Fuel Project AMT (D)  5.000  07-01-32  1,770,000  1,629,514 
Massachusetts Port Authority,         
US Airways Project, Series A AMT (D)  5.750  09-01-16  1,000,000  950,120 
Massachusetts Special Obligation,         
Prerefunded to 1-1-14 (D)  5.250  01-01-26  1,000,000  1,122,650 
Massachusetts State College Building         
Authority, College & University Revenue,         
Series A  5.500  05-01-49  1,000,000  1,040,450 
Massachusetts State College Building         
Authority, College & University Revenue,         
Series B (D)  Zero  05-01-19  1,000,000  732,000 

 

See notes to financial statements  Semiannual report | Massachusetts Tax-Free Income Fund  13 

 


    Maturity     
  Rate (%)  date  Par value  Value 
Massachusetts (continued)         
Massachusetts State Department of         
Transportation, Highway Revenue Tolls  5.000  01-01-37  $3,500,000  $3,509,975 
Massachusetts State Turnpike Authority,         
Highway Revenue Tolls, Escrowed to         
Maturity, Series A (D)  5.125  01-01-23  445,000  513,690 
Massachusetts State Turnpike Authority,         
Highway Revenue Tolls, Series C (D)  Zero  01-01-20  1,000,000  652,760 
Massachusetts Water Pollution         
Abatement Trust, Series 7  5.125  02-01-31  1,775,000  1,787,407 
Massachusetts Water Pollution Abatement         
Trust, Government Fund/Grant Revenue  5.000  08-01-28  1,000,000  1,080,210 
Massachusetts Water Pollution Abatement         
Trust, Prerefunded to 8-1-11, Series 7  5.125  02-01-31  645,000  665,737 
Massachusetts Water Pollution Abatement         
Trust, Series 9  5.250  08-01-18  60,000  69,445 
Massachusetts Water Pollution Abatement         
Trust, Water Revenue, Series 13  5.000  08-01-28  1,000,000  1,032,540 
Massachusetts Water Pollution Abatement         
Trust, Water Revenue, Series 14  5.000  08-01-32  1,000,000  1,052,370 
Massachusetts Water Resources Authority,         
Water Revenue, Series A  5.000  08-01-40  1,000,000  1,030,880 
Massachusetts Water Resources Authority,         
Water Revenue, Series B  5.000  08-01-39  1,000,000  1,023,960 
Massachusetts Water Resources Authority,         
Water Revenue, Series B (D)  5.250  08-01-29  2,500,000  2,785,475 
Pittsfield, City of, Prerefunded to 4-15-12 (D)  5.000  04-15-19  1,000,000  1,070,850 
Plymouth County, Correctional Facility         
Project (D)  5.000  04-01-22  1,000,000  1,011,870 
University of Massachusetts Building Authority,         
College & University Revenue, Series 1  5.000  05-01-39  1,500,000  1,525,710 
 
Guam 0.39%        505,950 
Guam Government, Series A  5.750  12-01-34  500,000  505,950 
 
Puerto Rico 11.70%        15,096,680 
Commonwealth of Puerto Rico, Income Tax         
Revenue (D)(P)  9.532  07-01-11  400,000  422,880 
Commonwealth of Puerto Rico, Series B  5.750  07-01-38  1,000,000  1,032,060 
Puerto Rico Aqueduct & Sewer Authority,         
Water Revenue (D)(P)  10.021  07-01-11  1,000,000  1,067,060 
Puerto Rico Aqueduct & Sewer Authority,         
Water Revenue, Series A (Zero Coupon Steps         
up to 6.125% on 7-1-11)  Zero  07-01-24  1,750,000  1,781,168 
Puerto Rico Highway & Transportation         
Authority, Fuel Sales Tax Revenue, Escrowed         
to Maturity, Series Y  6.250  07-01-14  955,000  1,128,944 
Puerto Rico Highway & Transportation         
Authority, Fuel Sales Tax Revenue, Series Y  6.250  07-01-14  45,000  50,010 
Puerto Rico Highway & Transportation         
Authority, Highway Revenue Tolls,         
Series AA (D)  5.500  07-01-19  2,000,000  2,141,060 
Puerto Rico Highway & Transportation         
Authority, Series H  5.450  07-01-35  1,000,000  1,005,880 
Puerto Rico Housing Finance Authority  5.125  12-01-27  1,000,000  1,011,450 

 

14  Massachusetts Tax-Free Income Fund | Semiannual report  See notes to financial statements 

 


