497 1 txexsres.txt TAX-EXEMPT SERIES Supplement to the John Hancock Tax Free Income Funds Prospectus dated January 1, 2006 as revised May 1, 2006 John Hancock California Tax-Free Income Fund John Hancock High Yield Municipal Bond Fund John Hancock Massachusetts Tax-Free Income Fund John Hancock New York Tax-Free Income Fund John Hancock Tax-Free Bond Fund (each a "Fund" and together the "Funds") Effective October 1, 2006, Sovereign Asset Management LLC, ("Sovereign"), subadviser to the Funds, will be known as MFC Global Investment Management (U.S.), LLC ("MFC Global (U.S.)"). MFC Global Investment Management, the diversified investment management group of Manulife Financial Corporation of Toronto, has re-branded its Boston-based investment unit and has renewed a commitment to investment excellence in the U.S. institutional marketplace. The name change will not impact the management of your John Hancock mutual funds. The portfolio management teams for your Funds remain the same and the managers will continue to utilize the same investment philosophy and process. John Hancock Advisers, LLC will continue to serve as investment adviser and be responsible for the supervision of MFC Global (U.S.)`s services to the Funds. With respect to each Fund referenced above, the following has been added immediately preceding the "Portfolio Managers" section in the prospectus: SUBADVISER MFC Global Investment Management (U.S.), LLC (formerly known as Sovereign Asset Management LLC) Responsible for day-to-day investment management A subsidiary of John Hancock Financial Services, Inc. Founded in 1979 Supervised by the adviser In addition, the "Subadviser" section subparagraph relating to Sovereign Asset Management, LLC under "Business Structure" has been deleted and replaced with the following: MFC Global Investment Management (U.S.), LLC ("MFC Global (U.S.)") subadvises each of the Funds. Prior to October 1, 2006, MFC Global (U.S.) was known as Sovereign Asset Management LLC. MFC Global (U.S.) was founded in 1979 and provides investment advisory services to individual and institutional investors. MFC Global (U.S.) is a wholly-owned subsidiary of John Hancock Financial Services, Inc. (a subsidiary of Manulife Financial Corporation) and, as of June 30, 2006, had total assets under management of approximately $26 billion. Also, in the "Management Biographies" section of the prospectus, information for certain portfolio managers has been revised as follows: In connection with Sovereign's name change to MFC Global (U.S.), each of the following portfolio managers will retain their title previously held with Sovereign Asset Management LLC, effective October 1, 2006: Frank A. Lucibella, CFA and Dianne M. Sales, CFA. October 1, 2006
John Hancock Allocation Core Portfolio dated 3/1/06 as rev. 3/22/06 John Hancock Mid Cap Growth Fund dated 03/1/06 John Hancock Allocation Growth + Value Portfolio dated 3/1/06 John Hancock Money Market Fund dated 8/1/06 John Hancock Balanced Fund dated 3/01/06 as rev. 6/6/06 John Hancock Multi Cap Growth Fund dated 3/1/06 as rev. 4/13/06 John Hancock California Tax-Free Income Fund dated 1/01/06 as rev. John Hancock New York Tax-Free Income Fund dated 1/1/06 as rev. 4/1/06 4/1/06 John Hancock Financial Industries Fund dated 3/1/06 as rev. 5/1/06 John Hancock Real Estate Fund dated 3/1/06 as rev. 5/1/06 John Hancock Focused Equity Fund dated 3/1/06 John Hancock Regional Bank Fund dated 3/1/06 as rev. 5/1/06 John Hancock Growth Trends Fund dated 3/1/06 as rev. 5/01/06 John Hancock Small Cap Equity Fund dated 3/1/06 John Hancock Health Sciences Fund dated 3/1/06 John Hancock Small Cap Intrinsic Value Fund dated 3/1/06 High Yield Municipal Bond Fund dated 1/1/06 as rev. 4/1/06 John Hancock Sovereign Investors Fund dated 3/1/06 John Hancock Large Cap Equity Fund dated 3/1/06 John Hancock Tax-Free Bond Fund dated 1/1/06 as rev. 4/1/06 John Hancock Large Cap Intrinsic Fund dated 3/1/06 as rev. 3/15/06 John Hancock Technology Fund dated 3/1/06 as rev. 4/13/06 John Hancock Massachusetts Tax-Free Income Fund dated 1/1/06 as John Hancock Technology Leaders Fund dated 3/1/06 as rev. 4/1/06 rev. 4/13/06 John Hancock Mid Cap Equity Fund dated 3/1/06 John Hancock U.S. Government Cash Reserve dated 8/1/06