    Maturity     
  Rate (%)  date  Par value  Value 
Puerto Rico (continued)         
Puerto Rico Sales Tax Financing Authority,         
Sales Tax Revenue, Series A (Zero Coupon         
Steps up to 6.750% on 8-1-16)  Zero  08-01-32  $3,000,000  $2,437,408 
Puerto Rico Sales Tax Financing Corp.,         
Sales Tax Revenue, Series A  5.500  08-01-42  1,000,000  1,010,680 
Puerto Rico Sales Tax Financing Corp., Series C  5.375  08-01-38  2,000,000  2,008,080 
 
Virgin Islands 1.18%        1,521,160 
Virgin Islands Public Finance Authority, Series A  6.750  10-01-37  1,000,000  1,047,470 
Virgin Islands Public Finance Authority,         
Series A-1  5.000  10-01-39  500,000  473,690 
 
Short-Term Investments 0.64%        $831,000 
(Cost $831,000)         
 
Repurchase Agreement 0.64%        831,000 
Repurchase Agreement with State Street Corp.         
dated 11-30-10 at 0.010% to be repurchased         
at $831,000 on 12-1-10, collateralized by         
$765,000 Federal Home Loan Mortgage         
Corp., 4.500% due 7-15-13 (valued at         
$852,975, including interest)      $831,000  831,000 
 
Total investments (Cost $124,928,267)† 98.63%      $127,238,985 
 
Other assets and liabilities, net 1.37%      $1,767,128 
 
Total net assets 100.00%        $129,006,113 


The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable to common shareholders.

AMT Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax.

(D) Bond is insured by one of these companies:

Insurance coverage  As a percentage of total investments
ACA Financial Guaranty Corp.  1.46% 
Ambac Financial Group, Inc.  4.27% 
Assured Guarantee Corp.  0.79% 
Assured Guaranty Municipal Corp.  8.83% 
Financial Guaranty Insurance Company  2.51% 
National Public Finance Guarantee Corp.  11.58% 
Radian Asset Assurance, Inc.  0.63% 
XL Capital Assurance, Inc.  0.58% 



(P) Variable rate obligation. The coupon rate shown represents the rate at period end.

† At 11-30-10, the aggregate cost of investment securities for federal income tax purposes was $124,638,923. Net unrealized appreciation aggregated $2,600,062, of which $4,492,071 related to appreciated investment securities and $1,892,009 related to depreciated investment securities.

The Fund has the following sector composition as of 11-30-10 (as a percentage of total net assets):

General Obligation Bonds  7% 
Revenue Bonds   
Education  18% 
Water & Sewer  15% 
Health Care  14% 
Transportation  12% 
Housing  10% 
Pollution  3% 
Utilities  2% 
Development  1% 
Other Revenue  16% 
Short-Term Investments & Other  2% 

 

See notes to financial statements  Semiannual report | Massachusetts Tax-Free Income Fund  15 

 


F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 11-30-10 (unaudited)

This Statement of Assets and Liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets   
Investments, at value (Cost $124,928,267)  $127,238,985 
Cash  371 
Receivable for fund shares sold  150,720 
Interest receivable  2,083,238 
Receivable due from adviser  700 
Other receivables and prepaid assets  18,068 
 
Total assets  129,492,082 
 
Liabilities   
Payable for fund shares repurchased  270,850 
Distributions payable  152,205 
Payable to affiliates   
Accounting and legal services fees  1,026 
Transfer agent fees  7,421 
Distribution and service fees  17,016 
Trustees’ fees  5,168 
Other liabilities and accrued expenses  32,283 
 
Total liabilities  485,969 
 
Net assets   
Capital paid-in  $126,328,886 
Undistributed net investment income  29,134 
Accumulated net realized gain on investments  337,375 
Net unrealized appreciation (depreciation) on investments  2,310,718 
 
Net assets  $129,006,113 
 
Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($104,183,025 ÷ 8,479,897 shares)  $12.29 
Class B ($4,376,722 ÷ 356,289 shares)1  $12.28 
Class C ($20,446,366 ÷ 1,664,224 shares)1  $12.29 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95.5%)2  $12.87 



1 Redemption price is equal to net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $100,000. On sales of $100,000 or more and on group sales the offering price is reduced.

16  Massachusetts Tax-Free Income Fund | Semiannual report  See notes to financial statements 

 


F I N A N C I A L  S T A T E M E N T S

Statement of operations For the six-month period ended 11-30-10
(unaudited)

This Statement of Operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Interest  $3,196,588 
 
Expenses   
Investment management fees (Note 4)  333,234 
Distribution and service fees (Note 4)  287,634 
Accounting and legal services fees (Note 4)  9,331 
Transfer agent fees (Note 4)  45,897 
Trustees’ fees (Note 4)  6,020 
State registration fees  7,156 
Printing and postage  6,347 
Professional fees  24,763 
Custodian fees  10,909 
Registration and filing fees  9,530 
Other  4,497 
 
Total expenses  745,318 
Less expense reductions (Note 4)  (20,382) 
 
Net expenses  724,936 
 
Net investment income  2,471,652 
 
Realized and unrealized gain (loss)   
Net realized gain on investments  267,217 
Change in net unrealized appreciation (depreciation) of investments  (2,896,881) 
 
Net realized and unrealized loss  (2,629,664) 
 
Decrease in net assets from operations  ($158,012) 

 

See notes to financial statements  Semiannual report | Massachusetts Tax-Free Income Fund  17 

 


F I N A N C I A L  S T A T E M E N T S

Statements of changes in net assets

These Statements of Changes in Net Assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Six months   
  ended  Year 
  11-30-10  ended 
  (Unaudited)  5-31-10 
 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $2,471,652  $4,835,598 
Net realized gain (loss)  267,217  (213,753) 
Change in net unrealized appreciation (depreciation)  (2,896,881)  4,900,786 
 
Increase (decrease) in net assets resulting from operations  (158,012)  9,522,631 
 
Distributions to shareholders     
From net investment income     
Class A  (2,067,175)  (4,038,882) 
Class B  (76,532)  (199,826) 
Class C  (313,960)  (556,622) 
From net realized gain     
Class A  —  (286,088) 
Class B  —  (16,918) 
Class C  —  (48,998) 
 
Total distributions  (2,457,667)  (5,147,334) 
 
From Fund share transactions (Note 5)  2,225,643  8,534,562 
 
Total increase (decrease)  (390,036)  12,909,859 
 
Net assets     
Beginning of period  129,396,149  116,486,290 
 
End of period  $129,006,113  $129,396,149 
 
Undistributed net investment income  $29,134  $15,149 

 

18  Massachusetts Tax-Free Income Fund | Semiannual report  See notes to financial statements 

 


Financial highlights

The Financial Highlights show how the Fund’s net asset value for a share has changed since the end of the previous period.

CLASS A SHARES Period ended  11-30-101  5-31-10  5-31-092  8-31-08  8-31-07  8-31-06  8-31-05 
 
Per share operating performance               
Net asset value, beginning               
of period  $12.53  $12.10  $12.28  $12.37  $12.64  $12.87  $12.75 
Net investment income3  0.24  0.49  0.38  0.51  0.53  0.53  0.54 
Net realized and unrealized gain               
(loss) on investments  (0.24)  0.46  (0.17)  (0.08)  (0.27)  (0.24)  0.11 
Total from               
investment operations  —  0.95  0.21  0.43  0.26  0.29  0.65 
Less distributions               
From net investment income  (0.24)  (0.49)  (0.39)  (0.50)  (0.52)  (0.52)  (0.53) 
From net realized gain  —  (0.03)  —4  (0.02)  (0.01)  —4  — 
Total distributions  (0.24)  (0.52)  (0.39)  (0.52)  (0.53)  (0.52)  (0.53) 
Net asset value, end of period  $12.29  $12.53  $12.10  $12.28  $12.37  $12.64  $12.87 
Total return (%)5  (0.02)6,7  8.046  1.847  3.556  2.026  2.386  5.21 
 
Ratios and supplemental data               
Net assets, end of period               
(in millions)  $104  $105  $95  $97  $80  $78  $76 
Ratios (as a percentage of average               
net assets):               
Expenses before reductions  0.999  1.00  1.098,9  0.98  0.98  0.99  1.04 
Expenses net of fee waivers  0.969  1.00  1.098,9  0.98  0.98  0.99  1.04 
Expenses net of fee waivers               
and credits  0.969  1.00  1.098,9  0.97  0.98  0.99  1.04 
Net investment income  3.849  4.00  4.399  4.08  4.16  4.19  4.20 
Portfolio turnover (%)  14  10  17  22  25  15  26 
 



1 Semiannual period from 6-1-10 to 11-30-10. Unaudited.
2 For the nine-month period ended 5-31-09. The Fund changed its fiscal year end from August 31 to May 31.
3 Based on the average daily shares outstanding.
4 Less than $0.005 per share.
5 Does not reflect the effect of sales charges, if any.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.
9 Annualized.