Supplement to Statement of Additional Information Under the heading "Organization of the Fund" the following has been deleted The Fund is sub-advised by Sovereign Asset Management LLC ("Sovereign" or the "Sub-Adviser") which is also a subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation. Sovereign is responsible for providing investment advice to the Fund subject to the review of the Trustees and the overall supervision of the Adviser. And replaced with the following: The Fund is sub-advised by MFC Global Investment Management (U.S.), LLC ("MFC Global (U.S.)" or the "Sub-Adviser"). Prior to October 1, 2006, MFC Global (U.S.) was known as Sovereign Asset Management LLC. MFC Global (U.S.) is a subsidiary of John Hancock Financial Services, Inc., and a subsidiary of Manulife Financial Corporation. MFC Global (U.S.) is responsible for providing investment advice to the Fund subject to the review of the Trustees and the overall supervision of the Adviser. Under the heading "Investment Advisory and Other Services" the second paragraph has been deleted and replaced with the following: The Sub-Adviser, MFC Global (U.S.), located at 101 Huntington Avenue, Boston, Massachusetts 02199, was organized in 1979 and as of June 30, 2006 had approximately $26 billion in assets under management. The Sub-Adviser is a wholly-owned indirect subsidiary of John Hancock Financial Services, Inc. (an indirect wholly-owned subsidiary of Manulife Financial Corporation). Under the heading "Those Responsible for Management" the section of the table regarding "Principal Officers who are not Trustees" has been deleted and replaced with the following:
----------------------------- ------------- ------------ ------------------------------------------- ----------------- Number of John Position(s) Trustee/ Hancock Funds Name, Address (1) Held with Officer Principal Occupation(s) and other Overseen by And Age Fund since (2) Directorships During Past 5 Years Trustee ----------------------------- ------------- ------------ ------------------------------------------- ----------------- Principal Officers who are not Trustees ----------------------------- ------------- ------------ ------------------------------------------- ----------------- Keith F. Hartstein President 2005 Senior Vice President, Manulife Financial N/A Born: 1956 and Chief Corporation (since 2004); Director, Executive President and Chief Executive Officer, Officer the Adviser and The Berkeley Group, John Hancock Funds, LLC (since 2005); Director, MFC Global Investment Management (U.S.), LLC ("MFC Global (U.S.)") (since 2005); Director, John Hancock Signature Services, Inc. (since 2005); President and Chief Executive Officer, John Hancock Investment Management Services, LLC (since 2006); President and Chief Executive Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III, John Hancock Trust,; Director, Chairman and President, NM Capital Management, Inc. (since 2005); Chairman, Investment Company Institute Sales Force Marketing Committee (since 2003); Director, President and Chief Executive Officer, MFC Global (U.S.) (2005-2006); Executive Vice President, John Hancock Funds, LLC (until 2005); ----------------------------- ------------- ------------ ------------------------------------------- -----------------
(1) Business address for independent and non-independent Trustees and officers is 601 Congress Street, Boston, Massachusetts 02210-2805. (2) Each Trustee serves until resignation, retirement age or until her or his successor is elected. (3) Non-Independent Trustee: holds positions with the Fund's investment adviser, underwriter, and/ or certain other affiliates. 2