See notes to financial statements  Semiannual report | Massachusetts Tax-Free Income Fund  19 

 


CLASS B SHARES Period ended  11-30-101  5-31-10  5-31-092  8-31-08  8-31-07  8-31-06  8-31-05 
 
Per share operating performance               
Net asset value, beginning               
of period  $12.53  $12.09  $12.28  $12.37  $12.64  $12.87  $12.75 
Net investment income3  0.20  0.41  0.32  0.42  0.44  0.44  0.45 
Net realized and unrealized gain               
(loss) on investments  (0.25)  0.46  (0.19)  (0.08)  (0.27)  (0.24)  0.11 
Total from               
investment operations  (0.05)  0.87  0.13  0.34  0.17  0.20  0.56 
Less distributions               
From net investment income  (0.20)  (0.40)  (0.32)  (0.41)  (0.43)  (0.43)  (0.44) 
From net realized gain  —  (0.03)  —4  (0.02)  (0.01)  —4  — 
Total distributions  (0.20)  (0.43)  (0.32)  (0.43)  (0.44)  (0.43)  (0.44) 
Net asset value, end of period  $12.28  $12.53  $12.09  $12.28  $12.37  $12.64  $12.87 
Total return (%)5  (0.45)6,7  7.376  1.227  2.836  1.316  1.676  4.48 
 
Ratios and supplemental data               
Net assets, end of period               
(in millions)  $4  $5  $7  $10  $12  $17  $20 
Ratios (as a percentage of average               
net assets):               
Expenses before reductions  1.699  1.70  1.798,9  1.68  1.68  1.69  1.74 
Expenses net of fee waivers  1.669  1.70  1.798,9  1.68  1.68  1.69  1.74 
Expenses net of fee waivers               
and credits  1.669  1.70  1.798,9  1.67  1.68  1.69  1.74 
Net investment income  3.149  3.29  3.699  3.39  3.46  3.49  3.50 
Portfolio turnover (%)  14  10  17  22  25  15  26 
 


1 Semiannual period from 6-1-10 to 11-30-10. Unaudited.
2 For the nine-month period ended 5-31-09. The Fund changed its fiscal year end from August 31 to May 31.
3 Based on the average daily shares outstanding.
4 Less than $0.005 per share.
5 Does not reflect the effect of sales charges, if any.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.
9 Annualized.

 

20  Massachusetts Tax-Free Income Fund | Semiannual report  See notes to financial statements 

 


CLASS C SHARES Period ended  11-30-101  5-31-10  5-31-092  8-31-08  8-31-07  8-31-06  8-31-05 
 
Per share operating performance               
Net asset value, beginning               
of period  $12.53  $12.10  $12.28  $12.37  $12.64  $12.87  $12.75 
Net investment income3  0.20  0.41  0.32  0.42  0.44  0.44  0.45 
Net realized and unrealized gain               
(loss) on investments  (0.24)  0.45  (0.18)  (0.08)  (0.27)  (0.24)  0.11 
Total from               
investment operations  (0.04)  0.86  0.14  0.34  0.17  0.20  0.56 
Less distributions               
From net investment income  (0.20)  (0.40)  (0.32)  (0.41)  (0.43)  (0.43)  (0.44) 
From net realized gain  —  (0.03)  —4  (0.02)  (0.01)  —4  — 
Total distributions  (0.20)  (0.43)  (0.32)  (0.43)  (0.44)  (0.43)  (0.44) 
Net asset value, end of period  $12.29  $12.53  $12.10  $12.28  $12.37  $12.64  $12.87 
Total return (%)5  (0.37)6,7  7.296  1.317  2.836  1.316  1.676  4.48 
 
Ratios and supplemental data               
Net assets, end of period               
(in millions)  $20  $19  $14  $12  $10  $11  $8 
Ratios (as a percentage of average               
net assets):               
Expenses before reductions  1.699  1.70  1.798,9  1.68  1.68  1.69  1.74 
Expenses net of fee waivers  1.669  1.70  1.798,9  1.68  1.68  1.69  1.74 
Expenses net of fee waivers               
and credits  1.669  1.70  1.798,9  1.67  1.68  1.69  1.74 
Net investment income  3.149  3.30  3.679  3.38  3.46  3.48  3.49 
Portfolio turnover (%)  14  10  17  22  25  15  26 
 



1 Semiannual period from 6-1-10 to 11-30-10. Unaudited.
2 For the nine-month period ended 5-31-09. The Fund changed its fiscal year end from August 31 to May 31.
3 Based on the average daily shares outstanding.
4 Less than $0.005 per share.
5 Does not reflect the effect of sales charges, if any.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Includes the impact of proxy expenses, which amounted to 0.04% of average net assets.
9 Annualized.

 

See notes to financial statements  Semiannual report | Massachusetts Tax-Free Income Fund  21 

 


Notes to financial statements
(unaudited)

Note 1 — Organization

John Hancock Massachusetts Tax-Free Income Fund (the Fund) is a diversified series of John Hancock Tax-Exempt Series Fund (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek a high level of current income, consistent with preservation of capital, that is exempt from federal and Massachusetts personal income taxes.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these techniques are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of November 30, 2010, all investments are categorized as Level 2 under the hierarchy described above. During the six months ended November 30, 2010, there were no significant transfers in or out of Level 2 assets.

In order to value the securities, the Fund uses the following valuation techniques. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

22  Massachusetts Tax-Free Income Fund | Semiannual report 

 


Repurchase agreements. The Fund may enter into repurchase agreements. When a Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to a Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian has a lien, security interest or security entitlement in any Fund property that is not segregated, to the maximum extent permitted by law for any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with State Street Bank and Trust Company which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of Operations. For the six months ended November 30, 2010, the Fund had no borrowings under the line of credit.

Expenses. The majority of expenses are directly attributable to an individual fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses, and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net asset value of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, for all classes, are calculated daily at the class level, based on the appropriate net asset value of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, the Fund had a capital loss carryforward of $213,674 available to offset future net realized capital gains as of May 31, 2010 which expires on May 31, 2018.

As of May 31, 2010, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

Semiannual report | Massachusetts Tax-Free Income Fund  23 

 


Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares dividends daily and pays them monthly. Capital gain distributions, if any, are distributed annually.

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Permanent book-tax differences are primarily attributable to amortization and accretion on debt securities.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 — Fees and transactions with affiliates

John Hancock Advisers, LLC (the Adviser) serves as investment adviser for the Fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Fund. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.500% of the first $250,000,000 of the Fund’s average daily net assets, (b) 0.450% of the next $250,000,000, (c) 0.425% of the next $500,000,000, (d) 0.400% of the next $250,000,000 and (e) 0.300% of the Fund’s average daily net assets in excess of $1,250,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (formerly MFC Global Investment Management (U.S.), LLC), an indirect owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The investment management fees incurred for the six months ended November 30, 2010 were equivalent to an annual effective rate of 0.50% of the Fund’s average daily net assets.

Effective July 1, 2010, the Adviser contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excluded taxes, portfolio brokerage commissions, interest, litigation and extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements were such that these expenses would not exceed 0.95%, 1.65% and 1.65% for Class A, Class B and Class C shares, respectively. The fee waivers and/or reimbursements will continue in effect until September 30, 2011.

Accordingly, these expense reductions amounted to $16,553, $717 and $3,112 for Class A, Class B, and Class C shares, respectively, for the six months ended November 30, 2010.

24  Massachusetts Tax-Free Income Fund | Semiannual report 

 


Accounting and legal services. Pursuant to the service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. The accounting and legal services fees incurred for the six months ended November 30, 2010 amounted to an annual rate of 0.01% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B and Class C shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b–1 FEE 
A  0.30% 
B  1.00% 
C  1.00% 

 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $130,442 for the six months ended November 30, 2010. Of this amount, $262 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $128,301 was paid as sales commissions to broker-dealers and $1,879 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the six months ended November 30, 2010, CDSCs received by the Distributor amounted to $2,205 and $1,699 for Class B and Class C shares, respectively.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services or Transfer Agent), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain revenues that Signature Services received in connection with the service they provide to the funds. Signature Services Cost is calculated m onthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Semiannual report | Massachusetts Tax-Free Income Fund  25 

 


Prior to July 1, 2010, the transfer agent fees were made up of three components:

• The Fund paid a monthly transfer agent fee at an annual rate of 0.01% for all classes, based on each class’s average daily net assets.

• The Fund paid a monthly fee based on an annual rate of $17.50 per shareholder account for all classes.

• In addition, Signature Services was reimbursed for certain out-of-pocket expenses.

Class level expenses. Class level expenses for the six months ended November 30, 2010 were:

  DISTRIBUTION AND  TRANSFER 
CLASS  SERVICE FEES  AGENT FEES 
A  $162,357  $37,270 
B  24,524  1,690 
C  100,753  6,937 
Total  $287,634  $45,897 

 

Trustee expenses. The Trust compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within other receivables and prepaid assets and payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of Assets and Liabilities.