----------------------------- ------------- ------------ ------------------------------------------- ----------------- Number of John Position(s) Trustee/ Hancock Funds Name, Address (1) Held with Officer Principal Occupation(s) and other Overseen by And Age Fund since (2) Directorships During Past 5 Years Trustee ----------------------------- ------------- ------------ ------------------------------------------- ----------------- Principal Officers who are not Trustees ---------------------------- ----------------- ----------- ------------------------------------------ ---------------- Thomas M. Kinzler Secretary and 2006 Vice President and Counsel for John N/A Born: 1955 Chief Legal Hancock Life Insurance Company (U.S.A.) Officer (since 2006); Secretary and Chief Legal Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III and John Hancock Trust (since 2006); Vice President and Associate General Counsel for Massachusetts Mutual Life Insurance Company (1999-2006); Secretary and Chief Legal Counsel for MML Series Investment Fund (2000-2006); Secretary and Chief Legal Counsel for MassMutual Institutional Funds (2000-2004); Secretary and Chief Legal Counsel for MassMutual Select Funds and MassMutual Premier Funds (2004-2006). ---------------------------- ----------------- ----------- ------------------------------------------ ---------------- Francis V. Knox, Jr. Chief 2005 Vice President and Chief Compliance N/A Born: 1947 Compliance Officer, John Hancock Investment Officer Management Services, LLC, the Adviser and MFC Global (U.S.) (since 2005); Chief Compliance Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III and John Hancock Trust (since 2005); Vice President and Assistant Treasurer, Fidelity Group of Funds (until 2004); Vice President and Ethics & Compliance Officer, Fidelity Investments (until 2001). ---------------------------- ----------------- ----------- ------------------------------------------ ----------------
(1) Business address for independent and non-independent Trustees and officers is 601 Congress Street, Boston, Massachusetts 02210-2805. (2) Each Trustee serves until resignation, retirement age or until her or his successor is elected. (3) Non-Independent Trustee: holds positions with the Fund's investment adviser, underwriter, and/ or certain other affiliates. 3
----------------------------- ------------- ------------ ------------------------------------------- ----------------- Number of John Position(s) Trustee/ Hancock Funds Name, Address (1) Held with Officer Principal Occupation(s) and other Overseen by And Age Fund since (2) Directorships During Past 5 Years Trustee ----------------------------- ------------- ------------ ------------------------------------------- ----------------- Principal Officers who are not Trustees ---------------------------- --------------- -------------- ---------------------------------------- ----------------- Gordon M. Shone Treasurer 2006 Treasurer, John Hancock Funds (since N/A Born: 1956 2006); John Hancock Funds II, John Hancock Funds III and John Hancock Trust (since 2005); Vice President and Chief Financial Officer, John Hancock Trust (2003-2005); Senior Vice President, John Hancock Life Insurance Company (U.S.A.) (since 2001); Vice President, John Hancock Investment Management Services, Inc. and John Hancock Advisers, LLC (since 2006), The Manufacturers Life Insurance Company (U.S.A.) (1998 to 2000). ---------------------------- --------------- -------------- ---------------------------------------- ----------------- John G. Vrysen Chief 2005 Director, Executive Vice President and N/A Born: 1955 Financial Chief Financial Officer, the Adviser, Officer The Berkeley Group and John Hancock Funds, LLC (since 2005); Executive Vice President and Chief Financial Officer, John Hancock Investment Management Services, LLC (since 2005), Vice President and Chief Financial Officer, MFC Global (U.S.) (since 2005); Director, John Hancock Signature Services, Inc. (since 2005); Chief Financial Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III, John Hancock Trust (since 2005); Vice President and General Manager, Fixed Annuities, U.S. Wealth Management (until 2005); Vice President, Operations Manulife Wood Logan (2000-2004). ---------------------------- --------------- -------------- ---------------------------------------- -----------------
(1) Business address for independent and non-independent Trustees and officers is 601 Congress Street, Boston, Massachusetts 02210-2805. (2) Each Trustee serves until resignation, retirement age or until her or his successor is elected. (3) Non-Independent Trustee: holds positions with the Fund's investment adviser, underwriter, and/ or certain other affiliates. October 1, 2006 4