Note 5 — Fund share transactions

Transactions in Fund shares for the six months ended November 30, 2010 and for the year ended May 31, 2010 were as follows:

  Six months ended 11-30-10  Year ended 5-31-10 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  666,368  $8,394,121  1,775,954  $21,904,209 
   
Distributions reinvested  108,556  1,367,280  235,299  2,911,774 
Repurchased  (711,127)  (8,924,299)  (1,473,907)  (18,243,926) 
 
Net increase  63,797  $837,102  537,346  $6,572,057 
 
Class B shares         
Sold  18,892  $238,286  44,276  $547,185 
Distributions reinvested  3,371  42,452  9,519  117,621 
Repurchased  (85,197)  (1,072,467)  (233,297)  (2,880,348) 
 
Net decrease  (62,934)  ($791,729)  (179,502)  ($2,215,542) 
 
Class C shares         
Sold  235,746  $2,977,592  565,402  $6,967,950 
Distributions reinvested  16,152  203,386  30,789  381,337 
Repurchased  (80,209)  (1,000,708)  (256,168)  (3,171,240) 
Net increase  171,689  $2,180,270  340,023  $4,178,047 
 
Net increase  172,552  $2,225,643  697,867  $8,534,562 

 

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $20,132,689 and $18,143,370, respectively, for the six months ended November 30, 2010.

26  Massachusetts Tax-Free Income Fund | Semiannual report 

 


Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock Massachusetts Tax-Free Income Fund (the Fund), a series of John Hancock Tax-Exempt Series Fund (the Trust), met in-person on May 2–4 and June 6–8, 2010 to consider the approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the approval of the investment subadvisory agreement (the Subadvisory Agreement) among the Adviser, John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the Subadviser) and the Trust on behalf of the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the Agreements.

Activities and composition of the Board

The Board consists of eleven individuals, nine of whom are Independent Trustees. Independent Trustees are generally those individuals who are unaffiliated with the Fund, the Adviser and the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform the various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairperson. The Board has established four standing committees that are composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts/Operations Committee. Additionally, Investment Performance Committee A is a standing committee of the Board that is composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee A oversees and monitors matters relating to the investment performance of the Fund. The Board has also designated a Vice Chairperson to serve in the absence of the Chairperson, who also serves as Chairman of the Board’s Nominating, Governance and Administration Committee. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

Pursuant to the 1940 Act, the Board is required to consider the continuation of the Agreements on an annual basis. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. In this regard, the Board reviews reports of the Adviser at least quarterly, which include, among other things, Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadviser to the Fund and its shareholders.

Prior to the May 2–4, 2010 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included information independently compiled and prepared by Morningstar, Inc. (Morningstar) on Fund fees and expenses, and the investment performance of the Fund. This Fund information is assembled in a format that permits comparison with similar information from a category of relevant funds (the Category) and a peer group of comparable funds (the Peer Group) as determined by Morningstar, and its benchmark index. Other material provided for the Fund review included (a) information on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser and its affiliates that result from being the Adviser or Subadviser to the Fund; (b) a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charge d to other clients, such as institutional clients and other investment companies, under similar investment mandates, as well as the performance of such other clients;

Semiannual report | Massachusetts Tax-Free Income Fund  27 

 


(c) the impact of economies of scale; (d) a summary of aggregate amounts paid by the Fund to the Adviser; and (e) sales and redemption data regarding the Fund’s shares.

At an in-person meeting held on May 2–4, 2010, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May 2–4, 2010 meeting, the Board presented the Adviser and Subadviser with questions and requests for additional information and the Adviser and Subadviser responded to these requests with additional written information in advance of the June 6–8, 2010 Board meeting. The Board also reviewed these additional materials relating to its consideration of the Agreements.

At an in-person meeting held on June 6–8, 2010, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement between the Adviser and the Fund and the Subadvisory Agreement among the Adviser, the Subadviser and the Trust on behalf of the Fund, each for an additional one-year term. The Board considered all factors it believed relevant with respect to the Fund, including, among other factors: (a) the nature, extent and quality of the services provided by the Adviser and the Subadviser; (b) the investment performance of the Fund and portfolio management of the Subadviser; (c) the advisory fees and the cost of the services and profits to be realized by the Adviser and certain affiliates from their relationship with the Fund; (d) economies of scale; and (e) other factors.

The Board also considered other matters important to the approval process, such as payments made to the Adviser or its affiliates relating to the distribution of Fund shares and other services. The Board reviewed services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser, and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. Each Trustee may have attributed different weights to the various items considered.

The key factors considered by the Board and the conclusions reached are described below.

Nature, extent and quality of services

The Board, including the Independent Trustees, reviewed the nature, extent and quality of services provided by the Adviser and the Subadviser, including the investment advisory services and the resulting performance of the Fund. The Board reviewed the Adviser’s and Subadviser’s senior management personnel responsible for investment operations, including the senior investment officers. The Board also reviewed the materials provided by the Fund’s portfolio management team discussing Fund performance and the Fund’s investment objective, strategies and outlook.

The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Adviser and the Subadviser responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.

The Board considered the Subadviser’s history and experience with the Fund. The Board considered the Adviser’s execution of its oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and regulation, with the Fund’s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser’s and Subadviser’s compliance departments.

28  Massachusetts Tax-Free Income Fund | Semiannual report 

 


In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser’s administration, accounting, legal and compliance departments and considered the Adviser’s policies and procedures for assuring compliance with applicable laws and regulations.

The Board also received information about the nature, extent and quality of services and fee rates offered by the Adviser and Subadviser to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to such other clients under similar investment mandates, the services provided to such other clients as compared to the services provided to the Fund, the performance of such other clients, and other factors relating to such other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and those services they provide to other clients which, to the extent the other client is not a mutual fund, may generally be attributable to the greater frequency of shareholder redemptions in a mutual fund, the higher turnover o f mutual fund assets, the more burdensome regulatory and legal obligations of mutual funds, and the higher marketing costs for mutual funds.

Fund performance

The Board, including the Independent Trustees, reviewed and considered the performance history of the Fund. The Board was provided with reports, independently prepared by Morningstar, which included a comprehensive analysis of the Fund’s performance. The Board also reviewed a narrative and statistical analysis of the Morningstar data that was prepared by the Adviser, which analyzed various factors that may affect the Morningstar rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Morningstar Category and Peer Group as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Morningstar to select the funds in the Category and the Peer Group. The Board also considered updated performance information provided by the Adviser at its May and June 2010 meetings. The Board regularly reviews the performance of the Fund throughout the year and atta ches more importance to performance over relatively longer periods of time, typically three to five years.

  1 YEAR  3 YEAR  5 YEAR  10 YEAR 
Massachusetts Tax-Free Income Fund  13.87%  3.67%  3.69%  5.42% 
BarCap Municipal TR Index  12.91%  4.41%  4.32%  5.75% 
Muni Massachusetts Category Median  13.91%  3.97%  3.69%  5.30% 
Morningstar 15(c) Peer Group Median  15.90%  3.52%  3.69%  5.32% 

 

The Board noted that the Subadviser remained consistent with its investment style and adhered to its investment mandates.

Expenses and fees

The Board, including the Independent Trustees, reviewed the Fund’s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Category and Peer Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadviser to other types of clients with similar investment mandates, including separately managed institutional accounts.

Semiannual report | Massachusetts Tax-Free Income Fund  29 

 


In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund’s various components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the Peer Group median. The Board also considered expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and total operating expense ratio after taking any fee waiver arrangement applicable to the Advisory Agreement rate into account (Net Expense Ratio). The Board considered information comparing the Gross Expense Ratio of the Fund to that of the Peer Group and Category medians. As part of its analysis, the Board reviewed the Adviser 46;s methodology in allocating its costs to the management of the Fund. The Board considered expenses and fee rates to be higher or lower if they were over or under 10 basis points, respectively; slightly higher or slightly lower if they were above or below 6–10 basis points, respectively; and inline if they were above or below by 5 basis points.

The Board noted that the investment advisory rate was inline with the Category and Peer Group medians. The Board noted the following information about the Fund’s Gross and Net Expense Ratios in relation with the Fund’s Peer Group and Category:

EXPENSE RATIO    RELATION TO PEER GROUP  RELATION TO CATEGORY 
Gross Expense Ratio (Class A)  1.02%  Slightly Higher  Higher 
Net Expense Ratio (Class A)  1.02%  Higher  Higher 

 

The Board viewed favorably the Adviser’s new contractual agreement to waive all or a portion of its Advisory Agreement Rate and reimburse or pay operating expenses to the extent necessary to maintain the Fund’s Net Expense Ratio at 0.95% for Class A shares, excluding certain expenses such as taxes, brokerage commissions, interest, litigation and extraordinary expenses, until September 30, 2011. The Board favorably considered the impact of fee waivers towards ultimately lowering the Fund’s Gross Expense Ratio. The Board also received and considered information relating to the Fund’s Gross Expense Ratio that reflected a proposed change in the methodology for calculating transfer agent fees.

The Board received and reviewed statements relating to the Adviser’s financial condition and profitability with respect to the services it provides the Fund. The Board was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by the Adviser for services provided to the Fund. The Board reviewed the Adviser’s profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2009 compared to available aggregate profitability data provided for the year ended December 31, 2008.

The Board received and considered a detailed profitability analysis of the Adviser based on the Advisory Agreement, as well as on other relationships between the Fund and the Adviser and its affiliates. The Board also considered a comparison of the Adviser’s profitability to that of other similar investment advisers whose profitability information is publicly available. The Board reviewed the Adviser’s profitability with respect to other fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore comparabili ty of profitability is somewhat limited.

30  Massachusetts Tax-Free Income Fund | Semiannual report 

 


The Board considered the profitability information with respect to the Subadviser, which is affiliated with the Adviser. In addition, as noted above, the Board considered the methodologies involved in allocating such profit to the Subadviser.

Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase and whether there should be changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale, for example through the use of breakpoints in the advisory fee based upon the assets of the Fund. The Board also considered the Adviser’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of the Adviser’s costs are not specific to individual funds, but rather are incurred across a variety of products and services. To ensure that any economies are reasonably shared with the Fund as its assets increase, the Adviser and the Board agreed to continue the existing breakpoints to the Agreement fee rate.

Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser, or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community, and the engagement of their affiliates and/or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

Board determination

The Board, including the Independent Trustees, unanimously approved the continuation of the Advisory Agreement between the Adviser and the Fund for an additional one-year term and the Subadvisory Agreement among the Adviser, the Subadviser and the Trust on behalf of the Fund for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board, including a majority of the Independent Trustees, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at a decision to approve the Agreements, the Board did not identify any single factor listed above, or any group of factors listed above, as all-important or controlling, but considered all factors together, and different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by the advice of independent legal counsel in making this determination. The Board noted that contractual fee arrangements for the Fund reflect the results of several years of review by the Board and certain predecessor Trustees, and discussions between such Trustees (and predecessor Trustees) and the Adviser. Certain aspects of the arrangements may be the subject of more attention in some years than in others, and the Trustees’ conclusions may be based in part on their consideration of these arrangements in prior years.

Semiannual report | Massachusetts Tax-Free Income Fund  31 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky,* Chairperson***  John Hancock Advisers, LLC 
James F. Carlin   
William H. Cunningham  Subadviser 
Deborah C. Jackson*  John Hancock Asset Management 
Charles L. Ladner  (formerly MFC Global Investment 
Stanley Martin*  Management (U.S.), LLC) 
Hugh McHaffie†**
Dr. John A. Moore Principal distributor 
Patti McGill Peterson John Hancock Funds, LLC 
Gregory A. Russo  
John G. Vrysen† Custodian 
State Street Bank and Trust Company 
Officers 
Keith F. Hartstein Transfer agent 
President and Chief Executive Officer John Hancock Signature Services, Inc. 
   
Andrew G. Arnott Legal counsel 
Senior Vice President** and Chief Operating Officer K&L Gates LLP 
 
Thomas M. Kinzler  The report is certified under the Sarbanes-Oxley 
Secretary and Chief Legal Officer  Act, which requires mutual funds and other public 
  companies to affirm that, to the best of their
Francis V. Knox, Jr.  knowledge, the information in their financial reports
Chief Compliance Officer  is fairly and accurately stated in all material respects.
 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone**   
Treasurer   
 
*Member of the Audit Committee   
**Effective 8-31-10   
***Effective 1-1-11   
†Non-Independent Trustee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

32  Massachusetts Tax-Free Income Fund | Semiannual report 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Massachusetts Tax-Free Income Fund.  770SA 11/10 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  1/11 

 


ITEM 2. CODE OF ETHICS.

Not applicable at this time.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable at this time.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) Not applicable.
(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.


(a) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Contact person at the registrant.


SIGNATURES 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Tax-Exempt Series Fund

By: /s/ Keith F. Hartstein
Keith F. Hartstein
President and Chief Executive Officer

Date: January 24, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Keith F. Hartstein
Keith F. Hartstein
President and Chief Executive Officer

Date: January 24, 2011

By: /s/ Charles A. Rizzo
Charles A. Rizzo
Chief Financial Officer

Date: January 24, 2011

 EX-99.CERT 2 b_taxexemptseriescert.htm CERTIFICATION b_taxexemptseriescert.htm

CERTIFICATION

I, Keith F. Hartstein, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Tax-Exempt Series Fund (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 24, 2011

/s/ Keith F. Hartstein
Keith F. Hartstein
President and Chief Executive Officer


CERTIFICATION

I, Charles A. Rizzo, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Tax-Exempt Series Fund (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 24, 2011

/s/ Charles A. Rizzo
Charles A. Rizzo
Chief Financial Officer

 EX-99.906 CERT 3 c_taxexemptseriescertnos.htm CERTIFICATION 906 c_taxexemptseriescertnos.htm
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of 
the Sarbanes-Oxley Act of 2002

 

In connection with the attached Report of John Hancock Tax-Exempt Series Fund (the “registrant”) on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

/s/ Keith F. Hartstein
Keith F. Hartstein
President and Chief Executive Officer

Dated: January 24, 2011

/s/ Charles A. Rizzo
Charles A. Rizzo
Chief Financial Officer

Dated: January 24, 2011

A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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